Los Angeles herald., 1907-09-20
OLDER MEN DROPPING FROM
ACTIVE WORK
TRUST OPERATES IN TEXAS,
SHOWS INQUIRY
John D. RockefeIIer's Holdings Con-
stItuted More Than one-Fourth Of
Stock-Persona Profits $125.-
100000 in Eight Years
BY Associated Press.

personnel of the Standard Oil company's
leaders is beginning. 1t is thought that
the younger element in the great corpor-
alton is coming to the front and that
the older element is relinquishing Its
active hold upon affairs of the company
and those vast interests which have Been
affiliated with it.
| John d. Rockefeller, jr, William q.
Rockefeller, Urban H. Broughton, SON
in-law of H. H. Rogers, and H. H.
Rogers. jr., are among the younger MEM
bers who are looked upon by the street
as now directing affairs.
William Rockefeller is regarded as
| likely to take a principal part still In the
company's councils. but most of the
other men who have been called the
makers of the Standard Oil company,
| including John D. Rockefeller, ST., John
d. ArchboldT and H. H. Rogers, are ex-
pected hereafter to leave to their juniors
the task of handling the giant business
which they founded.
| What leads the street to hold these
views is the recent decision of the direc-
| torate of the Amalgamated Copper COM
| pany to cut down. the output of mines
| to half the normal It is held that this
| is a departure from the policy which
/ was pursued several years ago when the
| copper market was declining, and that
1t signifies that the younger element is
| in control.
/
| ticularly interesting figure in the new
| order of things. Mr. Broughton is an
| Eng glishman who came to this country
as mining engineer. He married the
| daughter of H. H. Rogers and was put
in charge of the United Metals Selling
company, through which the Amalganat-
ed and a number of other copper pro-
ducers sell their metal.
| That the Standard Oil company Is op-
Grating under the name of the Corsicana
Refining company in the state of Texas,
which has forbidden the oil combine to
operate within the state, was indicated
today when Wesley H. Tilford. treasurer
of the Standard Oil company, under ex-
animation in the governments suit
against the company, testified that
H. G. Folger and c. N. Payne, whom
Attorney Frank Kellogg for the govern
ment states control the Corsicana COM
pany, are prominent in the conduct OF
the affairs of the Standard Oil company.
Mr.. Kellogg sought to draw from the
witness the information that the Cor
sicana company was really a Standard
OIL company and was operating in Texas
because the antitrust laws of the state
would not permit the combine to operate.
Mr.. Tilford replied that as far as he
knew the Standard Oil company had no
interests in Texas. He said that Mr..
;, Folger and Mr.. Payne were both officers
of the Standard Oil company, but he was
not aware that they owned the Corsicana
company.
Another interesting development was
| the official statement made for the first
time today of John d. Rockefellers per-
sonal holdings in the Standard Oil COM
/ pany. AS to just what extent the reputed
head was individually interested In the
great concern has long been matter
of speculation. 1t was brought out today
that Mr.. Rockefeller owned 256.S56 shares,
or more than one-fourth of the total of
Il 972,500 certificates of the Standard Oil
company. Based on the earnings of the
company as placed on record Tuesday it
i is computed that Mr.. Rockefellers per-
sonal profits during the past eight years
have aggregated almost $125000,000.
AT Tuesdays hearing it was testified
that in the years 1899 to 1906 inclusive the
Standard Oil company had earned total
profits of $49O.a1s.344.
Changes Follow
Frank Kellogg spent a busy day trac-
| ing the various changes in development
of the Standard Oil company from the
time of its inception in 1882, when the
| trust was formed, until the trust was
dissolved in 1899 and the Standard Oil
| company of New Jersey was formed.
| Mr.. Kellogg developed many of his
| questions from the trust agreement of
1882, which was oDtained in the bill of
complaint filed in st. Louis last Decem-
ber when the present action was com
menced.
| This trust agreement, which was en-
tered into by John d. Rockefeller and
| forty-five other oil interests, provided
| that the Standard Oil company should
be formed in Ohio, New York, Pennsyl-
vania and New Jersey and in other
states whenever the trustees deemed adj
visable.
| All +ha nronerties and assets of tba
embraced corporations and companies
| were to be turned over to the several
| Standard Oil companies, which In turn
issued their own stock in exchange.
| Under the terms of this trust agree
ment all stock was to be delivered to
nine trustees, who issued to the deposit
| ing stockholders trust certificates equal
at par value to the par value of the sew
eral Standard Oil companies. The nine
trustees under the original agreement
were John D. Rockefeller, o. III. Payne,
William c. Rockefeller, j. A. Bostwick,
H. NJ Flagler, w. G. Warden, Charles
Pratt, Benjamin Brewster and John D.
Archbold.
! The trustees had absolute power in
| the control of the company. They
could purchase with the trust funds the
stocks and bonds of other oil companies
on such terms as they deemed advisable
and could dispose of them whenever
they considered IL necessary. me trus-
tees, who were elected to hold office
three years, were balloted for by own
| ers of trust certificates.
Trusts Term
The agreement further provided that
| the trust should continue during the
| lives of survivors of the trustees named
| in the agreement and for twenty-one
| years thereafter.
Mr. Tilford was questioned at length
! on the trust period 1882 to 1892 and the
period of trust liquidation from 1892 to
| 1899. Mr.. Tilford, as secretary of the
company, could give the governments
counsel little information during the
period of the Standard Oil trust, though
he was liquidating trustee.
Mr.. Tilford said he had been presi-
dent of the Standard oil company of
Indiana from 1889 to 1890, president or
the STANDARD Oil company of Iowa from
! 1885 to the spring of this year and was
president Of the Union Tank Line IN