New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-12
Ia RIFF AND SUGAR TRUST
ADVANCE OF SUGAR STOCK DUE TO
ENORMOUS IIPORTATIONS.
A TEMPORARY ADVANTAGE WHILE THE DINGLEY
ACT WAS PENDING FOLLOWED By
SHARP DECLINE WHEN THE SUP
PLY WAS EXHAUSTED.
GBY TELEGRAPI TO THE TRIBuNE.l

SHARP DECLINE WHEN THE Slf-
PLY WAS EXHAUSTED
GBY TELEGRAPH TO THE IBrNE.l
Washington. March lit is now easy TO see that
the assertion made by Democratic leaders. I'M
mcdiatcly after the passage OF the Dlngey Tariff
law that T. was framed in the interest OF the Su-
gar Trust, not true. Sugar Trust stock.
which reached 1874. the dag that the bill finally
| passed the House. and l5sls few weeks after
that event, dropped in less than six months from
that time 10 1908 a rate lower than that touched
before the election of President Mckinley and the
Congress which enacted the Dingey law
The statement: made In this correspondence i'm
mediately after the passage OF the Dngley act
that the advance IN Sugar Trust stock was due
solely TO the temporary advantages which tho trust
had gained by its enormous importations OF sugar
prior 10 the final enactment of that measure Is
FUZZY sustained by the course Of the stock since
that time. Sugar Trust stock when President Nc
Kinley was inauGuratel. sold at llSl1: the day fol-
lowing the meeting of the new Congress and the
introduction OF the Tariff bill it sold at 1ll9.. and
on ;he day following the passage Of that bill In
the House It sold al 10 simultaneously with
these occurrences however. the trust began enor-
nous inportations OF sugar with the expectation
that the law would increase the duties and
that II would te able to make large profits on
the sugar imported prior to the enactment Of that
law. In the months OF April. May and June there
Were imported 2272G 10000 pounds Of sugar, nearly
all Of 1t brought In by the Sugar Trust and held
for future profits. This enormous quantity. i'm
ported I'm the three months during the tendency
Of the tariff measure. more than hall years
supply for the people OF the United States. and on
every pound OF It II known that tho trust
would make a profit equal to the difference be
tween the tariff rates under which II was i'm
ported and those which the law would create.
CAUSE or RISE IN SUGAR TRUST STOCK.
That the advance In Sugar Trust stock due
TO the enormous temporary advantage which the
rea OF ar
patory importatlons shown In this correspond
Immediately after the passage OF the bill, and
the downward course OF Sugar Trust stock since
that enormous supply began to melt away fully
sustans the assertion then made. The stock Of the
trust, as already Indicated, sold on the day follow
ing ne signing OF The B;insiey act at ltS. ana on
september Q reached lost2; FROM that cate ne
iS9S It touched 1908
The upward course of Sugar Trust stock in 1897
did not begin when the provisions Of the new
tariff bill were known. but on the contrary. the
the bill in the House than IT had averaged for
many preceding months. Even after the bill had
SGd its & had BEEN reporsd to the Senate
and made public, the stock sold At lower figure
gross. and II was not until the enormous sugar i'm
poriations by the trust in April, May and June
reached the public that the advance began Even
tbs advance was held IN eheck 1nti II was Rno%n
ton OF Secretary Gage that an internal revenue
bc placed upon the sugar then held in stock by the
trust The moment this fact became known. and
81 thus became absolutely evident that the trust
would certainly make the profits anticipated upon
the enormous stock OF sugar wnch II then held,
there was sharp advance. the stock reaching li6A,
and continuing TO rise after the final enactment OF
the law until II reached high water mark, Scptem-
Der 3 at 1912. BY that time the stock OF sugar In
hand had begun TO disappear and with It's material
reduction came the fall IN the stock OF the trust.
until now. with the complete DISAPPEARANCE OF that
stock Of sugar on which these special profits could
be made. the stock resumes It's normal rate. similar
10 that which existed under the preceding law.
COMPARISON BETWEEN SUGAR AND OTHER
STOCKS.
When the record which Sugar stock has made is
compared with those OF other stocks, meantime the
evidence that the high rates enjoyed were due to a
temporary cause end not TO permanent advantages
given II by the Dingley law becomes even more
conclusive The stock Of the trust on the day fol-
lowing the final action upon the bill By the House
of REPRESENTATIVES, July 20, 1897 sold at 1851;
February a. 1895, sold 1905. fall OF nearly 20
por cent: while other stocks-those or railroads,
telegraph lines express companies, manufacturing
Establishments. etc.-have meantime advanced.
The following table shows the price OF sugar
Trust and numerous other stocks on July -, 1897,
The lav following the final action on the tarln bill
by tho House Of Representatives, and on February
2i 1s9S when the stock reached point lower than
hat nj which IL had been quoted prior 10 the en-
actrncnt of the DnFley law, the meeting Of Con-
of Mckinley