The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1888-03-08

New YORK, Feb. 2s.-The Senate committee
investigating trusts devoted to-day TO the stand
ard Oil Company. John D. Roekefelle. was the
principal witness He said he was President Of
the Standard Oil Company of Ohio. His
brother, William Rockefeller, 10 President of
the Standard Oil Company of New York The
company is Incorporated in Ohio, Pennsylvania,
New Jersey and New York. The stockholders
are identical in all four corporations The cap
ital stock Of the company is 50 100000. The
witness knew OF the Standard Oil Trust, which
he said was formed under an agreement of about
fifty oil refineries in different parts OF the coun-
try.
NOT INCORPORATED.
The trust is not incorporated but acts under
written agreement. Mr.. Rockefeller produced
this agreement, but asked that its contents be
kept from the press, as il contained private mat
ter. The capital of the trust is 500, 900 900 and
it controls three quarters OF the oil produced in
the country. The capacity Of the re6neries con-
trolled by the trust is equal TO the entire con-
sumption of the country. In 1887 the share
holders received stock dividend Of 20 per cent,
and a cash dividend Of 10 per cent. The average
has been II per cent. annually. The trust started
with nominal capital Of 80 ,0O0, 900, to " hich
$20O00,OO0 has been added in the shape of stock
dividends
ITS STRONGHOLD.
The trust only controls the product of few
small wells, producing about 200 barrels per day,
while the daily product Of the country is 160,-
600 barrels. But the trust owns the entire stock
OF the pipe lines which convey the oil to the sea-
board. A majority of the stock is held by the
present trustees There had been a combination
of the Ohio companies before the present trust.
Mr.. Rockefeller refused to produce the minutes
of the proceedings of the trustees
John d. Archibald, another trustee. was put
on the stand. His testimony was corroborative
of that of Mr.. Rockefeller. He said that the
trust employs $4,000 men, their pay ranging
from 81. so TO So per day.
NEW YORK, February 24-The Senate In
vestigating Committee took up the Cotton Seed
Oil Trust to-day. This trust made no effort TO
conceal the realities. Before the examination
of witnesses was begun Lawyer Elihu Root, on
behalf of the trust, objected TO an investigation
on these grounds: The trust has only to do with
cotton seed oil; no cotton seed is grown or pro-
duced in this State; the corporation was not
formed 10 this State, and only three Of nine
trustees live in this State; no combination or
agreement has been made in this State; cotton
seed oil is not an article Of general consumption,
and il is not within the scope of the committee
10 investigate the trust; the committee has no
more TO do with the trust than il would have
with wooden mill or Western railroad.
The committee overru.ed the objections and
called John Scott, of the trustees, to the
witness stand.
Mr. SCOTS TESTIMONY.
He said: "There are seventy or eighty COM
panies in the trust Last years crop was 700,
600 tons of which the company controlled $50 :
coo tons. 27} per cent. Of the oil was exported
the balance was used for soap. safety lamps for
miners and as lubricaiors. Several firms made
monthly reports which are investigated by the
employees of the trust. The capital stock of the
trus, is fixed at al, zoo, 900 nomnally. A div
idend Of per cent. has been declared. The
stock sold for IS per cent. The dividend was
actually about IL per cent. The combined
stock of the companies entering the com
trust. Witness thought that since the forma-
ton of the trust in 1885, the price Of cotton seed
has risen At that time the mills were on the
verge of bankruptcy and some of them had
shut down."