The Savannah morning news., 1902-05-02
HAVEN'T YER TALKS.
CcontInued from First Pace

nothing has since been done with it.
Other interests of the character held
by him in Cuba were enumerated as
follows: 40 per cent. of the stock of
a Central called the Trinidad, which
has no land connected with it, but
which produces about 5000 tons an
nually: 20 per cent. of a sugar fac
tory at Chappawa; a slight interest in
another factory, whose name he could
net recall: an interest in a plantation
at Santa Cruz in connection with a
Mr.. WEIGH a Hawaiian planter, which
produces from 5000 to 10000 tons of
sugar per year. All these interests
had been acquired. he said. before
there had been any agitation of the
question of a reduction of the tariff
rates. He added that he knew moth
ing about Cuban sugar land holdings
by other Americans.
Teller az Inquisitor.
Here Senator Plat concluded his
questions and Senator Teller took the
witnesses, bringing out in the begin
ming the fact that the capital stock of
the trust had been increased in recent
years from $75,000,000 to $40, OOO, 900.
Are you aware" asked Senator Tell
Ter, that at the time your company
made this increase of $4,000, 600 the
newspapers stated that the increase
had been made for the purpose of pur-
chasing sugar lands in Cuba?"
The witness replied that he did not
recall the fact.
What, then" asked the senator,
was the purpose of your company in
this increase?"
The purpose was to promote our
general corporate interests The COM
pany never has directly or indirectly
purchased any sugar lands in Cuba,
nor have we ever contemplated the
purchase of any sugar lands except in
Porto Rico. We did have such a pur-
pose there for time, but abandoned
it."
In reply to a question concerning the
suggestions condition of poverty of the
Cuban planters and of sugar producers
generally Mr.. Havemeyer said he knew
something of them, for" he said, II
happen to be in that category myself"
lie 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 advances also had been
made by American sugar brokers.
Asked by Mr.. Teller whether he was
still buying sugar in Cuba, he said:
we are still trying to buy, but we
nave not succeeded in making any pur-
chases since April 20, when the sugar
was withdrawn from the market on
account of improved chance of Sc
curing the American concession"
How do you account for the fluctu-
atoms in the price of Cuban sugar
which you have mentioned as having
occurred within the past few months?'
Beet Sugar Competition.
"They are due to the changes in the
beet sugar market in Hamburg. There
has been a constantly dropping mar
ket there on account of the increased
beet product, which has amounted to
about a million tons in the last year."
Then you regard the beet sugar pro-
ducers as competitors of yours?"
i certainly do. There is what you
might call a commercial rivalry"
Last summer you fixed the price of
refined sugar at points in the Missouri
valley very low, did you not?"
Yes, we did; we put it at 3.102 cents
per pound, whereas the price before
had been Az cents and the price in At
lantic coast points was still maintained
at the higher figure"
''I1ow long did you keep the price
DOWN."
Until we recovered our trade. The
beet sugar makers undertook to con-
troll the market by contracts with deal
ers, which l considered in restraint OF
trade. Consequently we reduced the
price until our trade was restored to
us keeping it down to the lowest point
for about two weeks"
In response to further questions, Mr.
Havemeyer said there had been a fiuc-
tuation of prices at Missouri river
points for about six months, but that
when the trade was entirely restored to
the trust prices had been restored to
their normal status, which is the New
York miro with 10Th 80
Not His Business.
"Uner these conditions" asked Mr..
Teller, where are the beet sugar men
to sell their product?"
Il don't know. That is their BUSH
ness, and they won't tell me, because
they know that if they did 1 would get
at them again. l do not propose that
they shall control the trade, and it is
all that l can do to take care of the
American company's interests"
Mr.. Havemeyer declared, however
that he had had no intention of driving
the beet sugar industry out of the
country, but said that he had put down
the price to less than cost in order to
secure his share of trade. For that
purpose" he said, II will go as far as
my directors will allow me, as long as
there is any money in our treasury"
Further explaining his position, he
said that the beet sugar producers had
entered into a contract with dealers,
giving them the exclusive market, and
that this was what he had objected to-
because, after the beet sugar men had
sold their entire crop, the brands of
the trust would be comparatively I'M
known and they would be at a great
disadvantage.
The Price of Raw Sugar.
Senator Teller questioned the wit
ness as to statements that his COM
pany controlled the price of raw SUI
gar. MIR. Havemeyer said:
1T goes without saying that
company which produces 65 per cent.
of the refined sugar renders it impos-
sible for any competitor to secure a
higher price for its product than it
gets
us it not a fact that the United
States affords the only market that
Cuba has ever had?"
NO, the United States is not the
only market for Cuban sugar but ow-
ing to it's geographical position this
country is the principal market for it,
but years ago Cuba shade large expOr-
tations to England. Now, the freight
rate is in favor of the United States
and against England"
At this point Mr.. Havemeyer was
excused until Monday, and the COM
mittee adjourned until tomorrow,
when Messrs. Bonner and Mott will be
heard.
Money the Orator.
Davidson, N. c., May 1.-Senator