Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1907-09-26
OIL TRUST EVADES
LAWS OF TEXAS
OPERATES IN THAT STATE UN-
DER ANOTHER NAME.
STANDARD OlL'S TREASURER
Tells About the Trust Agreement thai
was in Force from 1882 Until
1899-Some Very Interest
ing Testimony.

New York City-That the Stand.
ard Oil Co. is operating under
the name of the Corsicana Refining Co.
in Texas, which has forbidden the OIL
combine to operate within that state.
was indicated Thursday when Wesley
II. Tilford treasurer of the Standard
Oil Co., under examination in the gov
ernments suit against the company,
testified that ii. G. Folger and G. NJ.
Payne, whom Frank Kellogg, the at
torney for the government, says con-
troll the Corsicana Co., are prominent
in the conduct of affairs of the Stand
ard Oil Co
Mr.. Kellogg sought to draw from
the witness the information that the
Corsicana Company was really a
Standard Oil concern operating in
Texas because the antitrust laws of
that state would not permit the com
bine to operate it. Mr. Tilford replied
that as far as he knew the Standard
Oil Co. had no interests in Texas. He
said that Mr.. Folger and Mr.. Payne
were both officers of the Standard Oil
Co, but he was not aware that they
owned the Corsicana Co.
Frank Kellogg spent a busy day
tracing the various changes in the
Standard from the time of its incep-
tion in 1882, when the trust agreement
was signed, until the trust was dis
solved in 1899 and the Standard Oil
Company of New Jersey was formed.
Mr.. Kellogg developed many of his
questions from the trust agreement of
1882, which was contained in the bill
of complaint filed in st, Louis last De-
cember, when the present action was
commenced. This trust agreement,
which was entered into by John ID.
Rockefeller and 45 other oil men, pro-
vided that Standard Oil companies
should be formed in Ohio, New York,
Pennsylvania and New Jersey and in
other states whenever the trustees
| deemed it advisable.
All the properties and assets OF the
embraced corporations were to be
turned over to the several Standard
| Oil companies, which in turn issued
| their own stock in exchange. Under
! the terms of this trust agreement, all
stock was to be delivered to nine trus-
| tees, who issued to the depositing
! stockholders trust certificates equal at
par value to the pac value of the sew
eral Standard Oil companies. The
nine trustees under the original agree
ment We're John d. Rockefeller, o. H.
Payne, William Rockefeller, ]. A. Bost-
wick, H. NJ. Flagler, W. G. Warden,
Charles Pratt. Benjamin Brewster and
John Archbold. The trustees had alb
solute control of the companies.
Another interesting development
was the official statement, made public
for the first time, of John ID. Rockefel-
lers personal holdings in. the Stand.
nrJ To haf Ir
reputed head was individually inter.
ested in the great concern has long
been a matter of speculation. 1t was
brought out yesterday that Mr.. Rookie
feller owned 256,S54 shares, or more
than ons-fourth of the total 972, SOC
certificates of the Standard Oil Co
Based on the earnings of the company
as placed on record Tuesday, it is
computed that Mr.. Rockefeller's
profits during the past eight years
| have aggregated almost $125, ,000,0 900.