Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-11-24
DiSPoSES
OF MERRITT BROTHERS
Continued from Page One.)

ing pressed by other creditors, applied
to Mr., Rockefeller for further assistance.
Instead Of calling his loan, as they
charge, he furnished them an additional
sum of $4,000 They sold him 5000
shares of stock at $40 a share, amount
ing to 5000, COO the several members of the
family contributing different proportions
For one-half of this, more than enough
to cover his loan to them, he gave 10
each of them an option 10 re-purehase IN
year at the price that they had sold II
TO him, with per cent. interest. Prior
to the expiration of the year. Alfred
Merritt, one of the brothers, who testi-
fed before the committee. brought suit
against Mr.. Rockefeller and he and sew
eral of the others never endeavored to
exercise the option. Another brother
and nephew, at the expiration of the OPP
ton, applied for an extension of 1t on
their stock, which was given, and they
subsequently too back their stock,
amounting to 10000 shares, and on the
| formation of the Steel Corporation sold
1t to that company"
| Reference to the manner in which
Mr. Rockefeller got control of the ore
fields is made in his book Random
"reminiscences of Man and Events,
published in 1909. He speaks of his
employment of the Rev. Frederick I.
lGates, whom he eulogizes as Possess
ling a combination OF rare business
liability, very highly developed and
honestly exercised" and says that Mr..
lGates had Taken cares of many kinds
off my shoulders"
Mr.. Gates. Mr.. Rockefeller explains.
took q position whereby he could help
lunravel some of the Tangled affairs"
growing out of Mr.. Rockefeller's mi
nority holdings in enterprises in the
I"Northwest country"
Mr. Gates went into the study Of
each business concern and did the best
he could with them" Mr.. Rockefeller
continues. 1T has been cur policy new
Ter to allow company in which we
had an interest to be thrown into
bankruptcy court if we could prevent
lit; for reeefverships are very costly
land often involve heavy sacrifices OF
igenuine values. Our plan has been
to stay with the institution, lend it
money when necessary, improve ia
Icilities. cheaper production and avail
Yourselves of the opportunities which
time and patience are likely TO bring
Ito make it self sustaining and success
Among those investments were
some shares in number of ore mines
and an interest in the stocks and
bonds of n railroad being built TO
carry the ore from the mines to lake
ports. We had great faith in these
mines, but 10 work them a railroad
was necessary. 1t had been begun, but
| in tho t1a mir of 1899 In and all other
developments were nearly ruined.
although we were minority holders
of the stock, Mr. Rockefeller goes on,
1T seemed TO be up 10 us 10 keep the
enterprise alive through the harrow
/ ing panic DAYS ] had TO loan my per-
sonal securities TO raise money, and
finally we were compelled to supply a
great deal of actual cash and TO get
ii We're obliged 10 go into the upset
money market and buy currency at a
high premium to ship West by express
to pay the laborers on the railroad
and 70 keep them alive Then the
e fright Of the panic period subsidized
| | and matters became little more get
c tied. we began TO realize our stua-
i ton. We had invested many millions
: and no one wanted 10 go in with US
: TO buy stock. On the contrary every
Il body else seemed to want TO sell. The
= stock was offered to us in alarming
- ouantities-su substantially all Of th'
eapital stock OF the companies cams
i without any solicitation on our par
+ quite the contrary-and we paid fol
S it in cash.
e we now found ourselves in contro
i Of a great amount Of ore lands