Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1911-06-16
0XNARD MADE
HALF MILLION
Single Transaction Melted
Him Two Hundred Fifty
Per Cent
CUT THROAT COMPETITION
1t Threatened Beet Industry
With Extinction in the
Early Days.

(By Special Leased Wire to New Mexican)
Washington, June 1G.-Half a mil.
} hon dollars profit was garnered by
the Oxnard Brothers almost over
night when they put their Brooklyn
sugar refinery, valued at 100000 in
TO the sugar trust of 1887 accord.
ing TO the testimony of Henry T. Ok
nard, vice president of the American
Beet Sugar Company, before the
house sugar trust investigating
committee today. Had the Oxnards
held trust" certificates until TODAY.
the witness said. the deal would have
netted them 100000, besides the div
idends on the certificates. They sold
the certificates two years after they
received them for $750,O00.
We were rather glad 10 sell out
| said Mr.. Oxnard. Cut throat compe.
tition existed in those days and un-
less the beet sugar business turned
out as we thought it would, it was 4
little doubtful about our keeping 20.
ing
The witness said the capitalization
of the Brooklyn factory was only
100000 but that the plant was worth
100000.
You would have been satisfied to
get out what you had just put into
it, wouldn't you?" asked Chairman
| Hardwick
Well. don't know" was the re-
sponse.
"On this little transaction you
cleaned up half a million. Now.
how much water was in the other
deals. How much did Captain Thom-
as maker"
Il do not know. We were prob
ably treated little better than the
others
Why? They wanted the name,7 said
Mr.. Oxnard
They really bought out the Oxnard
Brothers. He said he did not stay
with the trust" but went abroad
and after studying the beet sugar in.
dustry in Europe returned to America
to engage in that business in earnest
opposition to the trust
Cutting Declared Contract Illegal.
| Washington, June 16.-Mr. Oxnard
explained that he and his brothers
Rlobert, Benjamin and James G.
were interested in the American Beet
Sugar Company. but at present they
! owned only about 1000 shares of pre-
ferred and 500 to 1000 shares of
| common stock
There had been big tariff on
sugar for twenty-five or thirty years."
explained Mr.. Oxnard. Il thought it
would be profitable and patriotic to
introduce the beet business into this
country
The witness said the American
Feet Sugar Company had never had
any connection with the American
Sugar Refining Company, except a
contract in 1902 under which the lat
ter became the selling agency of
the former. The witness said the con-
tract was in existence only three
years although it was to run ten
wears
Chairman Hardwick wanted to
know why the contract was abandon.
ed. Il ceased to be president in
1906" said Mr.. Oxnard. MY brother
succeeded me and Duvall came on
the board. The colonel was familiar
with the railroads and the Sherman
law. He said, here this violates the
Sherman antitrust law!"
Il told him the lawyers said It was
all right; that John E. Parsons, of
the American Sugar Refining Com.
pany had said it was legal"
He asked if would object to his
friend Wayne MacVeagh looking at it.
Mr.. MacVeagh said it was illegal. So
Mr. Cutting went to H. o. Havemeyer
of the American Sugar Refining Com.
pany and told him the contract was
illegal. He wanted it to be continued
the year. Mr. Cutting said: mo, this
contract ends today" So that was
amen, and the thing was dead from
that day.
After a long discussion of the beet
sugar industry and the tariff on raw
and refined sugar, Mr.. Oxnard asked
to be allowed to make statement
quite little has been said about
the trust controlling the beet sugar
refneries," he said. ''The trust does
not control all told more than 20 per
cent of the beet sugar industry and
the beet sugar people compete with
the output of the other refining COM
panies. There is no such thing as
restraint Of trade between the beeN
sugar people and the other people.
81 think you should give the devil
his dues. II the trust had not gone
into the beet sugar business in this
country, the industry would not have
advanced as it has. 1t had the money