New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-16

do you know where the stock now is?'
"Why. I understand that $7.60O,OU
value OF It is in the Havemeyer family"
do you know whether any money or
other valuable consideration was ever
paid by Mr.. Havemeyer or members OF
his family for the issuing OF this stock?"
81 don't know anything about that
He agreed that the S10,00O.o0o might
have been promoters profits.
Mr.. MalSy, In connection with the dis
cussion Of the issuances OF the famous
10000, 900 common stock, asked about
the $50. OOo.O 900 issued by the American
Sugar Refining Company. Of which 1t had
been said only si2,oOO.Ooo had been used
in the purchase Of .plants.
Have you any knowledge Of what
became Of the ss.o0o,OOO not 80 used?'
inquired Mr.. Malby.
None whatever"
He believed the stock had been wa
tered, but how much he was not willing
to estimate
Another section Of the examination re-
lated TO tine beet sugar industry Mr..
Palmer was member OF committee
appointed to investigate beet sugar re-
fineries.
mr.. Willetts. representing trade
PAPER. made a trip through the West
explained Mr.. Palmer. and when he
came back he told me that the beet
sugar reinerIcs were making sugar at
less than we had thought they could.
l had MIN go the rext day TO talk with
Havemeyer. The result was the appoint
ment Of IA committee to buy"
Grounding Up" Beet Sugar Men.
Mr. Palmer added that Mr.. Wiletts
vas sent out to round up" the beet
sugar peopla. Mr.. Cutler came on from
Utah am as result Of the round up
the first purchase was made.
1T was 2 big question in those DAYS"
added Mr.. Palmer, whether we could get
the beets grown, and l was In favor OF
purchasing from the Mormons first be-
cause I thought that the Mormons could
control their people"
"Oh, there has been the statement that
there was an alliance between tho
American Sugar Refining Company and
the Mormon Church." said Judge Madi-
son. Tell us about that. Wasn't Cut
Ter a bishop or something in the Mormon
church,"
.! don't know We dealt with Mr..
Cutler. and he was q very nice man."
1--WE will believe that. Wasn't Joseph
F. Smith, the head Of the Church. con-
sulted?"
NO not that | know; we dealt With
Cutler"
The witness told of purchases in Colo
RADIO. Michigan and California, saying
that the refneries purchased were at
times competing with the American. but
that he went out of the company before
the consolidation of the beet sugar re-
fineries took place.
Representative Fordney asked Mr..
Palmer If the beet sugar industry could
survive without a protective tariff.
1T would be pretty close sailing" was
the reply.
Mr. Palmer took UP in detail the So
called Reilly letters which appeared
in a grand jury investigation in New
York.
"On occasion when rebates were being
given to others. Reilly. my subordinate,
generally got what was coming TO US,
he explained.
Heike Anglers Fordney.
Mr. Heike again exasperated the COM
mittee by his replies of II don't know.
The witness aroused the ire Of Repre-
sentative Fordney. stand patter," by
declaring that he was for free trade. A
heated argument ensued, the hearing
being suddenly resolved into a tariff de-
bate. Mr. Fordney asked Heke if he did
not think protection was necessary TO
keep the American sugar industry
going.