The sun., 1897-02-16

I Delaware Company ana tne buteChois NSt,-
A.: q :ss sss: .s.ss SS ss
'E'S.s "Yss" s' said ieaow. ssresiy. and With all
insist iSss you needed tho United s.s,s. Com Com.
psny. Why have yo&n n got = the so rrsnkiin 81 o0m-
'T"'Yt is not running st the pressn, time" said
Mr.: searles. gently; because the presehs nv Is shs
othsrs. As tSe spfecsei. s Company and ,hs bsln:
| ware Company have teen consolidated ana they
the Knsh snd
| solidated with the Franklin. and these two VIII
;ss n.a, vsfy ,..n minute. tn. boss hunter
.swhy ia il that. You want the United states s
ssaries told him why Finally he said, in answer
| to q question. that the American sugar he-
ness because il was necessary to have reserved
| plants in case of any accident. such as nre or
s.asrs. q aha, .nc .eF. IN nse
capacity Of these four comp.1ies ne sa,a: wns
faS u the rs,neris. II that at we're 10 operation
| "Now." said Chairman Lexou with the I've
him aussnn sstn on Of hs nsw
these new companies have been Invariably COM
pcting companiesY
| are competitors OF the American Sugar Refining
| Company, and that every one that acquired was
| his mind at ali. and he spent fifteen minutes
| trying to got an answer to that question that
,Ssn h. s to Know hS sa Why nS' II Rs
American Sugar Retlning Company needed
more productive capacity II did not 4 build I'D, a
| panies. MIR. searios told him that tho company
thought IL better business TO ouy the other com.
pancs, and that was the reason they bouRht
'Q.-Then tho object is to get rid OF competi-
X.-That is an incidental result perhaps. but
II was not to get rid OF competition that the
oRs4 hs sugar
Company has adopted the policy OF maintaining
psSs Tn.sd sss. Ssr 70 sesay
In tho consumption Of sugar that amounts to
the output OF an entire refinery year.
sHUT-powSs
mentariiy and wanted 10 know whether = very
large number OF men had not been DISCHARGED
. as.S and .... ,eS
him that undoubtedly when ths factories were
closed down a large number OF men were laid
out notice who had been in the employ of the
without having ever been laid on: Mr. sesrlss
told him that the American Sugar Refining
uo sention. therefore @ S Ss diS ''' not ,hinf Ii.
permanently. and that the Sugar Refining Com
pany had never intended that 1t It h should remain Al
sugar was not needed and could not be mar
keted II It was made.
STATE. oi New RS:.In SsH % and
Pennsylvania to absolutely stop the sugar busi-
Of WORK @ s2epg GpG man u. . @pioyed n the State
We are not" said Mr.. Scarlos
| Tell mo in what state you are not." said
We'll, We are not in New York State. for In
stance; We could not get along wlthou, tho
| capacity OF about twenty thousand q day.
We could not do without them."
those renneris. that are idleH A.-There are
| no salaries PAID to any ofiicials except tho
officials OF the American Sugar Refining Com
q. Observation-Disclosures much does Il cost to
% not work: that Is. those 18th that are shut down and
have beon shut down from the first Al have
no figures To answer that question, but II costs
them.
THE MONSTER ACTUALLY Durs LOTS OF RAW
| SUGAR
| Q.-Mr. Hayemeyor stated on the stand that
| an enterprise that dealt in q staple product
should not DO judged on the basis Of any one
| years trial. A.-That is true.
OF the total raw material used in the country ?
o.NWeii. does tho prof, that comes from thi,
raw material whom tho price goes up after Its
! purchase go Into tho treasury OF tho company
Course S i9S Il goes in a. par, Of the Gaming, Of tho
company, and the dividends are paid out OF tho
Q.-T6e American Sugar Refining Company
keeps q very largo stock of raw material in bulk.
doe. Il notr A.-The amount 4 keeps in bulk
VARIES from one to three million tons.
Q.-In other words. It speculAtes In this raw
materialy A.-Why, my dear sir. the company
is compelled to buy six weeks or two months In
| advance. 1t often takes two months to get the
CHASED. We buy sugar ali over the world. aud
| 1t iakso time for IL to bo delivered.
| This was not any more satisfactory TO Chair
| man IpxOw than Ind been of the of
Mr.. Searles's testimony. Hewanted Mr.. Searles
TO tell him what profit the american sugar Re,
| raw material after It's purchase by the company.
MIR. Scarles told him that that would be utterly
| happy.
WHY WAS THE PUBLIC ALLOWED TO BUY STOCK :
He triod next to destroy the force OF the testi-
| TO the effect that tho formation OF the sugar
| Trust had distributed the ownership OF the re-
as a'ss Sc Ss ,s.n
o:.%How How many s,oekhoidss1' did tne 81, trust l
member. About 100 think.
| Q.-How many stock kholders were thore In tho
American sugar Refining Company Of Now
| recoiiect, but l think there were between three
| and four thousand.
think oSr dl"dsnd % % csecis Ssn, to ' over nine nine
thousand the second day Of January.
tapp!ns the dsst with his anse., ho thandersd: !:
| "Who sold them their stock ~
| "Why." said Mr.. Scarles, lit was bought on
| the Stock Exchange"
But explain 70 me. sir, that whom a corpora
tIon consisting of corporations capitalized At less
| than 81, ,O00. 900 IL in the hands of 100 persons
or less, and is recapitnlized and the captaliEs-
tion Increased to $50. .0o0. 900. tho distribution
| or the ownership was Increased by sales to tho
| public when the corporation was able to max o
| = larger divided on tho increased capitalization
than they comid get for their money In any other
| In Festmentf"
"Whew!" whistled man In the back OF the
| room.
why" went on Chairman Lexow. wero tho
| public permitted to share In tho benefits OF this
| thing2"
We'll" replied Mr.. Searles, when tho own
| ership was In n few hands the possession OF the
| property was not possible To the public. When
| the Refining Company was organz zed tho pub
| lie which waa looking for a good investment
| went into 1t. The property became accessible
| as II had never been before.
| Blu, why Ia it," persisted the boss hunter.
| that the original owners OF tho stock, for
| which they got seven times the amount OF their
capital In trust certificates, were willing to dis
pose OF n dividend payer that paid por cent.
| ON this seven times valued certificates. Why
| were they willing to dispose Of it2 Tell me