The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-20

cheaper # you had not watered your
stock?'' he inquired.
word ''watered," but to the question
said:
Says Economies Offset Dividends.
mo Because the economies practiced
by the company have more than offset
the dividends on the stock.
to get back these slo.Ooo.oo0 OF stock?''
inquired Mr. Sulzer. referring again to
the stock Havemeyeri obtained by the
organization OF the National Sugar Re
president.
There was no reason why / ought. ="
reioined Mr. Post
Mr.. Raker asked the witness II he
meant to say that these corporations
were organized on behalf OF the people
Of the country
Il think they shared in the profits,
explained Mr.. Post.
LAS matter Of fact. the American Su-
gar REFINING company was emitted TO the
common stock" suggested Chairman
HardwicE. for il was its money that was
used to buy the stock on which you as
agent for Havemeyer had taken UP the
options or the stock in the three compa-
niles. wasn't IT."
The American Sugar company did not
want It, was the response.
The committee asked how III. O. Have
meyer got possession of the stock,
II sent i TO him a few days after I
received il" replied Mr.. Post.
In response TO Representative Madison S
questions Mr. Post said that after the or
company the board OF directors issued S..
100000 preferred stock TO take up the
stock on which he held options, and then
Issued the 0.000 600 common stock TO
himself.
Such Transactions Common.
The issuance OF common stock under
such circumstances was common in those
DAYS" said Mr. Post
Didn't you really. as holder. of the op-
tons go 10 Yourself as president OF the
new COMPANY and agree to issue yourself
10000. .OoO?' inquired Mr.. Madison.
Mr. Posts attorney interrupted TO COM
to the witness.
NO. sir; I went to the board OF di-
rectors. responded Mr.. Post.
We'll. didn't YOU control the board Of
directors"
"Proba bly,
And all this had been planned by Mr.
Havelneeyer and yourself long in ad-
vance,"
I'VE had talked 1t over"
About two years after Mr. Post and
turned the stock over to Mr.: Hsayyesmeyer
Of the stock according TO the testimony
today.
man Hardwick
Mr., Havemeyer gave it to me"
Wasn't 1t for organizing the Ma
IAN know is what Mr.. Havemeyer
said He said II was for serving as presi-
dent Of the National without salary"
Mr. Post warmly defended Mr.. Have
MEYER. who died several years ago He
said that witnesses who swore Have :
never knew OF the customs frauds were
lying.
stoop to such small things declared Mr.
Post.
Sugar Weighing Frauds
| In the other sugar hearings OF the day
the committee on expenditures in the
| treasury department began work with a
| In the American Sugar Refining com
| pany with the sugar weighing frauds
against the government for which en-
poyees OF the corporation were con-
victed
| Oliver Splitter, the company's dock su
rerintendent related the history Of the
sugar weighing frauds. describing dis
honest weighing schemes employed on the
sugar docks as far back 1885. He said
The only officials he remembered talking
to about the frauds In late years were
| superintendents and inspectors
Mr.. Splitter told the committee, how
ever. that he had talked TO John Thomp-
son. one OF the refining company's in
voice inspectors
Thompson had told him. Spitzer said
| Thompson told me he had been talking
to Henry O.. Havemeyer, president OF the
company. about the weights He said
Havemeyer told him never to write any any
more letters when he wanted to say any
| thing or inquire about sugar weights.
Havemeyer. he said. told him ne should
telephone about all such matters"
| Did Thompson tell you why Have
meyer told him not to correspond about
the welghts?'
been an understanding. The company
knows what weights they were paying
| customs duties on
/ Tha ri .fr1 = S;l