Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-09-18

OIL
IN NF|GHT FOR
EXISTENCE
FEDERAL HEARING
RESUMED IN NEW YORK
Testimony Of Controller Shows
Oil Company'S Profits Agre-
gate S490,315,934 in the
Past Seven Years.

PdSt seven Years,
New York. Sept 17.--Profts aggre-
eating $490,S15,934 were made by the
Standard Oil company in the seven
years from 1899 to 1906. Testimony
TO this effect was given by Assistant
Comptroller Fay of the company in
the federal hearing here today.
In the same period the company's
gross assets increased from $500, 1911
623 to $371,664,531 This is the ffrst
time the company's earnings have
been made public, A list OF securi-
ties owned by the Standard oil COM
pany Of New Jersey presented today
SHOWS that that corporation owns
1890 shares of the stock of the Stand.
ard on company Of Indiana, which
company was recently sentenced bN
Judge handis in Chicago To pay a fine
of $29,240,000. In addition to stas-
ing that in the period OF seven years
referred to. the company's total prof
Its aggregated $490,315,954. Mr.. Fay
said that dividends TO the amount OF
SSOS,359.430 were paid in those years.
His statement also disclosed that the
capital stock of the Standard of New
Jersey was 500, ,99S.612 in 1899 and IN
1905 l. was $9S,33S,3S2
When today's hearing was called
before former Judge Franklin Ferris,
E. c. Benedict. one of the former own
ers of the Manhattan Oil company.
testified as to the sale of the concern
which passed into the hands of the
Standard oil company.
Charles M. Pratt, director and Sec
rotary of the Standard oil company,
stated that his Ennnflador. OF H.NII
ings of the company in other COM
panies was only general. He was
asked to produce statements showing
the officers and directors and the
capitalization of ali companies in
which the Standard holds stock inter-
est.
Mr.. Kellogg questioned the witness
about the c. M. Pratt Investment COM
pany, the stock of which was shown
to be held by the Standard company.
He said the Pratt company represent
ed the stock of the Waters-Pieree oil
company OF Texas, which he was
holding for the Standard oil COM
pany. Mr.. Kellogg developed the In
formation that the c. M. Pratt In
vestment company came into existence
at the time the Wateis-Pierce on conn
pany was having difficulty with the
state of Texas.
Mr.. Kellogg asked II II was not
fact that the Standard company and
its subsidiary concerns were governed
by committees. Mr.. Pratt said he did
not think so, though in the early days
Of the trusteeship of the company 1t
was likely that the company was con-
trolled by committees. Mr.. Kellogg
asked what records were kept by the
trustees showing the manner of liqui-
dation in the period between 1892 and
1902.
Mr.. Pratt, as one of the liquidatlng
trustees of the Standard trust, said
there were books kept, but he could
not recall in whose possession they
might be found.
Don't you know whether these
books are TO be found in the comp
troller's office or the secretary's Of
fice?" asked Mr.. Kellogg 81 really
don't know" answered the witness.
Don't you know anything about the
organization of the Standard oil COM
pany2" pursued Mr. Kellogg. "No.
sir. do not" was Mr.. Pratts an.
swer. Mr.. Kellogg asked the witness
II II was not a fact that at the time
the Stanard oil trust was liquidated
that there were 970,700 outstanding
trustees certificates, which had been
issued for the stock Of the subsidiary
companies and that in 1892 when the
Standard oil trust was dissolved, tho
Standard oil company OF New Jersey
exchanged its stock for the certificates
of the trust, shaEe-1or share. 81 think
not" replied Mr.. Pratt
Mr.. Kellogg asked John G. Milburn.
chief counsel for the defendants, to
produce all llquidating certificates is-
sued by the 5lquidating trustees which
had been turned into the Standard oil
company of New Jersey. MIR. Kellogg
also asked for all assignments Of legal
title given by those who received the
stock OF the Standard oil company Of
New Jersey
Attorneys Warned Against Delay.
Judge FERRIS has warned the at
torneys for the defense that there
must be no further delay. and II Is
thought that the taking Of testimony
will now proceed without any other
postponement. During the preseh.
hearing the oil company will produce
statements from Its books. Including
It's old records, and II Is thought that
the secrets OF the monopoly will be
barred az they have never been at any
previous court hearing. From these
books the prosecution expect to get
facts that will substantlate the charge
that the oil company has carried on
IS operations In violation of the Shell
man antitrust law.
Among those subpoened 10 produce
the records are Henry NJ. Flagler and
Wade Hampton. the latter being gem
erai auditor Of the company This
subpoena called for the production af
the following records;
Books OF the trustees Of tho stand
ard oil company, under The agree
ment dated January 2, 1852. and the
amendment thereto. dased January T.
1882, showing for the full time OF its
existence. and the proceedings Of the
several meetings Of the said trustees;
the books, records and accounts kept
BY the said trustees. or under their di-
reetion. showing all stocks. bonds and
other securities OF corporations and
limited partnerships held by said
trustees. OF said stocks and securities;
record books Of the llquidatinR trua-
tees OF the said oil trust. showing the
proceedings Of said trustees III llqut-
dalton at the various meetings nf the
date and the commencement Of said
liquidation. March ei 1892. until the
TRUST was completely liauldated aud
aHoHlak the process % liquidation:
bool,s 81 ofIier records 81 the trusteen
In llnuIdatl0n. showing the person %
whom The evidence Of ownership n
the property represented bv che aaEd
4NI.N .
Continued IN Page . cnl. 81