The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1903-01-14
Pooh POOHS ANTI
TRUST LAWS
President Havemeyer Of the
Sugar Refining Co.
Makes d State
ment.
TAFFY | FOR COY. MURPHY
Annual MaetInz q Stock
holdsrs Today WIN
Pursue Same Old
Policy.
TAFFY FOR COY. MURPHY

At the annual meeting of the stock
holders Of the American Sugar Refining
Company, held in this city today Presi-
dent FL. O. Havemeyer in his annual
statement pitched into the authorities in
Washington for, as he termed. it, pander
ing TO the Demagogues in the matter of
trusts and icidentally patted Governor
Murphy Of New Jersey, for certain state
ments In his annual address to the I4egis-
Iature yesterday.
President Havemeyer said
The president is able to report to the
stockholders that during the year past
business conditions relating both to the
Purchase Of raw and sale of refined have
bnen reasonably satisfactory. The aver
| dge price at which. refined has beeu sod
is 435 cents a pound. This includes 1S1
cents d pound which goes to tie gov
crnment. 1t thus appears that the net
price has been reduced to 2.64 cents a
pound as against The net price. which in
| 1877. at the time OF the formation Of the
Sugar Reiineries Company, was $50
cents.
WHAT a CORPORATION is.
refer to the matter particular.y at
this time beeaasa Of proposed legislation
| the professed object Of which is to regu-
late business Done by corporations as
| against that which is done by individuals
Any sec.l legislation overleoks the fact
that cDrpcration is an aggregation OF. in
diyiauais.
We have u,2T4 Stockholders. Every
sfockhpldev Is interested ii the eonslaet
Df business, and the business is done 1t
IN ecnneniy which woyId be Impossible
If stockholders wereSto attempt to eis
| il on indiyidually on taeir own account
The low price leads to increased con-
sumption and enables the business to be
done Mt the loves. possible mar.
GIN. The natural Increase Of con
sumption year by year may
be stated to be 4.TI.55 per cent. Dr-ing
/ the last yea- tie increase was $40 per
cent. This must be attributed to the
reduction in price brought about by tie
coiRs ssnafien II Is only by keeping the
price down that competition can be met.
And, Il our legislators weuld inform
themselves of the situation they would
learn tlia4 IL our industry there is no
such thing as preventing comretiticel
ard the building Of new reiiner;es
WHAT Low PRICE DOES.
The ahoxe makes it imncssible to
understand what rea sonable motive there
can csbe for much of the so-called anti
trust legislation. The consumer is ccr-
tainlysbeucfttpd by a low price.
Interference with the operations Of
natural laws leads to nm increase of
pr.rc,xanl although this may not benefit
The niahpfacturer ii certainly cannot help
tho colsunier. Apparently it is solicitude
for stockholders to which IS due the pro-
posed legislation. Our. stockholders have
hcrstoiore shown confidence in the man
agenlent in a way which cannot but af-
ford gratiiica ton. They continue to dc
so. There is no law which eompels them,
and the same is true of all corporations,
to buy or2to retain stock. 1t would seem
1t would be time enough to interfere III
their interest when stockholders make
the fnqrest.
r. aURSUE SAME POLICY.
Our company has heretofore given
such information to stockholders as they.
as a body, have asked for. 1t has con-
formed to tile action heretofore taken
at alnsiaI meetings that special informa-
ton shah not be given TO individual
4 = +. !. Z =.