The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-05-06
trust has been Increased in recent years
from SIS. oOO. 000 to 90. 600. 600.

trust has been Increased in recent years
from SIS. 000. 0o0 to 90. 000. 900.
"Are you aware" asked Senator Tel.
Ter, that at the time your company
made this increase Of SIS. 600. 900. the
newspapers stated that the increase had
been made for the purpose Of purchas-
ing sugar lands in Cuba?"
The witness replied that he did not
recall the fact.
What then" asked the a was
the purpose Of your company in this
~increase?"
THE purpose was to promote our gen.
eral corporate interests. The compa-
ny never has directly or Indirectly pur-
chased n e lands in Cuba, nor
have we ever contemplated the pur-
chase of any sugar lands except in Por-
to Rico. We did have such a purpose
there for a time. but abandoned it"
In reply to a question concerning the
suppositious condition Of poverty of the
Cuban planters and O: sugar producers.
generally, Mr.. Havemeyer said he
knew something of them, for" he
said, Il happen to be in that category
myself"
He said he had rot 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 had been made
N-SO ~ AAAAN ASoh Is ohC
Asked by Senator Teller whether he
was still buying sugar in Cuba, he said:
W are still trying 10 buy, but we
have not succeeded in making any pur-
chases since April 26th, when the sugar
was withdrawn from the market on ac-
count of improved chances of securing
the American concession"
How do you account for the fiuctua-
tons in the price Of b sugar which
you have mentioned as having occurred
within the past few months?"
They are due to the changes in the
beet sugar market in Hamburg. There
has been a constantly dropping a
ket there on account of the increased
beet product which has amounted to
about a million ons IN the past year."
"Then you regard the beet sugar pro-
Gucers as competitors of yours?
Il 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 Atlantic
coast points was still maintained at the
higher figure"
How long did you keep the price
DOWN."
Until we our trade. The
bCIl uSu Il1hCi IloC " ~ ~ ~
troll the market by contracts with deal
ers which I considered in restraint of
rade. 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 sal there had been a fuc-
tuation of prices at Missouri river
points 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.
Under these conditions" asked Sen
ator Teller, where are the beet sugar
men to sell their product"
Il don't know. That is their business
and they won't tell me, because they
know that if they did 1 would get at
them again. / do not propose that they
shall control the trade. and it is all
that I can do to take care Of the Amer
lean Company's interests"
MI. Havemeyer declared, however,
that he had had no intention of driving
the beet sugar industry out Of the u
try, but said that he had put down the
price to less thar cost in order to secure
his share Of trade. For that purpose"
he said, Il will go as far as my direc
tors 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 a contract with dealers giving
them the exclusive market and that
this was what he had objected to be-
cause after the beet men had
sold their entire crop the brands of the
trust would be comparatively unknown
| and they would be at a great disad-
| vantage.
Senator Teller questioned the witness
as to statements that his company con-
trolled the price of raw sugar.
Mr.. Havemeyer said: lit goes with
out saying that a company which pro-
duced Go per cent. of the refined sugar
renders it impossible for any cOmpett-
tor to secure a higher price for its pro-
duct than it gets"
at is not a fact that the United
States affords the only market that
Cuba has ever had?"
NC The United States is not the only
market for Cuban sugar., but, owing to
Its geographical position, this country
is the principal market for il, but years
ago Cuba made large expectations to
England. Now the freight rate is in
favor of the United States and against
England"
At this point Mr.. Havemeycr was ex-
| cused until Monday and the committee
adjourned until tomorrow when Messrs.
Donnor and Mott will be heard.