The news & observer., 1897-02-06

Are You willing to swear that there
| is no agreement verbal or written, be
| tween your company and any other re-
| gardimg the fixing or maintaining of
prices?''
i ann willing to swear that, as far as
know, there is no such agreement.
Henry d. Havemeyer, president of the
American Sugar Refinery mot refineries.
as previously given) was sworn. He said
that fifteen instead of eight companies
were anlalgamated into the sugar trust,
which was first established in October,
1887, and operated as a trust until Jam
uary, 1891. At that time the American
Sugar Refining Company was organized
and absorbed the seEerad companies.
The American Sugar Refining Company
OF New Jersey, Mr.. Hayemeyer said,
took the place in 1891 of the former So
called trust. 1t was done through pur-
chase. The new company acquired all
the property before held by the trust,
and no more, and was capitalized first at
S5O,000000, afterward increased to $75,-
100000.
The greater part of the S25, 100000 in
| crease went in purcase of the Philadel-
phia property
Was not the American Sugar Rein
cries Company organized for the purpose
of controlling the product and price of
sugar in the United States?'
1T was not"
Senator Lexow called Mr.. Hayemeyer's
attention to the fact that he had testified
i'm 1894 before the United States com
mittee that the company controlled the
sugar market up to the importing point
THAT was true at that time" replied
Mr.. Hayerneyer
Competition has changed that since
then"
You really do control the product and
price of refined sugar in the United States
do you not?" asked the Senator.
'"We undoubtedly do" replied Mr..
Havemeyer emphatically.
'And / want to say" Mr. HaYemeyer
went on, raising his voice, chat when
we controlled 50 per cent of the output
the Supreme court said it was perfectly
legal to do So"
why did you organize a coffee COM
pany within day or two. Do you think
the coffee business as aluring as the
sugar business?"
Yes, l propose to carry on the coffee
BUSINESS, just as we have the sugar
business, and that is, / state here in open
court, without fear of contradiction-to
the advantage of the consumer. The mar
gin between the raw and refined sugar
now is y Of cent. Concentration Of large
business under one management, with its
consequent economy, allows US to put
sugar on the market at less price than
separate concerns could afford to do
Green coffee declined cents in 1896,
but Arbuckle has lowered the price Of the
finished article but 3 cents, thus taking
cents a pound more than his legitimate
profit out Of the consumer. / can put it
on the market at only cent advance
over the raw product
Mr.. Arbuckle testified that after he
had determined TO build a sugar refinery,
director OF the American Sugar Rein
ing company, in speaking to him about it,
said
How would you like us to go into the
coffee businessY
II felt" said Mr. Arbuckle, that 1t
was an implied threat
James n. Jaryie was called. He said:
Lowell NJ. Palmer, of the American
Sugar Refining Company, came to me
and said:
If You start refining sugar we will
go into the coffee business, and the Have
meyers have more millions than the Ar
buckles"
Mr.. III. 0. Havemeyer arose and said
Palmer has no authority to speak for the
or the American Sugar Re
fning Company, if he did so speak.
Senator Lexow announced that if Mr..
Searles was not present tomorrow, "the
full vigor of the law and the Legislature
would be invoked against him
The committee adjourned until IL
o'clock tomorrow morning.
BANK CI4EARINGS.