Omaha daily bee., 1911-06-21
HAV hMEYER, JR.,
TO EIGHT TRUST
Son Of Late Sugar King Will Battle
with Monopoly HIS Father
Built Up.
TELLS PLANS TO COMMITTEE
Young Man Wants to Make Career
for Himself.
DEFENDS FATHERS MEMORY
He Says His Sire Acted from Philan-
thropic Motives.
WISHES TO CONTROL NATIONAL
TELLS PLANS TO COMMITTEE
DEFENDS FATHERS MEMORY
WISHES TO CONTROL NATIONAL
II Court Gives Him Right 90 vote
Common stock He VIII Make
Company Competitor of
the American.


WASHINGTON. June 2O-with all the
frankness Of youth. Horace Havemeyer.
the 25-year-od son of the late sugar king,
" q. Havemeyer. today told the house
sugar trust" investigating committee Of
his plans to fight the so-called trust his
father had built up. Incidentally young
Havemcyer defended every action OF his
father and scored those who today would
condemn him.
In brief. the plan OF Mr. Havemeyer Is
20 procure from the courts the right to
vote sl0.c900Oo worth Of common stock in
the National Sugar Refining company. now
in the name of James IT. Post. buy
enough OF the preferred stock OF the COM
pany to make a majority interest and
then manage the company in opposition to
the American Sugar Refining company.
Il want to make a career for myself"
declared the young millionaire. II have
no interest in the American company and
no sympathy with those who are running
q II now"
Then he defended his fathers record and
expressed his idea that combination of
commercial concerns was a good thing"
and that industrial advancement of the
United States was due to trusts"
Elder Havemeyer PhiIanthropiHt.
Mr.. Havemeyer declared It as his belief
that his father acted from philanthropic
motives in organizing the first sugar
combination in 1857. He told my aunt"
he said, that the companies would either
go busted or be taken into a combina-
ton.
The reason his father sold his holdings in
the American Sugar Refining company,
when he was president, the son said, was
because he did not want any one to say
he was managing the American for his
personal benefit. Young Hnvemeyer said
his mother told him this was his fathers 8
idea.
About tho only person father talked
affairs with was my mother or my
aunt. Once a mani think his name was
white-said father was managing the COM
pany foe his personal benefit. II made him
80 sick he decided TO get rid of his stock.
He had been getting 100000 salary as
president, but was the only man who ever
succeeded in running the American, and
they have not had one like him since
Mr.. Havemeyer declared the combination
Of three companies into the National Sugar
Refining company had the effect of in
creasing trade.
And decreasing competition" suggested
Chairman Hardwick.
"Oh, y will admit that competition was
reduced the witness said, put tnTouBn
the National the properties were made able
to compete harder with outside companies. "
How He Left American Company.
His retirement from the directorate OF
the American Sugar Refining company was
explained by young Havemeyer at the re-
quest OF Chairman Hardwick.
II went west on a trip and when
returned" said Mr.. Havemeyer. Il had
made up my mind that l wanted to take
an active interest In the National Sugar
Refining company. l wanted to make q
career for myself along that line.
Il went 10 Mr. Thomas, who was then
at the head OF the American, and told hiur
Of my plans and notified him that on
January 1. 1911, intended TO retire from
the directorate of the American.
Then. more as courtesy than any.
thing else, went to Hr. Post. who was
president OF the National and told him thai
wished TO terminate the contract whereby
the b. II. Howell Son and company
handled the National business
why did you want It cancelled?" asked
Mr. Hardwick.
y Because l thought the stockholderi
could manage Its business better"
Mr. Havemeyer said he did not get VerJ
an Gaoord