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

New York, Sept i9-That the
STANDARD OH company is operating
under the name of the Corsicana Re-
hning company In the state Of Texas.
which had forbidden the oil combine
ia operate within The state. was indi-
Gated today when Wesley II Tilford.
treasurer Of the standard oil COM
pany under examination In the gov
crnmcnt's suit against the company
testified that II. G. Folger and G NJ
Payne. whom Frank kellogg, attor-
ncN for the government. states control
the Cnrsicana company, are prominent
In the conduct Of the affairs Of the
standard on company. Kellogg sought
To- draw from the witness the infor-
nation that the Corsicana company
WAS really the Standard on company
ana was operating IN Texas because
tho antitrust laws OF that state would
not permit the combine to operate
there
Tilford rcplled that as far as he
knew the Standard on comnanv had
no interests in Texas. He said Folger
and PAYNE were both officers ~ the
standard oil company but he was not
aware that they owned the Corsicana
comuanV
Frank Kellogg spent busy day
tracing the various changes In the de-
vcloument Of the standard oil from
its inceutlon in 1852, when the trust
agreement wses signed, until the trust
was dissolved IN 1893 and the stand
ard on comnanv Of Now ferscv WIS
formed. Kellogg developed many "
his questions from the trust agree
mont ~ 1882 which was contained ~
the hin of complaint filed In st. Louis
last December when the nresent ac-
tion was commenced. This trust
ngrccnen' which was entered into
bv John u Rockefeller and fortv-fve
other oil interests. provided that the
STANDARD oil COMPANY should be
formed in Ohio New York Pennsvl-
vania and New Jersey ana other states
whenever the trustees deemed advls-
ahio
All properties and assets Of the em-
braced corporations and companies
we're To be turned over to the several
standard OIL companies. which In
turn issued their own stock In eX-
change. Under the terms Of this trust
all stock was TO he deliv-
cred to nine trustees who issued To the
dcpositing stockholders trust certlh-
Gates equal 10 par value Of the stock
Of the several standard oil companies
The nine trustees under the originHl
rreement were John u. Roefefeller. o.
s. PAYNE, william Rockefeller, ' A.
II NJ. Flagler. w. q, war
don. Charles Pratt Penjamin Rrews-
ter and John Archhold The trustees
had absolute. mower In control or thH
They could purchase Win
he trust funds stocks and honds ~
,ther oil comnHnies on such terms As
Ihev deemed advisable and could dis
nose OF them whenever they coneh-
cred II necessary. The trustees who
were elected 20 hold ofice for three
yaors were ballnied for by the owners
NJ the trust certificates. Tho arrce-
mont further provided that tho trust
should continue during the lives ~
ne survivors OF the trustees named ~
be agreement and FOR twenty-one
,carg therea fter
M TiIford was questioned al lenrih
,r tba trust pcriod between iSs' ana
eop and the nariod ~ fhe trifst lQui
.gfion from 1892 10 1899. Tiiford. ~
errciarv of tho company. cnuld give
bo Governments counsel little iufnr-
fntian covering tho perlod OF me
tandard oIl trust. though he was the
trustee.
Nr Kellogg nnarv asked Tilf"-' w.
u,ir~ thc roriod ~ liuuida
900 boon any real changes W the
,1narar1crt ~ the company. and VII
ase rrriici thcrc BAD not Through
Ir Tiifnrd ruuu-ei Tor the govern
,cnt sddurod tho Information That
Ohm ID Rockefeller owned more man
nne- fourth interest ln the STANDARD
40 Trust Out of total of ~ 'Np
,aras of frusf eertiacates IN lsA2.
ffford said Rockefeller held e5s.haa
iHres