Daily press. [volume] (Newport News, Va.) 1896-current, 1907-09-19
MORE LIGHT THROWN
ON STANDARD S PROFITS
An Indiana Subsidiary Concern
Earns Over One Thousand Per
Cent on Its capitalization.
ANOTHER co. MAKES MILLIONS
Secretary Pratt of the Company
Throws Some interesting Side
Lights on the Waters-Pierce Com
pany-some Of the Peculiar Trans
actions Brouoh, Out by MIR. Kellogg


NEW YORK. Sept lS-Morc light
WAS shed on the remarkable earning
capacity of the various subsidiary com.
panics of the Standard OF Company
today when Frank 49, Kellogg. VINO ~
conducting the federal suit. succeeded
in placing upon the records the profits
of seventeen OF the principal subsi.
Diary companies In The years 1909 and
1906. The statement of the earnings
of the Standard OH Company of In.
diana. which was cccntly fined 10
100000 by Judge lands OF Chicago.
Tor rcbating. disclosed that IN 1906
-tre company earned no less than ). =
3lG.OS2 on n capitalization OF 81 900
600 or over | 900 per cent year. me
Indiana company In ln06 earned more
than any subsidiary company of the
big combine.
Mr.. Kellogg developed during the
day. while Clarence G. Fay assistant
comptroller of the Standard Oil Com
pany was Oh the stand, IL curious prob.
/ lem of financial bookkeeping or
handling OF accounts which Air. Fay
failed to explain.
| Some Of the Profits.
icroin figures submitted II was
shown that the Standard Oil Company
! of New York. in 1901. made profit
OF $T,f5l leo, and paid In dividends 10
the Standard Oil Company of New
! Jersey the total sum of $32,9gs .i3U.
B This transaction reduced the net as.
sets of the New York Company from
$i0,i25,90O to S15.li9,7OG, which the
liabilities leaped from $,.o.y.235 in
1903 To Sl.395.llJ In 1904 an increase
OF nearly $3i00000O The gross ms.
sets of the New York company how
ever increased from $SS07i.56l in
1903 TO S9G.57i,S52 in 1904 Meanwhile
the accounts receivable of the Stan.
dard Oil Company OF New Jersey grew
from $l9,0i5.0li in 1903 to SOS, 272 Z
92i.
! MIR. Fay was closely questioned MS
To the nature OF the increased liabi.
Titles of the New York company and
Increase in the accounts receivable
Of the Standard Oil Company of New
Jersey, but he said he could not tell
until he had examined the hooks OF
hot Ii companies which he told Mr..
3 Kellogg he would do
both companies. which he told Mr..
/ standard Oil Company. recalled to the
witness stand told how he had held
/ for the STANDARD oil Company tho
! HAp' u VI VIC NuA'IS'l'ltftE VII Com
Dany at the time when 1t was not pcr.
mitted to operate in the state OF
Texas
| Mr.. Pratt threw some interesting
/ sidelishts on the Waters Pierce oil
! Company. the stock OF which was neld
for long period by NJ. NJ Van Buren,
who was not connected with the Stan.
dard oil Company.
Mr. Van Imrcn purchased the stock
from Mr. Pratt and early this year
! the Standard company bought it back
The nature of the transaction showed
that Mr. Van Buren, received from
. the Standard Oil Company exactly
what he paid for the stock and that
during the time he held it the divi.
lcnds We're paid to the Standard com
! pany.
Wesley Tilford. treasurer OF tho
Standard Oil Company was called to
the stand late today and Mr. Kellogg
made an effort to have spread on the
reports Il copy OF the trust agree
mcnt of 1852. but John G. Mllburn
/ chief counsel for the defendant com
panics. objected on the ground that
such All agreement wa S prior To July
2 1890. when the Sherman antitrust
| law went into effect.