Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-03-05
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group). in the retail group in the Brit
iSh Isles.
Through the Standard control of the
pipe lines connecting the producing
centers of the west with the consuming
centers OF the east and middle west.
not only'1s the price fixed according to
the will Of the Standard group which
any other interest must pay for the
transportation of petroleum.. but men,
bers Of the group really determine
whether any concern outside their
group shall have petroleum transport
ed at any price.
whatever competition has existed
between the Standard companies and
the so-called independents since the de-
cree of dissolution in 1911 has not been
the result or that decree, but has been
the result OF the discovery in the Unit
ed States and Mexico of new oil fields.
largely through adventurous indepen-
dent operators. which fields, in many
instances. as soon as proven have by
various methods been brought under
the control Of the Standard interests
Nhen the time comes. as 1t is certain
to come in the near future, that there
are no more oil fields to discover and
exploit in this country, this COMPETE
ton. such as it is. will necessarily dis
appear"
The contention Of the Standard COM
panies in support Of the maintenance
of the e-dissolution decree division
of territory that it would be too eX-
pensive to build and maintain market
ing stations outside such territory. the
report said, lis not persuasive in the
view Of the admission of substantially
of one of those companies"
Discussing ipterlocl,ipp Stoclx nyror-
ship. the report asserted the present
holdings of the Rockefeller group in
the various Standard companies while
representing only minority of the
stock of each company are. neverthe-
| less. so substantial as to assure effec-
tive control of the policies of those
compa1ies by the group in question"
The report. after presenting financial
statistics from various Standard cor
porations showing "exorbitant profits"
| in the opinion of the committee, said
1.-The Standard stockholder who does
| not receive back in few years the
value OF his investment in cash divi-
dends may count himself unfortunate,
while the increased value the increased
value of the company's assets during
the same period has increased by sew
| cral hundred per cent. the value of his
original holdings"
These profits have not been made
by economies" the report added. THE
extravagant salaries paid by most of
the companies to their officers and di-
rectors are typical and an indication
of the lavish and wasteful manner in
which their business is conducted when
the public pays everything and is con-
suited about nothing"
The investigation conducted by the
committee. the report said established
these facts respecting the retail prices
of gasoline and kerosene:
First. the Standard companies fix
these prices throughout the country,
and such prices in contiguous terrific
ry between the different Standard COM
panies vary all the way from one to
three cents gallon for gasoline
Second, the companies of the Stand
ard group cooperate with each other
where such cooperation seems desir-
able or necessary in order to meet the
competition of independents"
WITH respect to pipe lines. the report
said that while they were declared by
law to be common carriers many wears
ago. no steps have been taken to make
them common carriers in fact"
criticism is expressed by the report
IN closing in the leasing by the depart
ment of interior of oil reserves. the as
sertion being made that the reserves
should have been held in sacred trust
LOT the benefit of the whole people"