The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1908-11-25
half A BILLION
EARNED N NINE YEARS By
STANDARD OIL.
Rockefeller Tells Of Financial Situ-
alton Of Giant Combine-Agree-
ments With Transportation Com


ments With Transportation Com
New York, Nov 20.-For over
five hours today John D. Rookie
! feller. witness for the defense In
.ne government suit to dissolve lne
Standard OH Company, faced an un-
ceasing fire of questions from the
Federal counsel, Frank B. kellogg,
and when adjournment was taken
until Monday he was still being
cross-examined on the charge that
the company in early days accept
ed rebates to the disadvantage OF
its rivals.
The enormous power OF the oil
com bination was sharply brought out
today when Mt. Rockefeller, after
stating that the Standard had paid
dividends amounting to 10000
600 in 1907, said 1t had earned as
much more and that this was added
to the compapy's surplus, which was
stated by the governments counsel
to be s300.e0e,oo0. 1t was further
stated By Mr.. Kellogg that the COM
pany withia the last eight yea17
has earned over half billion DOL
lars.
The rapid fire interrogations OF
the prosecutor were always met VII
unshaken imperturability and read
mess to answer, except when, as MT.
pocc 2feller explained, it Is quite
imp Sible for me to ememoer
after IS years. do not recall.
MI. Rockefeller vas questioned
closely regarding rebates which the
Standard was charged With receiving,
but with the exception O the agree
ment with the Pennsylvania railroad
which hr. Rockefeller explained,
gave the Standard a rebate because
it effected m equalization Of oil ship
ments. Mr.. Rockefeller could not
recall any other rebates, though ne
thought it was likely that he might
have heard Of it at the time.
"You have been prosperous since
the beginning?" asked Mr.. Kellogg
Of Mr.. Rockefeller when the latter
resumed his testimony.
Eyes"
He was asked about the trust
agreement of 1882, and whether the
trust certificates did not SHOW
value Of s7O,O00.ooG and the stocks
held under the agreement an actual
value of s55,71O,6sS. Mr. Rookie
feller said he believed those figures
were correct.
"Tbe record elbows that up to
1906 the net earnings Of the com
pany were s551,e22,s04. What was
the dividend in 1907?'
az should say about 10 per cent
"That was about s3s, 00,o0O?"
THAT would be million in favor
Of the poor old Standard" said M.
Rockefeller. He added that the net
earnings for 1907 wer e approx
mately sS0,ooo,Oco.
He assented to Nr. Kellcggs fg-
ures showing that the company
earned s49O,o00,ooO from 1899 to
1906. Adding the earnings Of 1907
r,or,d olive a total earnings Of s57u,-
100000.
"Then where does the hazard o.
the business come in?" asked Mr..
kellogg.
"In the first place, since the first
refinery was built more than so years
ago, we have been prepared at any
moment, day or night, to hear IA
fire alarm. We are dealing with
very explosive product. Fires a|o
constantly occurring.
But your profits were above your
fire losses, which have been charged
to profit ana loss ACCOUNT
Eyes, sir
Mr.. Kellogg then asked Mr.. Rock
efeller about the Standard Oil agree
ment with the Pennsylvania railroad
in 1877, in which the Pennsylvania
agreed to pay back 10 per cent Of
!he freight sales which the Standard
aaid. The witness said this agree
ment followed the rate war between
he Northern and the Southern lines
and that this was an agreement
whereby he was to eQualiZe the
amount Of freight distributed be-
tween the different ralroads.
Replying to a question whether
the Standard Oil Company was the
only one to get the rehTte. the wit
ness said that the greater volume Of
business given by the Standard was
given in part for the rebate and in
hose days it was the custom for
large shippers to receive consider
alton.
Did you know Of the contract
whereby the Stndard was to obtain
20 cents a barrel in rebate on out
side shipments?"
81 may have known Of it geneTal!H
at the time had nothing to dc
with the contract.
The witness said he could not re.
call whether Mr.. Cassatt had testi
fed that these rebates we're paid tc
the American Transfer Company.
Mr.. Rockefeller said he had nj
: doubt that the tSate of Pennsylvani
brought suit in 1879 to Dust th%
United Pipe Line Company from tha
State on the ground that it was il
: conspiracy with the Pennsylvar':
railroad to obtain preferential rate:
: and drawbacks. He could not recall