The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-09-19
TRICKS OF
OIL TRUST
EXPOSED
fcontInuea from First page,

CONTINUED from First Page.)
terest in the stocks of the subsidiary
companies.
Mr.. Tilford was shown a copy of the
trust agreement OF 1882 giving a list of
companies that entered the trust.
TT appears that the Chess carley Com
pany signed that agreement. Have you
thought about that since 1 spoke to you
last nlght?i asked Mr.. Kellogg.
mo, I have not replied Mr.. Tilford'
who yesterday testified that he had been
a member of the Chess Carley Company
of Louisville before he became identified
with the Standard OIL Company. Mr.. Til
ford was asked who the stockholders OF
the Chess carley Company were when 1t
signed the trust agreement. He replied
that the stockholders were F. D.. Carley
and the Standard Oil Company OF Ohio.
Mr.. Tilford said that he became identi-
fed with the Standard Oil Company OF
Ohio in 1878. He was a liquiating trustee
and one of the trustees under the trust
agreement. Between 1892 and 1899 the
trustees received the dividends on the UNI
Inundated stocks OF the subsidiary COM
NAMES and distributed the money to the
holders of the trust certificates an the
holders Of the ~liquidating assignments.
The trustees did not vote this subsidiary
stock as they had done before the company
| underwent ii4uiIdAAohs aA'NA f
Tilford said, the trustees voted the stock
and elected the directors OF all the sub
sidiary companies.
MI. Kellogg again asked Mr.. Tilford If
It was not a fact that the liquidating tres
tees during the liquidation period voted
the stock of the subsidiary company whose
stock was still unliquidated.
Il am quite sure they did not" replied
Mr.. Tilford.
ul,z -gha afaafAI the nf1nnTG nf thnGA
subsidiary companies?" asked Mr.. Kellogg.
''They were elected by Individual stock
holders of those companies" swe the
witness.
Mr.. Kellogg took up the method OF 1iqui-
dating a company and showed the witness
a certificate of assignment made out to
John D.. Rockefeller.
This shows that John D.. Rockefeller
owned 256, S54 share s out OF a total of 972.500
shares of trust certificates in 1892" said
Mr.. Kellogg. rs that correct?'
II think so. according to the assignment
here. replied Mr.. Tilford.
well you as counsel for the trustees
were one o. the signers of the assignment
We're you not?'
Yes"
Then when you made out this nssigI-
ment you transferred to Mr.. Rockefeller
his proportiolate control of all the stocks
of the subsidiary eorpanies?"
Mr.. Tilford was asked II he could pro-
duce a record showing the amount Of
stock of the Standard Oil Company of New
Jersey. issued to John ID. Rockefeller.
The witness replied that he did not know.
Mr.. Kellogg then called upon the witness
to produce a record showing the amounts
of trust certificates held in 1892 by Henry
II. Rogers, William G. Rockefeller. H.
NJ. Flager. o. II. Payne, s. b. darkness
and John ID. Archibold.
John G. Minturn, chief of counsel for
the defending companies, said he would
see that the records were produced.
Mr.. Kellogg also asked for the amount
OF stock the standard Oil Company of New
Jersey issued to the same persons. These
records would show, according to Mr.. KEEL
logg. whether Mr.. Rockefeller and his
associates purchased or disposed of any
of their holdings in the oil combine dur
ing the liquidation period.
Mr.. Tilford was asked who made mp the
plan to place the stocks of the subsidiary
companies in the Standard Oil Company
of New Jersey. The witness said he did
not know.
Mr.. Tilford related the various positions
he had held I'm the various subsidiary
companies. He had been president of the
STANDARD OIL Company of Indiana from
1889 to 1890. president of the Standard Oil
Company of Iowa from 1885 to the spring
of this year. and was president of the
Union Tank Line in 1891.
Now, can you give us a list of the Off
GERS and directors of these subsidiary COM
panics in the trust period and in the
%liquidating period?"
Il do not think I cam" answered the
witness.
He admitted that during the liquidation
of the trust there was no change in the
real management of the companies.
The witness was asked II the Standard
OIL Company of Indiana still made reports
to the Standard Oil Company of New
Jersey. and he replied that he did not
Mr.. Tilford was asked if he knew H.. C.
Folger ana c. M. Payne, He replied that
You know that II, C. Folger and
G. M, Payne own the Corsieana Refining
Il do not replied Mr.. Tflford.
DO you know if the Standard Oil Com
pany OF New Jersey obtained oil from the
II do not answered Mr.. Tilford.
Did yon ever, hear the Corsicana com.
pany discussed i9 the b board Gd, Of directors IS
New Jersey, or New York;
Il did not
did you know that the Waters-PierCe
Oil Company was ousted from Texas?'
Did you know that no company owned
by the Standard Oil Company is permitted
to do business in the State of Texas"
Il don't know replied Mr.. Tilford.
Don't you know that the Corsicana
Company is operated In Texas under the
names of II. C.. Folger and C.. M. Payne
because the State will not permit the
Standard Oil Company to do business
there"
II do not. " answered Tilford.
MIR. Folger and Mr.. Payne are quite
prominent officeholders in the Standard
OH Company are they not" asked Mr..
Kellogg.
Yes. they are" replied the witness.
Mr.. Tilford was closely pressed by Mr.
Kellogg as to whether the Standard Oil
Company OF New Jersey had any oil in
terests In Texas or received any dividends
from any companies operating there. He
said that to his knowledge ii did not. He
did not know about the Manhattan Oil
CoInpany OF Ohio, but knew both F.. G.
Benedict and Anthony n. Brady. who had
boon intereaiod In the Manhattan CnmnanX.