The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-09

4eSlSltlur SHoulu encourage the rOrma-
t1on OF corporations in the state rather
than drive them to other states.
Was the actual cash value of the
various companies that comprise the
American Sugar Refining company $12,-
100000 and was not there $50, ,000, 900 in
certificates isSued?"
There was no cash appraisement Of
the actual value of the companies
will you swear that the actual cash
value represented more than a total
of $4,000, 000?"
Il should, most assuredly."
Asked by Chairman Lexow If he
made report Of the transactions of the
trust at any time since it's organiza-
tion, witness said the laws of the state
of New Jersey did not require any
such transaction. The laws of the
state of Massachusetts require public
statement and one had been rendered
by 1895. Il do not understand that
the laws OF the state of New York re-
quire such a proceeding in the case
OF a foreign corporation Mr. Searles
said.
What other company except the So
called California company is in COM
petition with the Western Refining
company"
None that I know OFF,
Witness said that out of total of
100000 tons of sugar produced
annually in the United States, the
American Sugar Refining company
control 80 per cent of the product but
denied the company controls the price.
when we are not in the market our
competitors are. and buy and sell at
their own fixed prices" the witness
said.
Senator Lexow read to the witness
part of the testimony given by him
(Searles) before a former committee
which, the witness said, expressed his
views at present in regard to control
of the output Of sugar in order to get
rid of free competition prevailing be-
tween free factories.
DO you agree with Mr.. Havemeyer,
who stated that the principal object III
consolidating was to stop competi-
tion?"
mo, sir.''
Asked by Chairman Lexow if any
refineries had been built since the
amalgamation in 1891, witness answer
ed in the affirmative, saying that two
had gone up in this state alone.
How do you explain your testimony
before the senate conmittee?"
"Oh! that must be read with the
context"
1--WE are obliged to notify you for
ma1ly to produce at the next meeting
Of this committee the minute book Of
the company and any other data in
reference to the four Philadelphia COM
panies and other transactions in the
amalgamation," said the chairman.
PERSONALLY I have no objection, but
I cannot do so without the consent Of
the board of directors" the witness re-
sponded.
CONTROL OF PRICES.
In reply to another question, witness
said he disagreed with amy statement
implying that the American Sugar Re
fining company controlled or fixed the
price of the product in the United
States.
us it not a fact that where you-have
cCrnpetitors you cut down the price in
that particular locality and force them
to the Wall?'
NO, sir, it is not. We only control
the price of our own sugar. The policy
Of the American Sugar Refining COM
pany is to produce the largest quantity
possible and always in advance Of the
demand, that the consumer may obtain
the product at a fair standard price" !"
added Mr. Searles. In reply to another
question, the witness said that since
the consolidation, the wages OF the en-
plOyes of the company In this state
were increased 10 per cent.
What was the capital stock OF the
IIavemeyer refining company at the
time Of the consolidation
81, 600, ,000."
what was the amount Of certificates
you received from the pool?"
Il cannot tell you now"
''You have the figuresT'
"Oh, yes"
"You reduced nineteen active COM
panies to eight, did you not?'
mo, it was from fifteen to eight.
fa a 0n111d
nish the entire demand Of the United
States?"
1--WE could dc it very easily
At the time of the organization Of
the trust. the witness testified there
were only a few hundred stockholders.
How many are there now"
''Well, there were 5000 dividend
checks sent out January l."
Witness said he was not positive as
to whether or not the majority of the
beard of directors held the largest num-
Der of shares in the company.
"Have you not been a self-appointing
body since the organization?
mo sir The directors are elected
by the stockholders"
"Have the stockholders asked for
yearly statement"'
mo sir. They are perfectly salts
fed to leave the matter in the hands OF
the directors, who are always elected
unanimously"
"I suppose they are well-pleased with
the profts?'
II suppose So" replied Mr.. Searles.
This ended the examination Of Mr..
Searles, who promised to furnish the
books OF the company when the COM
nittee reconvenes Saturday next
Before the members Of the joint ooEn-
mittee separated, Chairman Lexow
said to them that if they could SO ar
range their affairs, he would like to
have them sit all next week when an
investigation Of the American Tobacco
company will be made. The subpoena
servers have had some trouble In reach
ing the officials Of the Tobacco company
for the reason that most of them are
out Of the city, and they report that
OILY one official, George Arents, the
treasurer has been served. This has
given rise to various runners to the
effect that the members were frighten-
ed into avoiding the committee by leav-
ing the city, and that the company had
moved its books to New Jersey. Mr..
Lexow, when asked if he had heard Of
these rumors. said he had but that
he assumed that the books were still
within the jurisdiction Of the commit
tee. The company has an office In New
Jersey as we'll as in New York.
James 3. Duke, president Of the com
pHIly, WAS ESPOlJeu dS dI Ills llOIuS III
Somerville, N. j., yesterday. William
Fl. Butler is in Europe. Beyond the
proposed investigation Of the tobacco
company next week, the chairman de-
clined to state what the future pro-
gramnle of the committee would be.
Reward for NOvak.
CEDAR RAPIDS, TO- Feb. S.-Rewards
have been offered hY the goYernor of the