The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-10
Il. Il. ROGERS A WITNESS.
IN0TMH1 STANDlRD OIL NAN BK-
ToRW TEE LNDUsTRIAL Co1fMISSIoN.

Ne n Also President OF the National Tran.
sit Company Says He Would he in Favor
Of . National Corporation Law-Aotinr
Chairmns Phillips Centradicts Some of
Mr.. John ID. Arohbold's Statements.
wNHrroToN. Sept Oh. H. Rogers, Presi-
dent Of the National Transit Company. and
vioe-Prssident OF the Standard Oil Com pany OF
Now jersey. was the first witness before the
industrial Commission. this morning In ro-
ply 10 question Mr.. RoEers said he endorsed
Mr.. Arohbold's position favorine the English
Corporation law. and II possible he thought his
company would be pleased to re-organi1e un-
Der . national charter. but this was now i'm
possible under the Constitution
Then you would be In favor Of changing
the Constitution in this respect p said Com
missioner Kennedy.
IF W are 10 become the leading CONNER
eial nation Of tho world /" he replied 1t will BE-
abeoiuhely necessary for IN TO hnye some ma
tonal incorporation law,
In speaking Of capitalization. no said
thszo WIS mach TO be taken into consideration
besides the actual sailing vaius OF plants.
GOODWILL the enargy appended by those who
built I'D the business and other Intangible but
valuable assots mnst be paid for. 10 that tn
many instances whore tho capitalization
sppear excessive It really was not
BE did not sec how speculation or gam bling
ooulu 70 TcEuiHL00- AZ IOnG - inc GD1f1t Oh
gambling wa In the people there would be
Wall streets. Lombard streets and faro bankR
He sould not REQ how the States could always
discriminate between tho reliable and the
wildcat corporations, but n ono was COM
paIled to invest In corporation stock or seouri-
ties until After investigating them. the
investor could easily protect himself He
thought national corporation law would pro
snt many Of the evils OF which complaint
was made. The National Transit Company,
witness said. had capitalization OF S25, OC0.-
600 Il operates under aHberal charter granted
10 another company before the constitutional
euuvention Of Ponnsyivania, twenty years ago
LGko every good thing he thought 1t had been
wen paid for.
In reply to = question BY Acting Chairman
Phillips - 10 the profits OF the National Transit
Company. Mr.. Rogers said:
well. you know. like yourssli we are not In
This business for our health"
An attempt was made 10 draw out MI Roy
ers on the cost OF transporting OIL but little In
formation was secured. In laying pipes he
said. they always expected 10 pay for their
right Of way. and when the line was abandoned
the only salvage was the pipe. He had no
statement to make. as he rested his case on
Arohbold's statement made yesterday.
Acting Chairman Phillips then took tho stand
70 oontrovert some OF the statements OF Mr..
Archbold yesterday regarding Mr.. Phillips's
connection with the Pure OIL Company He
gave an account Of the organization OF the
Pure OIL Company and his connection with II,
and said that it was In sense trust A
trust. a. he understood It. was corporation. or
Acorn bination Of corporations with vast capital.
organised for the purpose OF securing monop- |
oily in any branch OF trade. while the Pure Oil |
Company was formed for the purpose OF pre-
venting monopoly and preserving com petition
In the petroleum industry, whereby the best |
interest Of the producer and consumer could be |
secured 1.-THE Pure OIL Com pany ever became
. monopoly. an octopus. and employed the |
methods Of the Standard Oil Company. Mr..
Phillips said no would sell out his interests as
He would rather die poor than to |
conduct . monopoly and nx the price |
and profits on commodity OF general |
use and assume such responsibility He did |
not want q monopoly for himself. either by |
fair or unfair means. He thought the Pure Oil |
Company. by remaining In tho field. would
prove beneficial to the producer. the renner
and the consumer. and that all three would
haYe been better of II the Standard had never
existed.
Mr.. Phillips gave account OF the PROPOSE
ton by himself and other mem ers OF the Pure
OIL Company to bring about a cessation Of hos
tilities With the Standard people. which Mr..
Arohibold had said was not fair or honorable.
Mr. PHILIPPE asserted that their proposition
was entirely fair and honorable. and he would
be perfectly willing. were it possible. to have
all the conversation at that meeting repeated
before the commission.