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Show SMITH TELLS OF DEAL Willi HAVfHEYER Sugar King Assisted in Financing Fi-nancing the. Utah-Idaho Sagar Enterprise. CHURCH HOLDER OF " '. MUCH SUGAR STOCK First Became Interested to ' Help New and Emhar. rassed Enterprise. WABHTNOTOlf, Tan 87. Th story of th alliance of th Mormon church sad ths Henry O. Havmeyr Interests la th bt sugar business ws told and ths dssl caaractarised aa sntdraly legal by Joseph , gniita, prssident of th Mormon church aad ef ths TJtah-Idaho TJtah-Idaho Sugar compear, befor tb sous "sugar trait" lavssUcatlng eonuattt today. - - . i ' The head of ths church sxplaiaed how Mormsa affair sr conducted, how its fsads corns principally from ths tithes of the people, how they srs systematically sys-tematically accounted for, and asserted that the interests ths Mormoa poop' are safeguarded at ail times. Tb commit t mads aa effort to pry into th affairs of ths church except insofar aa they related to business matters. mat-ters. The venerable representative of the Mormon heirarehy said ths deal with Havemayer. was sot considered important enough for formal consideration considera-tion by th council of th church, but wss effected with ths aequieseaac of th church officials, agar Church's Largest larsstmsat - Mr. Smith testified thst it was sot ths general praetie of. the church to make business inveatmsets, that th sugar busiaesa was its largest investment invest-ment and thst that waa entered apoa to help th Mormoa people. Hs emphatically em-phatically denied that th church had sny-stock in th America a 8u(r Banning Ba-nning company. "Why haven't yea folks bought out th Hsvsmrrer interests! ' asked Kep-rsscntmtiv Kep-rsscntmtiv Raker of California. . "Ws hsvsa't th money." "Yon knew Hsvemsyer era, very powerful ntaa . la th business world snd you were glsd to get him interested ia your bosinees, weren't yeuf " "Ws were only Interested is getting; hi money. ". , Mr. Smith was accompanied to ths hearing room by Senator Head Bmoot, Bishop C. W. Nibley, business manager of ths Mormoa church; Thomas & Cutler, a former bishop of th church, snd Representative Howell snd B. W. Young of Salt Lake, counsel for the representatives ot ths Mormoa hir-archy. hir-archy. Th party was forced t pes, a Has of curious women. This wss not Mr. Smith's first experience ex-perience with a congressional committee. commit-tee. Many present today when th venerable ven-erable Mormon leader appeared rs-celled rs-celled his visit during ths investigation into th right of Senator Smoot to attain at-tain his seat. Though his saiasioa today to-day was aa sntireiy different oss sub mi sal os to examination as to business busi-ness relstions of ths Mormoa church with ths Ameriesn Sugar Beflsisg company it wss expected thst th Interests In-terests of his people ia Mormoaisra would aot escape inquiry. HaTmyar Ratpad Utah Popl. Of th Utah-Idaho "Sugsr Refining company stock, in which Mr. Smith ha trusts ' holdings, more tkaa 400,000 shares ars owned by th .sugar trust, Heary O. Hsvemyr having taken a personal interest is ths experiments of th Mormons in th beet sugar Industry and financed their enterprises, which have beea successful. "Have you any official connection with th titan Idaho Hngar company! " asked Chairman Hnrdwick at th outset out-set of today's ssssion. "I am president of th eompssy," Mr. Smith re rifled. "Do yon own any stoekt" "Yea, sir; I owa about 5000 shsrss individually." "Do you own any stock ia a representative repre-sentative eapaeitvf" "Yes, I hold 49.R15 shares for ths church. The title is held is th nam of Joseph P. Smith, trustee." Of the stock of ths Amalgamated Sugar company of Ogdea, Mr. Smith1 aatd he owned about seventy share individually. Th church held aoae. Th witneas added that aeither hs aor ths chsrrh bsld stock ia th Lewistos Sugar company. v Bam Church Oet Into agar. President Smith said tb church b-easM b-easM interested is the Utah Sugar com. pany whea many people who subscribed failed to pay for their stock, aad tb eompaa v, andrr bond te com plot a beet sugar factory, were unable to do it. The church was appealed to by th stockholders to assist, which it did, to the extent of SA0.O0O. "Does th I'tah Idsho company pay dividends? " "Yea, several per cent." "How is that dividend used by th church f" "la promoting; its religious inter-eets. inter-eets. ' "Did the church ever go into a part-aersbip part-aersbip with Heary O. Ha t etnever t ' ' "The church never did. but the stock bolder did. W were striving to build ap th beat sugar business in Utah under very gnat difficulties. W were asxious to ebtsia capital. Ws were given te understand that Mr. Havameyer bad offered to tak as ia-tercet ia-tercet is our enterprise, and I, aa one of th stockholder, waa glad to hear of hie offer, which waa eveetuaJly accepted. ac-cepted. I waa willing to sell my portion por-tion of th stork to help make up the half interest ia th Havesjeyers ' be a.lf." Mot la Oomptrtioa la Utah. " Before the Utah company com (Goauauod aa page 19.1 SMITH TELLS (f'ontinued from page 1.1 bined with the Amenraa Sugar Re Be iag companvf " "Not in Vlah." "How was tns deal with Hsvemeyer approved f ' 1 "The matter waa presented to ths board of directors sna Vbey agreed to sell half the slock.' "At that time did the church take legal advice as to whether ths corn binatioa with Mr. Hsvemeyer was lawful law-ful or unlawful!" "The church didnt. but the company com-pany consulted ita attorneys. 1 think, aa to the legality of tha. deal. I aa aot sure of that, but reasonably ear-lain ear-lain that it waa done. The church it-eelf it-eelf has nothiing lo do with ths bus! aces investmente or holdings. Ita bnsi-ness bnsi-ness holdiaes are looked after bv me as trustee, aad I do ths best I can. The rnrrh itself takes no part." |