Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-12-23
St ENATE DELV[5
IN I D AFFAIRS
Of OIL FIRMS
Ownership Of Standard
Oil Of New York and.
Prairie Is Revealed.
Principal Stockholders
Made Known and
Profits Investigated.

Washington, Dec. 22-Affairs of the
two oil companies, the Prairie Oil &
Gas company and the Standard Oil
Company of New York. were delved
into Friday by the senate oil investi-
eating committee with the respective
presidents of the two corporations,
James E. O'Neill and III. G. Folger,
as the principal witnesses.
Inquiry into the identity Of the larger
stockholders of the two concerns was
pursued at length through questions by
G. +. Roe. attorney for the committee,
and brought from MIR. ONeiil informa-
ton that eight interests owned 81 per
cent: A. M. Harkness 3 per cent; trus-
tees of the Henry HI. Houston estate, a
little more than 1 per cent; general
education board, about per cent;
Laura Spellman, Rockefeller memorial,
3 per cent, and the Rockefeller Insti
tute of Medical Research, 4 per cent.
Mr.. O'Neill gave the eight principal
stockholders of the Prairie Oil & Gas
company with the percentage Of their
holdings of the total outstanding stock
as Edward S. Harkness, 36 per cent;
Northern Finance corporation, 4 per
cent: John D. Rockefeller, Jr., II per
cent; Laura Spellman, Rockefeller
Mem orial, 8 per cent. and the Rocke-
feller Institute of Medical Research,
4 per cent.
Stockholders Made Known
The larger stockholders of the Stand
ard Oil Company of New York, with
the percentage of their holdings as
compared to the entire outstanding
stock were given by Mr.. Folger as
John d. Rockefeller. Jr., % per cent;
A. NJ. Harkness, about 8 per cent:
Edward s. Harkness, 8 per cent, and
the Northern Finance corporation,
per cent
Mr.. O'Neill was questioned closely
by the committee attorney and also by
Chairman LaFollette as to the reason
that prices for the crude oil posted in
the mid continent field by the five lead
ing buying companies had risen and
fallen almost simultaneously during 1921
and l322, but he declared that it could
not be considered unusual and was
natural process. He asserted emphati-
cally several times that the rise and
fail OF prices was not preceded by any
conferences between the competing
companies.
The Prairie Oil & Gas company pres
ldent. declared in the course Of his
testimony that production of crude oil
IN the United States had reached its
peak and that within 10 years, Ameri-
can refiners would be forced to get at
least oO per cent of their supply from
foreign countries
Profits All Revealed
Cash dividends amounting to ss5.-
100000 and stock dividends of 400 per
cent on q capitalization of S75. 900. 900
have been declared since 1911 by the
Standard Of New York, according to a
computation presented to the committee
by Mr.. Folger, who added that durino
fbe same period his company had paid
$40, o,o00,0 900 in taxes. The figures did
not take account of the stock dividend
OF 200 per cent recently declared and
now being paid
Mr.. Folger denied that the Magnolia
petroleum company was q subsidiary of
the Standard of New York. but in re-
sponse to questions by Mr.. Roe said
that the Standard of New York owned
$4,000 shares, or 68 per cent of the
], 100000 shares of the Magnolia com
pany.
he explained that the stock was mr.
chased by the Standard company from
and the late John d. .Archbold
The committee, at the conclusion of
Mr.. Foigers testimony. adjourned until
after Christmas. "A''i