The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-06
SUGAR TRUST INVESTIGATION.
The Havemeyers Give Testimony
Before the Legislative Committee.

New York. Feb. 5.--The special COM
mlttee appointed to investigate the sub
Ject OF trusts met in this city today
II. o. Havemeyer Theodore A Have
meyer, the heads of the American Sugar
kehnery company. were on hand, having
been SubDoened as witnesses.
Theodore a. Havemeyer was called as
first witness He denied that his COM
pany controlled the sugar market or fixed
the price of sugar; said price of sugar
mad not increased because of acquisition
of those companies; in fact, sugar was
now lower than when the companies ac-
quired- He denied the absorption of COM
panies for the purpose of shutting off
competition in the market. Witness said
ne went into the coffee business because
he thought il was pretty good bust
ness. The American Sugar Refinery COM
pany. witness said. had no connection
with the coffee company. Senator LeXOW
ELECTED the fact that the Havemeyers
and John E. Searles filed equivalent pO-
sitions in the American Coffee company
as they did in the American Sugar Re
finery company. Witness admitted in adj
dition to u per cent dividend since 1891
there may have b en- accumulated sur
plus of stock. He could not say whether
it had increased from 100000 to Sl3,2O0.-
06O.
After recess Henry o. Havemeyer took
the stand He said he was president of
the American Refineries company of New
Jersey. He said the so-called sugar trust
cc.--e into existence in 1887. and it con-
t-rued until January. 1891.
There were about - companies which
were consolidated in 1891 He thought
that the total value of the assets of the
combined companies was $5O,000,000. less
10 De- cent
Chairman Lexow called attention to
the testimony of witnesses during the
investigation of 1894 Witness said not
w:thstanding this he did not want to
change his testimony.
But you control now the product and
c-;ce OF refined sugar in the United
States?"
we undoubtedly do replied Mr.. Have
ard YOU do it by reason of the con-
solidation?''
I'VE do it simply from the fact that
we own property that can refine so much
sugar
'sDo you think the coffee business pre-
sents as an alluring field as the sugar
bus;ness?"
Yes, sir propose to carry, on the
coffee business just we have done the
sugar business. so that instead OF get
ting 8 or cents a pound profit. which
has prevailed for years, the public will
Get the benefit of a half cent profit and
we will also get a magnificent return for
our investment. 1 make this declaration
in open court
John Arbuckle was called next. He
said that the books OF the company CAR
buckle Bros) would show that they were
still buying sugar from the American
Sugar RefnerieS company. He also teS-
titled that after they had determined to
build a sugar refinery. a director of the
American Sugar Refneries company. in
speaking to him about it. said: How
would you like US to go into the coffee
roasting business
John NJ Garvey. partner in the Ar
buckle company said Lowell NJ. Palmer
of the American Sugar RefnerieS COM
pany remarked to him: If you start re-
fining sugar we will go into the coffee
business"
Mr.. Havemeyer declared Palmer's state
ment was unauthorized.