The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-02-11
The SUGAR and COFFEE INTERESTS
Havemeyers and Arbuckles Testified.
Much Animosty Between the Two
Trusts-H Says His
Trust Is Public Benefactor.


ards & Co., steamship agents of this city,
calling attention to an alleged pool ex-
listing among the transatlantic lines, and
asking investigation into its methods.
Thcordore A. Havemeyer, vice presi-
dent of the American Sugar company,
was then sworn. Having testified that
prior to 1891 he was connected with the
sugar refineries now operating as the
sugar trust. Mr.. Havemeyer said he
had nothing to do with the financial side
of the business. He could not give the
conitnl stocks of the concerns absorbed
in 1891 without reference to the DOCKS,
that was q matter upon which his part
ners would be able better to inform the
question. j.,
The following questions were put 10
him:
DO you (meaning the Sugar refining
company transact any business Desloes
sugar refining?
Il think not" replied Mr.. Havemeyer.
Have you not recently been led into
the coffee business"
Il am connected with coffee COM
pany in Ohio" :.
What was the object of your CONSOLE
dating in 1912
ITO refine sugar
WAS not your company organized, MI.
Hayemeyer. to control the refining and
sale of sugar in the United States:'
II think not. sir" :.
do you control the sugar markets OF
the United States?'
NO, sir"
WAS not your company organized Tor
the purpose of preventing illegal combs
nations of labor?'
Have you issued stock since 1917
"Yes, sill"
ITO what EXTENT" ...'
Il should say $25.000,OO0.'
How many refineries outside of yours
are there in the United States:'
II should say eight"
The witness enumerated the names.
In reply to another question Mr. Have
| meyer said that the American Sugar Re
fining company produced about 70 to 81
per cent of the sugar of the country.
"Why was the stock increased"
ITO purchase refineries.'
rs it not Il fact that the price of sugar
| increased owing to the acquisition OF
retineries?'
Il think not. The price of sugar is
| lower now than it was then"
Who fixes the price ut the board meet
| inGS!
MY brother"
Reverting to the cmbarking of the SUI
| gar company into the coffee trade, the
| chairman asked:
why did you go into the coffee bust
| ncss?"
Il thought it was a pretty good bust
| ness" '"
! ''Arc you willing to swear that comb
nations are not formed for the purpose
of shutting off competition against tho
sugar company!
| They are not.
why do you hesitate to answer"
| Your questions are so long that | mus
| take time to follow the drift of them
| Witness said the talk of sitting com
| petition in the sugar market was news
| paper talk.
when did you purchase the Wolfsor
stock in Ohio?"
I'll have to refer you to my brother,
replied the witness.
| Asked if his company organized in New
| Jersey to cvade payment of taxes >undc
the laws of New York. he replied tina
! Mr.. Parsons, their attorney, would hav,
to be asked about that Mr.. Parsons hat
advised it. The preferred stock of tn,
company was S37,000,00O, and the com
mon stock $37000,000. A dividend o.
| II per cent was declared last year on tn,
| preferred, and II per cent on the com
mon. In addition there might be accumu
lated surplus.
| Il would not go into this business" sait
Mr. Havemeyer, ''if it did not make II
! ID or 70 per cent
| Senator LeXow quoted some figure
from financial paper. which shove,
that in 1S94-95-96 the surplus of stool
increased from $9.O00000 to $4,000, 600
Are these figures corrcct?" asked Sen
| ator Leyow.
II can not say. If you got them from
Mr.. Searles they are correct
DO you know any business not in tn,
nature of a monopoly that pays - or II
per cent?
"Plenty of them"
! "1ell us one of them"
Coffee. for instance"
itY' w " " ''" =" went '''''
There are other reasons smiled Mr.
| Havemeyer.
"Are you willing to swear that there i
no agreement. written or verbal, between
your committee, regarding the fixing o
maintaining of prices?'
Il am willing to swear that as far a
| know there is no such agreement"
Henry o. Havemeyer, president of til,
Sugar Refining company was next sworn
The assets, real and personal. were pur
chased by the American Refinery com
pany at the time of the amalgamation.
Asked by Senator Lexow if the direc
tors of the fifteen original companies wer
not the directors of the present Suga
company, Mr.. Havemeyer said that 81,
of the original directors. with the ad
dition of Williams and Parsons, are still
on the directory board of the American
Sugar Refinery company.
| Asked where the original document o
agreement was, Mr.. Havemeyer said h
did not know and doubted its existenc