The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-28
A Tip That Was Sent 10
Senate From Wall ST.
Willy Way in Which the Trust
People Usually Work.
Tour Through Old Battlefields--Re-
wards Of Relic Hunters.


Aldrich the member of the finance com
of tho senate revise Of the sugar schedule,
devoted more than one-half his time to
sugar. His explanation Of the complicated
rates was so clear and lucid that even those
senators Who were familiar with the In
tricacies of sugar duties said after Mr.. AL
drich had concluded that they did not
know tho first thing about IL. In other
words, his explanation was as clear as
mud. Another senator said: 81 can't
make head or tail OF it. But do know
that the Sugar trust wants the rates which
now stand in the bill. and suppose that
is the real reason why am going to vote
against those rates"
A Trust ''Tip."
In this connection have heard a most
interesting story concerning the specula-
tion in sugar stock in Wall street during
the last few months. The big men OF the
trust have passed out the tip To their
friends in the senate that sugar was good
thing 10 let alone. Whereas three years
ago it is well understood the trust let GER
tain senators in on the ground floor and
enabled them TO make a good deal OF
money, this time the trust people decided
to play a wiser game They remembered
that tho scandal of senatorial sugar specu-
lation three years ago disgusted the coun-
try and helped TO work up public senti-
ment against their concern. Therefore
the trust decided it would have no specu-
lation this time If it could prevent it. So
the tip was passed that sugar was q dan
gerous thing 10 deal in.
Thereby the trust people sought to ac-
Iteh ftxn,V MN nyla 20 v5nvt
the scandal of senatorial speculation and
the other was to keep the market value of
their shares down 10 a reasonable level. IL
sugar shares were quoted at very high fig
ures at the very time the schedule was un-
der consideration in congress, the effect up
on public opinion would be bad. People
would say: "Why, see how much the stock
Is worth in Wall street. Why should they
ask for so much projections" Therefore
the influence of the magnates of the trust
has from first 70 last been In favor Of low
prices. It Is crcdibly reported that they
have put their money in the street against
their own shares whenever there was dan
ger of their rising too high and, of course,
they have been able TO keep the quotations
down to what they thought safe point.
Advance Information.
Only once did tho market break away
from them. That was just when the sem
ate revision of the house bill was complet-
ed and before IL was made public. The
rates were believed TO be so favorable TO
the trust that tho Washington men who
had advance information ms To what those
rates were 10 be concluded the market
would have boom, despite the manipula-
tion of the insiders for low prices. They
were right Sugar stock rose about five
points within less than two days. 1t is
understood that the Washington specula-
tors had divineCr the trust would put the
screws on very quickly, and they therefore
decided to make a short turn. BY the
time the trust bad become alarmed at the
rapid rise of their stock values and thrown
their money i'm on the bear side the Wash
ington SPECTATORS had closed out and TAX
EN- their profits Who these Washington
spectators were no one appears TO know.
That they had advance information upon
which to base their operations is obvious.
asked broker the other day IL he had
any idea that an investigation OF sugar
speculation would bring out the truth as
to senator's. "Of course IL wouldn't" he
replied. "That senators speculate in sugar
stock have not the slightest doubt. But
how are you going to prove itY After the
scandal of three years ago the senator who
was caught in a deal would deserve TO be
expelled for idiocy. II there were senators
who dealt in this stock, take my word for
1t they did so through third parties whom
they could trust. Find these third parties
and put them on the stand and they might
admit having bought or sold sugar, but
would testify they did so with their own
money. That would be true nominally.
ID, f.It -.
mp and bring out the truth. 1t is not in
human nature. Again, if senator's specu-
lated in sugar on advance information and
the truth could be learned, probably you
would find something like this: A tele-
gram, agreed upon beforehand, to some
man in New York. An innocent telegram,
not connected with sugar or speculation
at all. Perhaps something about family
matters. But its real meaning was an
order TO buy stock. Stock purchased by
this unknown New Yorker. Profit real
lied. No senator connected with 10 direct
ly or remotely. Weeks or months after
ward the senator is I'm New York. Calls
on his friend. A roll of bills Is handed
him or draft on London, which he quiet
ly puts through his bank or keeps till he
goes abroad for his vacation and then
cashes II. A sugar investigation would be
q farce"
Relics of Battle.
A veteran Of the late war, a respected
Iowa editor and friend OF mine, was here
the other day after "a tour through the
battleflclds Of Virginia and southern Penn
sylvania. He wanted 10 revisit the spots
I'm which he was one Of many thousands Of
humble actors when the stirring and bloody
drama. was on the boards. He succeeded
in picking out the old rifle pits, the strato-
gical points, the brcastworks behind which
he had watched the enemy and now and
then fired his musket. But what surprised
him most WAS that ho could ON almost any
Of these old battlCfeds pick up great guam.
titles of gun caps and shells and pieces Of
lead and other debris of battle. BY care
full searching in tho thickots or digging
around i'm tho gulics and bitches one may
20 this day find hayoncts and pieces of