The Birmingham age-herald., 1911-06-21
YOUNG HAVEMEYER DEFENDS FATHER Sugar Kings Motive Was
 Philanthropy TALKS VERY FRANKLY Tells House Committee His Plans to Fight Trust Built Up By His
 Father, Who Quit to Give
 Him a Chance
TALKS VERY FRANKLY

Washington, June 2o.-The consolida- ton of the National, the New 1ork and the Yonkers Refining companies into the National Sugar Refining com pany of New Jersey in 1900 was ef- fected by the late President Henry 70. Havcmeyer of the American Refining company as an act of philanthropy, according to his son. Horace Have never, who testified today before the House Investigating committee.
 Mir. Havemeyer, who will continue his story of sugar corporation coups to- morrow, said his father saw that the three companies were practically bust ed" that they were about on their last legs" and he saw himself in position where he could either bust up all these fellows or take them all in and he took them all in.'
 The witness said that his fathers purpose in this connection was to pre- serve the properties and their stock = holders and make their business sue cess.
 The witness said he thought his fath- er'g original intention was to sell his
 SIG, 1000 900 of National common stock to the American, making it part of the American. but he was advised by coun- sel that it "was not only improper but possibly illegal"
 Discussing his fathers reasons for sell ing his comparatively small holdings of about 12OO shares of the American Sugar Refining company, the witness said:
 T think he sold it to stop a set of spectators from putting up the stock to where 1t was bound to result in a ter rible break in the market and to injure persons whom he considered entitled to protection"
 With all the frankness of youth the 25-year-old son of the late sugar king told the committee of his plans to fight the so-caled trust his father built up. Incidentally, young Havemeyer defended every action of his father and declared his belief that industrial advancement was due to the trusts.
 The witness said he had been engaged in the sugar business for a number of years, having for two years worked for his fathers company without salary. In declaring that H. o. Havemeyer held very little stock in the American com pany at the time he controlled it, the witness said his fathers holdings were only S2l b-lO Snd1eS or pIeleFTeu SloCh and 136 shares of common.
 He estimated the par value of the stock in the beet industry now held by the family at 10. 6O4,0o0.
 His retirement from the directorate of the American Sugar Refining company was explained by young Havemeyer at the request of Chairman Hardwick.
 "I wanted to take an active interest :n the National Sugar Refining company. I wanted to make career for myself, said MT. Havemeyer.
 Mir. Havemeyer said he did not get very far in his plans about the National, because the American Sugar Refining notified MT. Post that it would hold him personally responsible if he transferred to Havemeyer the s10,0o0,0 GOO worth of common stock of the National which had stood in Posts name for the Havemeyer estate since it's issuance and by which Havemeyer would have con trolled the National. The transfer of the stock and it's legality Is still subject of litigation.
 Tt is my intention if we win that litiga- tion to make the National Sugar Refin | ing company a. reak competitor of the American Sugar Refining company" said the American and no sympathy with it.
 The subpoena of the House today sent | to the United States marshal at Sali | Lake City to be served on Joseph F. | Smith, head of the Mormon church, re. quiring his presence before the commit. | tee.