The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-09
N. j. OIL TRUST
MAN QUIZZED
ON ASSETS
Where Did They Go? Why
Effaced ? Auditor Fails
to Enlighten.

NEW YORK, Oct. 9.-Transcripts OF
ledgers and journals of the old Stand
ard Oil Trust and several of its SUBJ
sidiary companies were placed in evil
dence today at the hearing of the Fed
eral suit against the oil combine for
the purpose of proving the govern
ment's contention in the bill of COM
plant that the Standard is an illegal
monopoly.
Clarence G. Fay, assistant auditor of
the Standard Oil Company of New
Jersey, was again on the witness stand
| today. Frank B. Kellogg, the govern
ment's counsel, called attention to the
balance sheets of he Standard Oil
| Company of Kansas. for 1899. on which
the stocks of the Southern Oil TAM line,
Mutual OIL Company, the White Golden
Lubricating Company. C. P. Wagner &c
Co., H. Garlick & Co. and Protection
Oil Company appeared as assets.
Mr.. Fay said he could not explain
why the balance sheets in the fol-
lowing years did not show what had
become of all these assets and why
they We're written off.
A balance sheet of the STANDARD OIL
Company of New York. for 1906 showed
II carried its pipe lines as an asset which
IT valued at SS4, S33. MIR. Fay said he sup
posed the Central Park pipe line was in
cluded in that asset. He did not know
why the asset account for the pipe lines
did not appear in the company's books
after 1906. The balance sheets of the Ma
tionaI Transit Company showed that the
National Transit Company paid to the
Standard the rentals for the Crosstow1i
pipe line from 1899 to 1905, inclusive. The
yearly amounts varied from $1,19l, no, in
1901, to $23S, 1871, in 1905.
Figures from the balance sheets of the
Galena Signal Oil Company showed a total
asset of sl1, S31, 1888, of which the plant in
vestment was $3.50, 1853 and the goodwill
81, 554,0 OH, Mr.. Fay said.
Charles t. White. assistant secretary of
the Standard Oil Company. of New Jersey,
followed Mr.. Fay on the witness stand.
Mr.. White submitted a list of stockhold-
ers of several other subsidiary companies
of the STANDARD Oil Company.
Wesley II. Tilford, treasurer of the
Standard Oil Company of New Jersey,
recalled and questioned regarding the
loan of $4,000 600 to James Mcdonald.
which appeared on the books of the Anglo
American Oil Company. No explanation
was elected from the witness.
Mr.. Tflford said the Standard Oil Com
pany of New York was the present owner
OF the Cr0SSt0Wn line under central Pdrk,
New York. the ownership of which until
today has been somewhat of a mystery to
the Governments counsel. The National
Transit Company, he said, sold the Cross
town line to the II Oil Company of
New York on January %, 1892, for 5,226.
Mr.. Kellogg showed from the statements
of the Standard Oil Company of New
York that 1886 shares OF the ~company's
stock in 1893. when the trust was ordered
dissolved. had been voted by the Standards
trustees. who hold the stock as Individuals.
The statements further showed that S4.-
3SS shares did not vote, and that in the
period from 1893 to 1899. 1856 shares were
the only stock voted at election.
1t is the contention. of the government
that when the Ohio courts forbade the
Standards trustees from voting the stocks
of the subsidiary company, the trustees
liouidated a bare majority of their trust
certificates. for which they were given
a majority Of the stocks of the subsidiary
companies. which they voted as individuals
and thereby continued the Standard Oil
trust under the same control and az an
entity.