The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-21
Horace Havemeyer Says He
Will Battle With Insti-
tuition Built Up by
Father.
TESTIFIES WITH THE
CANDOR OF YOUTH
At the Same Time Young
Man Vigorously Defends
Every Action of His
Parent.

TAT ASHINGToN. June 2o.-with al
NM the frankness OF youth Horace
WV Havemeyer. the twenty FIVE
year-old son of the late sugar
king. H. 0. Havemeyer. today
TOLD the house sugar trust" Investigating
committee Of his plans 10 fight the So
Ssnte,,,, Ss11se trus, his father buill up. Incl
action OF his father and scored those to-
cay who would condemn him.
IN brief. the plan of Mr.. Havemeyer is
10 procure from the courts the right 10
vote the $4,000 900 worth OF common
stock in the National Suger Refining COM
PenS now IN the name Of james H. Post.
puy enough OF the preferred stock of that
company 10 make majority interest.
and then manage the company in opposi
1lon TO the American Sugar Refining com
pany I want 10 make a career for my
self, declared the young millionaire. Il
have no interest In the American and no
sympathy with those who are running II
Mr. Havenleyer declared it his belief
that his father acted from philanthropic
mnotiyes IN organizing the first sugar COM
said. that the companies would either
go busted or be taken into combine"
The reason his father sold his holdings
when he was president was because he
did not want anyone 10 say he was man
aging the American for his personal bene
Mt. Young Havemeyer said his mother
told him this was his fathers Idea.
About the only persons father talked
affairs with were my mother or my aunt
once mani think his name was White
said father was managing the company
for his personal benefit II made him
so sick he decided to get rid of his stock.
He had been getting 100000 salary as
ever succeeded in running the American
and they have not had one Ike him
SINCE"
ton OF three companies into the National
Sugar Refining company had the effect
of increasing trade.
And decreasing conlpetition?" suggest
ed Chairman Hardwick
NO" corrected Mr. Havemeyer THE
production of the National has been 100
per cent greater than that of the three
''oh. will admit that competition was
reduced" added the witness a moment
properties were put upon their feet and
msde able TO compete harder with out
side companies"
In declaring that Fl. O. Havemeyer held
very little stock IN the American Sugar
company at the time he controlled IT, the
witness said his fathers holdings were
only s2l $40 shares OF preferred, stock
and 136 shares OF the common stock.
He estimated the par value OF the stock
the family at SO. .604 900
Has the holding been reduced materi-
ally since your fathers death?" asked
Chairman Hardwick
mo. not materially. It has been de-
creased about million dollars
His retirement from the directorate of
the American Sugar Refining company
was explained by young Havemeyer at the
request of Chairman Hardwfck
II went west on trip and when I
returned said Mr.. Havemeyer Il had
made up my mind that I wanted to take
an active interest in the National Sugar
Refining company. I wanted to make a
career for myself along that line.
IT went to Mr.. Thomas. who was then
the head of the American company. and
told him of my plans and notified him
that on January l, 1911. ] intended TO re-
tire from the directorate OF the American
Sugar Refining company.
Then, more as courtesy than any
thing else. I went TO Mr. Post. who was
president OF the National and told him
I wished to terminate the contract where
by the 3. n. Howell. Son & Company
held the Nationals business"
why did you want IL cancelled? asked
Mr.. Hardwick.
Because l thought the stockholders
could manage their own business better"
Mr.. Havemeyer said he did not get very
far in his plans about the National. be-
pany notified Mr.. Post that II would hold
ferred 10 Havemeyer. as desired the
$4,000, 900 worth Of common stock OF the
National which had stood in Posts name
for the Havemeyer estate since its issu-
ance and by which Hevemeyer would
have controlled the National. The trans
fer of the stock and its legality is still
eiil1iect NJ NtipatIoD