New-York tribune., 1920-01-11
Standard Oil
Celeb ties
:5OlhBirtllday
Bucrcss of Organization
Called Benefit 10 World,
bv A. c. Bedford. Head of
Jersey Corporation Board
Rockefeller Is Praised
Founder of Petroleum Com
pany Tells in Letter of
america First Ideals

Hov the Standard Oil Company
achieved its present proportions and
buIit up one Of the greatest industries
If the world was related last night at
I dinner in the University Club of 1876
sxcers and heads Of departments of
the New Jersey and thirty-three sub
sidiary corporations, commemorating
Tue fftieth anniversary of the forma-
lion of the original corporation in Ohio.
Those who told of the company's
progress were A. c. Bedford, chairman
of the board OF directors of the New
Jersey corporation; Walter C. Teagle,
president of the New Jersey corpora
tion; E. 7. Bedford. John D. Rookie
feller jr and John G. Milburn. Mr..
Rockefeller read letter from his faith
sr. John D. Rockefeller sr.. founder of
the original company, who IS at his
winter home in Florida. The letter said
that the writer believed he and his
brother. William Rockefeller, were the
only two persons remaining who were
present at the organization of the
Standard Oil Company IN Cleveland in
1870.
The spirit which actuated the men
controlling the organization at it's in
csption is revealed in the tinancier's
letter
"The business of oil refining was
very profitable in the early COS" the
letter said, ''but in the late sos it
was overdone, and the compe tition was
ruinous. so that probably so and pos
sibly 90 per cent of all engaged in it
were either barely holding their own
or suffering actual loss.
Consolidation Saved Industry
"Diferent efforts were made to rem
edy the demoralization which existed
in the industry. but without success;
until at length the Standard Oil Com
pany undertook to unite certain re-
fning interests under common own
ership. 1t was necessary for the
Standard Oil Company to furnish the
capital to finance the scheme. as the
other rehners, in general, were so poor
in credit they had no new capital to
invest, nor would they have been will
ing to risk the money in an effort to
redeem the business, had they been
able 20 obtain it,
"The refners who availed themselves
Of the opportunity to become part of
this new organization and take stock
were glad and eager to do so. for under
this new method of cooperation they
received valuable stock representation
for their plants which heretofore had
been conducted at loss.
@And here | may be pardoned for say
ing that the Standard Oil Company
made a record without precedent in the
history of commercial enterprises in
turning to its weaker and bankrupt
competitors and offering them a chance
to recoup their waning fortunes with
out any risk on their part, excepting
the putting in of their plants, many of
which were superanuated and poorly
equipped to cope with the more up-to-
date rehneries even of that time"
World Indebted to Oil
Chairman Bedford, in his historical
sketch OF the company's growth and
service declared that without oil and
its products and by-products no such
material progress as the world has
made in the last half-century could
nave been possible. at is rather trite
to say that the Standard Oil Company,
on its fftieth birthday. is one of the
greatest, if not the greatest, business
organizations the world mas ever
known" he said at certainly has that
reputation-deserved or not-and few
there are who will deny it."
Charges that the companys energies
have been devoted TO securing a mo-
nopoly OF its business through Illegal
advantages, he said were due to two
reasons, namely. -pronaganda carried
on for years against the company for
political and other reasons BIZ men who
hoped to profit By il, and the failure
on the part OF the company to make
any answer 10 this propaganda"
Happily. this misrepresentation is
disappearing the speaker said Eve
want the wide world to know not only
the work we are doing but the aims,
purposes and ideals behind that work
think the public conception Of the
Standard Oil Company. both official and
popular, now grants that half CEN
tury of success and service could not
have been established upon any other
than morally sound foundations.
III goes without saying that the his
tory Of the Standard Oil Company is
the history Of the petroleum industry
IN this country. In many respects it is
also the history Of petroleum through
cut the world. In al countries where
oil production mas been properly organ
ized it has been by emulating the
methods Of the petroleum industry in
America"
Wise Observer he added, 'of the