Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1907-08-06
IMMENSE PROFITS.
Commissioner Smith Gives Fig.
ures About Standard.

Washington. AUG. 5.-Significnni
revelations are made public In a report
submitted TO President Roosevelt by
Herbert Knox Smith. commissioner OF
corporations. concerning the operations
of the Standard oil company
In previous report the means and
methods OF the Standard were explain.
ed, The present report sets forth the
results OF these methods and tho ef
feet they have had on the consumes
of oil and on the profits Of the stand.
| ard OIL company n deals with profits
and prices. showing just how the am.
nipulatlon of the oil industry by the
Standard has affected the pocketbooks
OF the American people
Commissioner Smith saws: The
Standard on company Is responsible
for the course OF prices OF petroleum
and its products during the last TWEEN.
ty.five years The STANDARD has con:
sisiently used IFS power 20 raise the
price Of oil during the last ten years.
not only absolutely. also relatively to
the cost Of crude oil
The Standard has claimed that n
has reduced the price 81 oil that II ha :
been a benefit 10 the consumer. and
that only great combiaaiion Ike the
Standard could have furnished oil ut
the prices that have prevailed"
Each ore Of these claims" saws
Commissioner Smith. rs disproved hy
this report. "
The increase In annual profits ~
the STANDARD FROM lSas 60 1904 was
over s27 .nn0 0G0 Tho report SAYS:
The total dividends maid hv the
Standard from 1889 to 1905 were s55i..
a22.90i averaging thus 24i5 ner cent
per wear The dividends however
were much lass than the total earnings
u Is substantially certain that the on.
tire net earnings Of the Standard from
1852 10 1905 were AZ least s790. OOo. 600.
and rcssiblv much more
These enormous profits have been
based on Investments worth. M the
time OF their original acquisition. not
more than s75.0OO.O0o"
In his letter to President Roosevelt
Transmitting the report Commissioner
Smith says:
The following facts are proven:
The Standard has not reduced NAV.
sirs since the'rerlod IN which n has
been responsible for the prices 81 oil
During the last eight wears covered
bv this repori from 1885 To laO5l u
has raised both prices and margins
rs domination has not been acouirol
W maintained hv its sunerlnr efHri,ns
cy. hut rather bv unfair ccmnstitlnn
ard hv methods economically and r'rr
ally uniustifiable The STANDARD has
snn"rlcr efficiency In running lisNown
business: u has as equal Efficiency in
DESTROYING the business OF competitors
II keens Ter itself the profits ~ tho
first and adds 10 those the. MONOPOLY
policy OF II procured by Ihe secor'
It's profits ar" far above the highest
possible standard ~ reasonable con-.
mercial return ard have been stead.
lily Increasing Finally the history ~
this great industry Is history OF tho
persistent use OF no worst Industrial
methods. the execution az eyorhiiani
prices from the consumer and the So.
curing Of excessive profits for tho
small group or men who. over y long
series ~ years. have thus dominated
the business"
In few DAYS another section ~ the
report will be made public setting forth
the importance OF price discrimination
In restraining the business Of compel,
itors and augmentlng the profits Of the
Standard