The Portland daily press., 1897-02-09

| New York, February S.-The joint
committee appointed by the legislature
| to inquire into trusts and monopolies in
the State of New York, resumed it's in
vestigation this morning Secretary
Searles of the American Sugar Rein
cries company was on hand early.
Mr.. Searles said that he had not re-
| sponded to the subpoena was that be
was on his way to catch train when
it was served and he had asked Mr..
Parsons to come and explain. Mr. Searles
testified on the sale OF the North Riv-
or Refining company to the TRUST and
regarding the value of the property
owned by the trust.
In reply toIa question. Mr. Searles said
the total annual consumption of re-
| fined sugar in the United States wai
| l, 500, coo tons, of which the sugar refiU
cries company produced sbout /, 200, 0U
tons. The company fixed the price onf :
In SO far as 1t made sucn low prices thi II
it undersold its competitors. ~ IL
witness would not admit that his conn "a
ny controlled the sugar market.
He said the object of the consol1daS ior
was to produce sugar more economical lily
than otherwise could be dene.
Chairman Lexow directed the with esi
to produce the minutes of the Am, sri
can Sugar Refneries company direct Ors
meetings and all the data in relation, to
the purchase of four Philadelphia re fin
cries in 1892. Witness said he would lay
the request before the directors.
Mr.. Lexow asked If the witness csm.
pany had not reached point whi re il
could advance the price OF sugar to q
point where people would refuse to buy.
cd hat had al hoe he
company's policy 10 furnish sugar to the
consumer at the lowest possible price.
"Not SO muoh'' hs adden "from
philanthrcpio reasons, but b eoause
it is good business. He q xplain-
ed that the price of suga. was
increased in 1899 and 1888, when
there was no tariff on sugar. The price
for preceding years was abnorma lily low.
He declared that wages had il acreased
In the manufacturing departmet Mt of his
company ten per cent since the consoli-
dation of the refnsries. Some I,ef1nories
had heen abandoned because, it was
found that the same amount sDf sugar
could be manufactured more 'eoonomi-
oall5 and the work transfers ed. The
productive power of the factt ,ries was
never fully taxed. They coul I'd supply
the entire United States.
Witness was of the opinion There were
5000 shareholders in his com pany. He
did not recall the nun ber of sharehold-
ers there were in the original crust. The
witness declared that he wzS unable to
tell the committee where ne books of
the original truet were. He did not be-
lieve tho directors of the com papy held
minority of the stock. He denied that
the directors were a seif-I lerpetuating
body and said they were ell ected by the
stock holders. He said tn at the stock
holders had never asked for yearly
statement. Chairman LexsJw informed
Mr Searles that he had finished wit b
him for the present.
"We will want you again Saturday, !"
he said, "and expect that you will pro-
duce those books and the iiata for which
we asked.'
iIr. Sesfles remarked that he would
have to consult with the directors
Lawyer Edward M. Shepard informed
the committee that they would know
by Friday what books; would he p1o-
ducsd. "That will give us time to issue
subpoena, If necessary" said Chair
man Lexow, "beoause il it is necessary
we will subpoena the whole board of di-
rectors.
Adjournment was taken until Satur-
day.