New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-15
GONE FACTS ABOUT SUGAR.

! Before Mr.. Searles empues all the sacredl!
Guarded secrets of the Sugar Trust IN the pres
cnce Of Mr. Lexow. it may not be OUT OF place
IN remark that o4OO12 shares of Sugar STOCK
were sold last week. and 16I 600 the week De-
fore. Persons of cynical disposition wonder
whether MIR. Lexow actually believes that
concern makes clear profit of Sl9,Ooo,ooo'
more or less, on S75.O00,00O OF stock, and yet
the stock Is thus freely shovelled out 10 any
body who wants 1t. OF course, as every one
knows. the stocks merely serve as counters III
a gamble But if there were not an enormous
quantity Of the stock floating about, no sane
man would dare TO risk such sales as nave
been made. Whether the insiders are selling
or buying does not matter in the least. NO
hody sees New-York Central or New-Haven
and Hartford stock stopping about the Street
in that way
This curious phenomenon Is not to be eX
plained on the theory that solid holders nave
been suddenly alarmed by threatened iegisla
tion. or by investigation here or elsewhere
Sales Of this same stock were about tweiVe
times the entire capital in about eleven months
last wear. The men who are inside know TOT
sure whether the company is earning two or
three or five times as much as any ordinary
nroperty. They know all that Mr. Searies re-
members to forget, and also great many
things that Mr.. LexOw remembers not 10 ask.
II there is anything certain, short or death
and taxes il is that holders OF stock whlcn
actually earns more than 10 per cent on It's par
value would seize and lock up the last share
they could possibly get at any price below l2o
Rut for some reason American Sugar STOCK Is
not locked up in that fashion. although man
hunts in vain for any shares OF other COM
NAMES which pay nothing more than regular
and safe per cent.
II Is not intended to make light OF Mr..
Jexows investigation. He Is trying TO per-
form a public duty under the orders OF the
LEGISLATURE, and would be condemned by the
Legislature and the people II he did not work
sway at it with zeal. Neither can 1t be SAID
that he has worried the conspirlng corporations
half as much as he might have done IT he had
asked a few simple questions. What the pub
lie wants TO know Is whether the renners are
extorting from consumers an unjust prollt.
Now the raw sugar imported In 1896 amounted
to about 3,911, 100000 pounds. costing S0O,622,'
KOS. the cane averaging I'm foreign ports 231
cents per pOund, and the beet averaging in for
eicn ports 215 cents The duty is over 40 per
cent and therefore at least $38250,OOO, which
would make the cost OF the sugar average at
least $50 cents for cane and 3.07 cents for beet.
Freight, insurance and profits of importers are
10 be added, and the cost Of handling. and
afterward the cost Of refining and distributing.
These are unknown items, but when one of the
abiest managers 10 the business testified that
refining actually cost three-eighths OF cent
Der pound, 1t was generally supposed that he
nut the figure as low as he reasonably could.
Without allowing anything for the other ex'
penses above named. the refined sugar would
therefore cost at that rate from 3.443 cents to
8.6e5 cents per pound, and the actual cost would
evidently be somewhat more. Testimony In the
recent investigation has brought out the fact
that the dealers through whom the Trust sells
refined sugar are allowed rebate or commits
sion of three-sixteenths OF a cent, which has
to be reckOned as the cost Of distributing
through the Trust methods. AT that rate the
sugar would cost something over 1862 cents
TO 1852 cents per pound, and with the unreck
cned expenses included would apparently cost
% much as the selling price In some months
In October the current price Of granulated wal