New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-17
A TRUSTING KIND OF MAN.
Mr.. DICKS SIMPLE BUSINESS METHODS.
HIS FORTUNE INVESTED IN A SUGAR COMPANY

HIS FORTUNE INVESTED IN A SUGAR COMPANY
OF WHICH HI KNOWS ALMOST NOTHING.
Contrary 70 the expect alton Of his colleagues senator
Erwin chairman of the State senate Committee on
General Laws, which has been investigating the
affairs OF the '"cdr Trust and of the American sugar
Ref,ng Company at the Hotel Mctropole, was unable
10 be present at yesterdays session. The result was
that the examination OF H. .. layemeyer and Theodore
A. llavemeyer was postponed until the next mceulg'
The official demand for the books OF the constituent
companies Of the trust Will be made, 1t Is believed
al that time Unless the counsel for the members Oi
the sugar company have changed their minds upon
this point "a Indicated 1T the examination On Satur
day an interesting debate will follow the demand
Little doubt exists. however 70 the outcome OF the
possible dispute. The senators are thoroughly con
WINGED Of the justice OF their position and the Justice
of their demand refusal Oh the part Of the mem
Der, Of the present company TO comply with the re-
quest II the committee VIII be followed by an appeal
10 the senate 70 the courts.
Yesterdays session began at 10 80 O'Clock IN TIE
presence Of the usual number OF sugar reAheIs al"
citizen, interested IN the course Of tie examination
senator Ncddcr in the absence Of the regular '"lI
man. presided. William Dick. member OF iI'
firm Of Dick Never, officer OF the recent trust ana
one Of the corpOatOrs Of the present American sugar
Refining Company, who sworn Oh saturday WIS
called to the chair. Mr.. Dick although communicating
Ia reference to some matters, was '"'''0"
with that unsatisfactory "short memory winch MS
been such an obstacle to Sidney = Harris ana Ferry D.
Coke in the examination Of officers and employees OF
Tie sugar trust Il don't remember, Il forget -
can't now say. and similar phrases have made up a
large part OF the volume of testimony which has been
presented to the committee. MI Dlch, III answer u
the qucs zion, said thai he was under the Impression
that lie was joining corporation when he hau ue
come a member OF the sugar trust lie had been sur
prs,d learn afterwaId. 10y decision oil the COURT
that he had been mistaken Bar!Ous reasons had IN
duced him to cast his fortunes with the members oI
the trust In 1886 a strike among the eihpIoNe9 vi
his company had ca4ed loss OF money to the con
Germ lie aud his partner had become convinced tha'
if would be easier for them to run their business by
Joining the trust. They would then have the adj
vantage # the advice of other experienced sugar NEIL
Mr. DICK insisted that it was not desire TO increase
their annual profits which led the firm into tlc uust
The offer OF 763 900 in certificates for the property
of the firm with u capital Of nearly S2oOOOo was
secondary consideration. These answers did not saIs
fy Mr. Harris, however
DO YOU mean TO say, Mr.. DICK he asked that
these considerations which have mentioned hdd 10
influence upon your joining the trust!
Il have given the reasons" came the reason
thought 1t would DC easier for US
Il see" replied Mr.. Harris. You simply wlshed 10
have pleasant gentlemen TO chat with 1t was soli
of a sugar club, was it nOt!' 4lr. Dick did not seem
10 appreciate the remark and resated his motives ii
ms way. go
But continued Mr. Harris, lyon certainly VIII
admit that the receipt of $276O,00O for your capital
and property great aid in maHing it easier for
you and Mr. Meyer, will you not?'
Mr.. Dick was again n0n-cOmmlltal' anu ans"e40u
that he could not say.
Were you ever sorry Tor joining the trust per
sisted the counsel
Il should like TO keep that to myself came Mr.
Dicks unexpected answer. That is private Al the
moment of joining, maybe was not dOht KNOW
whether was sorry at a later date or not"
lad. fflpfh AFT a IN
Gel 10 learn the causes of his apparent dissatisfaction
He declared, also. that he could not remember what
profit the company had made during the trust or prior
10 its formation II might have averaged per cent
o per cent per cent even more The company lost
between $4,000 and 100000 by the burning of
the refinery in 1859. 1t had received, however,
about 100000 in insurance. The real estate had
been valued at 100000. When the company had |
Joined the trust the property had been valued al
81 100000. Tie difference between that amount and
s276oOOO the price received By the company from
the trust, had been Mr. Dick said for the good VIII
Although Mr.. Dick was present, as one OF the IN
Ioriey as the American sugar Refining Company,
proiesSed know little about it, Why the orsalzall0h
lad been made in NewJcsey and not in NeW-iork ne
did not know. lie supposed however. II had been
because the former corporation the trust hsd He Ge
of the Teiners for reorganization on January 10 rom
II. o. Hayemeyer. He had gone 10 New-JeIsey ana
had signed the papers presented to him upon a9'lce
of John f. Parsons, counsel for the trJst lie lad ot
read the papers at all and did not know ther cgntenc
lie had transferred his property, however 10 Tue new
company and had received certificates in exchange
But Mr. Dick" asked Mr.. Harris, 90 you
sign papers transferring your property without reading
them ~ -,
When l dealing with honest men, came inc
answer, Il don't bother about bills or papers. II
j lind that l am dealing with rogueS stop the deal
knew was in honest hands in New-Jersey' lie had
asked questions, he added ~
III answer TO senator Coggeshal, Mr. DICK sald that
he could not remember the names of all OF TIE men
who were present at the meeting In Jersey City Neither
did he recall what had been said by the counsel or inc
fn~c nf no
norant as the advantages Of the present company
over the former also The constituent companies he
believed carried their business in about the same
way as they had done under the trust.
At this point in his examination Mr.: DICK was al
lowed TO leave the chair Senator Nedder, however,
asked him 10 prepare exact statement regarding
this insurance which his company received altcr the
fire in 1cs9. ~, .,
The examination then adjourned until Saturday
st 10 80 D. M