Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-20
Government Hearing in New
York Uneaths Evasion of
Drastic Antitrust Laws of
Lone Star State.
C0RSICANA COMPANY IN
PLACE OF WATERS PIERCE
John D, RockefeIIer'S Owner
ship of 0ne-fourth Interest
In Oil Monopoly Another De-
velopment of Hearing,

New York, Sept 19.--That the
Standard oil company is operating
under the name of the Corslcana Re-
fining company in the state OF Texas
which had forbidden the oil combine
to operate within the state, was ind-
Gated today when Wesley H. Tilford,
treasurer Of the Standard OH COM
pany, under examination In the gov
ernments suit against the company.
testified that H. G. Folger and C. NJ
Payne. whom Frank kellogg, attor-
ney for the government, states control
the Corsicana company, are prominent
in the conduct Of the affairs Of the
Standard oil company. Kellogg sought
to draw from the witness the infor-
nation that the Corsicana company
was really the Standard oil company
and was operating in Texas because
the ANTITRUST laws of that state would
not permit the combine to operate
there
Ttlford replied that as far as he
knew the Standard oil companv had
no interests In Texas. He said FOlger
and Payne were both officers Of the
Standard oil company. but he was not
aware that they owned the Curslcana
company.
Frank Kellogg spent busy day
tracing the various changes In the de-
velopment of the Standard oil from
It's incention In 1882, when the trust
agreement was siened. until the trust
was. dissolved in 1899 and the stand
ard oil comnany Of New Jersey was
formed. kellogg developed manv of
his questions from the trust agree
ment of 1882 which was rnntained IN
the hill of complaint filed In ST. I ouis
last December when the present ac-
ton was commenced This trust
agreement. which was entered into
hv John y. Rockefeller and forty-five
other OIL interests. provided that the
standard OF company should he
formed In Ohio. New York, Pennsvl-
vania and New Jersey ana other states
whenever the trustees deemed advis-
ah,e
All properties and assets Of the ems
braced corporations and companies
were to be turned over 20 the several
Standard oil companies. which In
turn issued their own stock In ex-
change. Under the terms Of this trust
agreement all stock was to be deliv-
cred to nine trustees who Issued TO the
depositing stockholders trust certif-
Gates equal to par value Of the stock
of the several Standard oil companies.
The nine trustees under the original
greement were John D. Rockefeller, O.
s. Pavne, william Rockefeller, ]. A..
Bostwick. IT. NJ Flagler w. @. War
den. Charles Pratt. Benjamin Brews-
ter and John Archbold. The trustees
had absolute power In control OF me
companies. They could purchase With
the trust funds stocks and bonds OF
other oil companies on such terms az
they deemed advisable and could dis
nose Of them whenever they consid-
cred II necessary The trustees who
were elected t0 hold office for three
wears were balloted for by the owners
Of the trust certificates. The agree
ment further provided that the trust
should continue during the lives OF
the survivors of the trustees named In
the agreement and for twenty-one
years thereafter.
Mfr. Tllford was questioned NJ lenPth
on the trust period between lSs2 ana
1892 and the perlod Of the trust liqul~
dalton from 1899 TO 1899. Tllford. as
secretary of the company, could give
the governments counsel little lnfor-
nation covering the period OF the
standard OH trust. though he was the
lianldatinR trustee.
Mr. Kellogg finally asked ItiIofa IT.
during the period Of ltquidatlon
fad been any real changes IN I've
management Of the company and wilt
ness replied there had not. Through
Mr.. Tilford counsel for the govern
ment adduced the information that
John u. Rockefeller owned more than
one-fourth interest In the Standard
on trust. out Of q total Of 922.boO
shares 0f trust certificates IN 1882.
Tllford said Rockefeller held 2h6.sh4
shares