The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-10-19
Big MONEY IN OIL
STANDARD OPERATES THROUGH
PRETENDED INDEPENDENTS
Average Dividend of One Company
Three Hundred Per Cent-Missouri
Investigation Reveals Secret Meth
DDS by Which Laws are Broken

st. Louis, Oct. Inquiries into
the affairs of the Standard, Republic
and Waters-Pierce Oil companies were
resumed here today. Among the
principal witnesses summoned were
c. A. Pierce, president Of the Waters
Pierce company; c. P. Ackert, G. l..
Ackert and A. M. Findlay, officers of
the company, and President Heyer of
the Republic Oil company.
The hearing is being conducted by
Attorney General Hadley on the
ground of alleged violation of the
antitrust statutes and will probably
continue for several days.
Profits Are Immense
Evidence that two-thirds of the
profits of the Waters-Pierce Oil COM
pany are paid to the Standard Oil
company annually was brought out
in the investigation today. Fl. Clay
Pierce, until recently president of the
company, it was stated, received
monthly dividends amounting to from
rs to so per cent on 1896 shares, or
all but four shares of the stock Of the
WatersPierce company, and his sec
rotary sends twO-thirds of this amount
to the Standard oil company.
Charles B. Collins, formerly finan-
cial secretary to Mr.. Pierce, testi-
fed regarding The injunction proceed
ines brought at Kansas City by At
torney General Hadley to restrain the
Republic, Waters-Pierce, Standard
and Williamson Oil companies from
entering into an alleged combination.
Three Hundred Per Cent
He said that from 1901 to Septem-
Der 1904, when he severed his con-
nection with the corporation, the
Waters-Pierce company paid divi-
dends to H. Clay Pierce on 1896
shares of stock, all of the stock of
the company with the exception of
four shares, and that these dividends
amounted to 25 per cent, sometimes
so per cent, a month, and the average
aggregate annual dividends OF the
company on capital of 100000
never fell below 800 per cent; that
sum equalling two-thirds of Mr..
Pierce's dividends was sent by Mr..
Pierce through Collins, who secured
cashiers check for the amount, to
a "Mr. Tillford at rs Broadway, New
York." the Office of the Standard Oil
company; that in two instances he
fCollins) visited the Standard Oil
Office himself, carrying the dividend
to Mr.. Tillford in person; that he
(Collins) flept two sets of books, one
showing President Pierce's income,
the other the large dividend sent to
the Standard Oil company.
Queer Bookkeeping as Usual
In. Mr. Pierces income account
there was no debit column, and in
the book containing record of the
Standard Oil contributions there was
no credit column.
William s. Heyer, manager OF the
ST. Louis branch of the Republic Oil
company who followed Collins ON the
stand. proved an unwilling witness.
After considerable questioning. At.
tCrney General Hadlcy drew from the
witness the admission that tho Cleve.
land Refining company disposed OF
It's stock 20 corporation known as
the Republic Oil company, If which
the chief officers were associated with
Standard Oil interests
Commissioner Anthony. before
whom the inquiry IN being conducted.
will tomorrow rule un the question