New-York tribune., 1903-01-15
lHAVEMEYER ON TRUSTS.
HE COMNENDS MURPHY.
Says High Officials . P0nder to
Erroneous Public Fieor.

Erroneous Public P1ear.
The annual meeting OF the American Sugar
Refining Company was held yesterday at the
office of the Jersey City refinery The COM
pany is incorporated under the New-Jersey laws.
The meeting was well attended as a rumor had
been circulated in financial circles that there
would be q union of the interests of the Sugar
Trust and the Standard Oil Company. There
was no evidence Of any such compact as no
representstives of the oil company were placed
IN tho board of directors. The three members
whose terms expired-H. @. Havemeyer, Arthur
Donner and John Mayer-were reelected.
The agitation over the trusts and demand for
legislation 10 control them was the feature OF
The statement read by President Havemeyer
who defended the sugar combine and made
1hruste at Washington interference. He sup
1,ernented his typewriter statement in answer
10 The query of a stockholder. by producing AND
reading another typewritten slip in which ne
commended the attitude of Governor Murphy
cf New Jersey toward the trusts. -
President Havemeyer's statement was in part
rs follows:
The net price has been reduced TO 264 cents
q pound as against a net price which in Ioi''
At the time of the formation of the sugar ne
4nerjes Cor1uanv was $50 cents l refer 10
the matter particularly at this time because oL
proposed legislation, the prefessed onlect OF
lions as against that which is done oy N
Siv}duals ANY such legislation ONerlookS tue
+5jz;d1ais We have .274 stockholders. Every
stockhclder is interested in the conduct OF @ Ile
business and the business is done at an economy
which would be impossible II StoCkholoers Mete
10 attempt to carry il on individually on their
The low price leads TO increased consumption
10r,rine the last year the increase was SlI per
cent This must be attributed TO the reduction
sn Price brought about by the combination. II
IS only by keeping the price down that com
petition can he met; and If our legislators Woui9
inform themselves of the situation they woulo
learn that in industry there is no such
7hing as preventing competition and the build
sns Of new refineries- The above makes II I'M
1lossible 10 understand what reasonable motive
7here can be for much Of the so-cailed antitrust
seeislstion Apparently il Is solcitude for stock
holders TO which is due the proposed leglsla-
tion Our stockholders have heretofore SHOWN
confidence il the management in a way Which
cannot but afford gratification- They continue
10 do so. There is no Law which cornpels thein-
end the same is true of all corpo.ations-to buy
or 10 retain stock II would seem that II WouIo
he time enough te interfere in their interest
when stockholders make the request
Our company has heretofore given such N
formation 70 stockholders as they as a oody
hsve asked for II has confor1nsd to the ac-
zion heretofore taken at annual meetings that
,Toacia1 information shah not be given TO indvd-
a1ai stockholders. This recognizes that business
which is 10 be done by corporations IN compe-
1ition with individuals cannot satisfactorily be
done If the individual may withhold all inforr1a-
7ion about his business and the corporation
Ia he cOnDelled TO make PUBIC lnlOrI1allon
bout its business. Unless Instructed otherwise,
the company will adhere to the policy which 1t
has heretofore pursued of doing business at d
minimum Of margin, relying for ITS pronts upon
enlarged consumption. It is a curious com
.ruer1arv upon much of the proposed ieglslatlon
,+at while its sHoyved object is TO relieve, Its
effect is 10 put restraints upon trade, this being
directly the reverse of the action Of our great
commercial rival England. which in recent
years has been forced both in the interest OF
producer and consumer, TO wipe from its statute
books legislation which for centuries it had been
the policy of England to encourage o IRA S u upon fne
II is not my purpose to criUc1se or 10 COM
1l1ent upon the various plans which are under
consideration to hurt corporate business; WhaI
I say is intended for our own stockholders 1t
is due TO them that the business OF the company
shall be carried on, far il fairly and rea-
sonablv can he in their interest; and this course
The directors propose TO pursue, conforming al
-,-.,-S ,f course tn zvbafever shall become the
Law of the land. The dividends for the last year
have been continued at the per cent rate,
any surplus of earnings being reserved as
working capital for rhe needs Of the business.
The stoc khoIders have heretofore approved this,
land they are asked at this time to confirm the
action 10 that effect which has been taken by
the directors
rstockholder-
President Havemeyer who evidently antici-
mated such a query promptly took out another
typewriter slip and read:
Il have nothing 10 add to my statement TO
the stockholders. unless 1t be to commend to
their attention to observations of Governor
Murphy of this State the subject of cor
'porations and contrast them and their rela-
tions to the community with the efforts of pub
aic officials high in authority in Washington
who pander TO erroneous public view on
same. He (Governof Murphy advises us not
TO be disturbed by the clarnor of the den1s-
Eogue."
A stockholder inquired why the company does
not pay a larger dividend, but continues to ad-
here TO the per cent basis.
Il am sure / have reply to make to the
sentIensn's observations" vas the calm reply
of the president.
nscT nN KnNnAv