The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-02-28
STANDARD OIL TRUST.
rnEs1DENT j. D. RooKEFEIIER
Tell. wha. the Trust is, what 1t. Certificates
are Worth, and how 1T Conducts its
AnAirs-Tho Number of Rsansriss
has InsrsaSSd-ThO Production.

NEw YoRK, Feb. 27.-The OIL Trust re
ceived the attention Of the Senatorial in
yeshgstorS to-day.
The most interesting information re
csived by the spectators on Saturday wa
that the Standard OIL Trust would be in
Vestisated at the continuation Of the Sen
ate Committees inquiry into the afiairs o
organisations or combinations called
"trusts."
This morning John D. Rockefeller ar.
rived punctually with his counsel, Joseph
H. Uhoate and John N. Camp. After he
had been sworn he testified.
~ am President Of the Standard OH
Company Of the State OF Ohio. It is q
distinct organization, apart from that oi
New York State"
Q.-Who is President OF the Standard
OIL Company Of New York State?
Any brother, William Rockefeller.
The stockholders Of the Standard OIL
Company in the State OF New York are
also stockholders in the same company OF
Ohio.
Q.-Do you know anything about the
Standard vi TrustT
Aldo.
Q.-Are you member Of the TruOtH
Al am.
Mr.. Rockefeller said the Trust was
formed under an agreement OF about fifty
oil Te6neries in different parts Of the
country.
The capital stock Of the Ohio company
ia S., 100000. Witness said he knew of
the Standard OIL Trust, and that 1t was
not incorporated. 1t Is based on written
agreement made in January, 1882, signed
by the shareholders Of the companies that
entered the Trust.
Mr.. Rockefeller produced the agree
ment, asking that the contents be kept
from the press, as 1t contained private
matter.
The Trust certificates are worth $l65-
par value 800. They have been higher,
In 1881 the stockholders received 20 per
cent more stock and in addition divi.
dend OF 10 per cent. Dividends have been
declared every three months, the average
being y per cent annually. Twenty
million dollsra have been added to
the $70000000 OF capital with which
the Trust started. That has been given
as stock dividends in addition to the reg
ulRr dividends. A number Of small re-
fneries have been closed aud new ma.
chinery put in. The number OF re6neries
has been increasing constantly, the Trust
doing nothing to prevent production. The
Trust only owns the stock OF few small
wells, whose production is about 200 bar
rels day, whilethe total production is l00,-
600 day. The trust has not been able
to receive better transportation rates than
are allowed the general public, nor has 1t
received rebates. The trust owns the
stock Of the pipe lines, one Of which
brings the oil to the,seabord through tubes
The Trust gave ita certificate for the stock
Of the pipe lines.
or the 800, 900 900 Of the capital stock OF
the Trust, about $50, 900, 900 represents the
plant OF the pipe lines. 1t costs about
forty.fve cents to run barrel OF oil to
New York from the wells. The oil from
the different wells is run into tanks owned
by the "pipO lines," and the owners
of the wells get what are
known as "pips line certificates" with
which they can get on the seaboard as
much oil as they call for. ALI oil is run
into the tanks together and cannot be
tracsd. The majority Of the stock is held
by the present trustees. The Trust has
succeeded in placing the certificates on
the market as stocks Of railroads.
The purposes oil the Trust are to mine
for, produce, manufacture and refine and
deal in petroleum and all its products and
all the materials used in ouch business,
and to transact other business connected
Herewith. Tho parties agree to form q
corporation under the laws OF Ohio, New
York, Pennsylvania and New jersey, each
corporation TO be known as the Standard
Oil Company Of such State. The trustees
are given power 10 purchase the bonds and
stocks Of other companies. The duties oil
the trustees are deecribed. Each trustee
Is entitled TO salary not exceeding $25,.
900 year, except the president who may
bs voted $4,000.
Mr.. Rockefeller said a growing and dan
gerous rival had sprung up in Europe.
The Rothschilds are taking advantage Of
the American idea of tubes and are euc-
cesslully working the Russian oil fields.
The witness said thatIthe Standard Oil
Trust has but little 70 do with producing
oil, its business being almost entirely In
refining and transportation Of the OIL. 1t
makes the barrels and has reduced their
cost in few years from 81 80 each to ST %.
The company owns oil cars and Is inter-
euted in natural gas and controls the stock
Of several such companies.
Mr.. Rockefeller refused TO produca the
minutes OF the proceedings OF the trustees.
John D. Archibald and other trustees
testified in corroboration. He said
that the Trust employs % 900 men, their
pay ranging from 81 so to So per day.