The Washington times., 1911-06-12
WOMEN INVEST
. SMALL SAVINGS
IN SUGAR STOCK
. Head of Trust Says That
- Small Fry" Like to
kfe Dabble.
Continued from First Page.)

a. SOAAphHy was nOlQluR y,
and acted as trustees" for the various
subsidiary companies.
Called Trustees.
From 1887 to 1891, said Mr.. Atkins
those comprising the Havemeyer Com
pany were called trustees" In tn,
lsst-nAmed year the American Sugar
( Refining was formed, and the trustee
stock was exchanged for corporate
stock.
why did you change the form of the
organization?" asked the chairman.
,,,"on advice of counsel. think" said
"And you exchanged stocks ceasing
. to be trustees" and becoming a cor
poTate American Sugar Refining Com
panyT,
. rs It not true" asked Mr.. Hardwick.
that only one sugar company-the Re-
vsremwas independent after the combine
II think there was another one at
New Orleans. / can't remember the
name" said Mr.. Atkins.
You can recall the name of but one
INDEPENDENT company. but lyou know
into the Havemeyer combination?
asked Mr.. Hardwick
Yes, / think that is about right"
"All of these companies had been COM
peting, had they not?'
II believe So" admitted Mr.. Atkins.
No Definite Details.
Mr. Atkins said he could give no
definite details as to capitalization of
the various companies. He said he es-
timated the Bay State Company prop
erty to be worth about $500, 0O0 but they
were paid about 100000 in stock for
it'in the combine. He doubted that the
Bay State would have sold out had it
not been for the bonus Of 100000.
The committee drew from the witness
that his stock in the American COM
pany is held in another persons name.
Why is the stock not in your name?"
asked Chairman Hardwick.
For personal reasons. was the re-
ply.
Mr.. Atkins could not name all the
companies taken into the Havemeyer
combine of 1887. Under the trust GER
tificate plan" he recalled, however, >that
there were taken in five Havemeyer
companies, the Elder Refining Company
Of New York. the Madison and Vickers
Refinery of Jersey City. the STANDARD.
Continental, Boston, and Bay State
refineries Of Boston: two or three small
. er New York refneries. Harrison, Fras-
er & Co., of Philadelphia: two Louisi-
ana companies, and a Portland, Nc,
concern.
rs it not a fact that the seventeen
companies brought into this combina-
ton in 1887 produced 80 per cent Of the
refined sugar I" the United States?"
asked Representative Madison.
Il cannot answer that" said Mr.. At
kins.
Thinks 1t Exaggeration.
isn't it also true" asked Representa-
tive Madison, that after the formation
OF the American Sugar Refining Com
pany, that combine controlled 98 per
cent of the buSinesS?''
81 cannot say. l think that is an ex-
aggeration," said Acting President At
kins.
Representative Madison asked a series
of questions attempting to have the
witness admit that the Havemeyer
combine was formed Ito eliminate COM
petition"
Mr. Atkins sidestepped any such broad
admission, but persisted in saying that
the combine was prompted Ito manu-
facture sugar more cheaply." He adj
mitted that the sugar refiners were en-
i Ssgeo In s"in0uS competition before
DO you mean to tell this committee
that this combine was not to eliminate
competitions"
The witness said that the cheaper pro.
duction of sugar was the main object.
You know that there were but
twenty-three refiners in the country at
this time" demonstrated Mr.. Madison. |
them. leaving but six Independent, and !
only two of the six were Of much size, |
and two others We're away out on the |
Pacific Coast. So il left but four COM |
Rockies to oppose the Havemeyer COM
bine."
Would Not Agree.
Mr.. Atkins would not agree with |
Representative Madison and other COM
mittee members that the competition
was inconsequential.
when your company-the Bay State
went into the combine did you know
the other sixteen refineries would en-
terri asked Representative Garrett.
The others had already signed said
Mr.. Atkins. II think they all signed
about the same time.
Referring to the old days of compe-
tition, Representative Kinds asked:
Before that time, 1887, did you have
reason to think that any of your COM
petitors secured railroad rebates?"
everybody got rebates in those days."
nd Mr.. Atkins. smiling.
when you say that the main object
of this combine was to cheaper cost OF
production you, speak only for your
self" asked Chairman Hardwick.
Yes"
You don't know what was in the
mind Of Henry o. Havemeyer?
mo"
He was the moving spirit, and he
might have thought of. throttling COM
petition?" continued Chairman Hard
wick.
He might have, but 1 don't think So"
ssid Mr.. Atkins.
Volunteers Information.
Mr.. Atkins volunteered that about six
years ago he heard Havemeyer wanted
to get control of the beet sugar in
dustry.
Il told Havemeyer l would take my
stock out IL he went into the beet sugar
deal" said Mr.. Atkins.
And what did Havemeyer say?"
asked Chairman Hardwick.
His reply was evasive," said Mr..
Atkins.
els the sugar business of the ccun-
try in such shape as to encourage
men who know about the business to
go back into it," asked Representa-
tive Kinds.
mot at the present time. The price
Is low, the margin of profit small and
the beet sugar people are competing
with us severely" said Mr.. Atkins.
The witness said the beet sugar
people produced about IA per cent of
the total output of refined sugar.
Mrs. Atkins said he had sold none
Of his stock since coming on the board
Of directors as the representative of
the New England stockholders of the
American Sugar Refining Company.
OF these New England holders Mr..
Atkins said ten thousand were wom-
IN. Mr.. Atkins could not expla4n why
20 many New Englanders are invest
.