Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-03-21

MI. rite SuONou lLdl at the ulSSUlutiOIi
of the trust he received in place of his
original certificate "a stock, a cer.i-
fcate of assignment of legal title which
entitled him to his proportion of the
property owned by the twenty different
accompanies represented in the trust.
1.-The last certificate conveyed to me, =
said Mr.. Rice, AN equitable interest in
the property owned by the trust; the
second conveyed to me the legal title. "
What did you receive directly upon
presentation of that eertifcate?"
Il received corporate scrip in nine
teen different constituent corporations
and paper acknowledgment of a frac-
tional interest in the Anglo-American
Oil Company of London"
. "How many shares of trust certifi-
Gates were covered by the assignment
of legal title you presented?"
"One"
What is the highest enumerator of
a fraction of a share in one of these
constituent companies that you got?'
asked Mr. Flagg.
Mr. Rice examined a number OF GER
tificates and then replied:
''509, 104, $4,000 of one share
were the corporate scrip he had re-
ceived from the liquidating trustees.
Now, having stated so much, will
you state if the Buckeye Pipe Line
Company was a member of what is
known as the Standard Oil Trust?"
asked Mr.. Flagg.
Yes; it was"
How do you know"
by its being represented in the cor
porate scrip l received from the liquid
ating trustees"
In answer to questions witness said
he had owned this corporate scrip about
three years. He had not received any
dividends from any Of it. None of the
companies in which he received frac-
tional shares upon surrender to the
trust of the trust certificate paid divi-
dends on such fractional shares
Besides this scrip witness said he
had six shares represented by certifi-
Gates of the Standard Oil Trust.
A special dividend paid on the Stand
ard Oil Trust certificates in the hands
| of the liquidating trustees, Mr.. Rice
said amounted to 50 Per cent for the
| last two years, of 171a per cent. a year.
| The regular dividend was twelve per
cent. a year, making a total dividend
| Of 2912 per cent. year. Witness said
| the fact that the three of the
| stock of the pipe line company remain
| ed as it did constituted the reason for
! the existence of what is known as
| liquidating board of trustees. He I'M
derstood that the other four-sevenths
| were owned almost exclusively by the
| liquidating trustees, and the officers OF
| the other nineteen constituent COM
panies. His refneries had been shut
| down for about three years. He was
still producing oil. He thought the
Buckeye company did 50 per cent. OF
the local pipeage in the State of Ohio
| He was not aware that other COM
| panies had tried to obtain some of this
business.
Mr.. Kline asked the witness If he had
| not testified in Columbus against the
| Standard Oil Company and against the
| Buckeye Pipe Line Company on behalf
| of Attorney General Monnett- Mr.
| Rice said he had and in reply to other
questions said that his expenses had
| been paid by the Attorney General
| but that he had not been paid for
| his time nor did he expect to be paid
| for it.
The hearing will be continued in Mr.
Mills Office tomorrow morning.