Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-05-02
CUBAN SUGAR.
Investigation Begun Into Hold
ings Of Sugar and Lands.
Pres. Havemeyer Of the American
Sugar Co. Takes the Stand.
doubtful If Anyone Now Knows More
of Trusts Business.

| Washington. May 1.-The inquiry into
the present holding Of Cuban sugar and
cuban sugar lands, ordered by the
Senate, was begun. today. bv the sub
committee on Cuban relations. Presi
deht Henry o. Havemeyer Of The Amer
ican Sugar Refining co. was the first
witness and all OF the members of tho
subcommittee We're in attendance
Senator Patterson also was present
| Others present with Mr.. Hayemaver
were Arthur Bonner, treasurer of the
| company. and Henry G. Mott it, raw
sugar buyer. All Of them were sworn.
Replying to questions by Senator
Platt, Mir. Havemeyer said his company
was generally known as the sugar
trust ana that its refineries We're 10
| Gated as follows: In New Jersey. /.
! New YORK, }; Massachusetts. .: Phila-
dtiphla, z and one in New Orleans.
VIII you" Senator Plat asked
tell the committee how much Cuban
sugar II any, has been purchased and
is now held by your company?'
since early in February last we have
purchased $4,000 tons or 2e5. 900 bags. or
about 10 days supply" replied the wit
ness. OF that quantity 10000 tons is
now IN process Of shipment from Cuba"
me prices paid had. he said. ranged
from SIZE to $1.93, the highest price be-
ing paid on March 10 and the lowest on
April -.
where DO YOU buy your raw sugar?''
"All over the world in cuba. lava.
Hamburg. Trieste the British West In
dies, South America, wherever sugar is
grown"
Does the 50.000 tons you mention rep
resent your entire purchases in cuba
since the first of january"
No; we have bought all told $4,000
tons q Cuban sugars during the pres
eht year. or about three-fourths of a
months supply, our consumption being
about $4,000 tons per week.
DO you control any sugar in Cuba
other than that purchased?"
None whatever. in any manner"
Have you taken options on Cuban
sugars?"
II have not"
Have you made any advance on any
Cuban sugar."
None whatever"
SO that YOU wish to be understood
as saying that the amount YOU have
mentioned as having purchased repre-
sents your entire interest, direct and
Indirect, in Cuban sugar."
That is the statement / make"
Continuing Mr.. Havemeyer said the
entire Cuban sugar crop is about 75O.-
coo tons. but that much of it has been
withheld from the market in view Of
possible tariff concessions to be made
by Congress. On this account his pur-
chases had been only about one third
OF the average Of other years. on this
account. too, the purchases had been
made principally at outports where the
storage facilities were poor, rather than
at Havana. The purchases from the
outports had caused the sales there to
be made on parity with the beet su-
gar prices.
Speaking of the capacity of his com
pany he said that it refined SIS per cent.
OF the American refined sugar product
He added that the percentage of this
company's product compared To the
entire sugar consumption of the United
States was about so per cent. Last
year his company produced 100000
tons of the refined sugar. while the
consumption was 100000 tons.
Returning to the purchase OF Cuban
SuS'ii ioI tiie present year MT. Have
meyer gave figures of purchases for
other years to show the relative vol
ume of the current acquisitions. say
ing that in 1892, 254.O00 tons had been
bought; in 1893, $4,000 tons; in 1894,
321 900.
In reply to other questions he SAID
that the price OF raw sugar In tne
United States Is fixed by the pest
market prices in Hamburg.
The price there fixes the selling
price for the entire world. said Mr..
Havemeyer. On the subject of the
,rice of Cuban sugars, he said that
lis company could not determine their
Price.
1--WE have he said mo control over
them whatever they don't belong to
U.s.
cuba has to sell her sugar in this
market, hasn't she?"
mo. that Is not true She can sell
in England, for instance, il she is de-
Continued on page 81