Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-03-09

Dy tne DOaro, out tnat members or the association
had, since the formation Of the trust, purchased
the entire stock Of renneries In which they had
not previously been interested.
LIMITED 10 ELEVEN TRUSTEES.
Representative Breckinridge asked why they
had not taken the stockholders into the trust in
stead OF buying the stock. Witness replied that
the number Of trustees was limited by the agree
ment 70 eleven; that all persons holding stock
were satisfied to have the gentlemen constituting
n me ooara represent them, ana that large number
unman nageable The witness was then asked q
question Involving statement that these eleven
tion BY Representative Hopkins, the question was
Withdrawn.
Mr.. Parsons stated that the stock Of reflneries
formation OF the trust had been acquired by trans
fer from large number OF stockholders, but that
It had all been purchased at one transaction.
BOUGHT BY Mr.. sEARLEs.
witness said that the North River Sugar Refining
Co., OF which Mr.. Moller was the chief owner, had
been bought by Mr.. searles, who is secretary Of
the board Mr. Moller had signed the agreement,
but In the Interval elapsng between his signature
and the time fixed for the consummation Of the
Moller's company, witness stated, In answer
to several questions put BY Mr.. Breckenridge,
was capitalized at s350OOO Mr.. searles paid
$325, 600 for II, and when the company was taken
into the trust received 500 OF trust-certicates
less Is per cent, making s5e5,ooo worth actually
CAPITALIZATION AND ACTUAL VALUE
Representative Wilson-I understand that the
trust certificates were based, not upon the capt.
talization OF the companies, but upon the actual
value OF the property.
Mr. Parsons : Upon the actual value Of the
property, plus the superiority which one company
might have against another In appliances and pro-
cesSeS.
Question-This Moller refinery, whose stock was
noIninally $350,O00, and whose market value, as
SS
put INTO Inc organization. For tn $325, 600 actu-
,la! ally PAID sSsS,ooo worth Of certificates were
Answer-The fact Is as stated; but Mr.. searles,
you will remember, is a member Of the board, and.
although he Was the purchaser, it was purchased
on behalf OF other persons Interested.
Question-Still he was not purchaser as q
member OF the board?
AnSwer-NO, sir.
THE WITNESS DECLINES TO GIVE STATEMENT OF THE
DISTRIBUTION OF CERTIFICATES
Chairman Bacon then called witness attention
to the decision announced by the committee yes
terday that IT would insist upon the amount OF
certificates at which each company entered into
the agreement being given, and the witness there
upon made Il statement as follows:
'Mr. Bacon, the matter has been considered
since adjournment, and the situation Is this: do
not own that deed; / have no control
come here with authority to furnish a copy COM
plete with the exception OF the distribution OF cer
tincateS have no authority to furnish that dis
isfed to take the deed In the form in which IL ex
lists without raising any further question, and Tor
this reason, while 1t Is the desire OF all
parties to furnish any Information which
bears upon legislation there are large private In
terests which might be hurt by an inquiry into
matters which We regard as private
and IL might easily be that inferences might be
drawn, II the amounts We're given, which might be
the committee would not wish to be even the in
nocent instrument OF harm TO any OF them"
AN ANSWER NOT INSISTED UPON.
The committee then went into executive session
to consider the NATTER first granting to Mr.. Par
sons permission to make statement after the re-
porters had been excluded. When the doors were
reopened Chairman Bacon announced that the
committee had decided that 1t would not for the
present insist upon an answer to the question.
In reply to question as to whether 1t was wit
ness belief that the certificates were (Or would
soon be) worth par, he stated that his Judgment
was not the best that could be had on that point,
but that he believed they we're unless legislation
injurious 70 the sugar industry were passed 1t
was stated, however, In .-e newspapers that a
block OF 100 shares had sold at Is. He knew
nothing OF the truth Of this, however.
INTERNATIONAL COPYRIGHT.
Authors and Publishers Before the SEN.
ate COmnlitte on Patents.
The Senate committee on patents gave hear
ing this morning to gentlemen interested in the
pending international copyright bill, introduced
by Senator Chace on December 18th, 1887.
The following named gentlemen with other)
were present: George Walter Green, secre-
tary and counsel OF the American Copy
right League; Edmund Clarence Stedman, and
Edward Eygleston, representing the Authors
League. Sherman Cummlns OF New York, and
George Chance and James Walsh, OF Philadel-
phia, representing the Typographical Union;
resenting the press News Union ". Il. Ap-
pleton and George Haven Putnam, OF New
York, and c. Feroiger, Of Philadelphia, rep
or Bos on, representing the Boston Copyright
Association; d. ID. Merrill OF st. Paul, represent
ton, representing the general public and inter-
The members Of the committee present were
Senators Teiier tchairman), Chace, Platt, Hiscock
and Jones (Ark.)
PROPOSED AMENDMENTS TO THE PENDING BILL
Senator Chace introduced the subject by stating
that the persons interested In international copy
right had held good many consultations
and had arrived at pretty general
msnts which they would ike to have puT in the
bill, and which amendments $50 far as he was con.
cerned) he was willing to accept. The most i'm
tion Of BOOKS should permitted to the amount OF
importer and not for sale Another important
books and other printed copyrighted articles
should be printed In type set within the limits OF
the United States. II had also been proposed that
there should be a provision In the bill requiring
that other governments shall befOre their subjects
have the privileges contained In the billy grant
equal privileges TO citizens OF the United states
In those countries.
UNANIMOUS IN FAVOR OF THE BILL.
Mr.. George Walter Green secretary and counsel
Of the American Copyright League, stated that
never before in the history OF copyright agitation
had there been that unanimity OF purpose which
ago, when like hearing was had before the CON-
mittee, there was an absolute want of har-
mOny. To-day every organization concerned
and every class Of the great American
people (tho great consuming public) was practi-
cally unanimous IN the 1ndOrsement OF the pend
that the stigma OF piracy were removed from ali
concerned in the book trade. because they were
all pirates 90 long as the present condition con-
tinued. What was now asked OF the committee
and OF Congress was that IL should Join hands with
all classes Of the trade In pulling down the black
nag.
Mr.. Edmund Clarence Stedman, OF New York,
addressed the committee In advocacy OF the pend
Ing measure.
Constitutional Cemtennial Celebration.
SUBSTITUTE BILL REPORTED IN THE SENATE.
In the Senate yesterday Mr.. Eustis from the COM
mittee on the celebration OF the centennial OF the
adoption OF the Constitution next year. reported
q substitute bll as stated in yesterdays STAR
The substitute follows the text OF the original bill
in providing for q commission Of nine members
three to be appointed by the President, three Sen
ators appointed by the presiding ocer OF the Sen
ate, and three members of the House to be an
pointed by the Speaker who shall have charpe OF