The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-02-25
PROBING THE TRUSTS
LeSoW'S Committee Had Several koaopo-
lists on the GrldIrOn Yesterday.
THE AMERICAN TOBACCO COMPANY.
president Duke ana Auditor Harris
s"rtff whit they Know orts,c
hiSsory and Methods OF the Great
C"mbinc-Thurbcr, OF rho sugar
Trust, Also Tcseilies,

New \ Yorl1, Feb. 24.--There was q larpa
utichdancc OF spectators this morning
Whcn the joint Legislative committee re-
Hn!nSu us investigation OF trusts, mo-
ii"i'oiicS etc On calling the committee
10 order, Chairman lIeXow said the coal
'lnst would be taken up Tomorrow
PRESIDENT Duke, OF the American To-
Iacco company. again took the stand.
Dany was capitalized originally at s25.-
100000, which WAS afterwards Increased
to s29. $50 900.
How much OF the stock did your COM
Duke.
$50 you received sC,oOo,o 900 for good
VIII, such as patents and trade marks"
Yes, sir" @'7'
How much did Allen & Ginter re-
ccivc?'
The same as The Duke company
$7,497. .00O.'
The witness said that Kinney & CO.
received 81 1893 600 In stock; S. 1Simball G
Co, 2,499,000, ana the Goodwin COMPANY
s., i9g 900.
How much stock was issued for The
live assets OF the various companies?'
About $4,000, 900 worth of stock"
And how much for the good will. such
as trademarks. patents ,ctc?"
About $19,990.0O0"
The witness said that in distributing
the stock the earning capacity OF the
ilvc original companies was considered.
WHO made the appraisement?
Mr.. Ginter. Mr.. Kinney, Mr. Hart
and myself" ,.''
Did the number or the original stock
holders exceed tiftccn?''
II think the number ranged from fir
teen to twenty-fve."
The witness said that when the stock
was increased to s29,S35, 900 there were
about thirty stockholdcs
How many stockholders have you
| now?" ~ -
About two or three thuusand"
Witness denied that his company had
secured control of all the cigarette maxi
| Ing machines by combining with the
other companies
Did you not subsequently secure con
troll OF 4 machine that practically re
moved fear or competition?''
Some considered the Allison machine
better than ours"
Has not the Allison company organ
lied III conjunction with the tobacco
COmblna tion?"
NO, sir, not exactly although it was
friendly"
Francis B. Thurber then took the
stand.
Mr.. Thurbcr said that the total results
of the combinations inteligently ad-
minstered were beneficial to the public
at large and to the laboring class
The profits Of capital have been stadily
decreasing and those Of organized labor
steadily increasing.
AT no time" said he. would n dol
lar purchase so much as at the present
time. There are good trusts and bad
trusts, but the good trusts so far pre-
dominate that such aGGregations Of
capital should be encouraged and ac-
companied by Safeguards against
abuses"
In reply to question the witness said
he did not believe that the American
Sugar Refining comapny could buy up
III 1t desired all the rival concerns
Gould not the American Sugar REIN
ing company with its control Of seven
iy TO eighty per cent. OF the output
and Its capitalization Of $1,000, 900
freeze out all competition"
NO, sir i could not. The existence
of other rcflnerles prove that"
Senator McCarrcn at this juncture
took a hand.
II don't want to be personal he said,
put were YOU not once connected with
the anti-monopo!y league?"
Yes, sir had the honor Of forming
that league
And the principles Of the league were
opposed to the Capitalization of CAPT
tal?"
THE real object Of the league was to
get railroad commission in this state
and we succeeded in getting it. although
the railroads opposed us. They after
wards said. however, that it was 4 good
thing for them
Witness in reply to a 4uees.ion tleclar-
ed that the Wholesale CirOcers' Associa-
ton was responsible for the factors
agreement, not the American Sugar Re
iining Co.
What do you thing would be the
effect II the tariff was taken off sugar?
Asked Assem- blyman Barry.
THE business Of refining sugar would
be transferred to the other side OF the
Atlantic" replied Mr.. Thurber.
William r.. Harris auditor Of the
American Tobacco Co. was next called.
He said his company kept the principal
books in New Jersey. that it had a fiscal
account there and issued checks. About
q dozen men were employed in the Jer-
sey office and about 95 in New York
Something further is expected from
the rubber men tomorrow as well rs
from coal men.
John u. Hurt PseIcascts.