The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1897-02-10
is PER oENr. on NorHlNe.

Inc head OF the sugar TRUST says DUST
ness Paying Less Than the Above Named
Profit Has No Charms for Him.
New YORK, Feb. 6.-The special leg
islative committee appointed to investi-
gate the subject of trusts met in this
city Friday. H. o. Havemeyer and The
odore A. Havemeyer, the heads of the
American Sugar Refining Co., were on
hand, having been subpoenaed as wit
nesses.
Theodore A. Havemeyer was called
as the first witness.
"You are actively engaged as trus-
tee of the American Sugar Refining
Co. and know it's business?" said Sena-
tor Lexow.
"Only the manufacturing end OF it,"
replied the witness. He said he had
nothing to do with the commercial or
fiscal end of the company.
In reply to question as to whether
he had not recently been led into the
manufacture of coffee, he said he was
once connected with the Noolson
Spice and Coffee Co. in Ohio. Witness
denied that his company controlled the
sugar market or fixed the price OF
sugar, and said the price of sugar had
not increased because of the acquisi-
sition of other companies; in fact,
sugar now is lower than when the COM
panies were acquired. He denied that
the absorption of the companies was
for the purpose of shutting off compe-
tition in the sugar market Mr.. Have
meyer estimated the daily output OF
sugar from his company at 10000, 600
pounds.
The witness said that on the consol-
idation of three or four refneries l,5OO
men were discharged, but he declared
that these men subsequently obtained
employment in other refneries.
Witness said he went into the coffee
business because he thought it was a
pretty good business The coffee COM
pany was incorporated Thursday in
New Jersey. The American Sugar Re-
finery Co. had no connection with the
coffee company. Senator Lexow elic-
tied the fact that the Havemeyers and
John E. Searles filled equivalent posi-
tions in the American Coffee Co. as
they did in the American Sugar Re
finery Co.
Witness referred Mr.. Lexow to Mr.
Searles for the information as to where
the American Sugar Refining Co. paid
its taxes. Witness said the company
organized in Jersey City because it was
legally advised to do so. He did moi
know whether it was for the purpos>
of evading taxation.
The witness admitted that in addi
tion to the 10 per cent dividend since
1891 there may have been an accumu
lated surplus of stock. He could mo-
say whether it had increased from 49,,
OOO, 900 to 100000 Witness declared
he would not go into business unless
it paid 16 per cent. profit. He knew
plenty of business ventures that pait
such profit outside of those termed
monopolies. AS an instance, he men
toned the coffee business. Witness
was willing to swear that 30 far as h
knew no agreement existed between
his company and the other companies
to maintain prices.
After recess Henry o. Havemeyel
took the stand. He said he was presi
dent of the American Refining Co., o
New Jersey. He said the so-calle'
sugar trust came into existence in 18S
and it continued until January, 1891
There were about Is companies whicl
were consolidated in 1891. He though
that the total value of the assets o
the combined companies was $5O,000,
900, less Is per cent.
Chairman Lexow called attention t
the testimony of the witness durini
the investigation of 1894 Witness sal
Notwithstanding this he did not wan
to change his testimony.
But you control now the produc
and price of refined sugar in the Unite
States"
1--WE undoubtedly do" replied MI
Havemeyer emphatically.
do you think the coffee bushes
presents as alluring field as tn
sugar business?"
"Yes, sir. propose to carry on tn
coffee business just as we have don
the sugar business, so that instead c
getting three or four cents poun
profit, which has prevailed for years
the public will get the benefit of
half-cent profit and we will also get
magnificent return for our invest
| mant