The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-01-30
HAyEMEYER ON PUBLICITY.

X Wv
Publicity is one of the remedies fol
the evils Of the trusts which has beer
much exploited. It was often in Mr.
Bryans mouth during his various
campaigns. The views of H. O. Have
meyer, president of the American
Sugar Refining Co. or the Sugar Trust
on the subject of publicity are there
fore of interest At the annual meet
ing of the company in Jersey City on
January II President Havemeyer said
he repeated what he had said before
that any information which was de-
sired by the body of the stockholders
If would be the pleasure of the direc-
tors to give. but they would follow the
direction of stockholders not to give
special information to particular in
dividuals'' competitors of the
trust as the context shows.
Mr.. Havemeyer called attention to
Commissioners Garfield's report, par
ficuiarIy commencing the following
paragraph:
ain the investigation of special cor
porations the commissioner will neces-
sariIy acquire knowledge of business
facts. the publication of which will be
an infringement of private rights. The
method of reporting and making public
the results of these Investigations at
fords a means, through the president,
for protecting private rights This
particular method of procedure is
similar to the action and reports of the
comptroller of the currency regarding
national banks. There will thus be
presented to Congress all relevant
facts except such as would injure the
legitimate business of competitor ana
destroy the incentive for individual
superiority and thrift"
Proceeding with his address, Mr..
Havemeyer stated the attitude of the
American Sugar Refining Co. with re-
gard to publicity in the following
words:
1--WE recognize that the persons in |
terested in the company are it's stock !
holders and it's creditors. There is GER !
tain general information necessary; for ,
example, in making up the public de-
tails OF a census report in which the |
public at large are interested. In
formation of this kind has a relation
to the general industries of the coun-
try. Where it does not pass the line
which is recognized by Commissioner
Garfield's report, manufacturers,
whether corporations or individuals,
may without detriment furnish the de-
tails. Our company from the begin
information in respect of private mat
tiers, which If made public could be
used by competitors against the COM
pany, no law does or should call for.
submit to the stockholders with all
difference that recent experience shows
that nothing is so harmful to investors
as reports which have an appearance i
of fullness but which for all practical
purposes are essentially misleading. 1
have thought it suitable to say this
much because of criticisms which have
from time to time been made and for
the reason that the distinction which
I have claimed has now received Off
ciaI recognition. 1 shall not he COM
PEELED to refer to the matter again.
1t must be remembered that the capital
stock of every corporation is open to
purchase by anyone and the laws as I
believe of all the states discriminate
between details of a public character
formation relating to business Details