The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-13

and to make possible the economical pro-
ducton Of refined sugar
Sir Atkins answered the last PROPOSE
tion in the affirmative. but continued to
insist that the desire Of the refiners TO
produce their product economically. and
no, the idea Of eliminating all competi-
ton was the principal object involved
in the formation Of the original coinbina-
ton
In view Of the fact that in 1887 seven-
teen e tn. tw.nty-three refining con-
Germs then in existence formed the Sugar
Refnorie- Company led Judge Madison
to ask the witness IL these seventeen did
not produce 30 per cent Of the refined
sugar a, that time MIR Atkins replied
that he did not know. Then Judge Madison
asked him IL the American Sugar Refining
Company did not control 9s per cent. Of
the output and received the same reply.
In reply 10 questions put 10y Representa-
tive Malby Of New York Republican.
Mr.. Atkins said that John T.. Searles had
charge Of the work Of forming the trust
agreement MIR Atkins said he entered
the agreement reluctantly His father
also looked askance upon the agreement.
as he preferred to continue his business
along independent lines.
Can you give the percentage of refined
sugar which the consolidation controlled?'
Il cannot" replied the witness.
The preferred stock Of the consolidation.
the witness said. paid per cent. Prior
to his election a. ce-president and acting
president two years ago Mr.. Atkins knew
very little about the administration Of
American Sugar. He had sought infor-
nation on this subject but it had been
withheld. Mr.. Atkins said he accepted
an Office in the company at the instance
Of New England stool kholders.
Mr.. Atkins was asked whether the Bay
State refinery received rebates from the
railroads. The witness smiled
Everybody got rebates in those days
he replied Il am speaking OF conditions
thirty and thirty five years ago.
did the prospective formation Of this
great sugar company strike You as for
midable proposition in the event that
you remained outsider" The witness
however, that he entered the combination
through fear Of destructive competition.
II his concern and two or three others
had refused to join the trust the new com
bination would not have been formed.
Asked il the trist was not formed tn
increase prices. the witness replied that
the records would show that theiprces Of
the refined sugar had declined. He
denied that the drop in price had been
effected hy improved processes of manu-
facture. Discussing tho Havemeyer poll
cies Mr.. Atkins said he asked Mr.. Have
never six or seven years ago whether IL
was TO be his policyto build up the business
a. the ex pense of the refining branch of
the business.
what was his reply'" asked Chairman
Hsrdwick
-He was evasve.- the witness replied.
The witness told the committee that Of
the time Of his death Mr.. Haveneyer
owned only 1000 shares of Sugar stock
kline said. that Havemeyer owned the
greater part OF the concern
Mr.. Atkins testified that an examina-
ton he made Of the company's books
showed that 8a per cent of its stock
was held in New England New England
interests, he testified. had come into con-
troll Of the companys affairs since jam
ary, 1910 They are represented on the
board by Messrs. Carr. Thomas. Mars'on.
Allen and Atkins. constituting "A majority
OF the board Of nine.
The witness told the committee that
about 1900 persons hold stock in the
company. The average number held by
each person is forty-three shares ot
the nearly O.OnO shareholders. Mr. Atkins
testified that less than dozen are familiar
with the sugar business
what induced these people who are
unfamiliar with the sugar business 10
make these invest ments.-
people eeem TO make investments ir
propositions they know nothing about.
Mr. Atkins replied There is someth thinl
Of romance about il An Engli-hma'
will invest in South Africa Another
thing to be counted il that the New Eng
land people had great faith in Mr. Thoma'
and others identified with the company
affairs"
Questions hy Representative Madison
brought n statement from Mr. Atkins thai
the earnings Of III. coinplnv last wear
paid less than half the dividends. The
remainder was supplied 10y funds com
ing from "other investments Diri-
dends were paid last year aggrega'ml
50. 800. coo.
ITO what extent do YOU hold rroxie,
Of stockholders of the American Sugar
Refining Company" Mr. Atkins wa.
asked He said H. did not hold a singl,
proxy The directors. he said had IL
trouble getting proxies before elections
Explaining that the stockholders wantet
change in the administration of m
COMPANY Mr.. Atkins testified that th'
demand for the elimination OF the Have
never influence was strong and persistent
-The stockholders =" he said. were thrown
into panic by the attacks Of newspaper
on the Havemeyer management and II
methods
MIR Atkins said he went into the com
pany directorate to look ont for the in
terests Of Others n" was serving with
out paw Il had nothing 10 gain bv goin
into this fight" he said; Il could ea-il
have disposed Of my holdings in the com
pany
r. II DnST snSES SIIT