The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-03-01
LOUISIANA SUGAR COMBINE.
Banker Sci WaxIer Says Eastern
Capital ls Willing TO Finance
Plan, Provided Tariff Reduction
Does Not Ruin industry.


Does Not Ruin Industry.
There will be no trouble in secur-
Ing the capital to finance the sugar
operating company in Louisiana
declared Sol Wexler, vice president of
the Whftney-Centra1 National Bank,
upon his return from New York and
eastern financial centers. where he
spent a couple of weeks or more.
Provided" added Mr.. Wexler in
the way OF qualification of the first
statement, "the reduction In the tar
lit on sugar is such that will per-
nit the industry to continue to live y
Mr. Wexler will frame a report
OF his findings and submit it to a
meeting Of the sugar interests to be
held at an early date. The pro-
posed holding company is to be cap
italized at s50,O0o,0Oo, of which
amount $30,000,o0o will be in pre-
ferred stock, firsts and seconds, and
$40, 100000 in common stock. MIR.
Wexler went to New York to confer
With bankers and foreign financial
interests. A few years ago he se-
cured the necessary capital to f.
nance the big rice combine, most
of the money coming from Belgium.
1t is now proposed te do for the
Louisiana sugar industry what was
done for rice-curtail expenses OF
manufacture by operating only such
mills as will prove profitable, elimin-
ating the others.
How much foreign capital would
be brought here by the sugar deal?''
was asked.
Ten millions would be brought in
to the state, answered Mr. Wexler.
He made it plain that the final con-
summation OF the sugar proposition
depended upon the tariff revision. Il
the reductions are conse Hative 4he
deal will go through. ~
One hundred refineries Ave al
ready signified their intention of com
ing In, he said. While we are
waiting for a final disposition of the
sugar tariff, the appraisements Of
the plants will go steadily on.
Only the refineries will be taken
into the gigantic operating company:
plantations will continue to be oper-
ated as at present by individual own
ers.
lease make one point strong, =
said II Wexle There Is no trust
It! fss nssH
Iso fight tie American tineT
Company There is no corporation
influences IN It. The plan originated
with sdesire solely to economic and
offset the reduction in the sugar
tariff.
Mr.. Wexler found gloomy feel
ing pervading the New York finan-
ciers, as rule, pending the adjust
ment Of the tariff, and the doubt as
to what President Wilson might adj
vocate upon his entering the White
House. The Mexican trouble, coupled
with the tariff uneertaik, les, has
had had DEPRESSING effect A over the
One thing I found quite unani-
nous in the east said Mr.. Wexler,
and that was the approval of Presi-
dent Taft.s policy of hands off in
Mexico Only a few radicals are
shouting for Intervention. In the
east you will find the Taft policy
universally approved =
In Washington Banker Wexler ap-
peared before the Glass committee
of inquiry on banks and banking, and
testified as to his views on the cen
tral bank scheme. He proved a
most interesting witness, and coming
from the financial center of the
south, Chairman Glass and other
members of the committee question
ed him about many matters relative
to revised banking
He did not advocate the one cen
trail bank scheme. but suggested TO
Mr. Glass and his coNmittee that for
a beginning he belieyed it would be
best to start with FIVE, say one in
New York, one in 4eV Orleans. in
san Francisco, in DsGar and fifth
IN Chicago. IL
yocated the Orleans Genker to the
works well the one bentral bank
could come later