The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-20
TARIFF 0E SUGAR
KEEPS UP TRUST
Continued from First Page.)
$500 -
row morning. He said he would have
the resolution found. II possible.
Where Stock Is Held.

row morning. He said he would hAw9
the resolution found. II possible. II
Where Stock Is Held.
Under an extended examinations D.
Representative Madison it was devel~
oped through Mr.. Thomas that ~
per cent. OF the total capital stock ~
100000 of the American Sugar
Refining Company is held In the Now
England States by about 10000 per-
sons. the majority of whom are wOs
men, that many shares are held BY
churches, charity organizations, mis-
sionary societies and clergymen. that
the total number OF stockholders ~
10000. and that the average holding
is about forty shares.
He said that as president OF the
company H. o. Havemeyer had re-
ceived a salary of 100000 a year,
while he received in that position only
$25, 900. He was now only chairman
of the board. he explained. the OF.
flee of president not having been filfs
ed at the last annual election in JanA
uary. lie declared that +. f. Atkins
now vice president of the corporation,
received no salary at all. although he
was one OF the most active officers Of
the concern.
Radical Changes
He denied that Mr. Atkins Ia ~
dominating in the affairs OF the trust
as II. o. Havemeyer was. 1t was fur
Their developed that since the death
OF Hayemeyer control of the company
has been switched from New York to
Boston. that of the old Havemeysr
directorate only two members remain.
ed-himself and Frazier, of PhiladeiA
! phia,--and that with the change OF
/ personnel in the directorate had come
la radical change of policy. Ono OF
the first acts OF tho new regime, the
witness testified, was the Inauguration
of policy of publicity. In the days
of HaVemeyer not even the stock.
holders were informed OF the com.
/ panys conduct or purposes.
| All the classes of stockholders you
have designated" suggested Repre-
sentative Madison. Including clerEy~
men, charity organizations. missions
airy societies and so forth were per~
fectly content as long as they receiv-
ed their dividends OF per cent reg<
lularly. with an occasional extra divtS
dend ?"
Yes" reluctantly replied Mr.. Tho
mas. that seems to have about been
the case"
How much OF real value Ia back
of each share of both the common
and preferred stock of your company
inquired Mr. Madison.
cents" assuringly responded Mr.. Tho
mas He added in reply to n request
of the committee, that he would have
a complete accounting of the corpora~
tons assets prepared in order to corr
froborate his statement. When thu
company was first organized 1t con-
tanned a great deal Of water. he said.
httt-this had ell been squeezed OUT
The company. he declared. proudly.
had hoatad hAnd
had II ever owed a debt.
Stock Issue An Outrage.
After subjecting Mr.. Thomas to 4
long line of questions pertaining to this
relations of the company with the
National Sugar Refining Company OF
New Jersey. and the issuance Of $1o.-
1000 900 OF common stock Of that con.
lcern to Henry o. Havemeyer as cons
lpensation for acquiring the property
Mr.. Madison made this assertion a. n
promise to another line of questions
on the subject:
TT seems inevitable that that fssuo
tof so. 000.0 600 Of stock. which was an
awful steal. will be cancelled. The
Ievidence before us shows that that
issue OF stock was the perpetration
lof an outrage"
In Mr.. Thomas testimony the day
before 1t was developed that the. suit
now pending In New Jersey to cancel
1.-The 100000 OF common stock
Igiven to Havemeyer and associates
was being financed by the sugar trusn
with the view of gaining absolute cons
troll OF the National by its owners
ship Of 81 per cent of the $40, 900. 000
, OF preferred.
You agree with me that IL you
win the suit in New Jersey the Ameri-
can Sugar Refining Company will cons
y troll the National outright. do you, Mr..
Thomas" asked Mr.. Madison. a
~ agree fully with what You have
said replied Havemever's successor.
After concluding the examination
of Mr., Thomas tomorrow morning
the committee win hear the testimony
of John E. Petersons
--- .as