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Show PLANNING TO FIGHT THE SUGARJRUST Young Horace Havemeyer Tells of Scheme to Oast Present Control. WASHINGTON, June So. With all the frankness of youth, Horace Havemeyer. the twenty-flve-year-old eon of the late sugar king, H. O. Havemeyer. today told tha house "sugar trust" investigating com mil tea of hta plane to fight the ao called trust his father built up. Incidentally, Inci-dentally, young Havemeyer defended every ev-ery action of hla father end scored those today who would condemn-him. In brief, the plan of Mr. Havemeyer is to procure from the courte the right to vote the 10,oo,000 worth of cemmon stock In the National Sugar Refining company, com-pany, now In the name of Jamea H. Post, buy enough of the preferred stork of that company to meke a majority Interest and then manage the company in opposition to the American Sugar Refining company. "I want to make a career for myself." declared the young millionaire. "I have no interest In the American and no sympathy sym-pathy with those who are running It now.1' Declared Companies Would 41 But," Mr. Havemeyer declared It his belief that his father acted from philanthropic motives in organising the first sugar combination com-bination In 1.7. "He told my aunt." he said, "that tha companies would either go 'busted' or be taken Into a combine." The reason his father sold his holdings In the American Sugar Refining company when he waa president was because he did not want any one to say he was managing man-aging the American for his personal benefit. bene-fit. Young Havemeyer said his mother told him this wss his father's Idea. "About the only person father talked affaire with was my mother or my aunt. Ones a man I think his name was White said father was managing the company for his personal benefit. It made him so sick he decided to get rid of his stock. He had been getting lleii.eoo salary as president, but was the only man who ever succeeded In running the American and they have not had one like him since." Young Mr. Havemeyer admitted that while the Havemeyer fortune was estimated esti-mated at $l.WH.ooo more than two-thirds two-thirds of It now was Invested la the beet sugar Industry. Ia Bagta Boalneat All HU Ut: The witness said that he had been engaged en-gaged In ths sugar business for a number num-ber of years, having for two years worked for his fsther s company without salary. In declaring that H. O, Havemeyer Have-meyer held very little stock In the American Amer-ican Sugar company at the time he controlled con-trolled it. the witness said his fathers hoMings were only 821 - shares of preferred stock and U shares of the common stork. He estimated the par value of the stock tn the beet sugar Industry now held by the famll at flO.eW.woo. "Has the holding been reduced materially materi-ally sine your father s death?" asked Chairman Hardwlck. "No. not materially. It has been decreased de-creased sbout ll.OvO.OOtV' His retirement from the directorate of ths Amertcsn Sugar Refining company was explained by young Havemeyer at tlie requeel of .Chairman Hardwlck. "I went west on a trip, and when I returned." re-turned." Mid Mr. Havemeyer. "I had made up mv mind that I wanted to take an active Interest In the National Sugar Refining cvmnany. I wanted la make a career for myself along that line. Qirea Notice of Betirement. "I went to Mr. Thomas, who was then i the head of the American company, and told him of ray plans and notified htm ' that on January L 1911. I Intended to; retire from the directorate of the American Amer-ican Sugar Refining company. "Then, more aa a court -sy than eny- thing else, I went to Mr. fust. who was rrealdent of the National, and told him wished to terminate the contract where- : ; hv ths b H. Howell Hon k Co. held the : National's business. "Why do you want It canceled? asked i Mr. Hardwlck. "Because I thought the stockholders could manage Ita own business better." t I Mr. Havemeyer said he did not gat very j far In his plans about the National. e- causa the American Sugar Refining company com-pany hotlftfd Mr. Post that It would hold him personally responsible If he trans f erred to Havemeyer. aa desired, the $!.- i ttoo.Aoft wort h of common stork of I he National. wJch had stood In Post's nam for the HavectevvT estate sine He lasu-snds. lasu-snds. snd by which Haveinever would ' have controlled the National. The trans- fer of the stock and Ita legality la still a subject of litigation. . "It le my Intention if we win that litigation liti-gation to make the National Sugar Re-nnlns; Re-nnlns; company a real competitor of Use American Sugsr Refining company, which ' owns a majority of the preferred stock of, the National." said Mr. Havemeyer. "I havs no Interest In the American and no! sympathy with It." |