The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-09-18
In One Year Over Ten Times
Its Capital Stock.
MADE IN TWO YEARS.
Almost Enough to Pay Fine
Imposed by Landis.
Bond in Rebate Case Is Fixed
OF !. 100000.

NeW 1OEk, sept 1S.-Ihe prOntS OF
the Standard Oil Co. of Indiana in
1906 were SO, 516.OS2 and in 1903 IS. 75S, 40.
This is the corporation which is caDi-
talized at $1.0OO,0OO and which was fined
$29 240, 900 by Judge Landiis in Chicago.
These figures were brought out in a
hearing in action by the federal gov
ernment against the Standard Oil COM
pany of New Jersey here today. The
statement as presented shows the pro-
fits of the Standard Oil company of
Indiana were greater than the profits
of other companies whose figures were
given except the Standard Oil company
of New Jersey.
Further efforts to obtain the records
of Hquidating trustees of the Standard
Oil trust which effected the dissolution
of the trust and formed the present
Standard Oil company of New Jersey
were made by Frank B. Kellogg who
is conducting the suit
Clarence g. Fay, assistant comptrol-
Ter of the Standard, was recalled today
and questioned about the income on the
c. NJ Pratt Investment company. He
said that the income from this source
in 1902 was $137 400 and that the money
was paid over to the Standard Oil
company by C NJ. Pratt, who yesterday
testified that he held stock of Waters
Pierce Oil company of Texas for the
Standard company that the Standard
company held the stock of c. H Pratt
Investment company in lieu of Waters
| Pierce company stock Mr.. Fay testt-
fed that between 1899 and 1906 the
stock of the Waters-Pierce Oil company
did not appear upon the books of the
Standard Oil company of New Jersey
as an asset In 1899 the latter COM
pany' balance sheet showed ownership
of 2.74T shares Of the Waters-Pierce
stock valued at s3.067, ,s92.
Mr. Fay was questioned about GER
tain trust company certificates held
by the Standard Oil company between
1899 and 1904. A statement from the
company showing that the stock of
the National Storage company was
sold in exchange for Lehfgh Valley
railroad bonds and deposited with the
a Central Trust company which issued
4 certificates in exchange, was intro
duced-
In 1905 these Central Trust certifi-
Gates were exchanged for 100000 in
cash and 100000 worth of four per
cent bonds of the Lehigh Valley Rail-
road company.
Facts Regarding New Jersey Company
New York, Sept 1s.-DeIving into
the financial workings of the Standard
Oil company of New Jersey, the hold
| ing company of all the subsidiary or
ganizations OF the so-called oil trust
Frank B. Kellogg, conducting the fed
eral suit for the dissolution of the
company, has brought to public view
for the first time the enormous profits
.
from 1893 TO 1908. inclusive. the
Standard Oil company. by a statement
spread upon the record. was shown to
have earned profits of $3.50, 5,934, or
| at the rate of more than $61, 100000 a
year
While the company was earning
these vast sums the statements show
that the assets of the company grew
from $2O0.091.523 to 1871. .534.531.
The capital stock is SOS, ,33S,3s
| Financiers and those seeking knowI-
edge OF the exact profits of Standard
Oil have striVen vainly to obtain the
figures, which Mr.. kellogg has sue
| ceeded in placing upon the record of
| the court The Standard OIL company
makes no statement of its business
and other than declaration of divi-
dends, it makes no public announce
ment by which its business may be
| gagged The hearing brought out
| much information which Mr.. Kellogg
| obtained from the Standard Oil COM
pany. Mr. Kellogg obtained a state
/ ment showing that the Standard OIL
company of New Jersey controlled by
| stock ownership over seventy COM
panies engaged in the refining and
| transportation by pipe line of oil on
| September IA, 1907
The Standard Oil company had al
ways carefully guarded the list of its
subsidiary companies and the amount
| OF its share holdings The list showed
| that the Standard Oil company of New
| Jersey owned S999,000 of the total
CAPITAL stock of 100000 of the
Standard OIL company of Indiana
| which was recently fined $2e, 100000
| for rebating.
| When the hearing was called before
former Judge Franklin Ferris. E. C.
| Renedict one of the former owners of
the Manhattan Oil company testified as
| 10 rhe sale of the concern which passed
into the hands of the Standard Oil COM
| many Charles NJ. Pratt, a director and
| eacratary of the Standard Oil company.
stated thar his knowledge of the hold
| ings of the company III other companies
was only general. He was asked to
\ produce statements showing the orf1-
GERS and directors and the capitalization
of all companies IN Wnlch lne StdhodIu
holds stock interest
| Mr.. Kellogg questioned the witness
about the; c. NJ. Pratt Investment conf
panv the stock of which was shown TO
be held by the Standard company He
said the Pratt company represented the
stock of the Waters-Pierce OH company
| of Texas. which he was holding for rho
STANDARD Oil company Mr.. Kellogg dew
eloped the information that the e NJ
Pratt Investment company came into
| existence at the time the Waters-P1erce
Oil company was having difficulties
with the state of Texas
Mr.. Kellogg asked if it was not fact
that the Standard company and its sub
sfdiary companies 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 controlled
by committees
Mr.. Kellogg asked what records were
kept by the trustees showing the man
1892 and 1902. Mr.. Pratt. as one of the
lfor,ida ting trustees of the Standard Oil