New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-17


h,.iress and form an unfair basis.
do YOU mean say that five years previous to
the trust there was a loss, when you recaptazed
,,e stock on the consolidation sevenfod?'
There was no sevenfold capitalization OF the
stock mean to say there very little profit in
.bo business FOR the Ave years before the consoda-
ton
You said yesterday that It should he the policy
~ The Legislature to encourage capital instead OF
.,,yirc IL away, and that 1t IS invesga ;ons like
these that drive capital out OF the State; do you
consider that capitalization in the way you have
mentioned whereby the consumer is consid-
cred. and whereby monopolies or Quasi-monopolies
are created should not be interfered with by the
Legisa.ure?
In so Ear as that question refers 20 the American
srcar Refining Company do not see any objection
= e."
Senator Lexow then put number Of lorg questions
a. 20 whether the consumer get the benefit o. the
reduction in the price OF raw material long
arr-eca,.ons OF capital designed to control prices
are permitted 20 exis;
THE WITNESSES IMAGINATION.
: can; imagine any such thing existing" said Mt
searles
on well you have good imagination, imagine
that state Of affairs" said Senator Lexow with
smile
Well don't believe the Legislature can remedy
such a STATE o. affairs II I; exists As said before,
re av OF supply and demand will regulate all these
things n time"
n reply 10 another question the witness admitted
TIA; the consumer had not received the full benefit
c. .Hc decrease in the price Of raw material
When ;he Nation permits the creation OF
monopoly or quasi-rlonopoly. do you consider that
t.c:c - a, leas; underlying obligation TO give
.aor on the one hand and the consumer on the
o..e- IN adequate share in the benefits OF its econ
omy?"
II the monopoly exists think there should be
sore such obligation.
DO you think the American Sugar Refining Com
parry the monopoly or quas!-monopo:y II has shown
$50 e. he here shall loo fostered in the absence %
g.. NO considerations I have mentioned IN my
.;ot-er question:"
The American Sugar Refining Company is not
monopoly or d ouasi-monopoly in any sense Of the
w-rt The American Sugar Refinery Company is
e.. -hc Interests Of ire consumer. and there Is no
reason WIZ he state should interfere with its bust
ra-s IN any particular"
THE SAME ANSWER
Tasn Senator Lexow reverted TO the question OF the
c...uction Of the books He asked the witness II
q. mad given any further consideration 10 this
r-:;--. out WIKI emphasis. Mr.. Searles replied
;.4i hc had
.Tasu your answer stands the same as yester-
do"
Yes sir"
senator Lexow called the attention Of the wit
rlss to the fact that ny Shepard had promised
hat the books would be produced. The chairman
ESQ said that the documents regarding the pur-
chase Of the Knight distillery and also the figures
with regard 70 the number of men discharged had
nc- BEEN produced.
win f, be necessary 10 issue subpoena duces
toclm VIII these documents be produced by
y5u'"
Mr. Parsons Jumped UP a, this point and re-
Piled: y do not know what Mr.. Shepard prom
go! and would prefer 10 talk with him before
answering The directors meet tomorrow. and We
viii la he matter them.
well II We let the affair rest until Thursday
morning VII. you he here and let US know Il the
documents will be here said Senator Lexow.
=, will De difficult for 10 be here or Thurs
dav morning as intend 10 leave town on Wednes-
DIV" remarked Mr. Searles Mr.. Parsons. how
eve~ irtimated that II o. Havemeyer would be
present on Thursday morning. and he would carry
tho answer of the directors IN regard to the pro
duc:ion 90 the books.
This satisfactory 10 the committee anu
thus the matter rested.
MCARREN TAKES A HAM.
VIVA, do you figure the cost Of the output OF
The American Sugar Refining Company. taking 1t
re oaeoo tons yearly" asked Senator McCarren.
Nj Searles made a hasty computation on paper
and replied Il figure tie cost as $4,000"
And figure it as "a. 10000" said Senator Lexow.
Well perhaps your figures are right rep'eo
Mr Secres
VIVA, would be the price Of raw sugar to-day
- o., co,onariAs had not been consolidated'
.ro.dav il would be The same. but IN certain
r4r.ols during the last eight or nine years inc
prl,e Of raw and refined sugar would De d cent d
pound dearer.
Would refined sugar De oearer 10 INC 'o"
without consolidaton%
y believe II would be half cent dearer.
In reply 10 another question the witness sa'c
TIA, he believed there was az much LABOR II not
more employed now than before the coHsohua-
ton.
SENATOR Iexov wanted the figures In that respect
- ~ Parsons speaking for Mr.. Seares. said he
uo,,s request Mr. Havemeyer to produce the de-
sired data.
THE CHIEF INQUIsITOR SARCASTIC
.n.u,o,s ,besA figures are also destroyed" sug-
go, senator Iexow. with just a trace OF sarcasm
Fl hts 49,, 49,.
Mr. searlee repeated In further examination that
f. wss the London market that controlled the price
Of raw sugar. The London market was IN coihpe''-
zion with the American market.
..r-,o American Sugar Refining Coupan with is
large canital can purchase sugar all over the
world and in this way we nave bceh e"aoieo u
hold the price OF sugar down.
What was the price Of sugar PRIOR 70 1877" asked
Senator McCarren. oo
.rr go ,be mice was SIS cents pound; in 1880.
se IN IS, "a I'm 1882 o. in 1889 SIS; in 1854 6sl;
In - 60. in 1885 7l5 IN 1889. 7sS; In 1881, 62s
What is he cost OF sugar to-day"
-Four cents pound. and we are paying oiio oeh'
pound duty"
What the cost OF renhins sugar i" 1907 anu
what IS It to-day
Il nave not the figures for 1881.
Wa. there an increase in the prics OF labor after
e. the formation OF the trust
Yes sir. should say there was raise OF ~ per
cent In wages"
..rd - GOV ,ba, m. trust was formed because
o. hlegsl combinations Of labor?
Y said that there were combinations OF 'aoor
which melted strikes"
LAWSON y. FULLER CALLED BACK.
lawson y Fuller was then recalled. ana stated
tn, ho,,.aac ,sso and lss there were forty-eight
sugar refneries in existence. ana the competition