New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-21
SON DEFENDS HAVEMEYER
Says Sugar Company President
Was a PhiIanthropIst.
PROTECTED ST0CKH0L DERS
Horace Havemeyer Hopes 10
Make National Go. Compel
itor of American.
rFrom Tho Tribune Bureau.


Washington June W-Imprcssng All VINO
heard him by his loyalty TO the memof! oi
his dead father. whom he declared to be a
phllanthroplst and undeserving OF the criu-
cism heaped upon him. Horace HaVemeye' =
the twenty -fve- year-old son Of Henry Rave
meyer. the sugar king" appeared before
the House committee investigating the
alleged Sugar Trust to-day. Young Have
MEYERS defence Of his fathers operations
differing so materially In its franKness
from the testimony OF other witnesses 1T
the inquiry. impressed the committee Ia
vorably. and the sons ears must nave
tinged after he left the stand.
II may be prejudiced. he acknowledged
but / think that my father was sooo'
pure man and philanthropist. tie mas
been accused OF many things but ! kno"
that he never did anything unless ne
thought II was for the best interest OF the
stockholders Of the company and the good
OF the sugar industry. Back in 1887, when
the companies were combined. my father
was IN better shape than most Of them ana
he was in position either TO bust them or
TO combine with them. He did the latter
He never had much Of an interest I'm the
American Sugar Refining Company ana ne
got rid Of his holdings because ne believed
that the spectators were engaged III
plan 10 boost the stock TO the hurt OF the
innocent stockholders"
Referring 10 the litigation now pending
over the 100000 OF common stock in the
National company. which is in the name OF
James H. Post. but which was turned over
10 his father. young Havemeyer said that
If he obtains possession Of this stock ne
will make the National a competing con-
Germ. He said he did not approve OF the
American company or OF the men running
Il. Mr. Havemeyer said he went into the
sugar business in 1903 when he was seven
teen years old. His father had left a fort
une. he said. OF about 100000.
The witness said that his fathers purpose
in this combination was 10 preserve the
properties and their stockholders and make
their business a success. 4 got that EVIL
dence" said he. from my aunt, Mrs s i.
Peters, who was very close associate OF
his. and about the only person 70 whom ne
talked. except my mother, in regard to
business matters" The witness said that
he thought his fathers original intention
was to sell this 100000 OF national COM
mon stock to the American, making il a
part of the American. but he was advised
by counsel, John c. Johnson. of Philadel-
phia. that 1t was NOT only improper, but
possibly Illegal
Fathers Reason for Selling.
Discussing his fathers reasons for selling
his comparatively small holding Of about
twelve hundred shares OF the American
Sugar Refining Company tn. witness said
think he sold il 70 stop a set OF specu-
lators from putting up the STOCK 10 Whete
it was bound 10 result I'm a terrible break
in the market and 10 luJure what ne con-
sidered were the people entitled 10 prOtec-
ton Some man accused him once OF run
ming that company for his own benefit and
for stock manipulation. ! think u was
White the receiver appointed with him la
the case Of this North River Sugar Rein
Ing COMPANY. II made MIN so SICK that ne
cleared out as 7 understand II. He had
been getting $1,000 salary as president,
bur was the only man who ever succeeded
in running tho American, and they haven
had one like him since.
Mr. IIsyemeyer declared the com5ira-
lion OF three companies into the National
sugar Refining Company had :ha effect q
increasing trade.
And decreasing competition" suggested
Chairman Hardvick.
no" corrected Mr Eaycmeyor. "'Tha
production OF the National has peen 100 PER
cent greater than that Of the three sept
rate companies
Representative Sulzer suggested that If
The witness gained control OF tho National
he might want to combine with tho Ameri-
can.
NO. / want TO have a say about my own
affairs. and II I did that J know ! could
not was the reply.
at IS my intention. j. vc win that liti-
cation. 10 make the National Sugar Rein
ing Company q real competitor If the
American Sugar Refining Company, which
owns ma ioritv ~ tho preferred stock of
the National said Ny. Havemever Il
have no interest IN tho American and no
sympathy with it,
r.. Q. Havemeyer Stock.
TIC witness said no had been engaged in
the SUGAR business for number of years
having for two wears worked for his faith
er.s company without salary. I'm declaring