New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-25
THE LAST SESSION TO-DAY.


Continued from First P~ge.
cent In 1915 per cent; and In 1859 per cent cash
and ~ per cent In scrip
Has there been any surplus"
Every year"
What II in 1876!
"Somethin Ike N.%o.Op"
yet there were fluctuations in the stock ranging
from III 10 So"
81 have nothing to do with the stock markets
"Was Il not" suggested Assembyman Mazet. be
cause the directors gave notice that they wouid
pass the February divdend%
The stock fell after THAI We made the an
nouncement after 3 O'Clock. that the Stock Ex-
change was closed and ell stockholders mad an
equal chance We decided to use the earnings OF
the company for our increased business instead OF
borrowing money.
and YOU passed the dividend Notwithstanding
the fact that YOU had that year surplus OF
sl.scoOo)?"
yes we ALWAYS had surplus We then had an
accumulated surplus of 100000 or $4,000
Was IL q. 10000?
Perhaps il was: but Il was AL invested in the
business for increase OF capacity. Improvement oil
plants. etc
Did you at that time. and do you'puF ana sen
the stock largely"
That think is private matter which does
not concern this nvestiga ton. ! Will say, how
ever that I now have stock than ever had
before"
So" suggested Mr.. Mazet quietly.
II did not say that. l suppose that those people
who wanted dispose OF their stock Offered 1t Tor
sale and so forced down the price.
II was next elected that the methods employed by
the company had been successful that ii had in
creased its manufacture OF cigarettes from 10000,
eco to 1890 100000 annually. Mr.. Duke mentioned
tina, the preceding day he had omitted 10 include
in the names OF the taken by the trust
the prummSnd Tobacco COmp az trS Of ST. Louis
NJ. Maze, endeavored to learn exactly upon what
made ae bur M o Duke consistently eVaded d.
rectly answering the questions bearing upon this
When did you go into the plug tobacco business?'
then asked Mr. Lexow
What was the output"
outside d csaT 'He ny anG was
mated that l40coo.coo of that was plug
'Whai has the increase BEEN?
Did YOU give away good deal Of plug tobacco
No. We. gave away samples as has always
been done. but followed the practice only to
small extent"
THE SECRETARY CALLED.
Josiah Browne the secretary Of the company
since 1896 was then called Although the head
quarters OF the company were reputed TO be IN
Newark. " j.. his own Offices were at twenty
second-st.. NewYork. He testified that in his ca
pacity as secretary Of the company he had not
been to the so-caed main office in Newark thirty
times i'm all silce 1885,
What books are kept at that Office" -
Il could not tell YOU precisely: but there are
several account ledgers there snd the head books
What do you mean by nead books ,oa,orso
DO YOU know Mr.. Browne; ha, the s,, chief lief
books OF the company are not kept there but are |
kept on the Twenty second-st premises
can YOU swear that there are any books kept |
at the Newark office. except the stock transfer |
book. which is required by law 10 be held In that
Finally the witness said that he really could not |
tell what in the Newark office as he had MOI |
been there since 1895 lie Informed Senator l.exow
that he looked after the cigarette end oil Inc ou''-
You mean to say that you look after the con-
oh not particuary'
\ copy Of an abstract prepared BY The c0m lII
request S6a, he exa,nine IT, He wa asked to
swear wheher Or not me %S hos eor coG
sisnment agreements had been revoked for tns
nv the trusts competitors
Nj Browne replied that the lis' was correct one
tacts had been revoked because the conssnees had
%. vou know how many stockholders hold COM
mon stock. and how many own the preferred class
Witch stock is more largely dealt in?"
The common sioca
Of S nat sock IN $40 rom roo yT sVs @f the
Tire witness replied that IL was caused largely by
indictments in New-York. statements by the At,or-
ney-Generai ard agiaop in general against trusts
these things 70 force down prices.
pnof ping e,shed mex hex a, ms ms
pared statement which he would like 20 read. and
Inc necessary permission was given 10 him. 1t was
ong document PREPARED as defence Of trusts and
sons. His arguments were based upon the de- |
ton of me Standard Oil Company and the American
Sugar Refining COMPANY although he was eventually
compelled to admit ihat the consumer did &c. the
henen; 10 which he p'as entitled by the improved
facilities Of production and the decreased cost Of
the material The nature OF his testimony can be
best estimated by one Of his contentious that
sasar day. with cash cspliSi Of sso%ooS and
willing sell It's product al cost price. had 1t in its
absolutely q
mic features" Of trusts Of which he styled himself
a student had not ended when the recess was
rcsses who called occupied little more than
half an hour OF the committees time.
BOOKS IN THE NEWARK OFFICE.
William r. Harris the auditor of the American
Tobacco Company. was specially called for the pur-
pose OF giving committee some definite nfor
nation just what books were kept a. Tho
Newark Office. Both MI Duke and Mr.. Browne
denied any knowledge this subject Replying
books wr kept The bo al Tweny
second-st being merely subsidiary books relating
DO you mean say that the general accounts
Of the corporation are kept in New-Jersey?'
And thas, they have never been kept at Twenty
The NAV have been in years gon. by"
Please tell the committee specifically how. long
ego the books were transferred from Tweniy-sec-
Our main books have been kept in New-Jersey
fGr 90 hs e force we had Newsk about
month ago sent 1--WE girls and few young NEE
that ! wanted additional room in my New
York quarters
The general ledger. the general journal the
ca Ro Keen those booFs over hepe
NY understanding is that 1t was necessary 10
keep The general books in Ne NIs Ssy warn ~,
more than dozen clerks in the New-Jersey oricc.