Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-07-20
The S35,OOO,0O0 Worth of
Property Thus Acquired
Must Have Been Quietly Sc
cured by Mr.. Havemeyer,
Witness Admits That His Family
Controls About $1,000 Shares.

New York. July 19-Although the
minutes of the meeting of the board
OF directors of the American Sugar Re-
fining Co show that Washington B.
Thomas, the present chairman of the
board. was elected a member of a spe-
cial committee with Mr.. Havemeyer
and Mr.. Senff to acquire beet sugar re-
ffneries. Mr.. Thomas testified today
before the special Congressional COM
mittee which is investigating the So
called Sugar Trust that he did not
know anything about it until he read
of it in the government report at
Washington a few days ago
Didn't Mr.. Havemeyer notify you
that you were member of the COM
mittee to purchase Independent beet
sugar interests throughout the coun-
try" Chairman Hardwick of Georgia
asked him.
Not that | remember"
As a member of such committee did
you ever participate in the purchase
of such interests"
/ don't think So"
Mr.. Havemeyer bought them him
self and never told YOU"
He was a very reticent man."
But the records show that you as
a member of the committee. Joined in
the s25.o00,000 of purchases of indie
pendents"
have no recollection of it. Mr..
Havemeyer always attended to these
matters alone and never consulted any
one"
Besides many other interesting
matters revealed. Mr.. Thomas ex
planned his financial interest in the
american Sugar Refining Co. After
much pressure he said that his stock
IN TIE company amounted to about
1000 shares with a book value of
about S375000 and that the holdings
of the members of his family. in
Guiding his own. were between Is 900
ana 10000 shares. with value of be-
tween a,s0o,00o and $1,000. 900. When
MIR. Hayemeyer died he had only
about 135 shares of stock. but for
many years he had thoroughly DOM
mated the company. the witness said
Although Mr.. Thomas admitted ves-
terday that there might be Water"
N the conipanys stock. he insisted
today that there was no water. but
that the ss0.000,B0) in stock was rep
resented by real property with a book
value of S132 for every 800 shares of
stock
Chairman Hardwick said he would
not accept the company's book value
as correct. Anybody can figure book
value he said; What | want is
actual value by unprecedented agur-
ers. and it was limited that the com
mittee would endeavor to arrive at
such valuation by the employment
OF experts to appraise the value of the
property.
New York. July 19.-More secrets of
the American Sugar Refining Co.
known as the Sugar Trust were ex-
pected to develop today when Wash
lhgton B. Thomas, chairman of the
BOARD OF directors, resumed the stand
at the second day.
before Congressman Sulzer started
10 question Mr. Thomas Chairman
Hardwick announced the appointment
or subcommittee, composed of Rep
resentatives Sulzer. Malbv. Jacowav
and Kinds, with authority to examine
all of the books. records and CORE
sponoence OF the American Sugar Re
filming Co wherever located 10 visit
any plants of refineries and to employ
and to report to the whole COMMITTEES
Mr.. Sulzer got Mr.. Thomas first 10
say that this country could manufac-
ture sugar as cheaply or nearly so as
any other country.
Then who do we in this conntrv
have to pay more for sugar than the
people of England?"
Because of the duty we have To
pay" said Mr.. Thomas.
Then if the tariff on sugar were To
be removed we would have chesner
sugar in this country"
Il think So
Mr.. Thomas said the American made
less than so per cent of the sugar in this
country He did not consider his com.
pany a monopoly.
Rep. Jacoway asked Mr. Thomas WHY
the American increased its capital from
s75.000.0o0 to s90,00000o.
ITO take an interest in about 80 beet
sugar refneries.' was the reply
Mr., Thomas said that the work of &C.
curing the beet sugar interests was done
exclusively by Fl. Q. Havemeyer. who
was not in the habit of consulting anyone
else about it.
Continued on Page TwelYe)