The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1911-06-15
HAvEMEYER GENIUS
OF SUGAR TRUST
Acting President Tells OF Form
ing Of Combine.
HOUSE INQUIRY IS WIDENE0
Edwin F. Atkins Says Huge Corpora
ton Was Organizer to Reduce
Cost of Production-Admlts
Competition Was Crushed.

Washington, June 1S.-That the iate
n q Hayemeyer, president OF the
American Sugar Refining company
exercised control over the company
while owning only 1000 shares OF
stock valued at 100000 out OF a
total of s9O,00O,000, was the statement
made before the house investigating
committee by +. +. Atkins, vice-presl-
dent and acting head of the corpora
ton.
Coupled with this statement was the
ruling of the committee that facts re-
garding which former officers OF the
company, including Charles X. HeiKe,
are under indictment, are essential 10
the present inquiry Therefore Mr..
Atkins was required to answer ques-
tons as to the American companys
attempts to acquire the Pennsylvania
Sugar Refining company at Philadel-
phia.
Guard Business Closely.
Mr. Atkins said that the operations
of the American company were closely
guarded until two years ago when
the New England stockholders com
bined and obtained control 1t was
then that the small size of Mr.. Have
meyers holdings was discovered and
proved a great surprise, according to
Mr.. Atkins.
Mr.. Atkins said the purpose OF the
formation of the American Sugar Re
fining company in 1887 was to put on
their feet a number of sugar refineries
that had been operating at loss. Inc
cost of production of refined sugar had
been so great, said Mr.. Atkins, that
it was believed a union Of refineries
would result in greatly reducing this
expense.
Did you expect through this means
to avoid some of the competition!
asked Chairman Hardwick.
We'll, suppose it had some effect
Of that kind
Counsel James NJ. Beck, for the
company. Intellectually appealed TO
the committee not to go into the Penn
sylvania deal on the ground that for
mer officers Of the company are await
ing trial in November on charge or
conspiracy to acquire the Pennsyl-
vania property and that their interests
would be prejudiced if the committee
prejudiced the case.
Get Little Information.
Mr.. Atkins testified he had no direct
lnln vdino tho pnnnsVlvqn
transaction, which he said, was nego-
tiated under the presidency Of Henry
o. Havemeyer He said he protested
years ago to Mr. Havemeyer against
the policy of the company acquiring
beet sugar plants. The company Of
flcials point out that the company has
undergone a thorough change Of man
agement and of policy since the Have
meyer regime.
Mr. Atkins testified that the Ameri-
can Beet Sugar company's stock is
scattered all over the globe, with 49,
359 stockholders in November, 1910.
The average individual holding of
stock was said to be less than fifty
SIlul tS anu IlIol Aish o,oVp phui =
holders own ten shares or under.
Mr.. Atkins submitted statement
to show tat during 1910 the company
manufactured slightly more than AZ
per cent. of the total consumption OF
sugar in the United States, while the
beet sugar companies manufactured
ID per cent. OF the twenty-one cane
sugar refneries in the United States
the refining company owns seven d.
rectly and through subsidiary com
panies, and has stock interest, less
than majority, in four. or the sixty
eight factories which produce beet
sugar the American company is inter
ested through stock ownership IL
thirty-three.
in 1900" the statement said, 'tht
American refined about 67.3 per cent
of the sugar consumed in the United
States, in 1909 only 1914 per cent