The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-06-11

that when mscals fell out honest men got
| their dues
Mr.. Jones also read a statement from ex
pert accountants showing the profits of 80
per cent by one of the sugar companies OF
the Pacific coast. which vigorously sup
| ported tho abrogation OF the Hawaiian
reciprocity, ii disclosed the comfortable
condition of concern which came here
and pleaded the baby act, he said.
| Mr. Jones then explained his interprota-
| ton Of the sugar schedule from technical
standpoint reading expert opinions to sub
stantiate his claims
| Mr. White Of California asked what
course was TO be pursued as to the lla
waiian provision Of the paragraph under
consideration,
To this Mr., Allison replied that the pro-
Nlso was In the bill as it stood at present
and would have to be considered sooner
or later The committee might and might
not submit a new paragraph and the sub
iect might be sent TO the committee on
foreign relations.
Mr.. Vest followed MIR. jones in criticism
OF the general features Of the sugar sched-
ule, IT had always been, he said thu Cape
Hatter3s of the tariff debate. 1t involved
the whole question Of the existence of the
gigantic trust which had absorbed ret IL
cry after refinery until IL was supreme aud
all pow ertul in the field, The LeS9w in
vcstgation had d sciosed the enormous
profits of this trust 1t showed, ne said.
capital Of $40 600 900 common ~'tck and
$75 600, goo preferred stock an ag ,fegate of
$50 900 900, with profits OF II Per cent on
its common stock and i-2 per cent on the
preferred II was an open. bold. admitted
trust.
AT this point Mr. caffery of Louisiana
said he desired to show the fluctuations OF
the stock and the sale for some months.
a,I all ~
stock and the daily GALES for n long period
showing the tlourishing condition OF the
company
Mr.. Vest cut off snmc cross firing he
tween Mr., White and Mr. Catiery as TO the
effect of the proposed schedule on the price
of sugar trust stock by resumlug his
speech
AS TO THE QUESTION OF THE Eff
Feet OF OUR ACTION HERE ON ST.
GAR STOCK" he sad, waving his arms,
WE NAY Pc IN DOUBT HERE. BUT
THERE Is ONE PLACE WHERE TgERH
is NO DOUBT-THAT Is AMONG THE
SPECTATORS IN WALL STREET.
THEY KNOW IMMEDIATELY AND IN
sTlNCT1vELY WHAT EFFECT a PRO
THERE Is NO DOUBT ABOUT THE COR
RICHNESS OF THEIR CONCLUSIONS
AND THTT PUT THE PRICE OF SUGAR
STOCK Up 81 A SHARE WITHIN THiR
TN MINUTES AFTER THE NEW SCHED-
ULE WAS AGREED ON BY THE CAU-
Gus. THEY KNOW WHETHER THIS
SCHEDULE Is MORE FAVORABLE
DINGLEY BILL SCHEDULE AND IN
TWO DAYS RAN THE PRICE UP FROM
lis TO 1874. HAVE HEARD rREDIC- |
TiONS FROM THOSE WHO OUGHT To
KNOW THAT IF THIS SCHEDULE |
sTANns. SUGAR WILL GO TO 100 A
SHARE"
Proceeding. Mr.. Vest pointed out the
great revolution which had occurred in the
past Two years in the sources Of the trusts |
sugar supply.
Mr., Vest described the new sugar sched |
uie as Ingenious and artistic" The spec |
ulators understood ii. He had ascertained |
and was prepared 10 prove automatically |
that the protection given the trust on su
gar testing as degrees In the present |
was soc pN pound. ia the Ding |
ley bill so, IN the original senate bill sG2, |
and in the new scheddle agreed on by the |
republican senatorial caucus 81.
In conclusion, Mr. Vest declared the
schedule delnded the public in the interest
Of this gigantic monopoly
Mr.. Lindsay OF Kentucky offered an |
amendment which strikes out of the house
schedule in paragraph POO the words mot
above No. 16 Dutch standard in color" and
also strikes out the provision in the same
for @ diiferenlial duty on re-
fined sugar.
Mr.. Morgan. at this point, gave notice OF
the following amendment TO be offered at
The proper time:
A tax Of per cent per pound Is here.
by levied and shall be assessed ana
collected on sugar that is the product OF
any refinery Of sugar In the United
States. hut the persons or corporations
engaged in 'he business Of refining
sugar. in whose business there Is en-
ployed less than 100000 Of cash capt.
tai and who are not connected In busi-
mess by agreement with any other per-
son or corporation engaged In refining .
sugar, are exempt from such tax. The
laws for the collection Of tax on tobacco.
as far as they are applicable to the sub
iect OF this enactment, shall apply 10
the collection of tax imposed By this
act upon refined sugar. and no person
or CORPORATION shall be exempt from the
tax on sugar refined at any sugar re-
finery who shall not clearly estahlish
the right to such exemption under ihe
rules and regulations to be prescribed
by tho secretary of the treasury Tor the
execution OF this Law.
Mr. Gallery OF Louisiana followed, Inc
IA fight between the producer OF raw sugar ,
nd the refinsrs-which in this country was
he trust-was. he said. again on. He spoke
!, the scandal OF 1894 over the sugar kehea-
,le produced by the rapaclty OF the SUGAR
rrst. II was 10 be repeated now mere
rere consumed In this country 4oo.opo,VoV
,ounds Of sugar annually II the trust VA
I, receive " cent pound. as this senennie
,.,nrse5 that would mean s2o,ovp'Wo 70
hs trust. Here. then. was the impeisans =