The Montgomery advertiser., 1902-05-02
SIJCAR KING TELLS
 OF TRUSTS DOINGS
Hayemcyer Denies That His Com pany Will Be Benefited by
 Reciprocity With Cuba.

had been increased in recent years from $75, 008.000 to $90,000,000,
 Are you aware" asked MT. Teller, "that at the time your company made this increase of $l5.0OO.0 900 the newspapers stated that the increase had been made for the purpose of purchasing sugar lands in Cuba?"
 'The witness replied that he did not recall the fact.
 .'what then" asked the Senator, twas the purpose of your company in this h. stance.'
 The purpose was to promote our general corporate interests. The company never has directly or indirectly purchased any sugar lands except in Porto Rico. .'We did have such a purpose there Tor time, but abandoned it."
 In reply to a question concerning the supposititious conditions of poverty of the Cuban planters and of sugar producers generally, MT. Havemeyer said he knew something of them, for" he said, "l happen to be in that category myself. V 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 advances also had been made by American sugar brokers. While on this pOinL ne Sdi0 tHdt He Iildur HIS pui thooo~ 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 the brokers who had sugar of their own to sell.
 Asked by Mir. Teller whether he was still buying sug IT in Cuba, he said: we are still trying to buy. but we have not succeeded in making any purchases since April 26. when the sugar was withdrawn from the market on account of improved chances of securing the American con- cession.''
 How do you accoI mt for the fuctua- tions in the price of Cuban sugar which you have mentioned as having occurred within the past few months?'
 They are due to the changes of the beet sugar market in Hamburg. There has been a constantly dropping market there on account of the increased beet production, which has amounted to about million tons in the past year."
 "Then you regard the beet sugar pro- ducers as competitors of yours?' 'I certainly do; there is what you might call commercial rivalry" ,.
 Hast summer you fixed the price of re- fined sugar at points in the Missouri Val ley very low. did you not?'' "Yes, we did we put it at S.102 cents per pound. whereas the price before had been 1-2. and the price in Atlantic coast points was still maintained at the higher figure.'
 How long did you keep the price down?'
 Until we recovered our trade. The beet sugar makers undertook to control the market by contracts with dealers which I 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.'
 He denied having notified beet sugar producers that he intended to keep up the war until he should drive them out of business. He had nothing to do with them. he added.
 In response to further questions. Mir. Havemeyer said there had been a fluctua- ton 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 price with freight rates added.
 Under these conditions asked MT. Teller. "where are the beet sugar men to sell their products?"
 'T do not know. That is their business and they won't tell me. because they know that if they did. I would get at them again. I do not propose that they ConlIOi tut tIdut, anu u iS dH that l can do to take care of the American Company's interests"
 MT 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" said he. T 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 en- tered into a contract with dealers giving them the exclusive market. and to this he had objections because after the beet sugar men had sold their entire crop. the brands of the trust would be compar- atively unknown and would be al d great disadvantage They took my custom- ers," he said, by unfair terms. agreeing to beat any price that I would make and objected to it.
 Tt goes without saying that com pany which produces 6 per cent of the refined sugar renders it impossible for any competitor to secure a higher price for its product than it gets"
 The examination drifting to the asser- ton of MT. Havemeyer that Cuban sugar could find market in England MT Teller asked If England Is q good mar ket for Cuban sugar. why has not the | Cuban product sought that market in the past?"
 Because. was the reply. the beet l sugar product can be secured from Ger | many at much lower freight rates"
 ''ls 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 owing to it's | position. this country is the market for it. but years ago l Cuba made large expectations to Eng l land. Now the freight rate Is in favor of | the United States and against England" |" |
 At this point Mir. Havemeyer was ex- cused until Monday.
 Tomorrow Messrs. Donner and Mott | will be heard.
 Labor Riots in Russia
 Ma. |