Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1907-09-26
OIL TRUST
OPENED UP
SECRETS OF GIANT COMBINE
WRuNe FROM sUeoRDINATEs
OF ROCKEFELLER.
OWNED NEW TEXAS COMPANY
AFTER BEING DRIVEN OUT OF
THAT STATE.
MORE TESTIMONY ADpucED TO
SHOW ENORMOUS PROFITS
REALIZED BY THE ocTo-

New York, Sept. 24.-That the
Standard Oil company is operating un
der the name Corsicana Refining COM
pany in Texas, which has forbidden
the oil combine to operate within the
state was indicated yesterday when
Wesley H. Tilford, treasurer of the
STANDARD Oil, under examination in
the governments suit against the
company, testified that H. C. Folger
and c. M. Payne, whom Frank KEEL
logg, attorney for the government,
states control the Corsicana company,
are prominent in the conduct Of tie
affairs of the Standard Oil. kellogg
sought to draw from the witness in.
formation that the Corsicana CON-
pany was really the Standard Oil COM
pany and was operating in Texas be-
cause the antitrust laws of that
state would not permit the combine
to operate in it. Tilford replied
that as far as he knew the Standa:
oil had no interests in Texas. He adj
p1itted that Folger and Payne were
both officers of the Standard Oh, hut
he was not aware that they owned
the Corsicana company.
Kellogg spent busy day tracing
the various changes in the develop
ment of the Standard Oil from the
time of its inception in 1882, when
the trust agreement was signed, uu-
til the trust was dissolved in 1885
and the Standard Oil company of New
Jersey was formed. Kellogg devel-
oped many of his questions from the
trust agreement of 1882, which was
contained in the bill of, complaint flea
in St. Louis last December, when the
present action was commenced.
Planned for Long Period.
This trust agreement, which was
entered into by John D. Rockefeller
and As other oil interests, provided
that Standard Oil companies should
be formed in Ohio, New York, Penn
sylvania New Jersey and in other
states whenever the trustees deemed
advisable. All properties and as
sets of the embraced corporations
and companies were to be turned over
to 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 trustees.
who issued to the depositing stock
holders trust certificates equal at
par value to the par value of the sew
eral Standard Oil companies
Trustees Power Absolute.
The trustees, under the original
agreement. were John D. Rockefeller,
o. H. Payne, William Rockefeller, ].
A. Bostwick, H. M. Flagler, W. e.
Warden, Charles Pratt, Benjamin
3 Brewster and John Archbold. The
trustees had absolute power in the
control of the companies. They could
purchase with trust funds the stocks
and bonds of the other oil companies
on such terms as they deemed advis-
able and could dispose of them when
ever they considered it necessary.
The trustees, who were elected to
hold office for three years, were bal
loted for by the owners of the trus.
CtIlllCdISS. ne agreement lurCl61
provided that the trust should contin-
ue during the lives of the survivors
of the trustees named in the agree
ment and for Fl years thereafter
Tilford was questioned at length on
the trust period and the period OF
trust liquidation, but could give lit
tie information during these periods
of the Standard Oil trust, though he
was a hquidating trustee, Kellogg
finally asked Tilford if, during the
period of liquidation, there had been
any real change in the management
of the company, and the witness re
piled there was.
Through TiIIord information was
adduced that John d. Rockefeller
owned more than one-fourth interest
in the Standard Oil trust Out of
total of 972,500 shares of trust GER
tificate in 1892, Rockefeller held 1885,
S54 shares.
Based on the earnings of the COM
pany as placed on record Tuesday, il
is computed that Rockefeller's person
al profits during the past eight years
have aggregated almost s125,000 900.
At Tuesdays hearing it was testified
that from 1899 to 1906 inclusive. the
Standard Oil company had earned to-
tai profits of s490,315.934