Evening star., 1897-02-06
HAVEMEYER TESTIFIES.
Investigate Of Trusts Begun by
Legislative Committee.


Legislative Committee.
When Chairman Lexow called the joint
legislative committee on trusts to order
yesterday in New York there were pres
ent upon subpoenas to testify H. o. and
Theodore A. Havemeyer, besides a number
Of men prominent in mercantile pursuits
and several lawyers whose clients inter-
ests it was supposed might be affected by
the investigation.
AT the outset the resolutions under which
the committee was created were read, as
was also letter from C.. B. Richards &
Co, steamship agents of New York city,
calling the attention of the committee to
the alleged existence of pool by the trans
Co, steamship agents of New York city,
ing an investigation into their methods.
Theodore Havemeyer, vice president of
the American Sugar Refinery Company,
was then sworn. Having explained that
prior to 1891 he was connected with the
eight sugar refining companies now oper-
ating as the American, Mr.. Havemeyer said
tina: he had nothing to do with the COM
mercial or fiscal side of the business. He
could not give the capitalization of the va
riouS companies that were absorbed in 1891
without a reference to the books: that was
matter upon which Mr.. Searles would
probably be able to inform the committee
The witness: on being questioned, said
that the preferred stock of the company
was $3I.OW,OOO and the common stock
$3a .0OO.UW. A dividend of per cent was
declared last year on the preferred stock
and Il per cent on the common stock In
addition, there may have been an accu-
mulated surplus
Il would not go into business" Mr.
Havemeyer said. IF 1 did not make 15 I6
or ~ per cent IN it,
Senator Lexow quoted some figures from
a financial paper which showed that IN
lSaa-5-6 the surplus of stock increased
from s9,OOO,OOO to s13,OOO.OOO.
Are these figures correct?" asked Sem
ator Lexow.
Il can't say. If you got them from Mr..
Searles they are correct"
DO you know any business not in the
per cent?"
Plenty of them"
Tell us one of them"
Coffee. for instance
it?' ' iii'o
"one of the reasons" smiled Mr.. Have
meyer.
Are you willing to swear that there is
no agreement, verbal or written between
your company and any other regarding the
nxlnS or maintaining of prices?''
am willing to swear that, as far as i
Know there is no such agreement
ShairInan Lexow wished to take up the
examination of Mr.. Searles secretary and
treasurer of the American Sugar Companv
before calling H. o. Havemeyer to the wit
ness chair. but waived his preference upon
oeing informed that Mr.. Searles could not
conveniently appear before the commi,tee
until today.
The Coffee Business.
In tne examination of Henry o. Have
meyer, president of the sugar trust. Senator
Lexow wanted to know about Arbuckle
Brothers relation to the American Sugar
refining Company, and spoke of that firm
competing with the sugar company.
ihey were never competed with u.s."
SAID Mr. Havemeyer. "They are wholesale
grocers and handled our products. We took
PACK their empty barrels at 20 cents ana
d MoIenhsuer offered them -, SO they
shlIted their trade from u.s."
why did you organize a coffee comnanv
With mIsnih a Day or two? Do you think the
S. Sonee business as alluring as the sugar
yes propose to carry on the coffee
business Just as we have the sugar busi
1885, anu that isl state 1t here in open