Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-07-11
SUGAR TRUST REGAINs IT'S LOSSES.
First Move To Rccoup Made by with
drawnI of JObbers' Guarantee.
PhIladelphia TImes)

The great Sugar Trust, which was
formed last February by the consolida-
ton Of the Havemeyer and Arbuckle in
terests. has made another move in its
effort TO crush all competition.
Ever since the secret combination YVES
effected, both corporations have been
working in apparent antagOnism. IT f.
a noticeable fact, however, that the prize
of sugar has been steady In the mean
time. and there have been none of Tho
big cuts with which the companies used
10 night each other.
IRON HAND OK JOBBERS FIRST.
The time has come, apparently, wnen
all secrecy Is to be dropped and the
sugar market is about 10 feel the effects
which the Times foretold. Naturally
during the tooth and nail ilght which
ragged between the parties. comparatively
little profit was realized. and il is now
proposed 10 make a great effort 10 get
back what might have been realized had
there been no fight.
The first move affects the jobber. Sugar
has usually been sold on a guarantee.
That Is, the buyer was accustomed TO
order at the market price. and If within
a certain time the price declined, he was
given a rebate. In this way he was
protected against sudden loss. The sys-
tem was instituted by the trust soon
after the formation of organization and
has continued i'm force with but slight
interruption. The jobbers were satisfied
with IL. as II had originated with them.
and prevented the trust from bearing
Gown the market, so as TO depreciate
the value of sugar after they had pur-
chased large quantities. Under these
h4F
rehners had 10 make good the loss to the
jobber. This has been the means of en-
gendcring a bitter feeling on the part Of
the trust against the wholesale dealers,
who have been in "A position to compel
the guarantee to be carried out.
An announcement was made the other
Cay th0t after July 7th the guard ltee
would be discontinued, and that ali buy
ing after that date would be done at the
investors own risk.
ONLY THE TRUSTS BUSINESS.
The wholesale men rushed into The mar
ket Immediately. Everybody who ccGld
bought heavily. knowing the guarantee
would be good on sugar bought
on or before the 7th and the
consequence was that sugar sold
faster than ever before. The totals
yesterday footed up TO 1000 barrels. he
largest single days busluoss ever known.
Though their motive is well known,
the officials Of the trust will assign 10
reason for their sudden move, and at The
Office Of the Franklin Refinery Branch
q: the corporation yesterday thu prompt
answef TO a polite question was that 1t
was nobody's business but that of me
companys"
Jobbers were wondering yesterday what
would be the result OF the trusts action.
They realized that Il is = m-Nc in ac-
cordance with the policy the Times pre-
dicted some time ago, and ale now in
curing among thomsoIg1s ~hat will be
the next OF course there was open ex-
preston OF condemnation OF tie trust
policy, and II may be that IL VIII be
found that after all thu Wholesale men
viii be able 70 say something and to say
IL effectively. The regular trade dis
counts ara 10 be continued for some tine,
but II IL not known how long
ADVANCES TO COME LATER.
These enormous deals in suglr within
The past few days will not have an I'M
mediate eject upon the prices. which yes
terday were 5ix cents for the GRADUATED
and " cents for the powdered.
The sugar question Is one which af-