The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-06-20
MAKE COIN
IN TRUSTS
Sudden Creation of Wealth By
Formation of Combines Ex-
planned at Sugar Inquiry.
HAVENIEYER RECEIVED
ONLY TEN MILLION
congress Tries TO Get Men Higher
Up in the Sugar Customs
Frauds.


was field day in the house inquiry
into the American Sugar Refining
company and other refineries. two
committees devoting hours TO inter-
rogaung witnesses as 10 the forma-
uon and operations of the big cor
porauons. 4 number OF new facts
were brought out bearing on the sud-
den creation OF wealth by combina-
! tons of manufacturing concerns and
more was learned of the frauds prac-
ticed on the government in sugar
weighing at the port of New York.
The special sugar trust" investi-
eating committee had before il James
II. Post, president or the National
Sugar Refining company of New Jer-
sey. whose testimony closed with a
spirited defense OF the corporation
activities of the late II. q. Havemeyer.
organizer OF the American company.
The house committee on expenditures
IN the treasury department. questioned
Oliver Splitter, a former dock super
intendent for the corporation. with a
view to discovering the identity of
me men higher up" in the perpetra-
tion of the frauds
Mr.. Post was subjected TO n long
and gruelling examination as TO his
and MI Havemeyer's connection with
the formation OF the National COM
pany.
Stock Without Buying.
The witness told Of the issuance
10 Havemeyer. through Post himself.
OF SlO.000.0O0 Of the common stock of
the National Sugar Refining company
without any money consideration. He
declined TO explain the deal.
Charity Trust Work.
As president OF a $4,000. 900 sugar
company for eleven years without ever
having received penny Of salary was
the light I'm which Mr. Post appeared
at the beginning OF the afternoon ses.
sion.
Representative Raker OF California
expressed surprise az the luck OF the
National Sugar Refining company in
having a president without a salary.
His questions led the witness 10 re-
peat that II. q. Havemeyer about 1902
gave him 100000 of the common
stock of the National because
never received salary as president"
Mr Post also said that B. IT, Howell.
Son and company got n commission
Of one half OF one percent for hand.
ling the business Of the National.
This amounted 10 about 1920. 900 a
year. As one OF the three partners
Of y. II. Howell. Son and company.
Mr. Post said he received $4,000 to
100000 out Of this $4,000.
Never Suppressed Competition.
Replying 10 a rapid fire OF questions
from Representative Sulzer. Mr.. Post
declared IT. q. Havemeyer although
controlling the American Sugar Re
fninE company through his brains
and high ability" and although inter.
ested I'm the National Sugar Refining
company. never suppressed competi-
tion between them.
Mr.. Sulzer then took another line
Of examination.
You would have sold sugar much
cheaper n YOU had not waterod your
stock? he inquired
Mr. Post objected 10 tho use % tho
word "watered." but 10 the question
said
NO Because tho economies prac-
ticed by the company have more than
OFFSET the dividends ON tho stock"
MIR Post. have Won made any effort
10 get back those $40 000. 600 ~ stock"
inquired Representative Sulzcr refer
ring again 10 the stock Havemeyer
obtained hv tho organization % the
National SUGAR Refining company ~
which Mr.. Post is president
There was mo- reason why ought"
reioined Mr. Post
Mr.. Rakor asked tho witness n he
meant 10 say that these corporations
were organized on behalf of the peo-
plo Of tho country
~ think they shared in the profits"
explained Mr. Post
Horace 1T1vcmcvcr. son of IT. n.
lIavcmevcr viii appear before the
committee tomorrow