The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-21
PARSONS CAN SEE
Jh|LS FOR THEM

unllU Ull lHlW
Continued from First Page
many Han in instituting that pro
eeeding%" inquired Mr. Garretn
"Dh, I think everybody under
stands that answered Mr. Parsons
II you will read the platforms Of the
political parties in this State you will
understand 1t all. IL is a matter of
political history. don't believe in
those things. and that is why / cant
belong 10 the party | want 10 belong
to-
MIR Parsons describes himself as an
old school Democrat. For many years
he was conspicuously identified with
that party. Like so many other
Democrats of his charter. he boited
the nomination OF Bryan in 1895.
and has generally co-operated with
the Republicans since then,
In other words you believe In
them" suggested Representative
Jacoway, of Arkansas.
hats 1t, promptly responded the
veteran corporation lawyer. Il want
TO say though, che added, that
Tammany Hall brought that test suit
in a way that would harm no one
When l see how things are done now
adays-~indictments brought and men
damned without excuse--I ahve the
utmost respect for Tammany Hall"
Mr. Parsons could not tell much
about how the values OF the proper
ties taken into the combination were
fixed. All Of this. he said. was done
by fiavemeyer and SearIes for the
! trust aud the owners of the plants
/ bought out. Later on in his testi-
/ many he xfrougIy tho
/ tice of paying in the stock of the
| mbination prices far in advance
/ Of the brick and mortar" value, or
! the physical valuation.
Suppose" inquired Representative
1 Iacoway. while MIR. Parsons WAS des-
canting upon the general subject OF
bonuses given in stock to the owners
| of independent properties merged
| into com binations, Il should organize
a company with n capitalization of
| one hundred Thousand dollars officer
ed 1t efficiently and had good pros
| poets of successful career. how
much stock would / be warranted In
issuing. from your viewpoint"
100000 Up to 81, 200, 900.
Quicker than it takes to tell IT.
Mr.. Parson replied cody:
II think YOU would be warranted
in issuing about two million dollars
! in stock on taht capitalization and on
that character of company"
lie then discoursed volubly on the
general subject of capitalization. He
did not believe much in the theory
OF oVer-capitalization or water"
There was very little oyer-capitali.
cation. he declared.
Mr.. Parsons welded vigorously tht
cudles in defense OF agreement be
the sugar trust By the terms of tin.
contract the sugar trust became tn,
sales agent for the beet sugar trus
and divided the country with it!
weste rE rival. The sugar trusts wa
! 10 receive a quarter of a cent n pount
on ALI beet sugar sold and the bee
sugar trust was excluded wholly from
New England.
1t was eilrited from MIR. Parson
that after Wayne MacVeagh. an eN
Acknowledgement of the United States
had advised as special counsel of tn
beet sugar trust. that the agreemen
was a criminal violation OF the Sher
man act and that everybody part
TO 1t was liable To serve term In tn
| penitentiary unless the contract wa
immediately abrogated, abe beet suga
people refused TO pay the sugar trus
for acting as It's sales agent
Would sue Beet sugar.
If | were still counsel OF IN
American Sugar Refining Company,
declared Mr. Parsons. i should in
sist upon suit being brought agains
the beet sugar people for the pa
owing US az sales agent for ] an
confident that contract was perfect
: legal and sound in every way.
II was not contract in restrain
Of interstate trade and commerce.
would be willing to take my chanee
on that question in any court es
/ pecialty since the supreme courts de
/ cisions in the STANDARD oI ana ~
/ bacco Trust cases,
Mr. parsons asserted that he ha'
read with great interest the state
, rnant of Il, H. Gary. chairman or IN
. United States steel Corporation. DE
fore the Stanley investigating com
mittee at Washington, that the gov
ernment ought to regulate the price
. Of steel and other commodities Jus
as it, regulates the prices OF rallroa
tariffs.
.Hecause Of the peculiar relation
of the railroads to the pubic ana o
, the steel trust TO the railroads. SAL
Mr.. Parsons. "f am inclined TO asre
ui,h Judga Gary that the government
might win peheiit oo,i' :" ~ -
: }ic. the railroads and the steel com
, pany. fix the prices or steel ram
hut / am decidedly opposed 10 eA
tending tfSs principle tn sugar en-
. other ike commodities OF daily con
. sumption by the people. Should TN
, government undertake TO regulat
l nrtces there would imm ediately ensu
the greatest disaster in the histor
NJ the country. Business could no
Z he done under such a system. Ther
, would not be tails enough in tn
r country 10 hold the business men ar
I rested for violating the laws passe
0 to enforce the system.
!
F., MATT WELLS HAS SHADE
y vNIft xyyIA