Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-06-27

pany. In which he has trustee holdings.
more than 4OA00o shares are owned by
the sugar trust. Henry o. Havemeyer
experiments OF the Morrnons in the beet
sugar industry. and financed their enter
prises. which have been SUCCESSFUL.
Prophet Smith Examined.
DO you have any onicisi connection
with the Utah-Idaho Sugar Company"
asked Chairman Hardw1ck ut the outset
OF todays session
~ am president Of IRE company"
Prophet Smith replied.
do you own any stock7~
Yes. sir; own about 5000 shares In
dividually."
do you own any stock IN representa-
Eyes. + hold 4e.s15 shares for the
Church OF Jesus Christ and the Latter
Day Saints as trustee. The title - held
in trust"
DO you own any stock in tho Am
algamated Sugar Company OF OgdenT
asked Mr. Hardwick.
II think / own about seventy shares in
dividually and the church holds no stock
in that company that know Of" replied
Mr. Smith. He added that neither he nor
the church held any stock in the Lewiston
Sugar Company, which was organized by
Bishop Nibley.
How Church Became Interested.
President Smith related how tho church
became interested IN the Utah Sugar Com
pany.
The church was not interested in the
original Utah Sugar Company at flrst," he
said. MY recollection Is that company
was organized 10 build a beet sugar fac
tory under contract. Many people who
subscribed failed 10 pay for their stock
and the company was under bond to com
plete the work and was unable to do II.
Then the church was appealed to by the
stockholders to assist, which we did, to
the extent of $4,000. think"
did the church ever increase that
stock?"
mot in that company. but It increased
as the business was extended and new
factories were built"
Does the Utah-Idaho Company pay
dividends"
yes 1t pays per cent
How is that dividend used by the
church," :.
did the church ever go into partner
ship with Henry o. Havemeyer In this
sugar business"
'iThe church never did. but the stock
holders did. We were striving TO build
up the beet sugar business in Utah under
very great difficulties. We were anxious
TO obtain capital. We were given to I'M
derstand that Mr.. Havemeyer had offered
10 take an interest in our enterprise and
!. as one OF the stockholders was very
glad to hear Of his offer. which eventually
was accepted. / was willing to sell my
portion OF the stock to help make UP the
half interest to the Havemeyers."
Not in Competition.
Before the Utah Company combined
with Havemeyer." Mr.. Hardwick asked,
was it not in competition with the
American Sugar Refining Company"
Not in Utah.
Didn't the Utah Sugar Company sell
sugar elsewhere than the state?'
Yes. but only in nearby territory"
How was the deal with Havemeyer
approved?"
THE matter was presented to the board
OF directors and they agreed to sell half
the stock
Eat that time did the church take le-
gal advice as to whether the combina- |
tion with NJ Havemeyer was lawful or
unlawful
THE church didn't but the company |
consulted its attorneys. I think, as to
the legality Of the deal l am not sure |
II that. but reasonably certain that 1t
was done The church itself has moth |
ing to do with the business investments |
or holdings It's business holdings are |
looked after by me as trustee and do |
the best / can. The church itself takes |
no part