The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1901-10-31
COUNTRY is IN SYMPATHY WITH
The BEET GROWERS
OF THE WEST.
Men Opposed to Cane Sugar Are Not
IN Habit Of Being Beaten and
VIII Put Up Terrific Fight
Trusts.
From 4 STAFF Correspondent. J

tempt OF the American Sugar Refining
Company. commonly known as the
Sugar Trust, TO ruin the beet sugar
business of the country by reducing
the prices Of refined sugar TO a point
where beet sugar cannot be sold at a
profit. is likely TO stir up an antitrust
agitation in Congress that will cause
the sugar trust serious bother. For
the last two years the sugar trust peo-
pie have been enviously watching the
growth of the beet sugar business. in
which they had no considerable part,
and of which they were unable to get
control. although several attempts had
been made along that line. 1t was
the cool advice of Henry o. Have
meyer that kept the trust men from
making war upon the beet sugar in
terests long ago; but Mr.. Havemeyer
is losing his power with the trust, ow-
ing to his continued ill-health. so that
the management of the sugar trust is
falling upon other shoulders. Mr..
Havemeyer realized keenly the fact
that the beet sugar business in this
country is a Government hobby. to
use no stronger term. II existed in a
few localities before the Mckinley Ad-
ministration came into power. and
under the encouragement that 1t re-
ceived from Secretary of Agriculture
Wilson it grew with amazing rapidity
in 1897. 1898 and 1899
The Government officials here have
watched the opening of the war by the
sugar trust upon the beet sugar in
dustry with amaZement. and it has
gone far toward convincing them that
there will certainly be very serious
agitation against the trusts in the next
session of Congress.
This war is made upon men from
the West, from Michigan. Ohio and
California. who are not in the habit
of allowing war to be made upon them
without striking back. The way that
they will strike back will be through
Congress. and that is exactly the way
that the sugar trust fears most. II
there is anything that the great trusts
of the country do not want now. it is
antitrust agitation, not to speak OF
antitrust legislation. They are not
in a condition to have such an agita-
ton. and no business man who under
stands the subject can want to see IL
come sooner than is necessary. In the
opinion of the Treasury Department
experts upon business and finance.
such an agitation. coming during the
winter. with business and financial
conditions in New York as thev are,
would be almost national calamity.
These men view anv warlike attitude
on the part OF any vulnerable trust
with apprehension.
I talked TODAY with one of the most
competent business authorities in the
Treasury service upon the subject of
trusts and business. This man sees
different business conditions from
those of a year ago. Then the ex-
ports of tn, country were mounting
higher and higher. the producing ca
pacity was growing. the railroads
were being consolidated. trusts were
being formed. and there was gen.
eral boom. accompanied by universal
confidence. both in the then existing
condition of things and in the future
Of them. The boom-that Is, the
boom in New York. where stocks are
bought and sold-has ended now, and
actual conditions or values and prices
must be considered. This authority
had the following to saw upon the sub
iect. and it is important in that it
shows how far removed the great
trusts are from being open to the
right sort of an attack:
business win be good during the
coming winter II there is no consider
able breakdown in the prices OF In
dustrial securities-stocks. They have
gone ahead in New York and organ
lied their trusts without regard to
actual vaiues. without stopping to con-
slider that the boom cannot last for
ever. and generally. without regard to
sound business principles Now they
are in the position where thew must
be very careful or there viii be a
crash. The prices OF these Industrial
securities are not high today in actual
figures. bat they are very. very high
when you come To consider the amount
Of water that there is In the stocks.
These stocks are nearly all held hy
the very rich men of the country. They
have been obliged 10 buy them to pre-
vent bad slump. They have them
now. their monev is tied up in them.
banking capital Is involved IN them.
and the public holds aIoof. The only
thing. in M mind. that viii prevent
pretty serious times in some lines OF
business is = huh market in New
York. That sort Of market must be
made in order to set the lnvesting
nnblie to buv these stocks and take
them or the hands OF the men who
now hold them. so that. instead Of
being held hv very few men. the
stocks win be scattered over the coun-
try. as good as railroad stocks are
Can that sort OF market be made
during the coming winter A very
great deal. in business way. depends
upon that. People do not generally
realize how closely business. the coun-
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