The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-19

York. you do not pay taxes on
$50. .000 000.'
4 do not see any relation between
the two things"
DO you know where the deed of the
American Sugar Refining company is?''
No, sir; l do hot
Mr.. Havemeyer then said that the
figures showing the distribution of the
preferred stock of the company were
cut out by Mr.. Parsons, by permission
of the Arnold committee, at the time
of the investigation by the United
States senate.
Yes, sir. 1 say the figures have
been cut out at the time of the Arnold
investigation by Mr.. Parsons, without
figures were never replaced to my
knowledge.
Who had the custody of the
mutilated trust deed?"
Mr.. Parsons"
JUST HOW.
How was it that you and your as
sistants were so solicitous to conceal
these papers?"
"A hundred people agreed to have
that done. 1 am not responsible. The
deed should have been destroyed
"Why?"
1T should have been destroyed be-
cause in my Judgment, it was that
deed that caused all the trouble and
hostile legislation against the COM
pany''
You mean prosecution, don't you?"
mo, 1 say persecution. All the fuss
has been over that deed. If that deed
had not been in evidence, the legis-
lators would have been fighting the
air. All this sort of thing has been
swept aside by the supreme court"
What do you mean by that?" asked
Senator Lexow.
''Oh. I thought you were conversant
with things that had gone before in
this matter by former Investigations -
said the witness.
Senator Lexow. But explain what you
mean
Il mean that We have had these in
vestigations before; that one judge has
ruled we are a criminal monopoly and
another judge that we are not. The
supreme court has swept all this aside
by declaring we are not a monopoly,
inasmuch as we do not stifie competi-
ton
WALL PAPER NOW.
Henry Burr, president of the Ma
tional Wall Paper company, was the
next witness. He was one of the origi-
nal incorporators or original directors
of the corporation which was organized
in July, 1892.
Were you connected with any COM
,pany at the time of the organiZa ton ?'
Yes, sir, with the Robert Greaves
company
The witness said that 2S companies
in all were absorbed by the National
Wall Paper company
How many companies were left out
of the com mbination? ?''
About IL"
What amount of business did the
combination secure?"
About 65 per cent, judging by the
machinery we employ. We have 1SS
machines as against So of those not in
the combination
What was the capital stock issued ?'
THE original issue was $14,000, 900,
subsequently increased to $27, 100000 or
s2S, 900, 000."
1t was all common stock, witness
said, and the corporation was organ
lied in New York The witness said
that $4,000 900 of debenture stock was
authorized. but only $7,500,00O was is
sued.
How did you arrive at the proper
distribution of stock?"
I'VE calculated the profits of the va
riouS concerns for certain years and
multiplied it by 16.''
In other words, you capitalize each
concern at per cent and based on
that, the issue of common stock ?''
Yes, sir, common and debenture.
We subtracted from this amount, how
ever, a value of tangible property
which we issued in debentures. The
rest was given in common stock"
How do your prices compare with
the prices of the companies not in the
combination?"
LOWER PRICES.
"Our prices are % per cent lower.
The wages had not decreased; they
were about the same, and the employ
ment was steadier.' The witness said
about 5000 men were employed by them
in the United States.
Have you an agreement with the
sellers of your product in New York?'
Yes, in one or two cases"
Witness said they had competitors in
New York state who worked under
agreements.
Are their agreements similar to
yours?"
Il don't know the method our COM
petitors use. 1 only know there is a
wall paper trust somewhere
You claim, then, you are not a
trust?'
Yes, SIR
"The agreement you have with your
sellers restricts them to the sale of
your goods?'
Yes. sir
Adjournment was taken until tomor-
row, when the witness was ordered to
produce the agreement.