The Hunt Continues

The price of sugar still advances. Meanwhile the four Federal investigations of the sugar scandal are proceeding slowly and will not be able to publish their findings and punish the guilty until after the bull market has reaped enormous profits for the speculators. It is a case of locking the stable door too late, but it may serve to prevent similar gouges in the future.

The Department of Justice has started its examination of the sugar brokers. A demand has been made upon every member of the New York Coffee and Sugar Exchange to turn over to the United States Attorney's office complete and detailed accounts of all sales and purchases of sugar from Jan. 1 to April 1. " Please do not confine yourself to information regarding money balances," says the Department's letter to the brokers, " but state in detail each customer's account, the number of lots, the month of future delivery, and prices. The names and addresses of these customers are also desired." Members of the Exchange have questioned the right of the Department to examine their books, and a few will refuse to allow it except under legal compulsion.

President Harding discussed the sugar situation with his Cabinet and expressed the opinion that the tariff was not responsible for the rise in price, since sugar is now selling higher in Canada than in the United States, although the Canadian duties are lower.

The Tariff Commission's investigation is an extremely technical and complicated affair. Three classes of investigators are employed: commodity experts who know about manufacturing and selling sugar, cost accountants who have a highly specialized knowledge of the different costs of production in different mills, economists who organize the information for the digestion of the Commission. After the Commission has diagnosed the situation, President Harding may act to reduce the tariff on sugar, if the findings warrant it. But not in excess of 50%.

The investigations being conducted by the Department of Commerce and the Federal Trade Commission lay dormant in the week's news.