The free lance. (Fredericksburg, Va.) 1885-1926, 1907-09-26
WILL REORGANIzE
Standard Oil Co. to Increase
Capital When Litigation Ends.
WILL COMBAT CHARGES
Trusts Representative Declares Com
pany In the Future Proposes to
Abandon Its Policy Of Secrecy and
De Good.

Aoanoon Its Policy CT Secrecy and
De Good.
New York. Sept 2f-That the stan
dard Oil company plans a sweeping
reorganization when IL has cleared it
self OF the mesh of litigation IN which
1t is now entangled was the statement
made by q representative of the COM
pany.
After expressing confidence that the
company would win out in the suit
which the government has brought
against it. ne declared that the COM
pany would increase its capital to
s40O. 600, 600 or $500 100000
The trusts representative denied that
there was 20 be conference Of Stan
dard Oil interests at II. H. Rogers
home in Massachusetts and said that
Rogers has not been consulted since
he was taken ill., His statement fol-
lows.
The statement that a conference Of
Standard Oil interests has been called
for the purpose of changing the name
Of the company and effeCting reorgani-
zatiOn in general is without foundation.
We can do nothing in this respect so
long as the company Is under investi
cation.
Il can say. however that as soon as
tho Standard Oil company has freed it,
self from the labyrinth OF ltiga;ion
new involving il. then there will be a
reorganization. The capital stock viii
be increased to an amount in harmony
with the value OF its assets. TO $500
600. 900 or $500 600 600.
We also purpose TO issue periodical
statements Of earnings. operations.
etc. We propose 20 give the represen-
tatives OF the government everything
in the way OF information that II calls
for which is all We can do II we
arc guilty Of certain infractions Of the
law. then practically all other corpora
lions are guilty OF the same offences.
and should be treated accordingly But
we are confident We will win out"
The ways and means by which the
Tidewater Pipe company. Of Pennsyl-
vRnia. came under virtual control Of
the Standard Oil company were unfold
ed In the hearing Of the governments
suit against the oil combine The at
fairs OF the Tidewater company were
disclosed by the testimony OF Robert
Benson. president Of the company. and
from a mass Of records and contracts
The Standard was shown 10 own al
present 81 per cent Of the Tidewater
stock and by an agreement entered
into in 1883 between the two COM
panies the oil business was divided In
such proportion that the Tidewater
did liz per cent and the Standard
SSis per cent President Benson tes-
uAed that since the agreement IN
1883 the business OF neither the Tide
water Pipe company nor the present
parent company the Tidewater Oil
company. had materially increased.
Mr.. Benson gave testimony to show
that under existing contracts with the
Standard. % per cent OF oil refined
by the Tidewater company = per cent
was sold 10 the Standard and the re-
naming % per cent was sold in 4
territory in which the standard was
not interested. The president Of the
Tidewater company. when asked what
disposition was made OF the remain
ing 5 per cent. refined for domestic
purposes. said that the Standard Sc
cured 81 per cent Of IT,