The searchlight. [volume] (Culbertson, Mont.) 1902-current, 1911-06-23
CLEANED UP HAlF-MIllION BY
SELLING CANE PLANT TO
FIRST TRUST
FOUGHT FOR EXISTANCE
Certain Agreement Abolished When
Penitentiary Menaeed.-woolen
Trust Is De.
PENDANT.

Washington, d. C.-The story of
the birth of the beet sugar industry in
America, its trials and temptations
ever since, and how the Oxnard Broth
ers were enriched by more than half
a million dollars profit through the
little transaction" Of selling their cane
sugar refinery in Brooklyn to the first
sugar trust" In 1887, were the fea-
lures in the testimony that Henry T.
vestigating committee.
Mr.. OXnard assigned as his reason
for attempting to introduce the max.
ing Of sugar from bcets in this couE-
try the sale to the trust" of his re-
finery at Brooklyn and his belief that
the introduction of the beet sugar in.
dustry would be profitable and patri-
otto" He described the building of
the first factories and then told the
story Of the organization of the Amer
lean Beet Sugar company.
OF that s20,0O0.O00 company he said,
the Oxnard Brothers at one time own.
ed 60 per cent, but now possess only
three per cent. He would not admit
that this stock was watered, testifying
that the valuation of the property was
about s12.000,000 while the preferred
stock today was worth about $1,000.
900 and the common about $500. 900.
He was unable to tell why the capital.
ization was fixed at 10000. 900. saying
that that was the bankers business. -
Admits Sharp Rivalry.
The relations Of the beet sugar in.
dustry. and particularly the American
Beet Sugar company with the Ameri
can Sugar Refining company was the
subject OF many questions.
Representative Madison asked Mr.
Oxnard IF in reality the American
Sugar Refining company had not tried
to use its power in 1901 to drive the
beet sugar refiners out OF business BY
unfair competition. that is. cutting
prices below cost IN the Missouri riv
er territory"
Al first the answer was indefinite
but finally the witness said: Il think
ii is fair presumption that II was de
signed to drive us out
Mr.. Oxnard said that the only time
the American Beet Sugar company hat
any agreement with the American Su
gar Refining company was in 1902
when the former became the "sellinl
agency" OF the latter. That contract
was cancelled. he said, when Wayne
MacVeagh. a lawyer, in 1906. gave an
opinion that IL would send them TO tn,
penitentiary II they continued II.
He protested against the reduction
of the tariff on raw sugar but added
that he would leave II to the ''refiners'
to fight for the duty on refined sugar
American Wooden Co. Defended.
Defense of the American Wooler
company. resolution for the investi
cation of which is pending. was made
In the house by Representative Weeks
Of Massachusetts, who declared that
the company could not be considered
a trust under any definition of monop
oily he had ever heard.
The wooden schedule occupied the
house all day. Representative Weeks
and Longworth were among those
who spoke against the bill. and Rep
resentatiyes Macon and Oldfield. both
of Arkansas. and Ayres of New York
for IT,
The American Wooden company
said Mr.. Weeks, ''in no way controls
more than 10 per cent of the indus,
try OF the country. II does not con
troll the price of wooden products in
this country nor the price Of the labor
employed by the industry. 1t has new,
er paid exorbitant profits. is not con.
trolled by millionaires and has never
sold its products abroad cheaper than
at home. The people are getting
the benefit of competition in the wool
en- industry"
Mr.. Weeks declared that the stock
of the company was distributed among
1850 holders. the average holding
being only sc shares.