New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-20
TWO SUGAR INQUIRIES ON
lanes H. Post Defends n. "
Havemeyer's Memory
CALLS PALMER "CUWAnO
Oliver Splitter, Before Ano'her
House Committee, Describes
Sugar Weighing Frauds

Washington June ia-Acknowiedsihs '""'
SO 10000 Of watered stock turned oNe' w
Henry o. Havemeyer. had hgureu u, '"o
formation of the National sugar rNe''''"e
Company. but caustically criticishs '"e"'
refners who laid all responsibility ior NV
amagamation OF the sugar industry on
dead man" James n. Post. president VI
the National company proved an UNUSUAL
~ frank witness before the HOUSE s"s"i
investigating committee to-day
Mr.. Post said that Lowell NJ. Palmer had
acted AS coward I'm seeking to place All
responsibility on Henry O. Havemeyer'
Other sugar officials who were the pe"e
fcaries of Mr.. TTayemeyers genius 9"
cording to the witness. are pursuing Tue
same tactics
In telling that 100000 in common STOCK.
with nothing back of it, had been issueu
when the National company was ioriheu'
Mr.. Post said that he presumed TINS stocA
ought to be called water" In the gen
eral acceptance of that term. The STOCK u
in Mr. Posts name. he testified. but he
turned the entire block over 10 MI fiaNe-
meyer ne soon as II was issued ana II
now belongs To the Iiavemeyer estate al
though Mr. Post controls 1t and docs not
vote IL I'm order to retain the ola haNe"el
er-Post board of directors. Mr.. fost SAIL
he failed 10 vote the common stock Only
last March in order that quorum rh'S"t
not be present at the directors meetlhs'
Two sugar inquiries were In progress
at the same time. for the House committee
OH Expenditures in the Treasury Depart
ment examined Oliver Splitter, former
dock superintendent for the American
Sugar Refining Company, with view 10
discovering the identity of the men higher
nm" I'm the perpetration OF the frauds.
Mr. Post was subjected to long and
severe examination as to his and Mr.
,Jovouever's connection with the formation
Of the National company. Representative
Madison complained that whenever 'he
committee had got down to something
witnesses frequently threw 1t OIL OH 10
Havemeyer"
His memory has been traduced py men
who would not have dared to nave dohe
so had he been alive" said Mr.. Post. MS
eyes flashing.
The defence was made after the Witness
had told OF the issuance to Mr. HaNemeSer
through Mr.. Post himself OF Slooo"'Vo Oh
the common stock of the National sugar
Refining Company without any money con-
sderation.
."There are some things ! cannot eA-
n,ain." said Mr.. Post. But | nave sue"
confidence I'm Mr.. Havemeyer that kno"
Ia uo,ld explain everything IL he were
here" .,o
penrosentative Madison referred 10 t'e
testimony given by Nice-President A'Ni"S
80 t,,o American Sugar Refining Company
and lowell NJ. Palmer former dlrec'o'
Of the company. NJ
10 said Mr.. Palmer had testified that MY
Havemeyer had organized the pee' s"e''.
rodncries and while he Palmer) was VA
tha directorate he did not have ahytn'h7
to do with II. ~,
..Vhat idea have YOU Of strong aple
man. as Mr.. Palmer is. who VIII say 'Iat.
exclaimed Mr.. Post, greatly eXcited. ZIG
is a coward"
a President Without Salary.
Mr. Iarkins. counsel for the witness
rolioved the situation by Directing TO the
limo of Investigation as beyond the author
itv NJ the committee. Chairman HardWick
disagreed, but the examination was ho'
messed further along this line as pleSr
dent of a 100000 sugar company LOT
eleven wears without ever having received
a pennv of salary. was the light III winch
AR Post appeared at the beginning OF the
afternoon session.
Representative Rakcr, OF California eA-
pressed surprise at the luck OF the Ma
tional Sugar Refining Company In having
q president without salary. His questions
Ied the witness TO repeat that II. ..
uavemeyer. about 1902. gave him 10000
of the common stock OF the National, pc
cause never received salary as president.
Mr. Post also said that Il. II. Howell
Son & GO. got commission of one-half
of one per cent for handling tine business
OF the National This amounted to anout
;92o eco A year As one Of the three
mariners i'm the firm, Mr. Post said he re-
ceived $1,000 to $4,000 out OF this $1,000.
Replving TO a rapid fire OF questions from
Representative Suffer- Mr. Post declared
that II. q. Havemeyer, although control
ling the American Sugar Refining Com
pany through his brains and high ability,
and although interested in the National
Sugar Refining Company, never suppressed
competition between them.
There was never any concert in the
MANAGEMENT of the two companies" said
Mr. Post Strange as it may seem, that is
/ true"
WHY wasn't there asked Mr.. Sulzer.
you'll have to ask the directors that"
Mr. Sulzer then took another line of ex-
animation.
you would have sold sugar much cheap
or IL YOU had not watered your stock he
inquired.
Mr.. Post objected to the use Of the word
"watercd" but said.
NO. Because the economies practlsed
nv the company have more than Offset the
dividends on the stock
Mr. Post. have YOU made any effort to
get back this 100000 of stock inquired
Representative Sulzer. referring again to
the stock Mr. Havemeyer obtained by the
q - - . - q = @ q
r. n q n e Fl "a