The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1911-06-16

l..
ne thought he could get along with
searles and Theodore, but he was
not so sure about H. o. | told him
that H. o. was the best man of the
three, Finally he came in"
Did H. o. tell you what the OBJ
ject to the combination was?,
He never TAXED much" +"
Judge Madison questioned the wit
ness concerning the formation of the
NNational Sugar Refining Company
Of New Jersey.
1T was organized to buy four com
panles," said the witness. "Mr.
Havemeyer told me he had organized
It with his own money and little he
had got from the National City
Bank
Were not these companies com
peting?r
Yes, | think they were"
AhS niehSSo Sdlu l. ne american
Company procured majority of the
preferred stock of National, but
when the question of the legality OF
common stock of the National came
up, the witness said that there he
and H. o. Havemeyer broke.
"Havemeyer brought up before the
board of directors of the American
the question OF the purchase OF the
common stock of the National and
said he could not vote for the pur-
chase because he was interested in
the stock" sad Mr.. Palmer.
Il was not a factor of the pur-
chase. We never had much to do
with one another after that.
Representative Malby wanted to
know if the common stock of the
National was issued at the same time
the preferred was.
Il do not know anything about that,
except what Mr.. Havemeyer told
me-"
What did he tell your"
Il asked him what had been done
with the common stock and he re-
piled that it was in the hands OF
friends and he would see me later
about it.
Then you didn't have any infor-
nation or knowledge as how Mr..
Havemeyer acquired it?''
mo, sir. !"
Congressman Malby in connection
with the discussion of the issuance OF
the famous s1O,000,O0O common
stock, asked about the issuance of
the $50,000,000 of stock by the Ameri-
can Sugar Refining Company, OF
which It had been said only $4,000
900 had been used in the purchase
of plants.
Have ECU any knowledge of what
became of the $S,000,000 not so
used?" inquired Mr.. Malby.
"None whatever.
The witress said he believed the
stock had been watered but how much
ne was not willing to estimate.
Another section OF the explanation
related to beet sugar industry. Mr..
Palmer was member of an American
Sugar Company committee appointed
to investigate beet sugar reflneries.
"Mr. Willets, representing a trade
paper, made trip through the west,
exclaimed Mr.. Palmer, "and when he
came back he told me the beet SUI
gar refineries were making sugar at
| less than we had thought they could.
| | had him go next day to talk to Mr..
Havemeyer The result was the ap-
poIntment of committee to buy"
Mr.. Palmer added that Mr.. Wniets
was sent out to "round up the beet
sugar people. Mr.. Cutter came on
from Utah and as result of the
round up" the first purchase was
made.
"It was a lie question in those
days. added Mr. Palmer, whether
| we could get the beets grown and
was in favor of purchasing from the
Motmons first because thought the
lMormons ccula control their people. :
"Oh. there has been the statemeT
THAT there was an alliance between
he American Sugar Refining Com
oany aai the Mormon church" said
Judge Madison, tell us about that.
Wasn't Gutter bishop or something
I'm the Mtrnon church,
Il don't know
I'VE will be ieve that. Wasn't JOS
,nh Smith. head Of the church con-
sulted"
"No. not that know of. we dealt
with Cutler"
TIE witness told of purchases ~
Colorado, Michigan and California.
olac