The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-06-11

Sugar slCck went up from 81 10 50
share as soon as it was known what
the new schedule contained.
Senator Lindsay offered an amend
ment to strike out the differential duty
on sugar.
Mr. Morgan offered an amendment
levying a tax of one cent a pound on
all sugar refined in this country. ex-
cepting, however, sugars that are re-
fined by concerns not in the Sugar
trust.
Mr.. Pettigrew of South Dakota gave
notice that he would offer his amend
ment to admit free of duty goods made
by trusts in connection with the sched-
ule.
Mr.. Allison asked that the proviso
relating to the Hawaiian Islands go
over. He said in this connection that
the action of the senate committee rel
alive to the Hawaiian proposition was
due to a purpose to exclude Hawaiian
sugar. The COMMITTEES had never con-
sidered the question and had let it go
over for future consideration. Later
he thought proposition on that
branch of the subject would be pre-
scented.
Mr. Allison in behalf of the commit
tee then moved an amendment striking
out $751;, 900 and inserting 95-100 as the
duty on refined sugars
KINDERGARTEN PROCESS.
Mr. Jones of Arkansas was recog-
nized for a speech on the general fea-
lures of the sugar schedule. The
senator had before him small bottles
showing the various grades of sugar.
raw and refined. and with these Illus
trated his argument as he proceeded.
He asserted that the new sugar prop
osition would increase the profits of
the sugar refiners in every point. = If
that was the purpose of the managers
of the bill they should let it be known.
He was in favor of a tax on sugar, but
he believed it should be made as light
as possible and should give no special
benefit to anybody. Early in his re-
marks Mr.. Jones referred to the I'M
fairness of Mr.. Aldricfls statement on
the sugar schedule. in speaking of the
difference between German sugar and
the raw sugar coming to this country.
The comparison was not a fair one,
Mr.. Jones ccntended, as the German
sugars could not be compared to the
American. When figuring on the
amount that should go to the refiners,
the American article, raw and refined,
must be considered rather than the
German. With great emphasis Mr..
Jones declared that he proposed to
see that there was some contention
before German granulated was taken
as the basis for finding the differen-
tial due to the refiner. Mr.. Jones in
sisted that the grades of sugar COM
pared by Mr.. Aldrich in his speech did
not compare
IS TOO Low
Mr.. Jones stated that the price of re-
fined sugar u1on which Mr. Aldrich
based his calculations of 2.3O cents was
too low. 1t should have been 2.66, he
said. Still, taking Mr.. Aldrich's fig
ro1 crr1 at ad
of from .4S to SO cents per pound to the
refiners. He announced that he had
looked conscientiously into the question I
without prejudice and he became sat
isfied that a clear diferential of one
eighth of a cent was right. Under that
differential the Companies profits had
increased; How uld the other side
now justify filrthera Increase of the
differential2 He should propose, he
said. a duty Of 1 cent per pound on sug-
ars testing 70 degrees, with an increase
OF three one-hundredths on each degree
above that and a differential OF one
eighth on refined
Il will not propose this in any cap
tious spirit" said he, but because 1 !
believe it is sufficient and that the peo-
pie are entitled to know exactly what |
1t IS proposed TO give the refiners-
THE IDEAL Duly.
The ideal duty on sugar, he contin- /
ued. if it could be collected without I'M
LIBERALIZATION, was an ad valorem duty. /
Mr.. Jones read letters from sugar men,
the Hawaiian reciprocity /
treaty and declaring that its benefits !
accrued entirely to the sugar interests /
Of San Francisco and Hawaii, while [
taking millions out of the pockets OF |
the people. Commenting on these, MIR. I
Jones remarked: when rascals fall |
out. honest men get their due
Mr.. Jones also read a statement from /
an expert accountant. showing profits 4
of SO per cent by one of the sugar COM
panies of the Pacific coast, which Wig
orouSly supported the abrogation of I
Hawaiian reciprocity. 1t disclosed the /
condition of a concern /
which came here and pleaded the baby .
act. he said. Mr.. Jones then explained /
at some length his interposition of the
sugar schedule from a technical stand (
point, reading expert opinion to sub /
stantiate his claims. /
Mr. White of California asked what /
course was to be pursued as TO the I
provision of the paragraph !
under consideration. To this Mr.. ALI
son replied that the proviso was in the f
bill as it stood at present and would
have TO be considered soone ror later.
The committee might and might not /
submit a new proposition, and the sub
iect might be sent TO the committee on
foreign relations.
Mr.. Vest followed Mr.. Jones in criti-
cism of the general features of the
sugar schedule. 1t had always been, he
said, the Cage Hatteras of the tariff /,
debate. 1t involved the whole question
Of the existence OF the gigantic sugar
rust. which had absorbed refinery after
until it was supreme and all
powerful in the field. The Lexow in
sestigation had disclosed the enormous
profits OF this trust. 1t showed, he I
said. a capital of $500 900 common
,tcck, and S75,e00.000 preferred, an ag
yregate of $780, 900, 000, with profits of IL
Der cent on its common stock and 7
per cent on the preferred stock. it was
IN open. bold, admitted trust.
At this point Mr.. Caffery of Louisiana
said he desired to show the fluctuations
Of the stock and the. sales for months.
He read the highest and lowest market
stock and the daily sales for long
period. showing the flourishing ccndi-
ticn of the company.
Mr.. Vest cut off some cross-fring be-
tween Mr.. White and Mr.. Caffery as TO
tbs effect of the proposed schedule on
the price of sugar trust stock by re-
suming MS speech.
"As to the question Of the effect of
our action here on sugar stock" said
he, warming IN, I'VE may be in doubt
here, but there is one place where there
IS no doubt--that is among the specu-
ators in Wall street. They know i'm
mediately and instantly what effect a
schedule will have. There is
no question about the correctness of
their conclusions. And they put the
price on sugar stock up IS a share
within 80 minutes after the new sched-