The times. [volume] (Richmond, Va.) 1890-1903, 1897-02-25

81. $4,000
How much stock was issued for, the
live assets OF the various companies
About 5000. 600 worth OF stock
And how much for the goodwill such
as trade marks. patents, etc.
About sl9,s9o,c00
The witness said that In distributing
the stock the earning capacity OF the
Eve original companies was considered
who made the appraisementt
Mr.. Ginter, Mr.. Kinney, Mr. Hart
and myself
Did the number OF the original stocN-
holders exceed hftesn2'
{ think the number ranged from ff-
teen to twenty FIVE"
Tho witness said that when the stock
was increased to SO. $4,000 there We're
about forty stockholders.
STOCKHOLDERS
How many stockholders have you
now"
About 1000 or 5000. I don't know the
exact number"
How was the stock issued?'
"We issued two-hfths preferred stock
ana three-hfths I'm common stock.
Witness denied that his company had
secured control Of all tho cigGrette-mak-
ing machines by combining with the other
companies
Did YOU not subsequently secure con-
troll OF a machine that practically re-
moved fear CT competticn2'
some considered the Allison ma
chine better than ours
Has not the Allison company organized
in conjunction with the tobacco combina-
tion?"
NO. sir not exactly. although It was
friendly"
Witness said that prior 10 consolidation
tho five original companies employed
(. Sa5 hands and I'm February. 1896. the
American Tobacco Company had 9,lsi en-
ployes.
In reply TO another qeestlon the witness
said that the common stock in 1894 paid
T. per cent: In 1895 II paid nothing. and
I'm 1896 IL paid nine per cent. I'm cash and
there was also surplus Of $4,000
Witness attributed the decline in the
price of the stock from III 20 SO to UNI
loading. He said that he held more Of
the stock now than ever before. lie de-
clared that the output I'm cigarettes had
almost doubled since the consolidation.
Josiah Brown. Of Springfield y. j..
secretary Of The American Tobacco Com
pany. was then called In reply 10 a
question tho witness said that most OF tho
business was done i'm New York but the
books were kept in New Jersey. Witness
business. Witness could not tell how
many held common and preferred stock
The common stock he said was more
largely dealt IN. He could not explain
the fall I'm the price OF the stock from III
10 g. but said It might have been due 70
the taxes that had been imposed on the
company and other disturbing elements
THE GROCERS.
Francis Il. Thurber then took TIE
sssa .afI b.. l..rrf Or
the American Grocer Publishing Com
| pany. He declared that tho American
Grocer was devoted 10 grccers I'm gem
eral. but especially 10 the retail trade
He then read a long statement contain
ing a history OF the combinations. RE
said the average price OF sugar for nine
years prior 10 the consolidation OF the
sugar-rehning companies was 1.l9 cents
per pound: and for the nine years sue
ceeding consolidation was 5.2i cents per
pound. The decrease in the price was
owing to the cheaper purchase OF the
raw material and the cheapened cost
Of production.
Mr.. Thurber said that the total results
OF the combinations ntelligenty admin
istcred were beneficial 10 the public az
large and TO the laboring class. Inc
profits Of capital have been steadu-
| decreasing ana lNp0t OF tikdhAH'N iAhNi
steadily increasing.
AT no time" said he. would dol
lar purchase so much as az the present
time. There are good trusts and bad
trusts but the good trusts so far pre-
dominate that such aggregations Of cap
ital should be encouraged. accompanied
by safeguards against abuses"
When MT Thurber had concluded his
remarks regarding combinations he was
asked If they expressed his theories as
to combinations as a whole. or those
commonly called trusts" and ne re-
piled that he referred 10 them generany
as well as specifically. He cOntended
that the Capitalization OF capital was the
natural condition Of the time. Witness
would not admit that concentration OF
capital prevented competition. lie de-
clared that competition was active az
present, and that il was bound TO M
crease against the American Sugar-Se-
filming Company. witness believed, how
ever that the limted-price system is
a necessity in modern trade. lie did not
believe that the stock of every cOmbina-
ton was put on the market and specu-
lated in The Standard oil Company.
he said, could not be called speculative
ia any way.
CAN'T BUY OUT COMPETITION.
In reply to a question. the witness said
he did not believe that the American
Sugar Refining Company could buy up
II IL desired all the rival concerns.
Gould not the American Sugar-Rehn-
Ing Company. with its control Of from
7 otto 50 per cent OF the output. and
capitalization OF S75.OOOOoo. freeze out All
compettionY'
mo, sir, it could not. Tho existence
OF other rehnories prove that
Senator McCarren at this juncturc took
hand.
Il don't want to be personal" he said.
but were you not once connected with
the Anti-monopoly League
Yes. sir 1 had the honor Of forming
that league"
And the principles Of the league were
opposed 10 the Capitalization Of caDi,al2'
The real object Of the league was to
get railroad commission in this State.
and we succeeded in getting IT, althot gh
the railroads opposed US. They after
wards said however, that ii was ayood
thing fer them"
Witness in reply TO a question, declar-
"a that the Wholesale Grccers' Associa-
ticn was responsible for the factors
agreement not the American Sugar Re
lining COMPANY"
What do YOU think would be the ef-
fecC II the tarin was taken off sugar
asked Assembyman Barry.
The business Of refining sugar would
b, transferred 10 the other side or the
Atlantic" replied Mr.. Thurber
Witness said he did not own any stock
q, -. sp,,ricun Sugar Refining Com