The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-02-09

gar Refining Company was anxious to get
cash instead OF certificates, and IN order
10 accommodate the company the witness
took the certificates of its hands Mr..
Searies further said The transaction had
the acqulescence OF the directors and
stockholders Of the sugar trust and adj
milted that instead OF receiving $4,000
worth OF stock certificates from the North
River Sugar Refining Company he only re-
ceived $3.50, fVo. In reply 70 LexoW Air.
Ssarlss denied that his purchase Of the
stock OF the North River Sugar Rsnnlng
Company was 70 crush cut the company
asa competitor. In reply 20 another quss-
ton witness said he could not say definite
~ whether or nos the actual values on al
the stocks taken into the amalgamated
trust was less than S-0,0o9.eo.
rs 1T not a fact that the s5a@a,oo q
stocks in the sugar trust are only thlf1
% mat figure in actual valaeF by actua!
value DO you mean bricks and mortar
inquired Mr. Seariss. who finally stated
that his mind was not clear on the SUD
Ject.
witness said he had not the figures I'm
4he case. and on being asked BY L.exow
II they were available Mr.. Searles said
ne presumed they could be supplied from
the books Of the company.
How much did the four BROOKLYN re-
fineries that We're shut Up receive ia CeF-
tificates9'' Il do not remember the
amount
Was Mr. Havemeyer mistaken when
he said that the sugar trustees accepted
the figures and estimates OF the various
officers and stockholders % the coinpa-
MES without inyestiga tl0p and issued GER
tfficates upon that basis Il think the
statements Of the representatives or Jhe
various companies were genetally aScep1ss
81 - a basis for estimating the value OF
the property
Mr.. searles denied positively that his
company controlled the price Of sugar.
and also tie allegations that II forced
competitors 70 the waA by reducing pf1ces
Fl certain localities. He said toe capital
stock ala not represent its intrinsic NaihF'
and that the public only suffered ia case
OF ovsr-ca.ital izstioa-
The companies first reprass lting the
81 gar trust were Havan@yer & tldef.
With q capitalization % soc go; DICK q
Movers s2oo go. and others entered on "a
basis % 500 80" said the witness
Then the v.8letattcn Of fhe property.
said Chairman LeXow, was not correct
as represented IN the certlNcates, or else
the capital stock was fslsa2'
TIE witness did not -hink 50
DO not you. as q business man, think
thar the issuing OF capital stock az figures
thar DO not represent real Vaslo - the
PRINCIPAL VICE IN corlDEeAtionSf
7 hardly think that = ire truth for
the reason that the corporation iaw u
avs{Ief ~ BY many parties associated 81
business Simply 20 profile for The dtstri-
button Of interests IN the selling q buti-
ness
IN really 70 another question the witness
said he was of the opinion that The leg
stature Should encourage the Formation
~ cgru9rstions in the state rather than
drive them 10 osher states
Was rot the actual cash value - tho
various com rs1zaies THAI c1-uf rise thu
American sugar Refining ''3inpany &l@-
dictates issued - There was 10 cash
apuTsls Trent 81 the actual value OF the
cen. Hiee.
sseiua reugeSsuted MORE than a total Of
Sie o11 eso2'' II should most assursi'y.'
What other company except the so
tisu vita tfte Wasf@rr Refining t.om-
rnsv7-' None that know n
Witness said that out OF total 81
pa8 80 tons Of sugar produced annually
IN the United States. the American Sugar
Z Refining Company controls - per cent.
bur denied that The company controls toe
price.
when We are not n The market our
competitors are. and they buy and sell az
their own fixed prices" witness said
Senator L,exow read me witness part Of
the testimony given by him fSearles) be-
fore former committee. which The wit
ness said expressed bis views a. present
n regard 70 coutro. OF the output o.
sugar in order 70 get ria Of competition
r~avasIlrR between free factories.
Mr. Snarles SAID BE did not agree With
Mr.. Hzvemeyer that the principal object
of consolidation was 70 stop competition.
Ege said two refineries rad been built IN
this state alone since the amalgamatlon
n 1871
TIE chairman notified him 20 produce
at the next meeting Of the committee the
minutes a. che company "a reference 70
/ IRE Philadelphia companies and other
transactions Of the amalga-natt0n. he
replied that ne should have 20 have the
consent e ne directors.
n reply 70 another question. witness
said ne disagreed wtfh any statement I'm
plying that iAe American Sugar Refining
Company controlled or axef she price %
the product IN she United States
Els e nof a fact THAT where YOU have
/ competitors yoa could lower the Drfce IN
shls particular locality and force them 10
fhe wa3F No. sir. 81 81 not. We only
control the price e1 car 0wn sugar. Ihe
p8ficy n TIRE American Sugar Refining
Company - 20 produce tire largest guam
thy possible and always in advance az
lie demand. tnat the consumer may OBJ
tain Ire product III e. fair standard price "
/ ad5sa Ar. Searles.
In reply 70 another question the witness
said that. sinca The consolidation. the
wages % me employees Of the company f.
tnis state were Increased 70 per cent
What was the capital stock OF the