New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-06

Hareh \. 1888 %
yiareh :. 1900. morning ............:, 30
shares iransferred during day. .673
The directors of the American Sugar Refining
Company yesterday reduced the common shares
of,that company from u per cent per annum
basis TO a per cent per annum basis. with the
result of sensational trading all day long In
Wall Street and the winning and losing of
fortunes
The meeting Of the directors had been set
down for Wednesday, and when yesterday morn
ing il was announced that they would meet yes
ferday for the declaration of a dividend the
brokers were set guessing Then followed the
announcement Of a quarterly dividend Of 112
per cent, or at the rate of per cent per annum,
as against quarterly 3 per cent paid since 1893.
AS soon it officially announced that there
would be dividend the bear traders expected
q regular dividend, and this expectation the
stock advanced on large trading to 1O515 after
opening al 90. AS il was known that
the dividend IL per cent the price quickly
broke 10 81, and rallied to 9912 at the close OF
business. The volume OF business was one OF
the largest in the history of the shares.
Sugar has been paying II per cent dividend
since 1893. In that year the payment. including
an extra dividend Of 91a per cent was 2112 per
cent. The present organization dates from Janu-
airy, 1891 when the American Sugar Refining
Company succeeded the Sugar Reineries Com
pany, which was organized in 1887.
ATTRIBUTED TO RATE WAR.
The reduction of the stock to a 8 per cent
basis in prosperous times is attributed to the
war between the Sugar Trust on the one hand
and Arbuckle Brothers and John Doscher &
Sons on the other. 1t is asserted by those In a
position 10 know that the losses OF the sugar
Trust have been enormous during the last egh-
teen months while the trust has been trying to
crush the Arbuckles and the Doschers and that
the Sugar Trusts losses safely be estimated
at S15,0O0.000.
The Arbuckles and the Doschers began the
operation of their refineries in Brooklyn ana
Long Island City in 1898. and the American
company, in order to prevent the newcomers
from obtaining a foothold, made a radical cut
TO wholesalers and jobbers, with the result as
alleged at the time, of wiping out all the profts
in the refining business. The American COM
pany paid its regular - PER cent dividends out
of its accumulated earnings however, and con-
tinued the fight. These dividends amounted to
s45ooooo on the common. and S2.625 600 on the
preferred stock.
The American company made no statement
yesterday Of its earnings, either in its annual
report OF IN the statement made up to comply
with the laws of Massachusetts. No expAna-
ton was furnished for moving the meeting or
the directors forward two days, and it was
suggested afterward that of the principal
holders OF sugar shares used the opportunity
presented In the open market to recover any
losses they may have sustained on account or
the reduction in the dividend
The friends of the Arbuckles and the Doschers
said last night that they had won great VIC
tory and that within three months the Ameri-
can company would be glad TO restore the rates,
al which al hands could make a good profit.
1t may be remembered that the American
Sugar Refining Company, after it began
its war on the Arbuckles, entered the coffee and
spice field a a large producer by securing con-
troll Of the Woolson Coffee and Spice Company
of Cleveland, and ii also transformed one of its
old sugar refneries in Brooklyn into a coffee
roasting plant
COFFEE AND SPICE VENTURE.
Just what the financial results have been
from the coffee and spice venture not
known, but yesterdays occurrences indicate
that they have been unsatisfactory. That the
Arbuckles and the Doschers have suffered, there
IS little doubt in the sugar trade. One ad-
vantage that the Arbuckles are supposed to
have in the coffee trade especially for the
Western retail trade, is the company's owner
ship Of machine that does practically all the
work Of Weighing and wrapping pound pack
ages Of coffee. and latterly sugar. 1t is said
that the American company has machines for
the purpose, but II is also said that they do not
do the work economically.
The American Sugar Refining Company fur
nishes two-thirds of the sugar that enters into
consumption in this country, and its losses dur
ing the last year and a half presumably
much heavier than the smaller concerns The
Molenhauer refinery temporarily shut down in
May last, just when the ref1neres usually are
the busiest, and then 1t began to be rumored
that the Sugar Trust, the American COM
psny is commonly called, feeling the eff
fects Of the war.
At the offices Of the American Sugar Refining
Company yesterday afternoon the usual reti-
cence was observed with reference to the COM
panys affairs. and at the offices of the Arbuckle
Brothers the situation about the same. At
the latter place one of the officials said: 1--WE
are still doing business, and won't be the
first TO get sick of the rate war;
The Havemeyer refinery In Brooklyn, between
Kent-ave. and South First and South Second
SITS, one Of the properties of the American Sugar
Refining Company, shut down for an indefinite
period OF Saturday last. From two hundred to
three hundred employees were thrown out OF
work The other three Havemeyer reineries are
running as usual, and far known there is
no Intention Of closing them, even temporarily
The one which was closed Saturday started
up six weeks ago, after extensive repairs had
been made TO it, IL was said. II is understood
that all the American company's refineries In
the Eastern District of Brooklyn have immense
quantities Of barrelled sugar hand