The times. [volume] (Richmond, Va.) 1890-1903, 1899-06-15
TARIFF SHOULD
BEAR THE BLAME
Mr., Havemeyer Says it is Responsible
for the Trusts.
ARE PREMIUMS ON DISHONESTY.
Is How lie Characterized Antitrust
Laws-Policy Of Sugar Trust TO Put
Prices Down :Regardless OF
the Fate of Others,
ARE PREMIUMS ON DISHONESTY.

WASHINGTON. June H-Mr. Henry
d Hayemeyer. President of the Amerl-
can Sugar Refining Company. was eA-
snin.i oy the Industrial Commission to-
dav inn connection with its investigation
of trusts. Ills testimony related almost
wholly Id the sugar industry ana ne
opened with a. vigorous attack upon inc
customs tariff which Doe declared was
the mother OF all trusts, becoming
such by providing an inordinate prolec-
ton 90 manufactured articles.
Continuing. DE asserted that tar1n
of ten per cent. was as msh as any
tlrin should be.
Tre contended that sugar is discrlmin-
ated against in the tariff in the interest
OF the Louisiana cane growers. the beet
sugar makers and sugar growers or the
Hawaiian Islands.
TO these. he contendel the United
States contributed $2icoo0 which was
taken out Of the pockets Of The people.
PROTECTIVE TARIFF
The representations made In Congress
concerning the trust. he declared. We're
untrue. and ~ 70 was % fact tnat the
people suffered from trusts. they mus.
blame the protective tarln system OF
which the trusts We're merely mo ma
chnerv. Tie admitted that the company
did an possible 90 advance Us own ousl-
moss interests. Capital ana labor, ne
sto+si "wou.d all adjust themselves II
let alone"
The only way % prevent competition
Mr. Havemeyor tested was 90 keep
prices az "a minimum-not necessarily IN
the interest of consumer, but as . mat
ANTITRUST LAWS.
lie referred 20 the antitrust laws ~
some OF the states as a premium on dis
honesty. specifying tho Missouri law.
Replying TO questions by Prof jerks.
Mr.. Havemeyer said the American Com
panv was capitalized for much less than
it was worth. "But for tho clamor against
trusts" be said. 70 could Doe sold Tor three
times it's capitalization. Yet he thought
the rchner.e5 could Do duplicated TOT Fao'-
Oo0oa0 or 100000.
The present capacity of trusts is, ne
said. 5000 barrels a day and the output
mc0. Die thought the trust was refining
about 60 per cent. Of the sugar renned
In the United States.
TALKED FREELY.
Tho witness spoke very freely ~ meth
DDS Of the company in preserving and
extending IT'S business. He had 70 heht
Sprecke.s when ne came into The field with
his ENORMOUS plant no said.
1--WE had 90 DO that or suspend our divi-
dends We went into the Tight and We
Kent IL up until we got the refinery"
Tho late drop In the price Of sugar
had been caused by the starting Of new
renncries which had threatened 70 take
90 per cent. OF the business. 10 was part
OF our policy 10 put prices down and let
tho opposition take the result whatever
81 might be.
Every sale made by the opposition dis
places so much OF the American Compa-
nys product. he said. owe must protect
our own business.
Mr. Havemeyer then went on 70 say
what the company did II did not do for
motives philanthropy-tha II had IT'S
own shareholders 10 protect. ANYBODY
can buy our stock. but / doubt whether
any one would want any OF the stock OF
tho independent rehners.'
How many stockholders have your
asked Prof jerks.
About eleven thousand" he replied.
and added enough to take Cuba. and
. they would take her II they could"
Speaking OF the coffee business. Mr..
Hayemeyer said he was in the business
and in 10 10 stay.
Mr. Havemeyer's statement aroused
great interest and the next three hours
were devoted 70 answering questions
asked him IN rapid succession by members
OF the Commission.
He at first declined 10 state whether
the company was making money at pres
ent, saying that was the business OF the
company alone but he afterwards made
an incidental statement which the Com
mission construed into an admission that
the business was not profitable now.
THE STRONGEST WINS.
The witness confessed that his company