The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-22

able House schedule had been adopted
with some slight changes, and all
Saturday afternoon and Sunday the
country rang with applause, go to speak,
for Speaker Reed and Chairman Ding
ley. A great smash in sugar stock was
confidently expected on the opening OF
the market yesterday, but, as u.s.
ual, the expected failed to happen. In
an extraordinary volume Of trading the
stock bounded up IL points, making new
high records nearly all the way, and
closed eight points above the last Sat
urday quotation.
ut is impossible at this moment to
penetrate the exact truth OF the situa-
ton. Only experts in the trade can &C
eurately state the extent Of the protec-
tive effects contained in any Of the
rates proposed or in those that have been
adopted, and these experts must have
possession Of one Of the secrets Of the
business, namely, what amount Of waste
is there in the conversion of raw sugar
into a given amount Of refined, or how
much more than q pound of raw is re-
quired to produce one pound OF refined.
This secret is in the exclusive posses
sion Of the refiners, and hence the ability
of the trust to laugh at the vain efforts
Of antitrust congressman to understand
the bearings Of the several complicated
schedules which have been proposed.
"But in any event the pace now set
will prove too hot even for this gigantic
conspiracy against the public. Whatever
may be the advantage under the new
tariff, and whatever gain may come to
the trust from large importations OF raw
sugar under lower rates of duty than
will hereafter prevail, it is against the
laws of nature that business can long
continue to pay profits justifying a quo
tation Of over $40 for shares repre-
senting actual invested values of hardly
one-third Of par. Such business must
invite an thrush Of new capital that in
the end will bring all down in a common
ruin"
THE NEW YORK TIMES says:
"Mr. Dingley promises two millions q
year increased revenue from the new
sugar schedule, points out that it will
give greater protection to the beet sugar
industry, and complacently announces a
victory for the House. The Republican
members, ready to put through any sort
of schedule that the tariff makers offer
them, shout for vote on the bill as
amended by the conferrees. A Republi-
can evening newspaper, in pitiful at
tempt to cover up the shame OF it's party,
timidly cites the opinion of unnamed
experts" to show that the differential
duty on sugar Is Flower than that of
the present law
4 But the shares OF the Sugar Trust
jump MP I'll each over Saturdays clos
ing price, to 144k1a, the highest quotation
ever recorded.
and apologists for the Republican party
may rack their brains and their con-
sciences with excuses, but the big, ugly
fact cannot be hid that as soon as the
sugar schedule OF the new tariff bill was
made public in the form in which it will
be enacted into law the investors and
professional traders OF Wall street imme-
diately concluded that the Republican
tariff had made the 37,5OO,OOO Of Sugar
Trust common stock worth $4,125,O0O
more than it was before. Even the pre-
ferred stock advanced points, probably
on the theory that the favors Of the new
tariff would enable the Trust to swell its
immense profits to an extent which would
permit 1T to increase the fixed dividend.
At the highest quotations of yesterdays
excited market the share capital Of the
Sugar Trust was held to have value
more than 100000 above the figures
Of Saturday"
The above are sample expressions
from papers that helped to elect Mr..
and this transferring admin
istration- II those who supported It see
20 much rottenness, IL must be all IN
clean and 6lthy.