The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-06-21
HAvENEYER'S
ACT WASONEOF
PHILANTHROPY
SON OF THE LATE SUGAR KING
TELLS COMMITTEE THAT HIS
FATHER HAD THE CHANCE TO
"BUsT" AL OF THE REFINERIEs
BUT HE TOOK THEM INTO THE
SUGAR TRUST AND SAVED
THEIR PROPERTY FOR THEM.
BY Associated Press.

Washington, June 20.-The consoli-
dation of TIE National, New York and
Yonkers refining companies into the
National Sugar Refining Company of
New Jersey in 1900, effected by the late
II. o. HaSemeyer, president of the
American Bugar Refining Company,
was as IAN act OF philanthropy" &C
cording to his son. Horace Havemeyer,
who testified today before the house
investigating committee. He will con-
tinue his story of the sugar corpora
tion's coups tomorrow.
He said his father saw that the
three companies were practically
busted" and about on their last legs, %
and 'he saw himself in position
where he could either bust up all these
fellows or take all in and he took all
in" The witness said the purpose OF
his father was to preserve the prop
critics of stockholders and make their
business success
He said he thought his fathers orig
inal intention was to sell his SIC, 900, 900
National common stock to the Arneri-
can, making it part of the American,
but he was advised by counsel that it
was improper or illegal. He said he
thought his father sold his small hold
ings in the American Sugar Company
to stop set of spectators from put
ting up the stock where 1t was bound
to result in a terrible break in the
market and injure people entitled to
protection.
WILL FIGHT TRUST.
With all the frankness Of youth,
young Havemeyer told the committee
Of his plans to fight the socalled trust
his father built. Incidentally young
Havemeyer defended every action of
his father and declared his belief that
industrial advancement was due to the
trusts"
Mr.. Havemeyer declared it as his
belief that his father acted purely from
philanthropic motives in organizing the
first sugar combination in 1887.
The witness said he had been en-
gagged in the sugar business for a num-
Der of years, having for two years
worked for his fathers company with
out salary. In declaring that H. O.
Havemeyer held very little stock in the
American company at the time he con-
trolled It, the witness said his fathers
holdings were only S21 $40 shares OF
preferred stock and 1876 shares of COM
mon.
He estimated that the par value OF
the stock in the beet sugar industry
now held by the family at $40, ,604 900.
His retirement from the directorate
of the American Sugar Refining Com
pany was explained by young Have
meyer at the request of Chairman
Hardwick.
'1 wanted to take an active interest
in the National Sugar Refining Com
pany I wanted to make a career fol
myself" said Mr.. Havemeyer.
Mr.. Havemeyer said he did not gel
very far in his plans about the Ma
| tional, because the American Sugar
Refining Company notified Mr.. Posi-
| that il would hold him personally re-
sponsible If he transferred to Have
meyer the 100000 worth of common
stock of the National which had stood
| in Posts name for the Havemeyer es.
| tate since its issuance and by which
Havemeyer would have controlled tn,
National The transfer of the stool
and it's legality is still a subject of liti-
CATION.
| 1T is my intention If we win tha-
| litigation to make the National Sugar
| Refining Company a real competitor O.
| the American Sugar Refining Com.
pany," said Mr.. Havemeyer. 'I hav,
no interest in the American and NJ
| svmpathy with it,