New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-22
OWNS BEET SUGAR STOCK
American Large Holder of MiChI-
gan Shares.
HAVEMEYER WAS BIG BUYER
Son Favors Federal Regulation
OF Big Concerns, and Says
Trusts Are Beneficial.
From Tho Tribune Rureau.1

Washington. June H.-Horace H. Have
meyer only son OF the late Henry O.
lfavemeyer, the genius behind the ANAL
gamation OF the sugar industries OF the
country, concluded his testimony before
the House committee investigating the AL
legged Sugar Trust to-day declaring for gov
ornamental regulation OF corporations ana
again stating his belief that trusts are OF
advantage both to their stockholders and
TO the consumer
Young Havemeyer furnished little infor-
nation as 10 the formation of the Amori-
can Sugar Refining Company and the Ma
tional Sugar Refining Company, because.
as he explained, that happened before
my time"
Charles p. Warren. president Of the
Michigan Sugar Company. furnished n
mass Of technical information es to the
growth Of the beet sugar industry.
MIR. Warren declared that tho American
Sugar Refining Company owns 81 per cent
OF the common stock and ~ per cent OF
the preferred stock OF the Michigan Sugar
Refining Company. n beet sugar corpora
ton. controlling six refncries in Michigan.
The Michigan company was organized
In 1906. according TO Mr.. Warren, six in
dependent companies having been amaiga-
mated with a capitalization OF about 81, 0o)
c0 issued and an authorized capital Of
sl2,ONOO. Henry o. Havemeyer was IN
terested In acquiring large blocks Of shares
Of stock in the Independent companies be-
FORE the formation OF the company. he
said, but the controlling interest always
has remained with the Michigan investors.
who still hold 63 per cent Of the common
stock
Did YOU represent the American Sugar
Refining Company or Henry o. Havemeyer
In seeking 10 bring about a consolidation
OF tho independent beet sugar companies
OF Michigan I'm 1862" asked Chairman
Hardwick
"All OF these companes-the Alma, Sebe-
WANG. Bay City. Sanlac, Saginaw Valley.
Peninsular and Tawas sugar companies
sought to have outside capital brought into
Michigan for their benefit" said Mr.. War.
rem. They approached Mr. Havemeyer or
cept one. and those interests paid par for
all the stock purchased.
Did you advise Mr.. Havemeyer in the
negotistions?'
Yes, I advised him as TO the condition OF
the companies and matters Of that kind"
did you ever advise him as to whether
or not the efforts Of the American Sugar
Refining Company In that matter might be
involved az violations of the Sherman anti
trust law?'
NO, never did anything for the Ameri-
can Sugar Refining Company outside the
State Of Michigan. and had nothing 10 do
except as I have described. I held the
stock In some OF these companies for Mr..
Havemeyer and his associates"
The admission by officers of the Michigan
company that the Sugar Trust controlled
81 per cent Of their stock, 1t was pointed
out to-day. by members OF the committee.
Is In contradiction to statements made by
representatives Of that company before the
WAYS and Means Committee of the House
two years ago. 1t was then maintained
that the American Sugar Refining Company
had no interest IN the Michigan Beet Sugar
Corporation.
Mr. Warren also testified that Arthur
Bonner and Charles x. Heike. formerly of
the American Sugar Refining Company, ac-
curnulated approximately 33,0oo shares of
stock In the Michigan beet sugar compa-
MES which were merged in the Michigan