New-York tribune., 1898-10-02
THE SAN FRANCISCO SUGAR DEAL.
REGARDED HERE AS HIGHLY SIGNIFICANT

REGARDED HERE AS HIGHLY SIGNIFICANT
THE CUT IN PRICES BY THE TRUST.
The crowd which follows Sugar had plenty to
talk about Yesterday In the first place the bis
deal In San Francisco. by which the control OF the
Hawaiian Commercial and Sugar Company was
taken ont OF the hands Of Rudolph ana G. A.
Spreckels. the younger sons OF Claus SpreckeIs,
caused small sensation This concern owns one
Of the largest plantations in the world on the
Island of Maui In the Sandwich group. 1t has an
extensive plant and costly rrgating system. oper
ating seventy-two miles OF railroad and plouGhlnG
and cultvatng the land a huge scale by means
of steam ploughs and cultivators. II Is estimated
that the output OF sugar for the present sea
son will amount fifteen thousand tons. This
sugar is shipped to the United States graded up to
n 06-degree centrifugal test. II was rumored some
time ago that the company. in view OF Hawaiian
annexation, would begin to refine the raw
product the island Just about the same time
1t was noticed that the stock Of the company
was being quietly absorbed both in San Francisco
and New-York. Since then little has been heard
of the companys affairs until Thursday. when a
notice was sent to stockholders that meeting
would be held on October 13. at which the propo-
sition TO increase the capital stock by fifty thou
sand shares would he considered. This was fol-
lowed yesterday by the startling announcement
that a pool of San Francisco brokers' had secured
control and crowded the old directors out.
b. j. Hoffacker. the New-York representative Of
the company was by Tribune reporter at
his Office. No. 20 Broad-st.. yesterday. He de-
clined to make any statement. said that be
yond the dispatches which had appeared I'm the
papers he had heard nothing except a message
from c. j. Spreckes announcing tho resignation OF
the old Board and the election Of the Board
Of Directors.
A prominent member Of the sugar trade in close
touch with affairs In California said yesterday
that the deal most significant one. Just who
was back of II he did not care to say. He pointed
out that there seemed little doubt that the brokers
who had secured the control OF the company were
acting for person persons who had a big
advantage 70 gain by having the company in their
control That 1t who knew the
Islands was beyond question. for it seems ridicu-
ious that any outside person would go In and
spend millions OF dollars in securing property of
the nature Of the Hawaiian Commercial and Sugar
Company. The deal looked to him like the first of
"A series OF important moves in the big game that
was in the sugar refining industry.
Next to this rumor the cut in the prices OF re-
fined sugar by the American Sugar Refining Com
pany attracted UNUSUAL attention. Quotations were
made the basis of a decrease Of from One-eghth
10 one-fOurth Of a cent which brings he price OF
trade have about reached the conclusion that this
action is intended to make IL hot for the indepcnd-
ent refners. and that the big rate war which has
been predicted all along has In reality begun. II
is said that, II the decline In prices vas brought
about for the purpose Of stimulating demand. II
holding of In the belief that better figures can he
obtained.