The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-09-26
PLANT BOUGHT
WITHOUT MONEY
How FoIger and C. M. Payne
Obtained C0rSicana Oil Re-
finery in Texas.
HAD TALK WITH ARCHB0LD
MORE ABOUT TRUST BUSINESS
METHODS.

New York. Sept 25.-wade Hamp-
ton, general auditor of the Standard
Oil company, was again on the witness
stands for a few moments today when
the hearing in the federal action for
the dissolution of the oil com bi1e was
resumed
After testifying that he audited all
he shipments of the Standard Oil
company, and stating that the books
showing the transfers Of certificates
and of stock during the Hquidating pc
riod were never kept in his office. he
was excused by Mr.. kellogg, who said
he was likely to call Mr.. Hampton
again.
Mr.. Nilburn of counsel for the
Standard Oil company submitted to
the governments counsel a statement
showing the capitalization of the Va
rious companies in which the Stand
ard had their stock control. The state
ment was entered on the record with
out being read.
Afr. Kellogg also placed on the re-
cord a copy Of contract which I. {.
benedict testified had beoa entered
into between the indianapolis las and
the Manhattan oil company.
Operations in Texas.
Henry c. FoIger. jr., who, with c.
NJ Payne, owns the Corsicana Oil
company of Texas, followed Mr. Iamp-
ton. He said he was connected with
the Standard Oil company of New
York, a director of the Union Tank
Line company, and general .nanager
of the Long Island refinery Of the
Standard.
DO you confer with others in re-
gard to refining oily" ne was asked.
Yes. have conferred with general
manag gers of other companies" said
ar. Folger.
Ee said th3t many conferences were
ne!d at 26 Broadway, the main Offices
IF thu Standard.
Mr.. FOiEer said he kept the records
Of the results of the refining of oil
which were sent to him at various re
rods from the various subsidiaTv com
Danies Of the STANDARD and that he
made suggestions to improve the work
OF these refineries. The COrsicana
cOmpany's refinery at Corsicana was
built, Mr.. Folger said, with the money
of the National Transit company, OF
which MIR. Payne is the vice president
the Transit company having in 1889
that purpose. Notes We're given for
the loan.
No Cash Paid.
The actual ownership of the Corsi-
cana refinery was with the National
Transit company until 1906. when it
was sold to FOlger & Payne for about
1892 900, who undertook to pay for it
in ten years, according to Mr.. Folger,
who said they talked the sale over
with John D. Archbold No cash was
paid, Mr.. ArchbOld said the price reps
resented the investment of the Ma
tional Transit company. The company
always stood in the name of Folger &
Payne. There was no agreement TO
pay any definite amount yearly upon
the purchase price.
Then the operation of the Corsicana
is going on just the same as before the
sale to you?" asked Mr. Kellogg.
practically So" he answered
How much have you paid on ac-
count Of the sale?"
Il think 100000 at the end of 1906. -
Teplied Mr.. FOlger.
Then this whole transaction invoIv-
ing $1,000, 600 was a verbal agreement
made with Mr. ArchboldZ~
Yes, sir" the witness answered.
Mr.. Kellogg developed from the wit
ness that the money paid him by the
COrsicana company was all turned
over to the National Transit company.
which, the witness said went toward
the payment of the company.
Did you turn over all the money ?''
Yes, sir, al of it