New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-10
r. O. MAT7HIESSEN TO RETIRE
THE ANNOUNCEMENT ONE OF THE
CHIEF CAUSES OF THE BREAK
IN SUGAR STOCK.

F. o. Matthiessen has written a letter to the
directors OF the American Sugar Refining Com
pany advising them Of his purpose not to stand
for reelection as a member Of the Board at the
annual meeting in January The announcement
Of this fact yesterday was one Of the leading
causes OF the heavy break in the price OF Sugar
stock, which lost SIS per cent during the day,
closing at 1884,, the lowest figure reached
Wall Street taking Mr.. Matthiessens retirement
from the Sugar company as indicative or Gull
mination of serious dissensions In the manage
ment Of that corporation, and as likely TO be
followed by the appearance of Mr.. Matthiessen
in the refining field as an active antagonist or
the trust. In the sugar trade, however, the
news OF Mr. Matthiessens step was received with
little surprise. He has been practically out or
the Board for long time, and only recently ne
returned TO this city from a trip around the
world which had taken nearly a year prior to
his departure on which trip, 1t is said he had
sold all his Sugar holdings.
Mr. Matthiessen came to this country from
Germany when a young man, and about thirty
five years ago organized the F. 0. Mattniessen
& Weichers Sugar Refining Company, OF Jersey
City When the American Sugar Refining COM
pany was formed. in 1887, Mr. Matthessens
company was merged in IT, and he hlmsen De-
came a director and was made chairman OF the
Manufacturing Committee OF the Board. John
Jourgensen, who had been associated in busi-
ness with Mr. Matthessen in the Jersey CITY re-
inery became buyer Of raw sugar for the Amer
lean Sugar Refining Company, but severed his
connection with the company two or three years
later. in consequence. It is said, of disagree
ment with H. o. Havemeyer.
A similar disagreement it is reported in Wall
49, ant
T. Searles as an Officer and director OF the sugar
company and friends Of MI. Matthiessen yester-
day attributed the Gtter's action to dlterehce
OF opinion, arising more than year ago win
President Haycmeyer regarding the manage
ment OF the Matthiessen refinery. Mr. Mattnles,
SEN however II was added considered hlnsel
entitled to a rest from business cares anu III.
little no probability that ne woulu s,ate
a new refinery In opposition to the American
Sugar Refining Company, although II was salu
to be not unlikely that he might lend MS couh-
sci and financial support to one or the lilde
pendent refneries now in operation. lie is also
largely Interested in the Glucose sugar Kennlns
Company. OF which his nephew {. h. Mat
thessen, is president. 49,, -
Concerning the trade war, representatives. VI
the independent refners said yesterday that
settlement was lust as remote as ever SeVeral
of them believed that the output OF their re-
6neries for the coming year WouIu De ldlsei
than ever before. although admitting tnat pres
emf rates make a fair profit impoS'lole' Ihs
refinery Of the ArlNIckle company resurleu
operations fortnight ago. after briel eus-
pension. during which new and expensive ma
chlnery was installed. The MollenhaueI r.
fnerv has also Increased its facilities ana the
National refinery is preparing to that end so
that It is estimated that the total output Oh
these three Independent refneres Will aggregate
about $500 barrels a day. John AipuCnIs ,i
ranorted IN have told one Of his agents recently
that his firm was not making any money at TINS
time hut that it intended 10 refine sugar IL only
TO supply It's present customers ,o-,
,,hn directors Of the American Sugar Refining
companv besides Mr. Matthiessen. are II. ~
HoVemeyer Charles H. Senf Lowell NJ Palmer
John MAYER W. b. Thomas and John h. rar-
sons.