The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-08-05


legislation on sugar. and this fact be
ing known to Wall street, and those
interested, resulted in the advance of
the price of the stocks of the sugar
trust. And yet the Leader has under
taken the gigantic task of making peo-
pie believe that the sugar trust Is get
ting its wings clipped by the Dingley
bill In reducing the tariff on raw sugar.
In the same issue of the Cleveland
Leader Is the report from Wall street,
in dispatch dated New York, July 20,
which is as follows:
"The stock market, after consider
able early activity and strength, closed
firm below best prices, but at fractional
net gains. The strength in Sugar, Lead
and Tobacco was in anticipation of the
benefits to be derived from the new
tariff. The sugar company having
secured most acceptable schedule
passed by the house and presented to
the senate failed TO justify the fears OF
O sensational break entertained by
some traders after yesterdays per
cent advance, and, on the contrary,
opened up IA per cent Subsequently
1t scored an extreme gain for the day
OF Az, establishing a new record of
146A, and thereafter gradually declin-
ing, closing with net gain Of pa"
In the following editorial from the
Cleveland Plain Dealer July 21, will
be found the facts in the case, which
can not be denied nor is it an over
drawn exhibit :
';The sugar trust knows what the
rates in the tariff really mean as af-
fecting the profits Of the trust. The
public can get an idea of the compare
tive value of the various sugar sched-
ules to the trust by noting the changes
in the selling price of the sugar trust
shares.
Under the existing tariff sugar trust
shares in 1896 went at one time asJow
as 95
"The Dingley tariff bin passed the
house March 81, and the next day su-
gar trust shares in New York we're at
11O%.
THE senate finance committees
amended tariff bill was reported to the
senate May 4. On the following day
sugar trust shares we're at 1853.
During tue discussion in the senate
the sugar schedule was again changed.
The bill passed the senate with the
altered sugar rates July 7. Next day
the sugar trust shares sold at 127.
Last week the bill was in confer
ence and TIL re were reports of changes
in the sugar schedule. July 16 the
trust shares sold at 1874.
"On July 10 the conference commit
tee reported to the house the compro-
mise bin, with a new sugar schedule,
asserted to be less friendly to the trust
than the senate bill. The passage Of
the compromise was an absolute GER
tainty, and the trust shares shot up to
1441s.
Sugar trust shares had gone up
more than 50 per cent on the price at
which they had sold under the Wilson
German tariff; they had advanced
more than 80 per cent on tho selling
price at the passage of the Dingley
bin in the house. They had enhanced
In selling vaEue over 13 per cent since
the day after the passage of the senate
bill; the price had gone up 10 points,
representing an advance of s per cent
on the selling price of three days be-
fore the passage of the conference re-
port in the house on Monday.
1T will be hard to make the people
believe that the sugar trust did not
write, or influence the writing, of the
various sugar schedules, from the orig
inal Dingley bill to the conference
committee report. That the trust lost
nothing in the successive changes can
be inferred from the continuous up
ward movement of the shares. The fact
that the greatest jump was after the
report Of the conference committee
carries its own comment.
"The claim that the advance in the
value in the sugar trust shares is but
the effect of the general improvement
in the market value OF stocks will not
hold in the face OF the evidence OF the
stock list. Here are the changes in the
current rates ON the New York Stocb
Exchange OF twenty -four ordinary
stocks, railroad and industrials, report.
ed in the Plain Dealers list of opera,
tions April l and July 10, the first date
that Immediately following the passag,
OF the Dingfey and the last that OF tn,
report to the house OF the conferenc.
committees bill:
Higher. Lower
ANchlson ''.... $3.50. 2B -.
c., c., @. & st. L....... 49,. 2H
Canada Southern ...... 5A
c., B. a. Q........... 1874
Delaware e. Hudson -. 9hD,
d., l.. & W............ 5h
Gen. Electric E. ...... 8
Louisville G. Nashville 6A
Missouri Pacific ....... 5A
Northwestern 80. 80. 109s
N. Y. Central ........ 3A 80.
omaud ........,... 10 -,
Leather pref .......... 5A