Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-05-02
CAPITAL STOCK OF TRUST.

stood that this sugar was not bough
because Of any prospective reduction
In that direction"
CAPITAL STOCK OF TRUST.
Here Senator Plat concluded nj
questions and Senator Teller took IL
witness, bringing out the fact that IN
capital stock OF the trust had been in
creased In recent years from SIS, 900 OO
to 10000, coo.
Are you aware" asked MIR. Teller
that at the time your company mad
this Increase Of Sl5,00O,00O the news
papers stated that the Increase haC
Deen made for the purpose of purchas
ing sugar lands In Cuba?" The wit
ness replied that he did not recall IN,
fact.
What, then" asked the senator
was the purpose OF your company In
this instance?"
Inc purpose was 20 promote our
| general corporate interests. The COM
pany never has directly or Indirectly
| purchased any sugar lands except I'm
| Porto Rico. We did have such a pur-
| pose there for time, but abandoned
In reply TO a question concerning the
| suppostious condition Of poverty Of the
| cuban planters and of sugar producers
generally, Mr., Hayemeyer said he
knew something Of them for he said,
Il happen to be in that category my
self He said he had not advanced
any money to the sugar planters, but
he supposed that some advances had
been made TO them by the local banks.
and that no doubt also advances had
been made by American sugar brok-
ers. While on this point he said he
made his purchases through Cuban
brokers', but that so far as he knew
none Of them was a sugar owner. He
added that he would not deal with
brokers who had sugar of their own
to sell
Asked by Mr. Teller whether he was
stu buying sugar I'm Cuba, he said:
I'VE are still trying 10 buy but we
have not succeeded In making any pur-
chases since April &c, when the sugar
was withdrawn from the market on
account Of improved chances OF secur-
ing the American concession"
How do you account for the fluc-
tuatlons In the price Of Cuban sugar,
which you have mentioned as having
occurred within the few monthsY
BEET SUGAR COMPETITORS.
They are due to the changes In the
beet sugar market In Hamburg. There
has been a constantly decreasing mar
ket there on account of the increased
beet product which has amounted to
about a million tons in the past year"
Then you regard the beet sugar pro-
ducers as competitors OF yours?" II
certainly do; there Is what you might
call commercial rivalry
Last summer you fixed the price OF
refined sugar at points In the Missouri
valley very low, did you not2'
YES, we did; we put It at S,l2 cents
per pound whereas the price before
had been AZ cents and the price In
Atlantic coast points was still main
tanned at the higher figure"
How long did you keep the price
down."
Until we recovered our trade. The
beet sugar makers undertook TO con-
lrol the markets by contracts with
dealers, which / considered In re-
straint Of trade. Consequently we re-
duced the price until our trade was
restored 10 us, keeping 1t down to the
lowest point for about two weeks"
He denied having notified beet sugar |
producers that he intended TO keep up |
the war until he should drive them |
cut OF business. He had nothing to |
do with Them, he oddel
In response to further questions, Mr. |
said there had been a fiuc-
tuation Of prices at Missouri river
Foints for about six months, but that !
when the trade was entirely restored |
the trust prices had been restored to |
their normal status, which is the New |
York price, with freight rates added.
FIGHT ON BEET SUGAR.
Under these conditions" asked Mr..
Teller, "where are the beet sugar men
10 sell their product"
81 don't know That Is their busl-
less. and they won't tell me, because
hey know II they did | would get at
hem again ! do not propose that they
hall control the trade. and II is all
hat can do TO take care OF the Amer
can company's interests
Mr. Havemeyer declared, however,
hat he had had no intention OF driv-
ng the beet sugar industry out Of the
ountry, but said that he had put down
he price 20 less than cost in order to
ecure his share Of trade. For that
purpose" he said, II will go a. far
8 my directors will allow me, as long
: there Is any money In our treasury"
Further explaining his position, he
aid that the beet sugar producers had
ntered into a contract with dealers,
wing them the exclusive market, and
, this he had objected. because after
he beet sugar men had sold their en-
re crop the brands of the trust would
E comparatively unknown and would :
E a great disadvantage. "They took
~ customers" he said "by unfair
rms, agreeing to beat any price that
would make and that is what | OBJ
cted to-"
PRICE OF RAW PRODUCT.
Asked as TO the control the sugar
ust exercised over the price OF raw
gars, witness said: 1T goes without
wing that company which produces
per cent OF the refined sugar renders
impossible for any competitor to Sc
Ire a higher price for its product
an II gets"
4 ft tAthiiAuNlou UiilklUb u illt as |
rtlon of Mr.. Havemeyer that Cuban
gar could find a market IN England
r Teller asked: III England Is a
cd market for Cuban sugar. why has
4 the Cuban product sought that
lrket IN the past?" IA
Because" was the reply, the beet ,
gar product can be secured from
rmany at much lower freight rates
is II not a fact that the United
ates affords the only market that
ba has ever had?"
No. the United States is not the only
lrket for Cuban sugar, but owing
Its geographical position. this coun-
: Is the particular market for IL, but
lrs ago Cuba made large exporta-
MS TO England. Now the freight
e Is In favor Of the United States
4 against England"
skfa Ia /