Arizona republican., 1911-07-20
Chairman Of Trust Board
Admitted Some moisture"
A SHADY RECOLLECTION
Thomas Not Sure That He
Assisted in Expenditure
of Some Millions of Dol
lars in Gathering Com
ponent Parts Of Trust.

New York July 19-AlthOugh tbs
minutes of meetings Of the board o
directors of the American Sugar Re
fining company show that Washington
r. Thomas, present chairman of the
board. was elected a member 9f a spec
iaI committee with II. c. Havemeyer
and Mr.. Scnff to acquire sugar refin-
cries. Thomas today told the congress
sional committee investigating the So
called sugar trust" that he knew moth
ing about il until he read of ii in the
government report at Washington a
few days ago The witness said he
favored governmental control
sDidn't Mr.. Havemeyer notify you
that you were a member Of the commit
tee to purchase independent beet sug-
er interests throughout the country
Not that l remember" was the re
ply
As a member of such committee,
did YOU ever participate in the purchase
of such interests
I don't think So
But records show that you, as a
member OF the committee, joined in
these S35, 100000 purchases of indepen-
dent refineries composing the first
company capitalized at S6,500 900, and
We're given $4,000. zoo of sugar trust
stock for the properties. do they not2"
Thomas was asked
Il believe SO"
That's a whole lot of moisture, was
it not?"
7 guess so"
DO YOU not know that much Of the
stock is now water"
Thomas admitted that this might be
true.
In the reforms you inaugurated
about the time of Havemeyer's death,
did YOU reduce salaries2'
Il did in my case"
What are you getting?'
Twenty five thousand a year"
What was Havemeyer Gettins?"
One hundred thousand"
WAS not John L. Parsons, as coun-
sci. paid 100000 for his services in
bringing in the Philadelphia refiner-
ics?"
Yes. but we have cut out such mat
tiers now"
Thomas admitted that Vice President
Atkins, althouhg taking a very active
interest in the affairs of the company.
received no salary. He explained this
by saying that Atkins liked to work.
Among the reforms TO be instituted by
the company, according to Thomas, is
the expense system for employees.
Mr. Madison, who took a hand in
questioning. said he believed The COM
ct. u.
rining company i'm the New Jersey
suit would be invalidatcd. as the issu-
ing stock was terrible steal and this
would give the American company con-
troll. increasing the output to nearly 60
per cent Of the countrys product. This
with the Americans large beet sugar
industry, would make the American the
most formidable corporation absolutely
controlling one Of the country's neces-
sitics
DO you think congress should CON
troll such a powerful organization" be
was asked
Il think it would be a good thing"
replied the witness.
Thomas said his stock in the Ameri-
can Sugar Refining company Amounted
10 about three thousand shares with a
book value of about $3.50 and he
gave the holdings Of the members Of
his family, including his own. as be
tween $4,000 and $4,000 shares with
a value Of between S1,6OO.OOO and ST.
000, 900
Havcmeyer. when he died. had only
135 schares the witness said.
Thomas said that the 500. O.O00. 900
stock Of the company was represented
10y real property with book value Of
$l35 for every 100 shares of stock