New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-16
First Combination Described.


With this as basis from which to get
at the policy Of the American Sugar Re-
fning Company. Judge Madison asked
the witness about the first combination Of
sugar refineries in 1887. and combinations
or acquisitions while Mr.. Palmer was a
director Regarding the rebates received
by the company. Mr.. Palmer said it had
merely obtained its share in the days
defended as legitimate the company's
lighterage charges on transfers Of sugar
in New York Harbor.
Telling how competing interests we're
brought together in 1851 Mr.. Palmer
said that II. 0. Havemeyer came to his
office 10 discuss sugar matters.
He said that Searles and Theodore
Hsvemeyer were crazy to go into 4
combination" Mr.. Palmer told the COM
mittee. HE said he was not so crazy
unless he could get the Harrisons. OF
Phiadelphia-the Harrisons were keen
sugar men-and Captain Thomas, OF
Boston. very wealthy man. worth. say
about $3O.O00,0O0 or S4O,O0O,VD and
president Of the Standard Sugar Refining
Company, Of Boston. TO go into IT with
him. He said Theodore would try to get
the Harrisons. and he offered to give me
S1nO,OgO If would get Captain
Thomas in
did you get him." inquired Repre-
sentative Madison.
Il went up and spent the afternoon
with Captain Thomas" said the witness.
His objection was H. q. Havemeyer.
He said he thought he would get along
with Seares and Theodore, but he was
not so sure about n. q. | told him that
II. q. was the best man of the three.
Finally, he came In"
did II. o. tell you what the object
of the combination VASE
NO, he never talked much
Mr.. Palmer said that in 1856 n. O.
Iaycmevcr drove Theodore A. Have
never out OF the firm of Harris g.
Havemeycr. of Philadelphia. because
Theodore had made an advantageous
rate agreement with the Pennsylvania
Railroad. This agreement was harmful
To- the Brooklyn reineries. Ex-senator
DepeW. he said. was the only man now
living who knew how the New York
Central had come To the rescue Of the
HaVemeyers ut times.
Competing Companies Combined.
Judge Madison asked the witness con-
corning the formation of the National
Sugar Refining Company of New Jersey.
1t was organized for the purpose Of
buying four companies" said Mr..
Palmer MIR. Havemeyer told me he
had organized it with his own money
and "A little he had got from the Ma
tional City Bank
Were not these companies Compel
ing?"
Yes, ! think they were
The witness said the American COM
pany procured "A majority of the pre-
ferred stock OF the National, but when
the question Of the legality of the COM
mon stock of the National came up
"Havemcyer brought up before the
board of directors of the American the
question of the purchase OF the common
stock of the National and said that he
could not vote for the purchase because
he was interested in the stock" said Mr..
Palmer. Il was not in favor Of the pur-
chase. We never had much To do with
one another after that"
a little later Representative Raker. Of
California, asked II Mr. Hayemeyer,
with whom Mr. Palmer testified he had
had business relations since the 10s, was
not dead.
Il believe so" Mr.. Palmer replied.
Representative Malby wanted 10 know
If the common stock of the National was
issued at the same time the preferred
was.
j do not know anything about that
except what MIR iavemeyer told me-"
What did he tell you?"
i called him aside at the meeting and
asked him what had been done with the
common stock, and he replied 1t was in
the hands OF friends. and he would SEE
me later about IT,"
Then YOU didn't have any information
or knowledge as to how Mr.. havemeyer
acquired it?"