The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-19

viously paid, as our capital increased"
said Mr. Rockefeller.
"ELet me ask you about the house
which you established here said Mr..
Milburn.
eyes, that was an advantage, That
gave us an opportunity TO learn of the
foreign markets and the export trade.
We were constantly in need of inereas-
ing capital as our business developed,
and in New York we were enabled to
secure larger sums of morcy at lower
rates than in the west, We were al.
WAYS able to obtain large Sums OF
money and / am thankful to say we
always had good credit We always
kept our covenants and paid our bills.
Our ability to secure large loans was
of great advantage to us. Thus we
extended our facilities with New York
bankers with whom we kept our de-
posits and we got our money at the
cheapest rates in the cheapest money
market in the world. -
Began to Branch Out.
Through the acquaintance made by
William Rockefeller with wealthy men
in New York connections were formed
enabling the company TO borrow large
sums for the further extension Of the
business. the witness stated. Some OF
those who aided him in obtaining funds
were AMI stone ana ISculdiulu pIcN'
ster. New York, he said, was the larg-
est exporting point at that time and is
today.
Hard times came upon the oil trade
early in the seventies. The business
was much ovcrdone, because refneros
had been erected so rapidly that the
profit was much lesscned.
A recess of FIVE minutes was taken
30 ventilate the room, and meanwhile
lY,C Coll lhr 4 f.l l. nI
with the newspaper men, He suggested
that they ought TO have n room five
times as large, but Mr.. Mllburn said
there would be five times as many peo-
pie if they did; that the only way
would be TO charge admission.
"Oh, no. said Mr.. Rockefeller,
"uot if they are as nice as the people
here. We want to introduce all the
economies, you know
'SDid you have negotiations after the
organization 'of the Standard Oil COM
pany of Ohio with other interests, look.
ing TO their purchase?' Mr.. Rockefeller
was asked after the recess.
Buying Up Competitors.
"Yes. in tho last part Of 1871. We
consummatcd negotiations for the then
firm of Clark. Payne & Co This COM
panv was a very considerable refining
company, next TO us in size. The mem.
bers of tho firm were Colonel Oliver
Payne James II, Clark and John Hunt
ingtoon.
right, was the Alexander, Schoiield 6
Co., They were next III Importance i'll
the business
"Did these negotiations result in
controlling Clark, Payne CoP'
eyes -
"Were there other negotiations'',
Yes, there were other refining con
Germs having lesser imnortanco which
we purchased ! don Z remember the
names. ] should say that | had nego-
tiations with six or eight concerns,
These concerns were all IN Cleveland.
7 could not say definitely how many
were purchased. There might have been
a dozen, more or less, beginning with
Clark, Payne & Co, They were not all
at one time. Some werc in 1871 and
carly in 1872 and some in The last of
1870. -
Chow did these negotiations arise7b
"In the natural way said Mr..
Rockefeller. ''We were all friends and
enjoyed prosperity together. We found
that changed conditions were lessenjug
tho chances ot profits. We were un.
successful in obtaining large capital at
that time and many capitalists feared
10 risk money in oil refining. There
We're many eNnNHtS uO5lpO Oh prop
erty of little value. Owing TO the dis,
satisfaction with such concerns it was
hard TO obtain money, remember that
7 visited J, II. Wade in Cleveland, and
he told me politely and firmly that no
would not invest any money in tho
oil business.
The hearing adjourned at 4;22, with
Mr., Rockefeller still OH the witncss
stand. II will be resumed tomorrow
morning,
BENEFITS Of Monopoly.
Mr.. Rockefeller said that ia cope
with the changing conditions il was
necessary TO obtain capital aud pur.
chase the Cleveland companies, which.
the witness said. enabled the Standard
to borrow large sums of money by hav-