The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-09-24
HOW OIL OCTOPUS
CONTROLLED
PIPE LINES.
Gave Tldewater Company a
Small Slice.
NO CONFABs At ROGERS HOME
STANDARD VIII Increase capitalization
to $500, ooo. 900 When Free From
Litigation.

NEW YORK. Sept 2i.-The ways
aud means by which the Tidewater
Pipe company OF Pennsylvania came
under virtual control OF the Standard
oil company were unfolded ut the hear.
ing OF the governments suit against
the oil com bine here.
The Affairs Of the Tidewater compa'
my were disclosed by the testimony Of
Robert Benson, president Of the com.
pany, and from a mass Of records and
contracts The Standard was shown
70 own at present 81 per cent OF the
Tidewater stock. and by an agreement
entered Into In 1883 between the two
companies the oil business was diyid-
ed ia such proportion that the Tide
water did III per cent aud the stand
ard ssn, per cent. President Benson
testified that since the agreement I'M
1888 the business OF neither the Tide
water Pipe company nor the present
parent company. the Tidewater OH
company. had materially increased.
An Interesting incident VI the hear
ing vas the unsealing " the minutes
OF a stockholders' meeting held Ia I'll
tusyille. Pa. on jan. ~. 1855. the &C.
ton OF which IN electlng officers was
rspudlatsd at meeting neIt day IN
Philadelphia OF the managers of the
Tidewater company. who directed that
the existing officers remain In control
and that a suit be brought In court 10
SGT aside the action OF the Titusyllle
meeting. Counsel for the government
obtained evidence from Mr.. Benson
and the records Of the company that
certain interests bad held the Titus.
willie meeting without issuing u call TO
the stockholders. a. provided for by
the company's bylaws.
The litigation Ia the Pennsylvania
courts that followed the Titusyllle
meeting resulted In n decision against
the Titusville officers and ordered the
record sealed. Mr.. benson was asked
20 examine the record and see II any
stock now held by the Standard on
interests had been voted at that meet
Ing. Mr.. Benson said that lisa shares
u stock voted nc that meeting came
into possession Of gentlemen whom
they considered 20 Represent standard
Interests and that this STOCK la igO
was transferred by william q. Rookie.
Teller 10 II. &. Folgcr. who stlll own.
ed Il.
Mr. Benson gave testimony 10 show
that under existing contracts With the
Standard OF 10 per cent % oil refined
by a., Tidewater company u per cent
was sold 10 the standard aud the 10
naming 3 per cent was sold In ter.
ritory In which the Standard was not
Interested. The president VI the Tide
water company. when asked what dis
position was made " the rrmalnlng 5
per cent refined for domestic purposes.
said that the Standard secured ~ pei
cent OF a.
Oricial denial IL given here 60 ~.
ports that conference " standard OH
interests was TO BE- held az the hons Of
H. II. Rogers IA Fairhayen. Mass. II
IL stated that Mr. Rogers has not hean
consulted regarding Standard OF AZ
fairs since he was taken a.
A representative VI the standard on
company said.
The statement that a confereuce Of
Standard on interests has been called
for the purpose u changing the name
OF the company aud effccting reOrgan.
nation ia general l. without fodnda.
ton. We can do nothing la this ~.
spect 80 long % the company Is under
Investigation.
Il can say. however. that NJ soon ~
the Standard OH company has freed
itself from the labyrinth VI litigation
now involving Il there viii be- reor.
ganlEation. The capital stock will IN
increased 20 an amount more IA har
mony with the value of it, azssts-say
10 t4O0.OO0.0OO or s5O0.OOOOO0"