Ineffectual Agitation

The Government lost its suit to enjoin the New York Coffee ant Sugar Exchange. Four Federal judges refused to grant the requested injunction against trading in sugar futures, on the ground that no conspiracy in violation of the Sherman Act or the Wilson Tariff Act was revealed. Attorney General Daugherty announced his intention of appealing the decision to the U. S. Supreme Court. Meanwhile U. S. District Attorney Hayward has issued subpoenas upon sugar brokers to produce their books before the Federal Grand Jury, with the implication that a Grand Jury investigation into the sugar market was projected, although aimed at individuals rather than at the Sugar Exchange. The agitation in political circles was maintained with remarkable persistence. Mrs. Harding expressed her sympathy; Mayor Hylan in a characteristic proclamation called for a "sugarless Monday," and a general campaign of sugar saving; monstrous petitions were threatened. Meanwhile the price of raw sugar futures has again exhibited strength, although refiners have followed varying policies in fixing the price on refined sugar. Thus far the agitation against sugar prices has not had an important effect upon them. Indeed, it is obvious that most of the outcry has been raised for reasons purely political. The per capita consumption of sugar in the United States is only about 100 pounds, and in consequence the advance so far entails an added expense of only a few dollars per annum to each individual. The chief result of the threatened boycott of sugar in this country has been the creation of considerable hostile sentiment in Cuba. The Cuban Association of Sugar Planters in a public manifesto laid the blame for high sugar upon the Cuban crop failure and the American tariff. The Havana newspaper, Heraldo de Cuba, advocated a boycott against American goods, if Cuban sugar is boycotted here.

Stanley Baldwin, British Chancellor, expressed himself much as has President E. D. Babst of American Sugar Refining, that an artificial depression of sugar prices in America now would simply serve to divert the supply abroad and lead to a real shortage here during the summer.