Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-02-06
THE SUGAR TRUST.
INVESTIGATION OF THE NEW YoRE
LEGISLATIVE coMMrrrEE.
SOME SENSATIONAL TESTIMONY.
Mr.. Henry o. Havemcyer, President
OF the American Renneries Com.
p"ny, Says surprising Thinss--TAe
Coffee business.

NEW tOhh. February 5.-The special
legislative committee appointed 70 ,nvss.
tigate the subject OF trusts met I'm THE
city to-day. III. o. Havemeyer and Thso.
dore A. Havemeyer, the heads Of tho
American Sugar Rehneries Company.
were on hand, having been subpoenasd
at witnesses
Theodore Havemeyer. vice-president Of
the Sugar company. was the first witness.
but his examination was not as sensa.
tional as was that OF Henry o. Have
meyer, president Of the company. The
latter said the so-called Sugar Trust
came into existence in 1857. and continued
until January. 1891. The wi,noss said that
there were about fifteen companies
which were consolidated in 1891. He
thought that the total value OF the as
sets of the combined companies waa
s50,00o,ooo. less 10 per cent.
Witness said the American Sugar Re.
fineries Company WAS organized In 1884,
and took the place Of the so-called trust.
The transfer was made by purchase of
the assets of the trust. Fifty million dol
lars worth of stock was originally -
sued. and II increased In 1893 to $75.00o0QR
The s25,0oo.0o0 increase was for the pur.
chase of Philadelphia sugar refneries.
To an inquiry from Chairman Lsxow
whether the witness's company did noe
now control the product and price Of
refined sugar In the United States. Mr..
Havemeyer replied In very emphatic
voice: I'VE undoubtedly do"
And you do II by reason Of the Coz.
solidation?
I'VE do II simply from the fact that
we own property that can refine so much
sugar"
Mr.. Havemeyer paused a moment. and
then said: And IL may as well be re-
corded that when We controlled 1 per
cent. Of the sugar market OF the United
States, the Supreme Court decided that
1t was perfectly legal for Us to do So"
The witness said that the American
Sugar Refneries Company did not pre-
vent anybody from competing. and that ie
could not be called n monopoly.
Mr.. Havemeyer said that he considered
that the coffee business was a good one.
and that was the reason his company
purchased the Woolson property In
Ohio.
do you think the coffee business pre-
sents as alluring field as the sugar
business?
PUBLIC BENEflT.
"Yes, sir. propose to carry on the
coffee business just as we have done the
sugar business. so that instead OF paying
the or cents a pound profit. which
has prevailed for years. the public will
get the benefit OF all above IL q cent
profit, and we will also get magnificent
return for our investment. i make this
| declaration I'm open court"
10 lQf m n
| clared that before the Havemeyers en-
| gagged I'm the coffee business, the pront
was cents a pound, and now 1t was
| only cent.
THE consumer gets the benefit o. all
| this. and we also have a splendid invest
ment," said Mr.. Havemeyer. emphatiosl-
| ly.
| Chairman Lexow looked astonished 1T
| this statement
In reply TO question, the witness said
| his going into the coffee business had
nothing to do with Arbuckle a. Goa
competing with the American Rehneriss
Company. "That story is pure nom
sense" declared Mr. vavemeyer. Mr..
| Arbuckle has never been competitor
| with US i'm the sugar business"
| "Do you and your associates on the
board control the stock OF the American
| Sugar Refneries Company
| mo sir; we do not. There were 5000
| stockholders In the company. and II
would be perfectly impracflcable to con-
| troll the stock
Mr. Havemeyer was asked where Trea-
| surer Searles was at the present time.
| He replied that he thought he was In
| Washington.
ARBUCKLE.
John Arbuckle was called next. He
testified that. after he had determined
TO build a sugar refinery. a director q
the American Sugar Refineries Company.
in speaking to him about II. said: How
would you like US TO go into the coffee-
roasting businessy'
II felt II was an implied threat that, Il
we went on with the building OF our
| sugar refinery. they would go into the
| coffee business" said Mr.. Arbuckle.
| Ibid you go onY
''Yes, sir; We did; and we are now
| building it,"
HAvEMEYER COFFEE PLANT.
NEW YORK, February 5.-The Ameri-
can Coffee Company. Incorporated al
| Trenton. " j., few days ago by Henry
O. and Theo. Havemeyer. John r. Searies.
! and John r. Parsons. Will have for q
plant a remodelled sugar-rehnery al
trenton. The coffee-roasting and grind
| ing will begin about May LIST.