Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1899-06-17
MR. HAVEMYER TES|EES
Tells the Industrial Cominis-
sion at Washington About
the Sugar Business.
HE A THE TARIFF
President Of American Sugar Refin-
ing Company Reads a Written
Statement on the Subject.

Capital and Labor, lie Declares, WI
Adjust Themselves II Let Alone His
Company Means to Protect Its business
and Stoekhoiders-What He says a Cus-
toms Tariff Does.
Washington, June 1a-Henry Q.
Havemeyer, president of the Amerl-
can Sugar Refining Company, was ex-
amined by the Industrial Commission
in connection with its investigation of
trusts.
His testimony related almost wholly
to the sugar industry and he opened
with a vigorous attack on the customs
tariff, which he declared was the
s'mother OF all trusts" becoming such
By providing ian inordinate protection
to manufactured articles This at
tack was made in a written statement
which the witness read in a ringing
voice.
He asserted that a tariff of 10 per
cent, was as high as any tariff should
! be. He contended that sugar Is dis
| eliminated against IN the tariff In the
interest of the Louisiana cane growers,
the beet sugar makers and the sugar
growers of Hawaiian Islands. To
these interests he asserted the United
| States contributed $24, 100000, which
was taken put of the pockets OF the
| people. The protection on sugar
amounted to only one-eight of a cent
u pound, or about 3E per cen al va
loren. 1T ought to be twice as much"
he said. what the sugar refining
| business has paid or is paying repre-
| sents nothing more than III adequate
return on the capital invested"
Congress should have put an internal
| venue tax on the American produc-
ton of sugar. The representations
made IN Congress concerning the trust,
he declared, were untrue, and III 1t was
u fact that the people suffered from
trusts they must blame the protective
sariff system, of which the trusts were
merely tie machinery.
"CapIal and labor" he stated,
would all adjust themselves il let
alone. The only way to prevent COM
petition is to keep prices at a minimum
not necessarily in the interest of the
consumer, but as a matter of business.
He referred to the trust laws OF some
of the States rs putting a premium on
oAoLVttctSt 1a&
law. There were always two classes
of people in a communicable indus
trious and those who wanted to live
off them.
Replying to questions by Prof. jerks,
Mr.. Havemeyer said the American
Company was capitalized for much
less than it was worth. But for the
clamor against trusts he said, lit
could be sold for three times its capt.
talization.' Yet lie thought the rein
cries could be duplicated for $50, 00O,-
600 or $40.UOO.0OO.
The late drop in the price of sugar
had been caused by the starting of
new refineries which had threatened to
take so per cent. of the business. 1T
was a part of our policy to put prices
down and let the opposition take the
result. whatever it may be. Every
sale made by the opposition displaces
s. much of the American Company's
product" he said. I'VE must protect
our own business"
Mr.. Hvaemeyer said that what the
company did 1t did not do for motives
of philanthropy-that it had its W
shareholders TO protect.
How many stockholders have you?"
asked Prof. jerks.
About 1.0O0S he replied, and add
ed: Enough TO take Cuba-and they
would take it IL they could"
The latter remark was made in n
light vein. 1t was his opinion that the
Cuban sugar should be brought In free
of duty, and that this OF course would
bring refined sugar down TO 3 cent
a pound.
Speaking of the coffee business, Mr..
Hayemeyer said he was In the bust
ness, and in it to stay.