The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-06

your questions are so long that l
must take time to follow the drift of
your questions. /"
Witness said that part Of the cry
about competition in the sugar market
was newspaper talk, but admitted de-
Tending suit in Ohio brought about
through the activity Of competition
there.
When did you purchase the Woolson
stock in Ohio?"
I'll have to refer you to my brother"
replied the witness.
Asked If his company organized in
New Jersey so as to evade the payment
OF taxation under the laws of the state
Of New York, he said Mr. Parsons,
their lawyer, would have to be asked
about that. Mr.. Parsons had advised
it. The preferred stock of the COM
pany was $37, 100000. and the common
| stock $37, ,000, 900. A dividend of per
| cent was declared last year ON the
preferred and IL per cent on the COM
| mon stock. In addition, there may
have been an accumulated surplus. II
would not go into business" Mr. Have
meyer said. "if 1 did not make Is, 16
or 20 per cent in it,
Senator Loxow quoted some figures
from a financial paper, which showed
that In 1894-5-6 the surplus of stock
increased from $4,000, 900 to $4,000 900.
Are these figures correct?" asked
Senator Lexow.
II can't say. If you got them from
Mr.. Searles, they are correct"
DO you know any business not in
the nature of a monopoly that pays
15 or 16 per cent?"
''Plenty of them"
TELL us one of them"
Coffee, for instance"
And that Is the reason you went
into IT 2"
"One of the reasons" smiled Mr..
Havemeyer.
Are you willing to swear that there
Is no agreement verbal or written, be-
tween your company and any others
regarding the fixing or maintaining Of
prices?"
IT am willing to swear that as far
as I know, there Is no such agree
TRUST PRESIDENT CALLED.
Chairman Lexow wished to take up
the examination of Mr.. Searles, secre-
tary and treasurer of the American
Sugar company, before calling H. o.
Havemeyer to the stand but waived
his preference upon being informed
that Mr.. Searles could not appear until
tomorrow.
Henry o. Havemeyer, president of
the American Sugar company, was
sworn and described the organization
Of the sugar trust in 1887. The assets,
real and personal property of fifteen
companies, were purchased by the
American company at the time Of
amalgamation. The directors of the
fifteen original companies were not
the directors Of the present company.
He did not know where the original
document was and doubted its exist
ence now.
The American Sugar Refining COM
pany, Of New Jersey, Mr.. Havemeyer
said, come into existence in 1891,
through purchase of the former So
called trust 1t acquired all the prop
erty before held by the trust and no
more and was capitalized first at $780,
100000, afterwards increased to $75O00,
600 on the purchase Of the Philadelphia
property He denied that this stock
was not put in at par. He also denied
categOrically that his company con-
trolled the sugar market of the United
States, fixed the price of refined sugar,
controlled the product Of sugar, or that
it had an agreement with the Mollen-
hauer concern, the National, or the
st. Louis concerns.
Senator Lexow called Mr.. Have
meyers attention to the fact tDat he
had testified in 1894 before the United
States senate committee that the COM
pany cOnCrOlleQ the sugar ufdTheI Up
to the importing point.
That was true at that time" replied
Mr. Havemeyer. Competition has
changed that since then. The company
was formed for the purpose of control
ling the output and the price Of refined
sugar at that time, but at the present
time we neither control the product nor
the price of refined sugar beyond the
United States We undoubtedly con-
troll that We turn out between rs and
80 per cent of the whole output of
this country, and I want to say" Mr..
Havemeyer went ON, raising his voice,
that when we controlled 95 per cent
of the output the supreme court said
1t was perfectly legal to do So"
do you ship sugar West of the
Missouri in competition with Mr..
Spreckels?" asked Senator Lexow.
mo, and we have entered into no
agreement with Spreckels not to COM
pete with him west Of the Missouri.