The New York herald., 1920-01-11

-A-OAC consistently pIOSpSLpuSt anu lGWf II
any. have been more persistenuy assailed
by criticism. celebrated yesterday its fif-
tieth anniversary.
With its formation in Cleveland, Ohio.
on January 10, 1870, the original STANDARD
on Company came into being. Its incor-
porators wero John d. Rockefeller. Henry
NJ. Flagler. Samuel Andrews, stephen V.
Hardness and William Rockefeller. of
whom the sole survivors today are the
two Rockefeller brothers
The birthday anniversary was celebrat-
ed with a luncheon and dinner. at when
l33 of the officers and heads of the Varl'
Gus departments were the guests. Many
OF those IN attendance came from the re-
ftEeries and OF. fields throughout the coun-
try. In the forenoon the oil men assem-
bled at No. 26 Broadway, where they were
welcomed by A. c. Bedford chairman
and w. c Teagle. president, to a lunch
con in the company's dining room at half
past one O'Clock. After the luncheon they
were entertained with tho showing OF the
nine reel film entitled ''Fhe Story of OIL"
which depicted graphically the various
processes of producing. refining and dis
trtbutlng petroleum and its products.
A. c. Bedford Presidcs.
In the council room of the University
Club the guests gathered in the evening
for the dinner. A. c. Bedford acted as
toastmaster and Informal talks were
given by e. II. Bedford j. c. AIilburn
W.\C. Teagle and John D. Rockefeller,
Jr.. who read letter which had been re-
ceived from his father, who IS at Ormond
Peach Fla.
Sketching in his letter the first steps
toward consolidation. which resulted in the
birth of the giant corporation, Mr.. Rookie
Teller. the elder, said
The business of oil refining was veryl
profitable in the early sixties, but in the
late sixties it was overdone and the com
petition was ruinous so that probably
eighty and possibly ninety per cent of
all engeged in it were either barely hold
ing their own or suffering actual loss Diff
ferent efforts were made TO remedy the de
moraliZation which existed in the industry
but without success until. at length the
Standard Oil Company undertook to unite
certain refining interests under common
ownership
1T was necessary for tho Standard Oil
Company to furnish the capital to finance
the scheme, as the other refiners in gem
eral, were so poor in credit they had no
new capital to invest, nor would they have
been willing to risk the money in an effort
to redeem the business, had they been able
20 obtain IL. | recall but two exceptions.
the Warden, Frew e Co. interests Of
Philadelphia, and the Charles Pratt Com
pany, Of New York. who furnished cash in
connection with their plants and took stock
lustration of which the Standard Oil Com
pany, which was supposed to have abund-
ant resources, borrowed from its share
holders all they were willing to loan and
paid ten per cent interest, so great was it's
need of cash.
"And here I may be pardoned for saying
that the Standard Oil Company made a
record without precedent in the history of
commercial enterprises in turning to it's
weaker and bankrupt competitors and Of
fering them a chance to recoup their wan
tnR fortunes without any risk on their
part excepting the putting in OF their
plants. many of which were superannuated
and lily equipped to cope with the more
up-to-date refineries, even OF that time.
And All Prospered.
Il am happy that all who took stock
prospered and did much better than they
could have done under any other circum-
stances L regret that some, from fear
that this organization, strong and pros
porous as it was, could not succeed, sold
their stock.
This, however. was not so surprising
after the trying years through which they
had passed. and it must be remembered
this this was a new and untried thing.
i and many people regarded the organiza-
tIon d rope of sand. Not only was
this true at its inception. but for some
time efforts were made on every hand
TO discredit the company. Such opposition
was to be expected, as the methods of
cconomizing in every step from the put
ting down Of the well to the delivery to
the consumer of the manufacturer product
brought about an economic revolution
accompanied. as such great movements
always are, by more or less antagonism
from those who preferred to continue the
old and obsolte methods.
although / have been a quarter of
century out of active connection with the
business, l have kept informed and been
generally famiilarwith its current prog
ress, and I take great PLEASURE in saying
l am proud of the organization and what
IL has accomplished"
After expressing his entire confidence
in the present administration of the COM
panys affairs, Mr.. Rockefellers letter
contnued:-"I believe the company not
only commands, but deserves the conf
dence OF the general public. In spite of
all the controversy that has taken place.
/ cannot but believe that the public In
stinctively believe that no company could
live. grow and prosper. as ours has done
over a period of fifty years, unless it's
business was based upon scrupulous re-
gard for its obligations a great SER
want of the public"
Misrepresentation Disappearing.
Mr.. Bedford read paper on the his
tory Of the petroleum industry in this
country which, as he said, ''is practical
pany" Commenting upon the impression
that the company's energies have been
devoted TO securing a monopoly OF its
business through illegal advantakes," Mr..
Bedford said
"That this view has obtained any gen.
eral acceptance is due to two reasons;
propaganda carried on for years against
the company for political and other rea-
sons and by men who hoped to profit by
IL, and the failure OF the company to make
any answer 10 this propaganda. Happily.
this Misrepresentation is disappearing
We want the wide world TO know not only
the work we are doing. but the aims
purposes and ideals behind that work.
And as thiss information has gained cur
rency the power Of Misrepresentation has
wancd and the truth is becoming known.
think the public conception OF the
Standard oil Company, both official and
popular. now grants that half century
of success and service could not have been
established upon any other than morally
sound foundations.
"wise observers OF the rest Of the world
admit that we have taught other nations