The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-21


t!on OF the trust he received In place OF
his original certificate OF stock. certl-
fcate OF assignment Of legal title which
entitled him to his proportion of the
property owned by the twenty different
companies represented in the trust.
.The last certificate conveyed to me-"
said Mr.. Rice, .'ar equitable interest in
the property owned by the trust; the
second conveyed to me the legal title"
TO whom did YOU present the certia-
cate supposed to convey the legut IT,
tle?"
u did not present It. It was present.
ed by my agent, MIR. McKemper, to the
liquidating trustees" III
n'What did you receive directly upon
presentation of that certihcate?"
II received corporate scrip in nine
teen different constituent corporations
and q paper acknowledgment OF d
fractional interest in the eJAnglo-Amer-
lean Oil Company OF London"
Was not power OF attorney neces-
sary? Don't YOU know you had to ex-
ecute power OF attorney before You got
certlflcates?"
Yes"
How many shares Of trust certIfl-
Gates were covered by the assignment
Of legal title You presented?"
"One."
"What Is the highest enumerator OF q
fraction Of q share In one OF these con-
stituent companies that you got?' ask
ed Mr.. Flagg.
Mr.. Rice examined number OF GER
tIhcates and then replied:
"509, ,104 or 972,0O0ths of one share"
He explained that the certificates
were the corporate scrip he had recelv-
ed from the liquidating trustees.
Now, having stated SO much, will
YOU state II the Buckeye Pipe Line
Company was a member of what Is
known as the STANDARD on Trust?"
asked Mr.. Flagg.
Yes; 1t was"
How do you know?"
.'By Its being represented In the cor
porate scrip I received from the liqui-
dating trustees"
Didn't Get any Dividends.
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-
tiona1 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 certificates Of
the Standard OIL Trust.
Counsel for the pipe line company
showed by the printed minutes that all
the questions propounded by Mr.. Flagg
had been asked and answered during
the examination of the witness in Coll
umbus two weeks ngo.
A special dividend paid on the Stand
ard OIL Trust certificates In the hands
OF the liquidating trustees, Mr.. Rice
said, amounted to S5 per cent for the
last two years, or seventeen and one
half per cent year. The regular dlvi-
dend was 12,pe- cent q year, making o
total dividend OF twenty-nine and one
half per cent per year. Witness said
the fact that the three-sevenths of the
stock of the pipe line company remain
ed as It did constituted the reason for
the existence Of what Is known as IL
quidating board OF trustees. He under
stood that the other four-sevenths were
owned almost exclusively by the liqul-
dating trustees, and the officers of the
other nineteen constituent companies.
His rctine"les had been shut down, for
about three years. He was still pro-
ducng oil. He though the Buckeye
company did 95 per cent of the local
plpeage In the state of Ohio. He was
'Hot-aware thai. other companies had
tried to obtain som: of this business.
Mr.. Kline asked the witness IL he had
not testified In Columbus against the
Standard OH 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 hnd
been paid by the attorney general, but
that he had not been paid fo! his time,
nor did he expect to be paid for 1t.
The hearing Will be continued in Mr..
Mills office tomorrow morning.