The free lance. (Fredericksburg, Va.) 1885-1926, 1911-06-15


the time OF his death, Mr. Atkins said
we're valued at about 100000. out OF
a total Of s90,000.0O0 In the American
Sugar Refining company.
That was a surprising discovery
he declared. 1T has been generally
supposed that Mr.. Hayemeyer owned
the greater part OF the stock"
New England Owns So Per Cent
Mr. Atkins said the New England
interests obtained control after com
mittee discovered from an examination
OF the stock owners OF the American
Sugar Refining company that 90 pei
cent were New Englanders.
I'VE found that there we're $4,000
New England owners" said Mr. At.
kins. and 10000 of these were wo-
men. They were helpless 50 far as rep
resentatlon was concerned. and | was
urged to take a place on the board,
which | did"
Representative Hardwick. Of Geor'
gia. Is chairman Of the committee, and
is expected to take a leading part In
the examination OF the witnesses.
The committee first has taken up
the American Sugar Refining com
pany, the so-called sugar trust" to
determine whether the corporation IS
operating in violation of the Sherman
or Interstate commerce laws.
James n. Beck. formerly assistant
attorney general, appeared as counsel
for the trust" and Mr. Atkins was
the first witness examined.
Mr.. Atkins said the purpose OF the
formation Of the American Sugar Re
fning company in 1887 was TO put on
their feet a number Of sugar refineries
that had been operating at a loss. He
said the companies had been working
without profits for a number OF years
The cost OF production OF refined
sugar had been so great, said Mr.. At
kIns. that It was believed a union OF
renneries would result In greatly re-
ducing this expense.
did you expect through this means
TO avoid some OF the competitions
asked Mr.. Hardwick. well. sup
pose II had some effect Of that kind"
The witness said that seventeen re-
fneries Joined In this merger In 1887,
which was arranged by II. o. Have
meyer Almost all Of them, he said.
had been doing business at an Excess
sive cost and they were scattered
throughout New York. New Jersey.
Massachusetts,, Maine. Pennsylvania.
Louisiana and Missouri. He was un.
able to say what percentage Of the re-
fined sugar production they controlled.
High Price For Plant
Mr.. Atkins was asked many ques-
lions relative to the organization In
1887 Of the Sugar Refineries company,
which later became the American SUI
gar Refining company. He said the
organization was to reduce the cost Of
production and that he received Tor
his concern, the Bay State Refining
company, which he valued at 100000,
trust certificates Of the securities or
holding company Of value OF $780,
900.
Representative Madison. OF Kansas,
asked Mr.. Atkins whether It were not
a fact that previous to 1887 there was
free and open competition In the buy
Ing OF raw and the selling Of refined
sugar in this country. Yes Mr..
Atkins said. there was free competl-
ton"
THAT competition you found to be
onerous, didn't you?" Eyes, II was
you wished to avoid that competi
tion." Mr.. Madison continued, "and II
was for that reason that Mr.. Have
meyer got together yourself and about
a dozen other sugar manufacturers TO-
the purpose of framing an agreement
TO eliminate this competition, was II
not?" We'll" Mr.. Atkins said. the
principal object was to reduce the cost
of production