The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-19

llavemeyer to purchase refneries. Mr..
HavemcNer never consulted them. but
went ahead Independently.
In discussing Havemeyer's methods
Mr, Thomas said he strongly opposed any
publicity OF the company's business. and
even opposed making annual reuorIs to
the stockholders, He had sufficient power
TO Keep friendly majority In the boa rd
OF directors who sanctioned all he did.
Increase of Capital.
Mr Thomas was the first witness. Ho
said In reply TO Chairman Hardwick' 8
questions that his father, Joseph B.
Thomas, had sold the Standard Sugar re-
finery in Boston to the American com
pany In 1887. the year In which the other
companies were assembled
MI Thomas said that in 1891 the Amer
lean company was capitalized at $780,
Voo,Oo0, which was increased to 5000,
0oV when the American took IN the Ihiia
deiphia rehneries, and TO $40 900, 900 when
II entered the beet sugar field,
Without explanation Mr. Thomas inter
rupted his testimony To defend the mem
0Iy [niy %, OF the late o. Havemeyer. He
he SAID or might say was TO be inter-
preted as an attack on Mr.. Havemeyer
MI. HaVemeyer ran the company" he
eeNpiained e3I I,id "as captain rules a ship,
lie did what he thought was best for the
stockholders. or course, public opinion
has changed since then You know WI Mr'
Hayemeyer did not believe in letting the
Mr.. Thomas admitted that the Ameri-
can company. after buying the stock of
th ths Baitimore Refining company. closed
chinery to New Orleans, where labor was
cheaper,
After acquiring the Mollerhauer ond
3Iner s.,aSer reineries. asked Mr., Hardw!ck.
representing other reiinerics, and Que or
Two other men meet and agree 10 limit
the OUTPUT Of sugar and It's price?"'
/. Not that | know of"
AS a director would you know about
such an agreemcnt?"
Not necessarily. Mr., Haycmcyar did
not tell the directors all that he lid
Mr., Thomas said the American owns
much OF the preferred stock OF the Ma
uonal sugar refining company cus mono
Gt m the the comm common N stock The pEsgen; sui.
70 validate the common stock OF rhc Ma
tional company. he admitted, would
greatly enhance the value OF The pre-
Did the American instigate This suit
so that II could get better control Of IFS
greatest competitor" Mr.. HardwIck
Mr., Beck o! counsel for Thomas OBJ
jected. but the committee orJered an an
swer
Mr.. Thomas answered shat he was In
Cuba when the suit was begun and knew
nothing about H. When he returned Mr.
Beck had told him about 1t and said he
had been retained Is counsel for the COM
rs the American paying the expenses
Of that suit?' he was asked
Not that I know of, We have not
been asked TO pay.
''In 1898 did the American Sugar Re-
nninG company authorize Mr.. Huvemeyer,
Mr.. Semi you to purchase competitors
AT any price you saw ut and to nix the
price OF sugar."
II don't believe we ever operated IN
der the authorization, have no recolleo-
What ended the sugar war between
can company"
"rhey got tired OF losing money.
guess
''What was the cause OF the sugar war
between Arbuckle and the American
sugar Refining company"
'Arbuckle wanted discount on the
sugar he purchased and Havemeyor would
not give H. Arbuckle put up II sugar re-
iinery and We started In the coffee busi-
What brought II to an end7"
II guess they got tired OF losing
s'Dia Arbuckle and Havemeycr have n
conference just before the war was end
ed7'
Yes, and We went on, of the coffee
And Arbucklc has been following your
sugar prices since"
Yes. he makes his prices tho same
Mr. Thomas told the COMMITTEES that
while he and Mr. SEMI had been APP
pointed on the committee with II. 0,
Hoyemeyer To purchase rcfincries. MT
HaveIneyer never consulted them, but
went ahead independently.
In discussing Havcmcyer's methods
Mr. Thomas said he strongly opposed amy
publicity OF the company's business and
even opposed making annual reports TO
the stockholders. He had sufficient
power to keep q friendly majority in the
board OF directors who sanctioned all he
aid,
AT the afternoon session Congressman