The free lance. (Fredericksburg, Va.) 1885-1926, 1911-06-22
TO FIGHT TRUST
Havemeyer's Son to Buck
Sugar Combine.
FORTUNE IN BEET INDUSTRY
His Suit For the 100000 Bonus
Stock Held by His Father Part
Of Plan to Control National
Sugar Company.

Nhbnlnklous Juut 81 ~ a. vi wv
sugar trust was declared by Horace
Hayemeyer. the twenty hVeyrar-o.d
son OF III. q. llayemeyer. late pres
dent OF the American Sugar kchnng
company. He was a witness before the
house investigating committee.
Il want To make career for my
SELL" declared the youns mill mir
Il have no interest Ia the Aue J. a."
company and no sympathy win tn.s
who are running 1t now
Young Mr. Havemeyer ad ri &c
that while the Hayemeyer fortune MS
estimated at $l5.OOO.OOO more tia.
two-thlrds was now invested II III
beet sugar industry.
In brief the plan Of The youthful
Mr. Hayemeyer Is to procure from ih'
courts the right To vote the 500 d
worth of common stock IA the M.
tlonal Sugar Refining company now IN
the name OF James II. Pos, buy
enough Of the preferred stock Of that
company TO make a majority In eyes .
and then manage the company In op
position to the American SUGAR Rein
ing company.
Fortune Invested In Beet Sugar.
This si0.OOO.OOO common stock IL
the reward" given 10 the elder Mr.
Hayemeyer for engineering the com
blnation. II has been held In trust
by Mr.. Post, who has refralned from
Voting II TO prevent change In the
officers OF the company. incidentally
the witness admitted that his father
had controlled the American Sugar
Refining company on a shoe siring"
and that the greater part Of the family
fortune was invested In beet sugar
OF his plan to buck the trust
Hayemeyer said. Il want to make "A
career for myself I have no int est
10 the American company and No sym.
pathy with those who are running II
now"
Then he went over many things in
the record Of his father defending his
action always and now and then ex-
pressing his Idea that combination
~ commercial concerns was a good
thing" and that the Industrial advance
ment Of the United States was due to
trusts"
Mr.. Havemeyer declared ii his be
lief that his father acted from phllan-
throplc motives In organizing the first
sugar combination IN 1851 lie told
my aunt" he said. that the companies
would either go busted" or be taken
into a combination.
The reason his father sold his hold
ings in the American Sugar Refining
company when he was its president,
the son said. was because he did not
want any one to say he was managing
the American for his personal benefit
Hayemeyer said his mother told him
this was his fathers idea.
About the only person father talk
ed affairs with was my mother or nv
aunt. Once a man think his name
was White said father was manag
ing the company for his personal ben
eft II made him so sick he decided to
get rid OF his stock He did get Sl0O.-
900 salary as president. but he was
the only man that ever succeeded in
running the American. and they have
not had one Ike him since
Mr.. Hayemeyer declared the com
binatlon OF three companies into the
National Sugar Refining company had
the effect Of increasing trade
"And decreasing competition sug
gested Mr.. Hardwick. the chairman
NO" corrected Mr. Havemeyer "The
production OF the National has been
100 per cent greater than that OF the
three separate companies
"Oh. will admit that competition
was reduced" added the witness a
moment later. But through the Ma
tional these properties were put upon
their feet and made able TO compete
harder with outside companies"
Fortune In Beet Sugar.
Havemeyer admitted that while the
Havemeyer fortune was estimated at
$4,000. 900, more than two-thlrds OF II
now was invested in the beet sugar
industry.
Mr.. Havemeyer said he did not get
very far in his plans about the Ma
tIonal because the American Sugar
Refining company notified Mr.. Post
that II would hold him personally re-
sponsible II he transferred to Have
meyer, as desired, the Sl0,OOO,OOO OF
common stock Of the National. which
had stood in Posts name for the Have.
MEYER estate since its issuance and by
which Havemeyer would have con
trolled the National. The transfer OF
the stock and It's legality is still a sub.
Iect OF litigation.
1T is my intention II we win that
litigation to make the National Sugar
Refining company a real competitor OF
the American Sugar Refining com
pany. which owns a majority Of the
preferred stock OF the National, said
Mr. Havemeyer. Il have no interest
in the American and no sympathy with
H."