Volume III, pages 2613–2618.

_Q._ Was your firm’s business sold out to the Standard Oil Company?

_A._ I would like to have the question explained.

_Q._ Was there a sale or transfer made of your business to the Standard Oil Company, by which practically the Standard Oil Company really controlled your business?

_A._ I will answer this much of the question, by saying that the Standard Oil Company does not practically control our business.

_Q._ Do they control the rates at which your business gets the transportation of oil?

_A._ That I don’t know anything about; I don’t know anything about the rates of transportation.

By the Chairman.

_Q._ Was not your firm taken in with the Standard Oil Company upon some agreed basis or arrangement, whether you regard it as a purchase or transfer or not?

_A._ We worked in harmony with the Standard Oil Company for a number of years.

_Q._ Upon an agreed basis of general business?

_A._ Our interest was in common, to a certain extent.

* * * * *

_Q._ Has your firm any contract with the Standard Oil Company?

_A._ That I cannot answer.

_Q._ What member of your firm would be able to answer that?

_A._ I think Mr. Pratt would, if he were here.

_Q._ When was it that your firm began to work in harmony with the Standard Oil Company?

_A._ I cannot say exactly how long ago; seven or eight years ago we got up a refining association here; that was the first, and then we got up another, and we got up another, and we have always been trying to get into some relations with all the refiners, so that we might make some money out of the business.

_Q._ Had you difficulty before you entered into relations with the Standard Oil Company to make money out of the business?

_A._ The competition was always very sharp, and there was always some one that was willing to sell goods for less than they cost, and that made the market price for everything; we got up an association, and took in all the refiners until some of them went back on us, and that would break up the association; we tried that two or three times.

_Q._ Then finally you entered the Standard Oil arrangement?

_A._ Then we made an alliance or association with some of the refiners about here, and it was more successful.

_Q._ What are the refiners about here with whom that alliance was made, and are they or are they not all of them covered by the Standard Oil arrangement?

_A._ They would come in and then they would go out; there is no refiner that I know of, with one exception, about New York but what has been in the association.

_Q._ What are the refiners that are now in association of the Standard Oil?

_A._ The people that are working in harmony with us comprise about, I should think, 90 or 95 per cent. of the refiners.

_Q._ Now tell us their names, the leading ones.

_A._ Some of the leading ones? The Standard Oil Company; Charles Pratt and Company; the Sone and Fleming Manufacturing Company; Warden, Frew and Company of Philadelphia; the Standard Oil Company of Pittsburg; the Acme Oil Refining Company of Titusville; the Imperial Refining Company of Oil City; the Baltimore United Oil Company of Baltimore.

* * * * *

_Q._ You said that substantially 95 per cent. of the refiners were in the Standard arrangement?

_A._ I said 90 to 95 per cent. I thought were in harmony.

_Q._ When you speak of their being in harmony with the Standard, what do you mean by that?

_A._ I mean just what harmony implies.

_Q._ Do you mean that they have an arrangement with the Standard?

_A._ If I am in harmony with my wife, I presume I am at peace with her, and am working with her.

_Q._ You are married to her, and you have a contract with her?

_A._ Yes, sir.

_Q._ Is that what you mean?

_A._ Well, some people live in harmony without being married.

_Q._ Without having a contract?

_A._ Yes; I have heard so.

_Q._ Now, which do you mean? Do you mean the people who are in the Standard arrangement, and are in harmony with it, are married to the Standard or in a state of freedom—celibacy?

_A._ Not necessarily, so long as they are happy.

_Q._ Is it the harmony that arises from a marriage contract?

_A._ Not necessarily, so long as they are happy.

_Q._ When you speak of their harmony, is it a relation of contract?

_A._ I mean by harmony that if you and I agree to go on Wall Street and buy a hundred shares of Erie at 33, and we agree to sell it out together at 40, that is harmony. I mean just the same that way—if I go into the Standard Oil office and conclude to buy some oil of them and agree on a fair price to sell it out at, that is harmony.

_Q._ Is that the harmony that you mean—that you gentlemen have agreed between each other the rate at which you will buy and the rate at which you will sell?

_A._ Well, not going too far into detail, I would say that the relations are very pleasant.

_Q._ But we want the detail; we want precisely what that harmony is, what it consists of, and what produces it.

_A._ Well, is it a railroad abuse, or is it an abuse to be in harmony with people?

_Q._ No; it is not abuse to be in harmony; there are some kinds of harmony that the law considers conspiracy.

_A._ Well, I have heard so.

By the Chairman.

_Q._ What we want to know is this: This Standard Oil Company in itself is, as we understand it, a large organisation, not very extensive, but is made so by contracts with various other organisations, that are not a part of it, by their written contract or verbal contract or understanding, or whatever you term it; we want to know whether that is not the fact, and if that is not what you refer to when you speak about working in harmony.

_A._ Mr. Chairman, I want to give you all the information that is necessary in this matter for your purposes, but it is a question in my mind whether it is a proper thing for me, even if there is no harm done by it, to divulge my business secrets.

_Q._ We do not ask you for your secrets; we simply ask you the general nature of this organisation.

_A._ I have explained it, I think, to you quite as fully as I can.

NUMBER 52 (See page 2136) THE TRUST AGREEMENT OF 1882

[Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, pages 307–313.]

This agreement, made and entered upon this second day of January, A.D. 1882, by and between all the persons who shall now or may hereafter execute the same as parties thereto:

_Witnesseth_: I. It is intended that the parties to this agreement shall embrace three classes, to wit:

1st. All the stockholders and members of the following corporations and limited partnerships, to wit:

Acme Oil Company, New York; Acme Oil Company, Pennsylvania; Atlantic Refining Company of Philadelphia; Bush and Company (limited); Camden Consolidated Oil Company; Elizabethport Acid Works; Imperial Refining Company (limited); Charles Pratt and Company; Paine, Abbett and Company; Standard Oil Company, Ohio; Standard Oil Company, Pittsburg; Smith’s Ferry Oil Transportation Company; Solar Oil Company (limited); Sone and Fleming Manufacturing Company (limited).

Also, all the stockholders and members of such other corporations and limited partnerships as may hereafter join in this agreement, at the request of the trustees herein provided for.

2d. The following individuals, to wit:

W. C. Andrews, John D. Archbold, Lide K. Arter, J. A. Bostwick, Benjamin Brewster, D. Bushnell, Thomas C. Bushnell, J. N. Camden, Henry L. Davis, H. M. Flagler, Mrs. H. M. Flagler, John Huntington, H. A. Hutchins, Charles F. G. Heye, A. B. Jennings, Charles Lockhart, A. M. McGregor, William H. Macy, William H. Macy, Jr., estate of Josiah Macy, William H. Macy, Jr., executor, O. H. Payne, A. J. Pouch, John D. Rockefeller, William Rockefeller, Henry H. Rogers, W. P. Thompson, J. J. Vandergrift, William T. Wardwell, W. G. Warden, Joseph L. Warden, Warden, Frew and Company, Louise C. Wheaton, H. M. Hanna and George W. Chapin, D. M. Harkness, D. M. Harkness, trustee, S. V. Harkness, O. H. Payne, trustee; Charles Pratt, Horace A. Pratt, C. M. Pratt, Julia H. York, George H. Vilas, M. R. Keith, trustees, George F. Chester.

Also, all such individuals as may hereafter join in the agreement at the request of the trustees herein provided for.

3d. A portion of the stockholders and members of the following corporations and limited partnerships, to wit:

American Lubricating Oil Company; Baltimore United Oil Company; Beacon Oil Company; Bush and Denslow Manufacturing Company; Central Refining Company of Pittsburg; Cheesborough Manufacturing Company; Chess, Carley Company; Consolidated Tank Line Company; Inland Oil Company; Keystone Refining Company; Maverick Oil Company; National Transit Company; Portland Kerosene Oil Company; Producers’ Consolidated Land and Petroleum Company; Signal Oil Works (limited); Thompson and Bedford Company (limited); Devoe Manufacturing Company; Eclipse Lubricating Oil Company (limited); Empire Refining Company (limited); Franklin Pipe Company (limited); Galena Oil Works (limited); Galena Farm Oil Company (limited); Germania Mining Company; Vacuum Oil Company; H. C. Van Tine and Company (limited); Waters-Pierce Oil Company.

Also, stockholders and members (not being all thereof) of other corporations and limited partnerships who may hereafter join in this agreement at the request of the trustees herein provided for.

II. The parties hereto do covenant and agree to and with each other, each in consideration of the mutual covenants and agreements of the others, as follows:

1st. As soon as practicable a corporation shall be formed in each of the following states, under the laws thereof, to wit, Ohio, New York, Pennsylvania, New Jersey; provided, however, that instead of organising a new corporation any existing charter and organisation may be used for the purpose when it can advantageously be done.

2d. The purposes and powers of said corporations shall be to mine for, produce, manufacture, refine, and deal in petroleum and all its products, and all the materials used in such businesses, and transact other business collateral thereto. But other purposes and powers shall be embraced in the several charters such as shall seem expedient to the parties procuring the charter, or, if necessary to comply with the law, the powers aforesaid may be restricted and reduced.

3d. At any time hereafter, when it may seem advisable to the trustees herein provided for, similar corporations may be formed in other states and territories.

4th. Each of said corporations shall be known as the Standard Oil Company of (and here shall follow the name of the state or territory by virtue of the laws of which said corporation is organised).

5th. The capital stock of each of said corporations shall be fixed at such an amount as may seem necessary and advisable to the parties organising the same, in view of the purpose to be accomplished.

6th. The shares of stock of each of said corporations shall be issued only for money, property, or assets equal at a fair valuation to the par value of the stock delivered therefor.

7th. All of the property, real and personal, assets and business of each and all of the corporations and limited partnerships mentioned or embraced in class first, shall be transferred to and vested in the said several Standard Oil companies. All of the property, assets, and business in or of each particular state shall be transferred to and vested in the Standard Oil Company of that particular state, and in order to accomplish such purpose the directors and managers of each and all of the several corporations and limited partnerships mentioned in class first are hereby authorised and directed by the stockholders and members thereof (all of them being parties to this agreement) to sell, assign, transfer, convey, and make over, for the consideration hereinafter mentioned, to the Standard Oil Company or companies of the proper state or states, as soon as said corporations are organised and ready to receive the same, all the property, real and personal, assets and business of said corporations and limited partnerships. Correct schedules of such property, assets, and business shall accompany each transfer.

8th. The individuals embraced in class second of this agreement do, each for himself, agree for the consideration hereinafter mentioned to sell, assign, transfer, convey, and set over all the property, real and personal, assets and business mentioned and embraced in schedules accompanying such sale, and transfer to the Standard Oil Company or companies of the proper state or states, as soon as the said corporations are organised and ready to receive the same.

9th. The parties embraced in class third of this agreement do covenant and agree to assign and transfer all of the stock held by them in the corporations or limited partnerships herein named, to the trustees herein provided for, for the consideration and upon the terms hereinafter set forth. It is understood and agreed that the said trustees and their successors may hereafter take the assignment of stocks in the same or similar companies upon the terms herein provided, and that whenever and as often as all the stocks of any corporations or limited partnerships are vested in said trustees, the proper steps may then be taken to have all the moneys, property, real and personal, of such corporation or partnership assigned or conveyed to the Standard Oil Company, of the proper state, on the terms and in the mode herein set forth, in which event the trustees shall receive stocks of the Standard Oil companies, equal to the value of the money, property, and business assigned, to be held in place of the stocks of the company or companies assigning such property.

10th. The consideration for the transfer and conveyance of the money, property, and business aforesaid to each or any of the Standard Oil companies shall be stock of the respective Standard Oil Company to which said transfer or conveyance is made, equal at par value to the appraised value of the money, property, and business so transferred. Said stock shall be delivered to the trustees hereinafter provided for, and their successors, and no stock of any of said companies shall ever be issued except for money, property, or business, equal, at least, to the par value of the stock so issued, nor shall any stock be issued by any of said companies for any purpose, except to the trustees herein provided for, to be held subject to the trusts hereinafter specified. It is understood, however, that this provision is not intended to restrict the purchase, sale, and exchange of property by said Standard Oil companies as fully as they may be authorised to do by their respective charters; provided only that no stock be issued therefor except to said trustees.

11th. The consideration for any stocks delivered to said trustees, as above provided for, as well as for stocks delivered to said trustees by persons mentioned or included in class third of this agreement, shall be the delivery by said trustees, to the persons entitled thereto, of trust certificates hereinafter provided for, equal at par value to the par value of the stocks of the said several Standard Oil companies so received by said trustees and equal to the appraised value of the stocks of other companies or partnerships delivered to said trustees.

The said appraised value shall be determined in a manner agreed upon by the parties in interest and said trustees.

It is understood and agreed, however, that the said trustees may, with any trust funds in their hands, in addition to the mode above provided, purchase the bonds and stocks of other companies engaged in business similar or collateral to the business of said Standard Oil companies on such terms and in such mode as they may deem advisable, and shall hold the same for the benefit of the owners of said trust certificates, and may sell, assign, transfer, and pledge such bonds and stocks whenever they may deem it advantageous to said trust so to do.

III. The trusts upon which said stock shall be held, and the number, powers, and duties of said trustees shall be as follows:

1st. The number of trustees shall be nine.

2d. J. D. Rockefeller, O. H. Payne and William Rockefeller are hereby appointed trustees, to hold their office until the first Wednesday of April, A.D. 1885.

3d. J. A. Bostwick, H. M. Flagler and W. G. Warden are hereby appointed trustees, to hold their office until the first Wednesday of April, A.D. 1884.

4th. Charles Pratt, Benjamin Brewster and John Archbold are hereby appointed trustees, to hold their office until the first Wednesday of April, A.D. 1883.

5th. Elections for trustees to succeed those herein appointed shall be held annually, at which election a sufficient number of trustees shall be elected to fill all vacancies occurring either from expiration of the term of the office of trustee or from any other cause. All trustees shall be elected to hold their office for three years, except those elected to fill a vacancy arising from any cause except expiration of term, who shall be elected for the balance of the term of the trustee whose place they are elected to fill. Every trustee shall hold his office until his successor is elected.

6th. Trustees shall be elected by ballot by the owners of trust certificates or their proxies. At all meetings the owners of trust certificates, who may be registered as such on the books of the trustees, may vote in person or by proxy, and shall have one vote for each and every share of trust certificates standing in their names, but no such owner shall be entitled to vote upon any share which has not stood in his name thirty days prior to the day appointed for the election. The transfer books may be closed for thirty days immediately preceding the annual election. A majority of the shares represented at such election shall elect.

7th. The annual meeting of the owners of said trust certificates for the election of trustees, and for other business, shall be held at the office of the trustees in the City of New York, on the first Wednesday of April of each year, unless the place of meeting be changed by the trustees, and said meeting may be adjourned from day to day until its business is completed. Special meetings of the owners of said trust certificates may be called by a majority of the trustees, at such times and places as they may appoint. It shall also be the duty of the trustees to call a special meeting of holders of trust certificates whenever requested to do so by a petition signed by the holders of ten per cent. in value of such certificates. The business of such special meetings shall be confined to the object specified in the notice given therefor. Notice of the time and place of all meetings of the owners of trust certificates shall be given by personal notice so far as possible, and by public notice in one of the principal newspapers of each state in which a Standard Oil Company exists, at least ten days before such meeting. At any meeting, a majority in value of the holders of trust certificates represented consenting thereto, by-laws may be made, amended, and repealed relative to the mode of the election of trustees, and other business of the holders of trust certificates; provided, however, that said by-laws shall be in conformity with this agreement. By-laws may also be made, amended, and repealed at any meeting, by and with the consent of a majority in value of the holders of trust certificates, which alter this agreement relative to the number, powers, and duties of the trustees, and to other matters tending to the more efficient accomplishment of the objects for which the trust is created; provided only, that the essential intents and purposes of this agreement be not thereby changed.

8th. Whenever a vacancy occurs in the board of trustees, more than sixty days prior to the annual meeting for the election of trustees, it shall be the duty of the remaining trustees to call a meeting of the owners of Standard Oil Trust certificates for the purpose of electing a trustee or trustees to fill the vacancy or vacancies. If any vacancy occurs in the board of trustees, from any cause, within sixty days of the date of the annual meeting for the election of trustees, the vacancy may be filled by a majority of the remaining trustees, or, at their option, may remain vacant until the annual election.

9th. If for any reason at any time a trustee or trustees shall be appointed by any court to fill any vacancy or vacancies in said board of trustees, the trustee or trustees so appointed shall hold his or their respective office or offices only until a successor or successors shall be elected in the manner above provided for.

10th. Whenever any change shall occur in the board of trustees, the legal title to the stock and other property held in trust shall pass to and vest in the successors of said trustees without any formal transfer thereof. But if at any such time formal transfer shall be deemed necessary or advisable, it shall be the duty of the board of trustees to obtain the same, and it shall be the duty of any retiring trustee, or the administrator or executor of any deceased trustee, to make said transfer.

11th. The trustees shall prepare certificates which shall show the interest of each beneficiary in said trust and deliver them to the persons properly entitled thereto. They shall be divided into shares of the par value of $100 each, and shall be known as the Standard Oil Trust certificates, and shall be issued subject to all the terms and conditions of this agreement. The trustees shall have power to agree upon and direct the form and contents of said certificates and the mode in which they shall be signed, attested, and transferred. The certificates shall contain an express stipulation that the holders thereof shall be bound by the terms of this agreement and by the by-laws herein provided for.

12th. No certificates shall be issued except for stocks and bonds held in trust as herein provided for, and the par value of certificates issued by said trustees shall be equal to the par value of the stocks of said Standard Oil Company and the appraised value of other bonds and stocks held in trust. The various bonds, stocks, and moneys held under said trust shall be held for all parties in interest jointly, and the trust certificates so issued shall be the evidence of the interest held by the several parties in this trust. No duplicate certificates shall be issued by the trustees, except upon surrender of the original certificate or certificates for cancellation, or upon satisfactory proof of the loss thereof, and in the latter case they shall require a sufficient bond of indemnity.

13th. The stocks of the various Standard Oil companies, held in trust by said trustees, shall not be sold, assigned, or transferred by said trustees, or by the beneficiaries, or by both combined, so long as this trust endures. The stocks and bonds of other corporations held by said trustees may be by them exchanged or sold and the proceeds thereof distributed _pro rata_ to the holders of trust certificates, or said proceeds may be held and reinvested by said trustees for the purposes and uses of the trust; provided, however, that said trustees may, from time to time, assign such shares of stock of said Standard Oil Company as may be necessary to qualify any person or persons chosen or to be chosen as directors and officers of any of said Standard Oil companies.

14th. It shall be the duty of said trustees to receive and safely to keep all interest and dividends declared and paid upon any of the said bonds, stocks, and moneys held by them in trust, and to distribute all moneys received from such sources or from sales of trust property or otherwise by declaring and paying dividends upon the Standard Trust certificates as funds accumulate which in their judgment are not needed for the use and expenses of said trust. The trustees shall, however, keep separate accounts of receipts from interest and dividends, and of receipts from sales or transfers of trust property, and in making any distribution of trust funds, in which moneys derived from sales or transfers shall be included, shall render the holders of trust certificates a statement showing what amount of the fund distributed has been derived from such sales or transfers. The said trustees may be also authorised and empowered by a vote of a majority in value of holders of trust certificates, whenever stocks or bonds have accumulated in their hands from moneys purchases thereof, or the stocks or bonds held by them have increased in value, or stock dividends shall have been declared by any of the companies whose stocks are held by said trustees, or whenever, from any such cause, it is deemed advisable so to do, to increase the amount of trust certificates to the extent of such increase or accumulation of values and to divide the same among the persons then owning trust certificates _pro rata_.

15th. It shall be the duty of said trustees to exercise general supervision over the affairs of said several Standard Oil companies, and, as far as practicable, over the other companies or partnerships, any portion of whose stock is held in said trust. It shall be their duty, as stockholders of said companies, to elect as directors and officers thereof faithful and competent men. They may elect themselves to such positions when they see fit so to do, and shall endeavour to have the affairs of all of said companies managed and directed in the manner they may deem most conducive to the best interests of the holders of said trust certificates.

16th. All the powers of the trustees may be exercised by a majority of their number. They may appoint from their own number an executive and other committees. A majority of each committee shall exercise all the powers which the trustees may confer upon such committee.

17th. The trustees may employ and pay all such agents and attorneys as they deem necessary in the management of said trust.

18th. Each trustee shall be entitled to a salary for his services not exceeding $25,000 per annum, except the president of the board, who may be voted a salary not exceeding $30,000 per annum, which salaries shall be fixed by said board of trustees. All salaries and expenses connected with or growing out of the trust shall be paid by the trustees from the trust fund.

19th. The board of trustees shall have its principal office in the City of New York, unless changed by a vote of the trustees, at which office, or in some place of safe deposit in said city, the bonds and stocks shall be kept. The trustees shall have power to adopt rules and regulations pertaining to the meetings of the board, the election of officers, and the management of the trust.

20th. The trustees shall render at each annual meeting a statement of the affairs of the trust. If a termination of the trust be agreed upon, as hereinafter provided, or within a reasonable time prior to its termination by a lapse of time, the trustees shall furnish to the holders of trust certificates a true and perfect inventory and appraisement of all stocks and other property held in trust, and a statement of the financial affairs of the various companies whose stocks are held in trust.

21st. This trust shall continue during the lives of the survivors and survivor of the trustees in this agreement named, and for twenty-one years thereafter: provided, however, that if, at anytime after the expiration of ten years, two-thirds of all the holders in value, or if, after the expiration of one year, ninety per cent. of all the holders in value of trust certificates, shall, at a meeting of holders of trust certificates called for that purpose, vote to terminate this trust at some time to be by them then and there fixed, the said trust shall terminate at the date so fixed. If the holders of trust certificates shall vote to terminate the trust as aforesaid, they may, at the same meeting, or at a subsequent meeting called for that purpose, decide by a vote of two-thirds in value of their number the mode in which the affairs of the trust shall be wound up, and whether the trust property shall be distributed, or whether it shall be sold and the values thereof distributed; or whether part, and, if so, what part, shall be divided and what part shall be sold, and whether such sales shall be public or private.

The trustees, who shall continue to hold their offices for that purpose, shall make the distribution in the mode directed; or, if no mode be agreed upon by two-thirds in value, as aforesaid, the trustees shall make distribution of the trust property according to law. But said distribution, however made, and whether it be of property or values, or of both, shall be just and equitable, and such as to insure to each owner of a trust certificate his due proportion of the trust property, or the value thereof.

22d. If the trust shall be terminated by expiration of the time for which it is created, the distribution of the trust property shall be directed and made in the mode above provided.

23d. This agreement, together with the registry of certificates, books of accounts, and other books and papers connected with the business of said trust, shall be safely kept at the principal office of said trustees.

BENJ. BREWSTER; JNO. D. ARCHBOLD; J. A. BOSTWICK; CHAS. PRATT; HENRY H. ROGERS; H. A. PRATT; C. M. PRATT; D. M. HARKNESS, _Trustee_, by H. M. FLAGLER, _Attorney_; THOMAS C. BUSHNELL; W. C. ANDREWS; CHAS. F. G. HEYE; WILLIAM T. WARDWELL; WM. H. MACY; Estate of JOSIAH MACY, JR., WM. H. MACY, JR., _Executor_; WM. H. MACY, JR.; A. M. MCGREGOR; J. N. CAMDEN, by H. M. FLAGLER, _Attorney_; O. H. PAYNE, by H. M. FLAGLER, _Attorney_; GEO. F. CHESTER, _Trustee_; GEO. H. VILAS, _Trustee_; W. G. WARDEN; H. M. FLAGLER; JOHN D. ROCKEFELLER; WM. ROCKEFELLER; J. J. VANDERGRIFT; Mrs. H. M. FLAGLER, by H. M. FLAGLER; A. J. POUCH; O. B. JENNINGS; D. M. HARKNESS, by H. M. FLAGLER, _Attorney_; W. P. THOMPSON, by H. M. FLAGLER, _Attorney_; S. V. HARKNESS, by H. M. FLAGLER, _Attorney_; JOHN HUNTINGTON, by H. M. FLAGLER, _Attorney_; LIDE K. ARTER, by H. M. FLAGLER, _Attorney_; H. M. HANNA and GEO. W. CHAPIN, by H. M. FLAGLER, _Attorney_; LOUISE C. WHEATON, by H. M. FLAGLER, _Attorney_; O. H. PAYNE, _Trustee_, by H. M. FLAGLER, _Attorney_; CHAS. LOCKHART; JOS. L. WARDEN, by HENRY L. DAVIS, _Attorney_; JULIA H. YORK, by H. M. FLAGLER, _Attorney_; H. A. HUTCHINS, by H. M. FLAGLER, _Attorney_; M. R. KEITH, _Trustee_; D. BUSHNELL; WARDEN, FREW and COMPANY; HENRY L. DAVIS.

_Whereas_, in and by an agreement dated January 2, 1882, and known as the Standard Trust agreement, the parties thereto did mutually covenant and agree _inter alia_ as follows, to wit: That corporations to be known as Standard Oil companies of various states should be formed, and that all of the property, real and personal, assets, and business of each and all of the corporations and limited partnerships mentioned or embraced in class first of said agreement should be transferred to and vested in the said several Standard Oil companies; that all of the property, assets, and business in or of each particular state should be transferred to and vested in the Standard Oil company of that particular state, and the directors and managers of each and all of the several corporations and associations mentioned in class first were authorised and directed to sell, assign, transfer, and convey, and make over to the Standard Oil Company or companies of the proper state or states, as soon as said corporations were organised and ready to receive the same, all the property, real and personal, assets, and business of said corporations or associations; and

_Whereas_, it is not deemed expedient that all of the companies and associations mentioned should transfer their property to the said Standard Oil companies at the present time, and in case of some companies and associations it may never be deemed expedient that the said transfers should be made and said companies and associations go out of existence; and

_Whereas_, it is deemed advisable that a discretionary power should be vested in the trustees as to when such transfer or transfers should take place, if at all. Now, it is hereby mutually agreed between the parties to the said trust agreement, and as supplementary thereto, that the trustees named in the said agreement and their successors shall have the power and authority to decide what companies shall convey their said property as in said agreement contemplated, and when the said sales and transfers shall take place, if at all; and until said trustees shall so decide, each of said companies shall remain in existence and retain its property and business, and the trustees shall hold the stocks thereof in trust as in said agreement provided. In the exercise of said discretion, the trustees shall act by a majority of their number as provided in said trust agreement. All portions of said trust agreement relating to this subject shall be considered so changed as to be in harmony with this supplemental agreement.

_In Witness Whereof_, the said parties have subscribed this agreement, this fourth day of January, 1882.

BENJAMIN BREWSTER; JOHN D. ARCHBOLD; J. A. BOSTWICK; CHARLES PRATT; HENRY H. ROGERS; H. A. PRATT; C. M. PRATT; D. M. HARKNESS, _Trustee_; D. M. HARKNESS; T. C. BUSHNELL; W. C. ANDREWS; CHARLES F. G. HEYE; WILLIAM T. WARDWELL; WILLIAM H. MACY; Estate of JOSIAH MACY, JR., WILLIAM H. MACY, JR., _Executor_; WILLIAM H. MACY, JR.; A. M. MCGREGOR; J. N. CAMDEN; JULIA H. YORK, by B. H. Y.; O. H. PAYNE; GEORGE F. CHESTER, _Trustee_; M. R. KEITH, _Trustee_; H. M. FLAGLER; JOHN D. ROCKEFELLER; WILLIAM ROCKEFELLER; J. J. VANDERGRIFT; Mrs. H. M. FLAGLER, by H. M. FLAGLER; A. J. POUCH; O. B. JENNINGS; W. O. THOMPSON; S. V. HARKNESS; JOHN HUNTINGTON; LIDE K. ARTER; H. M. HANNA; GEORGE W. CHAPIN, H. M. HANNA, _Attorney in Fact_; LOUISE C. WHEATON, by H. M. FLAGLER; O. H. PAYNE, _Trustee_; CHARLES LOCKHART; JOSEPH L. WARDEN; HENRY L. DAVIS; W. G. WARDEN; WARDEN, FREW and COMPANY; D. BUSHNELL; H. A. HUTCHINS; GEORGE H. VILAS, _Trustee_.

NUMBER 53 (See page 2153) LIST OF CONSTITUENT COMPANIES OF THE STANDARD OIL TRUST, WITH ASSETS AND CAPITALISATION IN 1892

[From History of Standard Oil Case in the Supreme Court of Ohio, 1897–1898. Part I, page 112.]

ASSETS CAPITALISATION Anglo-American Oil Co., Limited $6,913,639.49 $5,000,000 Atlantic Refining Co. 8,631,376.67 5,000,000 Buckeye Pipe Line Co. 7,941,038.15 10,000,000 Eureka Pipe Line Co. 1,547,055.16 5,000,000 Forest Oil Co. 3,528,813.11 5,500,000 Indiana Pipe Line Co. 2,014,053.91 1,000,000 National Transit Co. 25,796,712.97 25,455,200 New York Transit Co. 4,999,300.00 5,000,000 Northern Pipe Line Co. 707,067.00 1,000,000 Northwestern Ohio Natural Gas Co. 1,396,760.00 3,278,500 Ohio Oil Co. 8,260,378.04 2,000,000 Solar Refining Co. 711,793.87 500,000 Southern Pipe Line Co. 3,279,018.28 5,000,000 South Penn. Oil Co. 3,021,654.87 2,500,000 Standard Oil Co., Indiana 1,038,518.61 1,000,000 Standard Oil Co., Kentucky 3,604,800.78 1,000,000 Standard Oil Co., New Jersey 14,983,943.30 10,000,000 Standard Oil Co., New York 16,772,186.29 7,000,000 Standard Oil Co., Ohio 3,426,014.72 3,500,000 Union Tank Line Co. 3,057,187.41 3,500,000 ——————————————— $121,631,312.63 Capitalisation twenty corporations 102,233,700.00 ——————————————— Excess of assets over capitalisation $19,397,612.63

NUMBER 54 (See page 2154) FORMS OF MR. ROCKEFELLER’S CERTIFICATE OF HOLDINGS IN THE STANDARD OIL TRUST, WITH ASSIGNMENT OF LEGAL TITLE WHICH TOOK ITS PLACE IN 1892

[From History of Standard Oil Case in the Supreme Court of Ohio, 1897–1898. Part II, pages 53–56.]

KNOW ALL MEN BY THESE PRESENTS

That we, John D. Rockefeller, Henry M. Flagler, William Rockefeller, John D. Archbold, Benjamin Brewster, Henry H. Rogers, Wesley H. Tilford, and O. B. Jennings, Trustees, for winding up the Standard Oil Trust, by W. H. Tilford, our Attorney in Fact, and John D. Rockefeller, of ...., do hereby constitute and appoint John Bensinger, of New York City, our true and lawful attorney for the purposes following, to wit:

_Whereas_, John D. Rockefeller has placed in the hands of said attorney assignment Number A 365 for 256,854/972,500 of the amount of corporate shares held by said trustees on the first day of July, 1892, in each of the companies whose stocks were so held.

Now the said attorney is hereby authorised to secure from each of said companies transfer upon their corporate books of said stock and stock certificates for whole shares, and scrip for fractional shares thereof, and when the said certificates and scrip are received from all the companies referred to, the said attorney shall deliver the same to John D. Rockefeller, and the said assignment Number A 365 shall at the same time be delivered to the said trustees.

And the said attorney hereby agrees to obtain the said certificates and scrip and to deliver the same and the said assignment as above specified.

(Signed in print) JOHN D. ROCKEFELLER, HENRY M. FLAGLER, WILLIAM ROCKEFELLER, JOHN D. ARCHBOLD, BENJAMIN BREWSTER, HENRY H. ROGERS, O. B. JENNINGS, WESLEY H. TILFORD.

(Signed in ink) W. H. TILFORD, _Attorney in Fact_, JOHN D. ROCKEFELLER, _per_ GEO. D. ROGERS, JOHN BENSINGER.

Received from John Bensinger, Attorney aforesaid, stock certificates and scrip as follows, being in full satisfaction of Assignment Certificate No. A 365 aforesaid:

NAMES OF COMPANIES SHARES SCRIP Anglo-American Oil Co., Limited 6867 465–9725 The Atlantic Refining Co. 13205 8375–9725 The Buckeye Pipe Line Co. 52823 4325–9725 The Eureka Pipe Line Co. 13205 8375–9725 Forest Oil Co. 14526 4350–9725 Indiana Pipe Line Co. 5282 3350–9725 National Transit Co. 134463 131316–9725 New York Transit Co. 13205 8375–9725 Northern Pipe Line Co. 2641 1675–9725 Northwestern Ohio Natural Gas Co. 8659 80890–9725 The Ohio Oil Co. 21129 3675–9725 The Solar Refining Co. 1320 5700–9725 Southern Pipe Line Co. 13205 8375–9725 South Penn. Oil Co. 6602 9056–9725 Standard Oil Co., Indiana 2641 1675–9725 Standard Oil Co., Kentucky 2641 1675–9725 Standard Oil Co., New Jersey 26411 7025–9725 Standard Oil Co., New York 18488 2000–9725 Standard Oil Co., Ohio 9244 1000–9725 Union Tank Line Co. 9244 1000–9725

(Signed in ink) JOHN D. ROCKEFELLER, _Per_ GEO. D. ROGERS.

Received of John Bensinger, Attorney, Assignment Certificate, Number....

(Signed in ink) JOHN D. ROCKEFELLER, WILLIAM ROCKEFELLER, BENJAMIN BREWSTER, WESLEY H. TILFORD, HENRY M. FLAGLER, JOHN D. ARCHBOLD, HENRY H. ROGERS, O. B. JENNINGS.

By ..., _Attorney in Fact_.

11–3–92.

Number A 365. JOHN D. ROCKEFELLER.

Received from trustees to liquidate the Standard Oil Trust assignment of legal title to 256,854/972,500 of the amount of corporate stocks held by them in each of the corporations whose stocks were so held on July 1, 1892, and I do hereby authorise and direct the said trustees, or the survivor or survivors of them, to receive from the respective companies and to pay over to me or my assigns the dividends upon the stocks so assigned, and actual transfer thereof is recorded upon the books of the respective corporations.

(Signed) JOHN D. ROCKEFELLER, _Per_ GEO. D. ROGERS.

There is pasted to this stub the original assignment of legal title for the transfer of Mr. Rockefeller’s trust certificates into corporate stock of the respective companies. This has been returned and marked “cancelled” and attached to the original stub, and is as follows:

Number A 365.

STANDARD OIL TRUST COMPANY

Assignment of Legal Title to Stocks Heretofore Represented by 256,854 shares.

_Whereas_, John D. Rockefeller is the owner of the equitable title to 256,854/972,500 of the amount of corporate stocks held by the trustees of the Standard Oil Trust in each of the several corporations whose stocks were held by said trust on the first day of July, A.D. 1892, which equitable ownership was represented by 256,854 shares of Standard Oil Trust surrendered for cancellation. Now, we, the trustees in whose names the legal title to said stock stands, do hereby assign and transfer to John D. Rockefeller and his assigns the legal title to the aforesaid amount of the said stocks and authorise the proper officers of the several corporations to transfer upon their books and to issue corporate certificates for the required amount of their respective capital stocks upon presentation and cancellation of this assignment. The several corporations will issue stock certificates for whole shares and scrip for fractions of shares and upon presentation of fractional share scrip sufficient for the purpose, certificates for whole shares will be issued. When transfer of stock upon the corporate books is desired by virtue of this assignment, it must be placed in the hands of an attorney in fact, both for the assignee and the undersigned trustees, and said attorney shall first obtain the proper certificates and scrip from all the several companies, and thereupon shall deliver the certificates to the trustees and the stock certificates and scrip to the party or parties entitled thereto.

(Signed in print) JOHN D. ROCKEFELLER, WILLIAM ROCKEFELLER, HENRY M. FLAGLER, JOHN D. ARCHBOLD, BENJAMIN BREWSTER, HENRY H. ROGERS, WESLEY H. TILFORD, O. B. JENNINGS, _Trustees_. (Signed in writing) H. M. FLAGLER, _Secretary_. W. H. TILFORD, _Attorney in Fact_.

On the left-hand corner of this same certificate this indorsement appears:

Cancelled November 7, 1892. Transfer Number 4833. Certificate issued.

There appears on the back of this assignment of legal title the following:

For value received, I hereby assign the corporate stocks mentioned or referred to in the within assignment, and authorise their transfer upon the respective corporate books to myself or my heirs.

(Signed in writing) JOHN D. ROCKEFELLER.

NUMBER 55 (See page 2160) AGREEMENT OF 1887 BETWEEN THE STANDARD OIL COMPANY AND PRODUCERS

[Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, pages 69–70.]

Memorandum of agreement, made this first day of November, 1887, between the Standard Oil Company of New York and the following-named persons, partnerships, and corporations, producers of crude petroleum, Thomas W. Phillips and others, whose names will be found in the schedule hereto attached and made part of this agreement, as follows:

_Whereas_, there has accumulated in past years an excessive stock of crude petroleum, which is deteriorating in quality, and a portion of which each year becomes sediment, valueless for any purpose, and the carrying of which excessive stock requires the expenditure of vast sums annually; and

_Whereas_, in consequence of the existence of said stock the price of crude petroleum has for the past year been largely below the cost at which the same was produced; now, in order as far as possible to preserve the said stock from further waste, and to conserve the public interest and our own, this agreement _witnesseth_:

That the Standard Oil Company of New York will set apart at sixty-two cents per barrel, and hold for the use of the above-named producers and those who shall hereafter become parties to this agreement, as hereinafter provided, 5,000,000 barrels of merchantable crude petroleum, of forty-two gallons each, to be sold and disposed of in the manner hereinafter provided. The said 5,000,000 barrels of petroleum to be subject, until sold by the said producers, to the usual assessments, storage charges, and interest upon the same, as also interest on the price of said petroleum, at sixty-two cents per barrel; said assessments, charges, and interest to be added to the price aforesaid.

In consideration of which the above-named producers agree to limit their production of petroleum, that for the year next ensuing from this date, they or any number of them shall, for said year, collectively produce at least 17,500 barrels of crude petroleum less per day than they or any number of them collectively produced per day for the months of July and August, 1887, and that they will use every reasonable endeavour to control their production so that the same shall be in the aggregate 30,000 barrels less per day than it was during the said period of July and August, 1887.

If at the end of three months from the date hereof the said reduction of 17,500 barrels per day shall be attained, to be measured by taking the average production of the above-named producers for the months of December and January next, and comparing the same with their average production for the months of July and August, 1887, a statement of the same being hereto attached and made part of this agreement, then the said 5,000,000 barrels of petroleum shall be delivered as fast as the same shall be sold by, upon the order, and for the account of said producers through their executive committee appointed by agreement between themselves, and hereinafter named, to be paid for with interest and storage as delivered; that the profits aforesaid upon said 5,000,000 barrels of petroleum as sold, in accordance with the provisions of this agreement, shall, by said Standard Oil Company and said producers’ executive committee, be deposited with the United States Trust Company in New York City, until the expiration of one year from the date hereof, in trust, in accordance with and subject to the provisions of this agreement; and in case the above-named producers or any number of them shall not have lessened their production 17,500 barrels per day for said year as aforesaid, then all of said profits upon said 5,000,000 barrels of petroleum shall belong and be paid to the Standard Oil Company of New York; and in case the said above-named producers or any number of them collectively shall have lessened their production 17,500 barrels per day for the said year as aforesaid, then the entire profits aforesaid upon the 5,000,000 barrels of petroleum shall be paid to said producers’ executive committee, to be by it distributed in accordance with agreements between themselves to such of said producers as have fulfilled the terms of this agreement, and all agreements between themselves relating to such distributions.

The said producers are guaranteed by said Standard Oil Company of New York against loss within said year upon said 5,000,000 barrels of petroleum. The lessening of 17,500 barrels per day above provided shall embrace and include any reduction or lessening of production by producers who shall sign contracts not to use means to increase their production by drilling or otherwise.

Producers may become parties to this agreement within the year the contract is to operate by signing the agreement between producers authorising the executive committee to sign this contract on their behalf, and having their names added hereto as parties by said executive committee.

The following-named persons constitute the executive committee above referred to, to wit:

(Names omitted by consent of the chairman.)

NUMBER 56 (See page 2187) JOHN D. ARCHBOLD’S STATEMENT TO THE INDUSTRIAL COMMISSION CONCERNING THE STANDARD’S OPPOSITION TO THE BUILDING OF THE UNITED STATES PIPE LINE

[Report of the Industrial Commission, 1900. Volume I, page 529.]

Mr. Lee makes a statement regarding the difficulty of his pipe-line, the United States Pipe Line, in crossing railroads and securing right of way to the seaboard, and makes a general statement implying that we have instituted and carried out great obstruction to their progress. I want to make general denial of this statement. We have not at any time had any different relations with reference to any obstruction or effort at obstruction of their line than would attach to any competitor in a line of business engaging against another. With reference to the special features referred to by Mr. Lee, and which he attempts, by implication at any rate, to connect us with, in the crossing of the Delaware and Lackawanna Railroad in New Jersey, I want to say that the contention in that respect was entirely at the hands of the railroad, and not at our hands in any possible respect. They went there surreptitiously and endeavoured to force their way, on a Sunday, over a line where they had no right, either by private purchase or by public franchise. Having accomplished the crossing of the road in that surreptitious way, they stationed there an armed force to prevent the railroad company from asserting its rights and taking out their lines, and kept that force there for a long period. The railroad went about it in a peaceful way, in the courts, and the final result is that the decision is against the line, after the case has been carried up finally to the supreme court of the state, and they must, of course, remove their line. But any statement on Mr. Lee’s part, or any other witness, that we had anything to do with that matter, or with reference to any of the difficulties interposed in their progress to the seaboard, is absolutely false.

By Mr. Phillips.

_Q._ Did your company own in fee simple the tract of ground, and was a roadway reserved by the landholder? Was that purchased by them?

_A._ It was not my case, and I am not conversant with the details regarding it. The fact that, after having been fought in the newspapers and in the courts for a term of years, seeking the sympathy of the judges as well as the public, the supreme court of the state has ruled against them, is the best evidence, I think, that the right was against them. I want to say with reference to our pipe lines, that we never endeavoured to cross any man’s right of way without first seeing him about it.

_Q._ Still, did they not go through the railroad on their own ground, and was not this the final decision, that they had not the right to lay a pipe line where a man had reserved a right of way under the ground?

_A._ It was not only decided that they had no right there, but they were ordered to remove.

NUMBER 57 (See page 2194) TABLES OF YEARLY AVERAGE PRICES OF CRUDE AND REFINED

[All quotations up to 1899 are from the Oil City Derrick; all quotations for 1900–1903 are from the New York Commercial.]

TABLE OF YEARLY AVERAGE PRICE OF CRUDE

In the following table is presented the highest and lowest price of oil, the months in which these quotations occurred, and the general average for each year. The “average” as estimated is usually the mean price between the highest and lowest quotation of a given time. It is sufficiently accurate for general purposes of comparison. It would be an almost impossible task to determine a “true average” from the reports of the daily sales that are now on record. Previous to 1875 the quotations are given for points along Oil Creek, and they hardly represent what the producer actually realised for oil at the wells. From 1875 onward the trading in oil was placed on a more satisfactory basis by the general adoption of pipe-line certificates, and the exchange quotations show very closely the value of the oil at the wells. When the certificate was finally purchased by the refiner, it was subject to a uniform charge for pipage of the oil from the wells to the nearest shipping point.

─────────┬─────────┬─────────┬─────────┬─────────┬───────── YEAR │ Highest │ Price │ Lowest │ Price │ Average │ Month │ │ Month │ │ ─────────┼─────────┼─────────┼─────────┼─────────┼───────── 1859 │Sept. │ $20.00 │Dec. │ $20.00 │ $20.00 1860 │Jan. │ 20.00 │Dec. │ 2.00 │ 9.60 1861 │Jan. │ 1.75 │Dec. │ .10 │ .52 1862 │Dec. │ 2.50 │Jan. │ .10 │ 1.05 1863 │Dec. │ 4.00 │Jan. │ 2.00 │ 3.15 1864 │July │ 14.00 │Feb. │ 3.75 │ 8.15 1865 │Jan. │ 10.00 │Aug. │ 4.00 │ 6.59 1866 │Jan. │ 5.50 │Dec. │ 1.35 │ 3.75 1867 │Oct. │ 4.00 │June │ 1.50 │ 2.40 1868 │July │ 5.75 │Jan. │ 1.70 │ 3.62½ 1869 │Jan. │ 7.00 │Dec. │ 4.25 │ 5.60 1870 │Jan. │ 4.90 │Aug. │ 2.75 │ 3.90 1871 │June │ 5.25 │Jan. │ 3.25 │ 4.40 1872 │Oct. │ 4.55 │Dec. │ 2.67½│ 3.75 1873 │Jan. │ 2.75 │Nov. │ .82½│ 1.80 1874 │Feb. │ 2.25 │Nov. │ .62½│ 1.15 1875 │Feb. │ 1.82½│Jan. │ .75 │ 1.24¾ 1876 │Dec. │ 4.23¾│Jan. │ 1.47½│ 2.57⅝ 1877 │Jan. │ 3.69⅜│June │ 1.53¾│ 2.39⅜ 1878 │Feb. │ 1.87½│Sept. │ .78¾│ 1.17⅛ 1879 │Dec. │ 1.28¾│June │ .63⅛│ .85⅝ 1880 │June │ 1.24¾│April │ .71¼│ .94⅛ 1881 │Sept. │ 1.01¼│July │ .72½│ .85¾ 1882 │Nov. │ 1.37 │July │ 0.49¼│ 0.78½ 1883 │June │ 1.24¾│Jan. │ .83¼│ 1.05⅞ 1884 │Jan. │ 1.15⅝│June │ .51¼│ .83⅝ 1885 │Oct. │ 1.12⅝│Jan. │ .68 │ .88⅜ 1886 │Jan. │ .92¼│Aug. │ .59¾│ .71⅜ 1887 │Dec. │ .90 │July │ .54 │ .66⅝ 1888 │Mar. │ 1.00 │June │ .71⅜│ .87 1889 │Nov. │ 1.12½│April │ .79½│ .94⅛ 1890 │Jan. │ 1.07⅝│Dec. │ .60¾│ .86⅝ 1891 │Feb. │ .81⅜│Aug. │ .50 │ .66⅞ 1892 │Jan. │ .64⅛│Oct. │ .50 │ .55½ 1893 │Dec. │ .80 │Jan. │ .52⅞│ .64 1894 │Dec. │ .95¾│Jan. │ .78½│ .83¾ 1895 │April │ 2.60 │Jan. │ .95¼│ 1.35¼ 1896 │Jan. │ 1.50 │Dec. │ .90 │ 1.19 1897 │Mar. │ .96 │Oct. │ .65 │ .78⅜ 1898 │Dec. │ 1.19 │Jan. │ .65 │ .91⅛ 1899 │Dec. │ 1.66 │Feb. │ 1.13 │ 1.29⅜ 1900 │Mar. │ 1.68 │Nov. │ 1.07 │ 1.35¼ 1901 │Nov. │ 1.30 │June │ 1.05 │ 1.21½ 1902 │Dec. │ 1.44½│Mar. │ 1.15 │ 1.23 1903 │Dec. │ 1.88 │Mar. │ 1.50 │ 1.58¾ ─────────┴─────────┴─────────┴─────────┴─────────┴─────────

TABLE OF YEARLY AND MONTHLY AVERAGE PRICE OF REFINED

In the following table is given the average monthly and yearly prices of refined oil per gallon, in barrels, in New York, from January, 1863, to December, 1903. During the years when a tax was levied on this article of domestic production the quotations do not include the tax:

─────────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬──── │1863│1864│1865│1866│1867│1868│1869│1870│1871│1872 ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Jan. │.40 │.46⅝│.70 │.57⅞│.31 │.24¾│.34⅛│.31⅜│.24⅝│.22⅝ Feb. │.38¼│.47⅛│.67¼│.48⅝│.28¼│.25 │.36⅜│.29⅞│.25⅛│.21¾ March │.34¾│.49⅛│.58¾│.41⅞│.27½│.25¾│.32⅛│.27 │.24⅛│.22⅝ April │.33¼│.54⅛│.52⅞│.40⅛│.27 │.26¼│.32¼│.26½│.23¼│.21¾ May │.39½│.59½│.51⅛│.43 │.26¾│.29⅝│.31½│.27½│.24⅝│.23⅜ June │.44½│.72 │.51½│.41⅞│.24¾│.31⅜│.31 │.27 │.25¾│.23 July │.49 │.86⅛│.52⅛│.39½│.30⅞│.34¼│.32¼│.26 │.25¾│.22⅜ Aug. │.53½│.84⅞│.52 │.44⅜│.29¼│.33 │.32½│.25 │.24⅜│.22⅜ Sept. │.58 │.75 │.58¼│.44⅝│.31¾│.31 │.32¼│.26⅛│.24⅛│.24⅛ Oct. │.52½│.63¾│.61¾│.40⅝│.34½│.30 │.32⅞│.24⅝│.23¾│.26 Nov. │.41½│.70 │.62⅝│.35¾│.27½│.30⅞│.34 │.23 │.22⅜│.27 Dec. │.46½│.72¾│.65¼│.31¼│.24¾│.32¼│.31⅛│.23 │.23 │.26 ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Yearly │ │ │ │ │ │ │ │ │ │ average│.44¾│.64¾│.58¾│.42½│.28⅜│.29⅛│.32¾│.26⅜│.24¼│.23⅝ ─────────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────

─────────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬──── │1873│1874│1875│1876│1877│1878│1879│1880│1881│1882 ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Jan. │.22⅛│.13½│.12⅜│.14⅛│.24 │.12⅛│ 9 │ 7⅞│ 9¼│ 7 Feb. │.19⅝│.15 │.14 │.14¼│.18⅝│ 12¼│ 9⅜│ 7⅞│ 9¼│ 7⅜ March │.19 │.14⅞│.15 │.14½│.16 │.11⅝│ 9¼│ 7¾│ 8½│ 7⅜ April │.20 │.15⅝│.13⅞│.14 │.15¾│.11⅜│ 9⅛│ 7⅝│ 7¾│ 7⅜ May │.19¾│.13⅞│.12¾│.14⅞│.14½│.11¼│ 8½│ 7⅝│ 8 │ 7½ June │.19 │.12⅞│.12⅝│.14¾│.13¾│.11¼│ 7½│ 9⅝│ 8⅛│ 7½ July │.18⅛│.12⅛│.11½│.16⅞│.13⅜│.10¾│ 6¾│ 9⅞│ 7⅞│ 6¾ Aug. │.16½│.11¾│.11¼│.19⅞│.13⅝│.10⅞│ 6⅝│ 9 │ 7¾│ 6⅞ Sept. │.16½│.12⅛│.12¾│.26 │.14½│.10¼│ 6⅞│ 10⅝│ 8 │ 7½ Oct. │.16¼│.11⅞│.14⅛│.26 │.14⅝│ 9⅝│ 7½│ 12 │ 7¾│ 8 Nov. │.14⅛│.10¾│.13 │.26¼│.13¼│ 9⅛│ 8 │ 10½│ 7½│ 8¼ Dec. │.13½│.11¼│.12¾│.29⅜│.13⅛│ 8⅝│ 8⅝│ 9½│ 7⅛│ 7⅝ ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Yearly │ │ │ │ │ │ │ │ │ │ average│.18¼│.13 │.13 │.19⅛│.15¾│.10¾│ 8⅛│ 9⅛│ 8 │ 7⅜ ─────────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────

APPENDIX, NUMBER LVII

─────────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬──── │1883│1884│1885│1886│1887│1888│1889│1890│1891│1892│ ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Jan. │ 7¾│ 9⅜│ 7¾│ 7¾│ 6¾│ 7¾│ 7 │ 7½│7.42│6.45│ Feb. │ 7⅞│ 9⅛│ 7¾│ 7⅝│ 6⅝│ 7¾│ 7⅛│ 7½│7.48│6.42│ March │ 8 │ 8½│ 8 │ 7⅜│ 6⅝│ 7¾│ 7 │ 7¼│7.31│6.32│ April │ 8¼│ 8⅝│ 7⅞│ 7⅜│ 6⅝│ 7⅜│ 6⅞│ 7⅛│7.18│6.10│ May │ 7⅞│ 8½│ 7¾│ 7¼│ 6¾│ 7½│ 6⅞│ 7¼│7.20│6.06│ June │ 8 │ 8⅛│ 8 │ 7⅛│ 6⅝│ 7⅛│ 6⅞│ 7⅛│7.13│6.00│ July │ 7⅝│ 7⅞│ 8¼│ 7 │ 6½│ 7¼│ 7¼│ 7⅛│7.02│6.00│ Aug. │ 7⅞│ 8 │ 8⅜│ 6¾│ 6½│ 7⅝│ 7¼│ 7¼│6.70│6.08│ Sept. │ 8⅛│ 7⅞│ 8⅜│ 6⅝│ 6¾│ 7¾│ 7⅛│ 7⅜│6.42│6.10│ Oct. │ 8⅜│ 7⅞│ 8½│ 6¾│ 6¾│ 7⅝│ 7⅛│ 7½│6.45│6.03│ Nov. │ 8¾│ 7⅞│ 8½│ 6⅞│ 7 │ 7¼│ 7½│ 7½│6.40│5.80│ Dec. │ 9⅛│ 7¾│ 8 │ 6⅞│ 7¼│ 7¼│ 7½│ 7¼│6.44│5.45│ ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Yearly │ │ │ │ │ │ │ │ │ │ │ average│ 8⅛│ 8¼│ 8⅛│ 7⅛│ 6¾│ 7½│ 7⅛│ 7⅜│6.93│6.07│ ─────────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────

─────────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬────┬──── │1893│1894│1895│1896│1897│1898│1899│1900│1901│1902│1903 ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Jan. │5.33│5.15│5.87│7.85│6.13│5.40│7.43│9.90│7.58│7.20│8.27 Feb. │5.30│5.15│6.00│7.35│6.26│5.48│7.40│9.90│7.81│7.20│8.20 March │5.34│5.15│6.75│7.40│6.36│5.82│7.33│9.90│8.00│7.20│8.21 April │5.52│5.15│9.12│7.00│6.13│5.67│7.05│9.51│7.68│7.30│8.35 May │5.20│5.15│8.20│6.75│6.23│6.00│7.01│8.98│7.04│7.40│8.47 June │5.21│5.15│7.83│6.85│6.14│6.16│7.20│7.88│6.90│7.40│8.55 July │5.15│5.15│7.65│6.55│5.87│6.27│7.61│7.90│7.15│7.40│8.55 Aug. │5.18│5.15│7.10│6.65│5.75│6.44│7.82│8.05│7.50│7.21│8.55 Sept. │5.15│5.15│7.10│6.85│5.74│6.60│8.63│7.98│7.50│7.20│8.55 Oct. │5.15│5.15│7.10│6.90│5.55│7.21│9.00│7.48│7.65│7.26│9.01 Nov. │5.15│5.15│7.88│7.15│5.40│7.35│9.40│7.33│7.65│7.71│9.36 Dec. │5.15│5.61│7.77│6.35│5.40│7.40│9.85│7.28│7.43│8.12│9.45 ─────────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼────┼──── Yearly │ │ │ │ │ │ │ │ │ │ │ average│5.24│5.19│7.36│6.98│5.91│6.32│7.98│8.50│7.49│7.38│8.62 ─────────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────┴────

NOTE.—In the above tables the quotations down to 1890, inclusive, are noted in cents and fractional parts of a cent; from 1891 to 1903 the prices are given in cents and decimal parts of a cent, _i.e._, 7.42 signifies seven and forty-two hundredths cents, and 9⅜ means nine and three eighths cents per gallon. The above are New York quotations in barrels; bulk oil is generally 2.50c. below these prices. Philadelphia and Baltimore quotations are five points below New York; for instance, if New York price was 5.75c., the Philadelphia and Baltimore price would be 5.70c.

NUMBER 58 (See page 2225) JOHN D. ARCHBOLD’S STATEMENT ON THE PRICES THE STANDARD RECEIVES FOR REFINED OIL

[Report of the Industrial Commission, 1900. Volume I, pages 569–570.]

_Q._ Now, the general result then is this: By virtue of your greater power you are enabled to secure prices that on the whole could be considered steadily somewhat above competitive rates?

_A._ Well, I hope so. I think we have better merchandising facilities, better marketing facilities, better distributing facilities, and better talent than a competitor can have.

_Q._ I am not asking with reference to your power of making profits, but it is with reference to getting the prices from the consumer.

_A._ Prices are what make the profit. If we had a better average price, we could get a better profit.

_Q._ You think, generally speaking, that you get prices for oil slightly above competitive prices?

_A._ Well, I should think so; I could not answer—that is a very general question, and very difficult to answer. I could not answer that specifically. I hope that we do.

_Q._ Of course, in this investigation, we are seeing if we can get some general principles on which legislation might be based, and these questions are to bring out, if we can, the power that so great an organisation has in fixing prices. Would you say, then, that in the case of an organisation that controls perhaps eighty per cent. of the markets of the country, there is a monopolistic element that enters in which enables them to hold prices above the regular rate? Is there a monopolistic power that comes merely from the power of capital itself?

_A._ Undoubtedly, there is an ability, and when that ability, as I have said, is unwisely used, it is sure to bring its own defeat.

_Q._ If that ability goes to get an exorbitant price, of course it will invite competition, but when that ability is kept within modest limits, would you still say that it was in the power of such an organisation to get the benefit of the monopolistic power that comes merely from the power of capital itself?

_A._ Well, I should say that that would be a very restricted power, a very restricted limit. The competitors in this country are very active.

_Q._ What?

_A._ The competitors are very active; they are alert at all points with their small offerings in the hope to find just such a condition as you describe.

_Q._ Certainly.

_A._ But as I say, as business is and as it has been for many years, we could not have that ability to any considerable extent as merchants.

_Q._ If the ability were operative only to a slight extent, would it still be enough, do you think, to make a difference between what we may call a moderate dividend, say 6 or 7 per cent., and a pretty high dividend of between 15 and 20 per cent.?

_A._ Well, that involves so nice a question that I could hardly undertake to answer it; but generally as to the effect on the community, I should say——

_Q._ Generally on the prices in the United States?

_A._ I should say that the lessened cost incident to doing business in a large volume would more than compensate the consumer for any ability in getting higher prices.

_Q._ Then that leads to this point, whether the large capital does itself give an organisation the power to get a somewhat higher price than it could in the market provided the competitors were substantially equal in power?

_A._ Oh, it may be so, but that is a difficult question to answer.

NUMBER 59 (See page 2254) W. H. VANDERBILT’S CHARACTERISATION OF STANDARD OIL MEN

[Report of the Special Committee on Railroads, New York Assembly, 1879. Volume II, pages 1668–1669.]

_Q._ Can you attribute, or do you attribute, in your own mind, the fact of there being one refiner instead of fifty, now, to any other cause except the larger capital of the Standard Oil Company?

_A._ There are a great many causes; it is not from their capital alone that they have built up this business; there is no question about it but that these men—and if you come in contact with them I guess you will come to the same conclusion I have long ago—I think they are smarter fellows than I am, a good deal; they are very enterprising and smart men; never came in contact with any class of men as smart and able as they are in their business, and I think a great deal is to be attributed to that.

_Q._ Would that alone monopolise a business of that sort?

_A._ It would go a great way toward building it up; they never could have got in the position they are in now without a great deal of ability, and one man would hardly have been able to do it; it is a combination of men.

_Q._ Wasn’t it a combination that embraced the smart men in the railways, as well as the smart men in the Standard Company?

_A._ I think these gentlemen from their shrewdness have been able to take advantage of the competition that existed between the railroads for their business, as it grew, and that they have availed themselves of that there is not a question of doubt.

_Q._ Don’t you think they have also been able to make their affiliations with railroad companies and railroad officers?

_A._ I have not heard it charged that any railway official has any interest in any of their companies, only what I used to see in the papers some years ago, that I had an interest in it.

_Q._ Your interest in your railway is so large a one that nobody would conceive, as a matter of personal interest, that you would have an interest antagonistic to your road?

_A._ When they came to do business with us in any magnitude; that is the reason I disposed of my interest.

_Q._ And that is the only way you can account for the enormous monopoly that has thus grown up?

_A._ Yes; they are very shrewd men; I don’t believe that by any legislative enactment or anything else through any of the states or all of the states, you can keep such men as them down; you can’t do it; they will be on top all the time; you see if they are not.

_Q._ You think they get on top of the railways?

_A._ Yes; and on top of everybody that comes in contact with them; too smart for me.

NUMBER 60 (See page 2259) FAC-SIMILE OF ONE OF MR. KEMPER’S SHARES

[From History of Standard Oil Case in Supreme Court of Ohio, 1897–1898. Part II, page 271.]

No. S. 11

509,104/972,500 Incorporated under the Whole Shares of one share. laws of the State of $50 each. Pennsylvania.

NATIONAL TRANSIT COMPANY

This certifies that J. L. Kemper is the owner of Five Hundred Nine Thousand One Hundred and Four 972,500ths of one share of stock in the National Transit Company. The holder or assignee of this Scrip will be entitled to a Certificate of Stock, and to have his name entered on the corporate books as a stockholder, on presentation of sufficient fractional Scrip to entitle him to one full share.

_Witness_ the corporate seal of said Company, attested by the signatures of its President and Treasurer at Philadelphia, Pa., this 20th day of February, 1896.

H. H. ROGERS, _President_.

GEO. W. COLTON _Treasurer_. [Seal]

[On the reverse side.]

_For value received_ .... hereby sell, assign, and transfer unto .... 972,500ths of one share of the Capital Stock represented by the within Certificate of Scrip, and do hereby irrevocably constitute and appoint .... Attorney to transfer the said Scrip on the books of the within named company, with full power of substitution in the premises.

Dated, ......

J. L. KEMPER.

In the presence of HARWOOD R. POOL.

NOTICE.—The signatures to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

NUMBER 61 GENERAL BALANCE SHEET, STANDARD OIL INTERESTS, DECEMBER 31, 1896

[In the case of James Corrigan _vs._ John D. Rockefeller in the Court of Common Pleas, Cuyahoga County, Ohio, 1897.]

─────────────────┬──────────────────────────────────────────────┬────────────── │ ASSETS │ NOMINAL │ │ LIABILITIES ─────────────────┼──────────────┬───────────────┬───────────────┼────────────── │ │ │ │ │ Plant │ Other Assets │ Total │ Liabilities ─────────────────┼──────────────┼───────────────┼───────────────┼────────────── Anglo-American │ │ │ │ Oil Co., Lim. │ $6,111,436.75│ $10,877,942.53│ $16,989,379.28│ $8,997,759.61 Atlantic Refining│ │ │ │ Co. │ 4,879,636.08│ 6,637,750.39│ 11,517,386.47│ 357,691.56 Buckeye Pipe Line│ │ │ │ Co. │ 4,559,213.27│ 8,593,413.44│ 13,152,626.71│ 302,998.58 Eureka Pipe Line │ │ │ │ Co. │ 1,489,533.37│ 5,050,615.30│ 6,540,148.67│ 352,320.90 Forest Oil │ │ │ │ Company │ 4,236,370.10│ 800,482.59│ 5,036,852.69│ 198,645.38 Indiana Pipe Line│ │ │ │ Co. │ 992,426.01│ 2,222,381.90│ 3,214,807.91│ 7,821.80 National Transit │ │ │ │ Co. │ 6,800,056.66│ 42,529,353.39│ 49,329,410.05│ 23,296,866.66 New York Transit │ │ │ │ Co. │ 1,860,334.55│ 5,171,303.80│ 7,031,638.35│ 202,139.33 Northern Pipe │ │ │ │ Line Co. │ 639,001.65│ 583,766.46│ 1,222,768.11│ 44,161.69 N. W. Ohio Nat. │ │ │ │ Gas. Co. │ 118,679.71│ 204,480.33│ 323,160.04│ 11,384.76 │ │ │ │ Ohio Oil Co., The│ 4,832,307.19│ 310,705.42│ 5,143,012.61│ 326,923.43 Solar Refining │ │ │ │ Co., The │ 537,797.54│ 1,323,374.92│ 1,861,172.46│ 298,137.91 Southern Pipe │ │ │ │ Line Co. │ 1,527,175.80│ 2,074,374.05│ 3,601,549.85│ 66,929.31 South Penn Oil │ │ │ │ Co. │ 11,300,603.72│ 1,735,979.54│ 13,036,583.26│ 1,278,580.96 Standard Oil Co.,│ │ │ │ Indiana │ 3,105,001.95│ 4,918,025.18│ 8,023,027.13│ 3,372,518.91 Standard Oil Co.,│ │ │ │ Kentucky │ 474,352.83│ 4,236,638.24│ 4,710,991.07│ 49,835.90 Standard Oil Co.,│ │ │ │ New Jersey │ 5,469,277.44│ 13,864,446.39│ 19,333,723.83│ 2,396,607.81 Standard Oil Co.,│ │ │ │ New York │ 4,957,545.26│ 56,822,284.95│ 61,779,830.21│ 48,919,899.34 Standard Oil Co.,│ │ │ │ Ohio │ 1,166,013.90│ 2,752,274.01│ 3,918,287.91│ 1,013,373.13 Union Tank Line │ │ │ │ Co. │ 2,615,594.64│ 340,563.75│ 2,956,158.39│ 11,653.38 ─────────────────┼──────────────┼───────────────┼───────────────┼────────────── Total Plant │$67,672,358.42│ │ │ Other Assets │ │$171,050,156.58│ │ Total Assets │ │ │$238,722,515.00│ Less Actual │ │ │ │ Liabilities │ │ │ │$91,506,250.35 Total Net Value │ │ │ │ Capital Stock │ │ │ │ Total Undivided │ │ │ │ Profits │ │ │ │ Total Capital and│ │ │ │ Surplus │ │ │ │ Other Assets S. │ │ │ │ O. Trust │ │ │ │ │ │ │ │ │ │ │ │ ─────────────────┴──────────────┴───────────────┴───────────────┴──────────────

─────────────────┬───────────────────────────────────────────────────────────── │ NOMINAL LIABILITIES ─────────────────┼───────────────┬──────────────┬──────────────┬─────────────── │ │ │ Surplus or │ │ Net Value │Capital Stock │ Impairment. │ Net Value ─────────────────┼───────────────┼──────────────┼──────────────┼─────────────── Anglo-American │ │ │ │ Oil Co., Lim. │ $7,991,619.67│ $2,530,666.66│ $5,460,953.01│ Atlantic Refining│ │ │ │ Co. │ 11,159,694.91│ 5,000,000.00│ 6,159,694.91│ Buckeye Pipe Line│ │ │ │ Co. │ 12,849,628.13│ 10,000,000.00│ 2,849,628.13│ Eureka Pipe Line │ │ │ │ Co. │ 6,187,827.77│ 5,000,000.00│ 1,187,827.77│ Forest Oil │ │ │ │ Company │ 4,838,207.31│ 5,500,000.00│ 661,792.69│ Indiana Pipe Line│ │ │ │ Co. │ 3,206,986.11│ 1,000,000.00│ 2,206,986.11│ National Transit │ │ │ │ Co. │ 26,032,543.39│ 25,455,200.00│ 577,343.39│ New York Transit │ │ │ │ Co. │ 6,829,499.02│ 5,000,000.00│ 1,829,499.02│ Northern Pipe │ │ │ │ Line Co. │ 1,178,606.42│ 1,000,000.00│ 178,606.42│ N. W. Ohio Nat. │ │ │ │ Gas. Co. │ 311,775.28│ 1,967,100.00│ 1,655,324.72│ │ │ │ │ Ohio Oil Co., The│ 4,816,089.18│ 2,000,000.00│ 2,816,089.18│ Solar Refining │ │ │ │ Co., The │ 1,563,034.55│ 500,000.00│ 1,063,034.55│ Southern Pipe │ │ │ │ Line Co. │ 3,534,620.54│ 5,000,000.00│ 1,465,379.46│ South Penn Oil │ │ │ │ Co. │ 11,758,002.30│ 2,500,000.00│ 9,258,002.30│ Standard Oil Co.,│ │ │ │ Indiana │ 4,650,508.22│ 1,000,000.00│ 3,650,508.22│ Standard Oil Co.,│ │ │ │ Kentucky │ 4,661,155.17│ 1,000,000.00│ 3,661,155.17│ Standard Oil Co.,│ │ │ │ New Jersey │ 16,937,116.02│ 10,000,000.00│ 6,937,116.02│ Standard Oil Co.,│ │ │ │ New York │ 12,859,930.87│ 7,000,000.00│ 5,859,930.87│ Standard Oil Co.,│ │ │ │ Ohio │ 2,904,914.78│ 3,500,000.00│ 595,085.22│ Union Tank Line │ │ │ │ Co. │ 2,944,505.01│ 3,500,000.00│ 555,494.99│ ─────────────────┼───────────────┼──────────────┼──────────────┼─────────────── Total Plant │ │ │ │ Other Assets │ │ │ │ Total Assets │ │ │ │ Less Actual │ │ │ │ Liabilities │ │ │ │ Total Net Value │$147,216,264.65│ │ │ Capital Stock │ │$98,452,966.66│ │ Total Undivided │ │ │ │ Profits │ │ │$48,763,297.99│ Total Capital and│ │ │ │ Surplus │ │ │ │$147,216,264.65 Other Assets S. │ │ │ │ O. Trust │ │ │ │ 4,135.25 │ │ │ │——————————————— │ │ │ │$147,220,399.90 ─────────────────┴───────────────┴──────────────┴──────────────┴───────────────

NUMBER 62 (See page 2267) AMENDED CERTIFICATE OF INCORPORATION OF THE STANDARD OIL COMPANY OF NEW JERSEY

_Resolved_, That it is advisable to alter the charter of this company to read as below stated, and that a meeting of the stockholders be called to meet at the principal office of the company in Bayonne, N. J., on the fourteenth day of June, 1899, at 11 A.M., to take action hereon, notice of such meeting to be signed by the president and secretary and given to each stockholder in person or mailed to his proper post-office address at least ten days previous to the time of meeting as provided by the by-law.

_First._—The name of the corporation is STANDARD OIL COMPANY.

_Second._—The location of the principal office in the State of New Jersey is at the company’s refinery, in the City of Bayonne, County of Hudson. The name of the agent therein and in charge thereof, and upon whom process against this company may be served, is J. H. Alexander.

_Third._—The objects for which this company is formed are: To do all kinds of mining, manufacturing, and trading business; transporting goods and merchandise by land or water in any manner; to buy, sell, lease, and improve lands; build houses, structures, vessels, cars, wharves, docks, and piers; to lay and operate pipe-lines; to erect and operate telegraph and telephone lines and lines for conducting electricity; to enter into and carry out contracts of every kind pertaining to its business; to acquire, use, sell, and grant licenses under patent rights; to purchase or otherwise acquire, hold, sell, assign and transfer shares of capital stock and bonds or other evidences of indebtedness of corporations, and to exercise all the privileges of ownership including voting upon the stocks so held; to carry on its business and have offices and agencies therefor in all parts of the world, and to hold, purchase, mortgage, and convey real estate and personal property outside the State of New Jersey.

_Fourth._—The total authorised stock of the corporation is One Hundred and Ten Million Dollars, divided into One Million and One Hundred Thousand shares of the par value of One Hundred Dollars each. Of said stock the One Hundred Thousand shares now issued and existing shall be preferred stock, and the increase of One Million shares shall be common stock. Said preferred stock shall entitle the holder thereof to receive out of the net earnings a dividend of and not exceeding one and one-half per cent. quarterly before any dividend shall be paid on the common stock. Common stock may at the discretion of the company be issued in exchange for preferred stock, and all preferred stock so received by the company shall be cancelled. Common stock may also be issued in payment for such property as the company has authority to purchase. Holders of preferred and of common stocks shall have like voting power.

_Fifth._—The names and post-office addresses of the incorporators and the number of shares subscribed for by each shall remain as set forth in the original certificate of incorporation.

_Sixth._—The duration of the corporation shall be unlimited.

_Seventh._—The corporation may use and apply its surplus earnings, or accumulated profits authorised by law to be reserved, to the purchase or acquisition of property, and to the purchase or acquisition of its own capital stock from time to time, to such extent and in such manner and upon such terms as its Board of Directors shall determine; and neither the property nor the capital stock so purchased or acquired, nor any of its capital stock taken in payment or satisfaction of any debt due to the corporation, shall be regarded as profits for the purpose of declaration or payment of dividends, unless otherwise determined by a majority of the Board of Directors, or a majority of the stockholders.

The corporation, in its by-laws, may prescribe the number necessary to constitute a quorum of the Board of Directors which may be less than a majority of the whole number.

The number of directors at any time may be increased or diminished by vote of the Board of Directors, and in case of any such increase the Board of Directors shall have power to elect such additional directors, to hold office until the next meeting of stockholders, or until their successors shall be elected.

The Board of Directors shall have power to make, alter, amend, and rescind the by-laws of the corporation, to fix the amount to be reserved as working capital, to authorise and to cause to be executed mortgages and liens upon the real and personal property of the corporation, and from time to time to sell, assign, transfer or otherwise dispose of any or all of the property of the corporation; but no such sale of all of the property shall be made except pursuant to the votes of at least two-thirds of the Board of Directors.

The Board of Directors, by resolution passed by a majority of the whole Board, may designate three or more directors to constitute an executive committee, which committee, to the extent provided in said resolution or in the by-laws of the corporation, shall have, and may exercise, the power of the Board of Directors in the management of the business and affairs of the corporation, and shall have power to authorise the seal of the corporation to be affixed to all papers which may require it.

The Board of Directors from time to time shall determine whether and to what extent, and at what times and places, and under what conditions and regulations, the accounts and books of the corporation, or any of them, shall be open to the inspection of the stockholders; and no stockholder shall have any right of inspecting any account or book or document of the corporation, except as conferred by statute or authorised by the Board of Directors, or by a resolution of the stockholders.

The Board of Directors shall have power to hold its meetings, to have one or more offices, and to keep the books of the corporation (except the stock and transfer books) outside of the state, at such places as may be from time to time designated by them.

I CERTIFY that the above resolution was adopted by the Board of Directors of the STANDARD OIL COMPANY, at a meeting held on the twenty-sixth day of May, A.D. 1899, a majority of directors being present and voting in favour thereof. Witness the seal of said corporation.

L. D. CLARKE, _Secretary_.

NUMBER 63 (See page 2270) PRODUCTION OF PENNSYLVANIA AND LIMA CRUDE OIL BY STANDARD OIL COMPANY 1890–1898 (Expressed in barrels of forty-two gallons.)

[Report of Industrial Commission, 1900. Volume I, page 561.]

─────┬──────────────────────────────┬─────────────────────────────── YEAR │ PENNSYLVANIA OIL │ LIMA OIL ─────┼──────────┬──────────┬────────┼───────────┬──────────┬──────── │ Total │ Standard │Standard│ Total │ Standard │Standard │production│ Oil Co. │Oil per │production │ Oil Co. │Oil per │ │production│cent. of│ │production│cent. of │ │ │ total │ │ │ total ─────┼──────────┼──────────┼────────┼───────────┼──────────┼──────── 1890│30,065,867│ 2,618,637│ 8.71│ 15,014,882│ 8,400,568│ 55.95 1891│35,742,127│ 4,913,775│ 13.74│ 17,381,923│ 9,319,156│ 53.61 1892│33,332,306│ 4,338,822│ 13.02│ 16,685,193│ 7,843,324│ 47.01 1893│31,256,283│ 6,705,276│ 21.45│ 17,823,255│ 7,260,899│ 40.74 1894│30,696,716│ 7,210,345│ 23.49│ 18,575,603│ 6,690,951│ 36.02 1895│30,891,868│ 9,119,920│ 29.52│ 21,719,250│ 6,808,876│ 31.35 1896│33,908,041│ 9,380,654│ 27.66│ 25,222,091│ 8,031,793│ 31.84 1897│35,170,367│ 9,787,353│ 27.83│ 22,793,033│ 7,497,349│ 32.89 1898│31,645,151│11,248,443│ 35.55│ 20,266,328│ 7,220,606│ 35.63 ─────┼──────────┼──────────┼────────┼───────────┼──────────┼──────── Total│92,708,726│65,323,225│ 22.32│175,481,558│69,073,522│ 39.36 ─────┴──────────┴──────────┴────────┴───────────┴──────────┴────────

─────┬───────────────────────────────── YEAR │ GRAND TOTAL ─────┼────────────┬───────────┬──────── │Pennsylvania│ Standard │Standard │ and Lima │ Oil Co. │Oil per │ production │production │cent. of │ │ │ total ─────┼────────────┼───────────┼──────── 1890│ 45,080,749│ 11,019,205│ 24.44 1891│ 53,124,050│ 14,232,931│ 26.79 1892│ 50,017,499│ 12,182,146│ 24.36 1893│ 49,079,538│ 13,966,175│ 28.46 1894│ 49,272,319│ 13,901,296│ 28.21 1895│ 52,611,118│ 15,928,796│ 30.28 1896│ 59,130,132│ 17,412,447│ 29.45 1897│ 57,963,400│ 17,284,702│ 29.82 1898│ 51,911,479│ 18,469,049│ 35.58 ─────┼────────────┼───────────┼──────── Total│ 468,190,284│134,396,747│ 28.70 ─────┴────────────┴───────────┴────────

NUMBER 64 (See page 2270) BUSINESS OF STANDARD OIL COMPANY AND OTHER REFINERS 1894–1898

(Barrels of fifty gallons. All products, domestic trade.)

[Report of Industrial Commission, 1900. Volume 1, page 560.]

───────────┬───────────────────────┬───────────────────────┬─────────── YEAR │ STANDARD OIL COMPANY │ OTHERS │ TOTAL ───────────┼───────────┬───────────┼───────────┬───────────┼─────────── 〃 │ Barrels │ Per cent. │ Barrels │ Per cent. │ Barrels │ │ of total │ │ of total │ ───────────┼───────────┼───────────┼───────────┼───────────┼─────────── 1894│ 18,118,933│ 81.4│ 4,145,232│ 18.6│ 22,264,165 1895│ 18,348,051│ 81.8│ 4,084,720│ 18.2│ 22,432,771 1896│ 16,341,161│ 82.1│ 3,569,719│ 17.9│ 19,910,880 1897│ 18,141,479│ 82.4│ 3,876,706│ 17.6│ 22,018,185 1898│ 19,999,939│ 83.7│ 3,914,999│ 16.3│ 23,914,938 ───────────┼───────────┼───────────┼───────────┼───────────┼─────────── Total│ 90,949,563│ 82.3│ 19,591,376│ 17.7│110,540,939 ───────────┴───────────┴───────────┴───────────┴───────────┴───────────

INDEX

A

Acme Oil Company, I, 1159; II, 2100–2101.

Aiken, J. R., II, 2164.

Alexander, Scofield and Company, I, 1046, 1049, 1065.

Allegheny River as a means of transportation, I, 1015–1016.

Allen, M. N., I, 1108, 1141–1143.

Amalgamated Copper, II, 2269.

American Oil Company, II, 2050.

American Transfer Company, I, 1223–1224.

Andrews, Samuel, partner of John D. Rockefeller, I, 1042–1043, 1044; II, 2201.

Archbold, John D., opposes South Improvement Company, I, 1073–1074; gained over by Rockefeller, 1107; practises rebate system, 1132; affiliate with the Standard Oil Company, 1159; before the Pennsylvania courts, 1227, 1228, 1229; in the fight for the Tidewater Pipe Line, II, 2021–2022; testimony on underselling, 1050; testimony in Buffalo Conspiracy case, 1089; indicted in Buffalo conspiracy case, 1100–1104; negotiates control of Producers’ Oil Company, 1179; denies illegal methods of competition, 1187; before Industrial Commission, 1190; on Standard Oil prices, 1224–1225; director Standard Oil, 1266; on foreign competition, 1271.

Atherton, Judge, II, 2074–2075, 2076.

Atlantic and Great Western R. R., I, 1016, 1046, 1089, 1091.

B

Baltimore and Ohio R. R., I, 1195–1196.

Barrel Industry, II, 2237–2238.

Barstow, Frank Q., I, 1159; II, 2266.

Bedford, E. T., II, 2266.

Benson, B. D., I, 1172, 1214; II, 2003, 2005, 2021–2022.

Billingsley Bill, The, II, 2121–2124.

Bissell, George H., I, 1007.

Blackmail, II, 2289–2290.

Blanchard, G. R., I, 1132, 1136–1137, 1139, 1162, 1228.

Bogus Oil Companies, II, 2050–2051.

Borneo Oil, II, 2271–2273.

Boston and Maine R. R., II, 2268, 2278.

Bostwick, Jabez A., in South Improvement Company, I, 1058; joins Standard Oil Company, 1179–1181; in negotiations for sale of Empire Transportation Company, 1194; Standard Oil buyer in oil fields, 1217; introduces “immediate shipment” order, 1217–1220; before the Hepburn Commission, 1228; indicted for conspiracy in Pennsylvania, 1239; a typical Standard Oil witness, 1243; extradition from New York demanded by oil producers, 1247; charged with oppression, II, 2008.

Boyle, Patrick, I, 1187–1188; II, 2171–2172.

Bradford Oil Fields, I, 1215–1219.

Brands, II, 2216–2217.

Brewster, Benjamin, I, 1063; II, 2206.

Bribery, II, 2056–2059, 2114–2119, 2145–2146.

Brown, S. Q., II, 2015.

Buffalo Lubricating Company, II, 2092, 2095, 2096, 2097, 2098, 2100.

Burwald, H. P., II, 2174, 2176.

Butts, Mrs. G. C., II, 2039–2041.

By-products, utilization of, II, 2246–2251.

C

Camden, J. N., I, 1169, 1171, 1197; II, 2112.

Campbell, B. B., ally of Empire Transportation Company, I, 1189–1190; in the struggle against railway discrimination, 1221; causes indictment of Standard Oil officials, 1238; fights for extradition of Standard Oil officials, 1247–1248; effects compromise with Standard Oil, 1251–1255.

Carter, John J., II, 2178–2181.

Cassatt, A. J., denies railway discrimination, I, 1144; defends discrimination, 1153; before Congressional Committee on Commerce, 1169; supports Empire Transportation Company in contest with Standard Oil, 1186–1188; yields to Standard Oil, 1190–1191; ally of Standard Oil in rebate system, 1200; startling testimony in Pennsylvania courts, 1227; submits to Standard Oil drawback system, 1233; aids in the war on the independents, II, 2008–2010.

Central Association, I, 1148–1149.

Chess, Carley and Company, II, 2033, 2044–2046, 2048, 2149, 2222.

Chicago, Milwaukee and St. Paul R. R., II, 2268.

Choate, Joseph H., Standard Oil counsel before New York Senate investigating committee, II, 2132, 2135–2136; in Ohio dissolution proceedings, 1145; in New York liquidation proceedings, 1258.

Church, Judge Pierson, II, 2019–2022.

Cincinnati and Marietta R. R., II, 2078, 2081.

Clark, Horace F., I, 1059, 1061, 1092, 1093.

Clark, M. B., I, 1041–1042.

Cleveland, as a refining centre, I, 1038–1039, 1051–1052.

Collins, C. P., II, 2165.

Columbia Oil Company, 1165.

Committee System, in Standard Oil Company, II, 2232–2233.

Common Carriers, II, 2082–2083; see also DRAWBACK, REBATE.

Competition, see PREDATORY COMPETITION; UNDERSELLING; PRICES; STANDARD OIL COMPANY.

Congressional Investigating Committee, I, 1169–1171; II, 2137–2141.

Constituent Companies, in Standard Oil Company, II, 2265.

Corlett, Thomas, II, 2106–2107.

Crescent Pipe Line, II, 2213.

Cunneen, John, II, 2186.

D

Delemater, Wallace, II, 2122.

Delaware, Lackawanna and Western R. R., II, 2182–2183, 2268.

Denslow and Bush, I, 1199–1201.

Devereux, J. H., I, 1047–1048, 1067, 1133, 1170.

Directorate of the Standard Oil Company, II, 2266.

Discrimination; see REBATE; DRAWBACK; OPPRESSION.

Dividends, magnificent, II, 2200–2201, 2208, 2267–2268.

Doane, W. H., I, 1046, 1047, 1064, 1065, 1070–1071.

Dodd, S. C. T., counsel for Standard Oil Company before New York Senate investigating committee, II, 2132; in Ohio dissolution proceedings, 1145; carries out liquidation of Standard Oil Trust, 1152–1154; defends liquidation methods, 1259.

Downer, Samuel, pioneer oil refiner, I, 1019–1020.

Drake, Edwin L., strikes oil, I, 1009–1010.

Drawback, I, 1061, 1196–1197, 1232–1233, 1253–1254; II, 2077–2084; see also REBATE.

“Dry-Hole,” I, 1022.

Dudley, J. P., II, 2102.

E

Emery, Lewis, founds Equitable Petroleum Company, I, 1214; testifies to spy system of Standard Oil Company, II, 2039; employees corrupted by Standard Oil Company, 1057–1058; supports Billingsley Bill, 1123; charges Standard Oil Company with legislative bribery, 1124; in Producers’ Protective Association, 1164; leads fight for independent pipe-line, 1167–1169; establishes independent foreign markets, 1175, 1177; in the struggle for independent seaboard pipe-line, 1182–1187; retires from contest, 1188; see also UNITED STATES PIPE LINE.

Empire Transportation Company, origin, I, 1023–1024; in railway pool, 1136; organization, 1178–1179; invades refining field, 1183–1185; contest with Standard Oil Company, 1185–1191; sells out to Standard Oil Company, 1192–1193; formally dissolved, 1194; an important factor in competition, II, 2202; see also POTTS, JOSEPH D.

Equitable Petroleum Company, I, 1214, 1222–1223.

Erie R. R., I, 1033–1034, 1059, 1061, 1062, 1091, 1093, 1132–1133, 1134–1140, 1151–1152, 1185, 1186, 1187, 1195–1196; II, 2006–2007, 2168, 2169.

Espionage system, II, 2038–2041, 2052–2055, 2057–2058.

Ethics of Standard Oil methods, II, 2056–2057, 2288–2291.

Everest, H. B. and C. M., II, 2089, 2091–2110.

F

Fertig, John, II, 2174, 2176.

Flagler, Henry M., partner in Standard Oil Company of Cleveland, I, 1044; denies existence of rebate system, 1049; character, 1050–1051; in South Improvement Company, 1055; in the Oil Regions, 1105, 1107; takes part in organization of Central Association, 1146–1147; negotiates with Empire Transportation Company, 1191, 1194; before Ohio investigating committee, 1228; indicted for conspiracy in Pennsylvania, 1239; extradition demanded by oil producers, 1247; testimony on Tidewater Pipe Line contest, II, 2015; testimony in the Scofield contest, 1071; before Congressional investigating committee, 1138–1140; director Standard Oil, 1266.

Foreign competition, II, 2210–2211, 2213–2214, 2271–2274; see also RUSSIAN OIL, SUMATRA OIL, JAVA OIL, BORNEO OIL.

Foreign markets, I, 1021; II, 2244–2245.

Frew, William, I, 1057, 1160, 1161, 1227.

Frye, Senator, II, 2115–2116.

G

Gas _versus_ Oil, II, 2201.

Girty, G. W., I, 1239, 1247.

Goldsborough, J. R., II, 2165.

Gould, Jay, I, 1027, 1033, 1059, 1061, 1089, 1179–1180.

Gowen, F. B., II, 2014–2015, 2016–2017, 2020.

Guffey Petroleum Company, II, 2272.

H

Haight, Judge, II, 2103–2104, 2110.

Handy, Truman P., I, 1063.

Hanna, Marcus A., II, 2146–2148.

Hanna, Robert, II, 2066–2067.

Harkness, C. W., II, 2266.

Harkness, Stephen V., I, 1044.

Harkness, William W., I, 1157, 1202.

Harley, Henry, I, 1027–1028, 1138–1139, 1177–1178; II, 2006–2007; see also PENNSYLVANIA TRANSPORTATION COMPANY.

Hartranft, John F., I, 1225.

Hasson, William, I, 1110–1111, 1116–1117, 1123.

Hatch, C. P., I, 1025–1026.

Hatch, Edward W., II, 2106–2109.

Haupt, Herman, I, 1174–1176, 1214; II, 2003.

Hepburn Commission, I, 1228.

Hoar, George F., II, 2115, 2117–2119.

Hopkins, R. E., I, 1172–1173, 1214; II, 2003.

Hostetter, David, I, 1072, 1194–1195.

Hoyt, Henry M., I, 1244–1249.

Humboldt Refining Works, I, 1020.

Hunt, Mrs. Sylvia C., I, 1198–1199.

I

Immediate shipment, I, 1215–1219, 1251; see also OPPRESSION.

Independents, I, 1156–1161, 1171–1173, 1174–1178, 1214; II, 2023, 2190; see also PREDATORY COMPETITION and STANDARD OIL COMPANY.

Industrial Commission, II, 2050, 2086, 2183, 2187, 2190, 2218, 2220, 2224, 2225, 2271.

Interstate Commerce Bill, I, 1168, 1171, 1218; II, 2125, 2291.

Interstate Commerce Commission, II, 2166, 2280–2283.

Intimidation and force, II, 2041, 2202–2207; see also PREDATORY COMPETITION and ESPIONAGE.

Investigation, I, 1077–1083, 1169–1171, 1225, 1228–1229; II, 2131–2134; see also CONGRESSIONAL INVESTIGATING COMMITTEE and HEPBURN COMMISSION.

J

Java Oil, II, 2271–2273.

Jenks, Professor, II, 2050.

Jennings, O. B., I, 1063, 1141.

Jennings, Walter, II, 2266.

K

Keene, James R., II, 2020–2021.

Kier, Samuel M., I, 1005–1006.

King, Hugh, II, 2183.

Kirk, David, II, 2164, 2176.

Kline, Virgil P., II, 2145, 2150–2151, 2262.

L

Lake Shore R. R., I, 1016, 1047, 1048, 1052; II, 2071–2074, 2075–2076; see also NEW YORK CENTRAL R. R.

Lee, J. W., in Producers’ Protective Association, II, 2164; organizes Producers’ Oil Company, 1165; a leader in the struggle against the Standard Oil Company, 1174–1175; contest with J. J. Carter, 1180; in the fight for a free pipe-line bill, 1183.

Legislative Corruption, I, 1215; see also LOBBYING and BRIBERY.

Lobbying, II, 2183–2184.

Lockhart, Charles, in South Improvement Company, I, 1057; absorbs Pittsburg refineries, 1068; in the Central Association, 1146–1147; takes part in the negotiations with the Empire Transportation Company, 1194; before the Pennsylvania courts, 1227; indicted for conspiracy, 1239; leading position in Standard Oil Company, II, 2252.

Logan, John P., I, 1057.

Logan, W. P., I, 1057.

Lombard, Ayres and Company, II, 2006–2011, 2014.

Lombard, Josiah, I, 1071; II, 2196–2197.

M

McCandless, William, I, 1225–1226.

McClellan, George B., General, I, 1059, 1061, 1089, 1092.

McDonald Oil Field, II, 2242.

McDowell, J. C., II, 2181.

McGregor, Ambrose, II, 2089, 2100–2104.

McKelvy, David, I, 1172, 1214; II, 2003, 2021–2022.

Malicious Litigation, II, 2183–2187.

Matthews, C. B., 1011, 1090–1109.

Merrill, Joshua, I, 1021–1022; II, 2250.

Miller, Albert, II, 2091–2093, 2094–2096, 2099–2100, 2102.

Miller, Herman, II, 2240.

Missouri, Kansas and Texas R. R., II, 2268.

Moffett, James A., II, 2266.

Monnett, Frank S., II, 2259–2264.

Morehouse and Freeman, I, 1163–1164.

Murphy, Michael, II, 2164, 2177, 2181, 2187.

N

Nash, George K., II, 2083–2084.

National City Bank, II, 2268.

National Transit Company, II, 2012–2013, 2026–2027, 2120, 2276–2277; see also UNITED PIPE LINES.

National Refiners’ Association, I, 1109, 1126.

New Jersey Central R. R., II, 2169.

New York Central R. R., I, 1033–1034, 1052, 1053, 1059, 1061, 1062, 1093, 1130, 1134–1140, 1165, 1185–1187, 1195–1196; II, 2007, 2268; see also LAKE SHORE R. R.

New York, New Haven and Hartford R. R., II, 2268, 2278–2279.

New York, Ontario and Western R. R., II, 2168.

Northern Pacific R. R., II, 2268.

O

O’Day, Daniel, enters service of Erie R. R., I, 1179–1180; passes to Standard Oil Company, 1181; in negotiations with Empire Transportation Company, 1194; enforces drawback system on Pennsylvania R. R., 1196; indicted for conspiracy, 1239; extradition demanded by oil producers, 1247; enforces drawback system on Cleveland and Marietta R. R., II, 2079; compelled to return drawbacks collected, 1081; at the Buffalo conspiracy trial, 1102.

Ohlen, H. C., I, 1233–1234.

Oil, found on Oil Creek, I, 1010–1012; at Pithole, 1024–1025; at Bradford, 1215.

_Oil City Derrick_, I, 1074, 1081, 1122; II, 2107, 2109, 2122, 2171, 2244.

Oil Creek, I, 1010.

Oil Exchange, I, 1028.

Oil Regions, rush to, I, 1012; plentiful capital, 1032; social conditions, 1034–1037; rise against South Improvement Company, 1072–1075; wasteful methods, 1112–1113; lose advantage of geographical position, 1137–1138; hostility towards Central Association, 1150–1151; yield to Central Association, 1158–1159; resentment against Standard Oil Company, 1220–1227; lack of effective opposition, 1258259; support the Billingsley Bill, II, 2119–2121, 2123; renewed hostility towards Standard Oil Company, 1124–1125, 1156–1158.

Oil wars; see PREDATORY COMPETITION.

Oppression, by overcharges, I, 1220; by refusing shipping facilities, 1220–1222; by discrimination in freight charges, 1227–1229; see also IMMEDIATE SHIPMENT, DRAWBACK and REBATE.

P

Page, Howard, II, 2036–2037.

Patterson, E. G., I, 1169, 1189–1190, 1256; II, 2017–2019.

Payne, H. B., II, 2112–2113, 2114–2119.

Payne, Oliver H., I, 1056, 1058, 1070–1071; II, 2113, 2266.

Pease, Phineas, II, 2078–2079, 2080–2084.

Pennsylvania R. R., I, 1033–1034, 1048, 1052, 1059–1062, 1093, 1134–1140, 1144, 1183–1188, 1190–1191, 1195–1197, 1199–1201, 1223, 1225, 1227, 1233, 1239, 1244, 1254; II, 2008, 2027–2029, 2166.

Pennsylvania Transit Company, I, 1027–1028, 1138, 1174, 1176.

Petroleum, I, 1004–1006.

Petroleum Congress, I, 1213.

Philadelphia and Erie R. R., I, 1016.

Phillips, Thomas W., II, 2159–2160.

Pipe Lines, see EMPIRE TRANSPORTATION COMPANY, PENNSYLVANIA TRANSPORTATION COMPANY; UNITED PIPE LINES NATIONAL TRANSIT COMPANY; UNITED STATES PIPE LINE; TIDEWATER PIPE LINE.

Pithole, oil struck at, I, 1024–1025.

Politics, Standard Oil Company in, II, 2111–2128.

Poth, Herr, 1173, 1175, 1177.

Potts, Joseph D., organizes Empire Transportation Company, I, 1024; begins purchase of pipe lines, 1025; opposes South Improvement Company, 1060; organizes railway pool, 1136; opposes rebates to Central Association, 1152–1153; opposes Standard acquisition of pipe lines, 1181–1183; invades refining field, 1183, 1187; allies himself with independent producers, 1189; abandoned by the Pennsylvania R. R., 1191; sells to the Standard Oil Company, 1192–1193; see also EMPIRE TRANSPORTATION COMPANY.

Pratt, Charles, enters Standard Oil Company, 1148; stockholder in Acme Oil Company, 1159; in negotiations with Empire Transportation Company, 1194; extradition demanded by Pennsylvania oil men, 1247; leading power in Standard Oil Company, 1252.

Predatory competition, I, 1156–1159, 1163–1166, 1188–1189, 1199–1202; II, 2041–2043, 2088–2110, 2172–2174.

Prices, fluctuation, I, 1031–1032; exorbitant, 1190, 1210–1212; II, 2059; high prices aim of Standard Oil Company, 1192–1193; decline after 1866, 1194–1197; prices dictated by Standard Oil Company, 1197–1198; Standard coup of 1876, 1200–1201; high prices reduce exports, 1201; increase of refining, 1201–1202; competition enters, 1202–1203; arbitrary prices, 1204–1206; enormous Standard profits, 1208–1209; underselling, 1211–1213; manipulating price quotations, 1215–1216; fancy brands and high prices, 1216–1217; great variations in local prices, 1217–1221; reasonable prices due to competition, 1221–1228.

Producers’ Agency, I, 1117–1118.

Producers’ and Refiners’ Company, II, 2167.

Producers’ Oil Company, II, 2165–2167, 2178.

Producers’ Protective Association, II, 2159–2160, 2161–2165.

Producers’ Union (Association), organized, I, 1072; refuses terms to South Improvement Company, 1076–1077; arouses popular sympathy, 1083–1084; destroys alliance between South Improvement Company and railways, 1090–1094; renews contest, 1110; restricts production, 1113–1116; alliance with Refiners’ Association, 1123–1124; alliance dissolved, 1125; union dissolved, 1126; reorganized, 1213; plans independent pipe line, 1214; brings suits against Pennsylvania R. R., 1225; forces indictment of Standard officials, 1239; presses suits in court, 1242–1245; rejects overtures of the Standard Oil Company, 1249–1251; effects compromise, 1255–1258, 1260.

Production of oil, I, 1010–1012, 1021, 1029–1030, 1036, 1113–1115, 1121, 1154, 1209–1210; II, 2157–2158, 2194–2195.

Profits, from Standard Oil, II, 2200–2201, 2208, 2267–2268; see also PRICES.

Pure Oil Company, II, 2176–2177, 2189–2190.

Q

Quick, M. W., II, 2164.

Quinby, George, T., II, 2102, 2109.

_Quo Warranto_ Proceedings, I, 1225; II, 2143–2149.

R

Ramage, S. W., II, 2174–2176.

Rapallo, Edward S., II, 2079–2080.

Reading R. R., II, 2004, 2168.

Rebates, I, 1033–1034, 1047–1049, 1052, 1084–1085, 1093, 1100, 1129–1130, 1131–1133, 1136–1138, 1151–1153, 1232–1233, 1253–1254; II, 2066–2087.

Refined Oil Pipe Line, II, 2170.

Refiners’ Association, I, 1109, 1126.

Rice, George, assails Standard system of underselling, II, 2044–2049; attacks rebate system, 1077–1084; seeks liquidation of Standard Oil Trust, 1258–1259.

Rogers, H. H., opposes South Improvement Company, I, 1089; defends Standard Oil combination, 1149–1150; before Hepburn Commission, 1228–1229; purchases Vacuum Oil Works at Rochester, II, 2089, 2096, 2097; indicted for conspiracy, 1100–1104, 1130; negotiates for control of Producers’ Oil Company, 1179; on the aims of the Standard Oil Company, 1193; before Industrial Commission, 1225, 1252; director Standard Oil, 1266.

Rockefeller, Frank, I, 1064, 1169–1170.

Rockefeller, John D., childhood and youth, I, 1041; enters produce business, 1042; enters oil business, 1043; organizes Standard Oil Company, 1044; plans combination of Cleveland refiners, 1051; in the South Improvement Company, 1055–1056; bears chief obloquy of scheme, 1092, 1097; makes secret terms for rebate with railways, 1100; persists in attempts at oil combination, 1104; in the Oil Regions, 1104–1109; president National Refiners’ Association, 1109; effects combination with producers, 1119–1124; breaks alliance, 1125; life threatened, 1128; begins campaign for refining monopoly, 1144–1147; organizes Central Association of Refiners, 1148–1149; war against outside refiners, 1154–1161; attacks Empire Transportation Company, 1183–1186; initiates system of drawbacks, 1196–1197; methods of absorption, 1202–1207; denies existence of Standard combination, 1230–1231; indicted for conspiracy, 1239–1240; extradition demanded by Pennsylvania producers, 1247; makes overtures to producers, 1249–1251, 1253–1254; conspiracy suit withdrawn, 1254; campaign for the seaboard pipe-line, II, 2012–2029; campaign for the world’s markets, 1035–1062; fear of his secret methods, 1063–1066; his contest with Scofield, Shurmer and Teagle, 1068–1071; his system of drawbacks, 1077–1084; denies existence of such system, 1085–1086; at the Buffalo conspiracy trial, 1102; his methods perfected, 1125–1126; enemy of publicity, 1127–1131; before the New York Senate committee, 1132–1135; before Congressional committee, 1138; his connection with Marcus A. Hanna, 1146–1147; makes peace with Producers’ Protective Association, 1160–1161; his theory of high prices, 1192–1193; his control of the refining industry, 1197; on Standard Oil policy, 1226; his attention to details, 1235; his genius for essentials, 1241; his skill on the witness-stand, 1260–1261, 1266; his profits, 1268.

Rockefeller, John D., Jr., II, 2266.

Rockefeller, William A., in the Standard Oil Company, I, 1044; attractive personality, 1050; in South Improvement Company, 1058; in Acme Oil Company, 1159; in negotiations with the Empire Transportation Company, 1194; indicted for conspiracy, 1239; extradition demanded 247; at Buffalo conspiracy trial, II, 2102; director Standard Oil, 1266; railway director, 1279.

Russian oil, II, 2210–2211, 2213, 2214, 2271–2273.

Rutter circular, the, I, 1141–1144.

S

Satterfield, John, II, 2019–2020, 2162.

Scheide, W. T., testimony on rebate system, I, 1131–1133; testimony on underselling, 1161–1163; before the Hepburn Commission, 1228; supports Billingsley Bill, II, 2122.

Scofield, Shurmer and Teagle, II, 2067–2076.

Scott, Rufus, II, 2164.

Scott, Thomas A., makes secret contracts with South Improvement Company, I, 1059–1061; abandons South Improvement Company, 1090, 1092; denies rebate agreement with Standard Oil Company, 1170; supports Standard Oil against independents, 1200–1201.

Seaboard Pipe Line, projected, I, 1174–1176; opposed by Standard Oil Company, 1223; completed, II, 2003–2006; captured by Standard Oil Company, 1011–1024.

Secret bureau of information; see ESPIONAGE SYSTEM.

Secret contracts with railroads, I, 1059–1062, 1079–1080; see also REBATE.

Seep, Joseph, I, 1150.

Seneca oil, I, 1005.

Shell Transport and Trading Company, II, 2272–2273.

Sherman, John, II, 2145, 2147.

Sherman, Roger, counsel for Producers’ Union, I, 1251, 1252; in Producers’ Protective Association, II, 2164; charges Standard Oil with conspiracy, 1186; death, 1188.

Shull, Peter, II, 2042–2043.

Silliman, Professor, I, 1007.

South Improvement Company, organized monopoly, I, 1055–1059; secret contracts with railroads, 1061–1062; absorption by intimidation, 1064–1068; boycotted by producers, 1072–1076; a generous charter, 1078–1079; investigated by Congressional Committee, 1079–1083; charter repealed, 1094; boycott lifted, 1095–1097.

Speculation, I, 1031–1033.

Spring pole, method of drilling wells by, I, 1010.

Squire, F. B., II, 2263.

Standard Oil Company, organized, I, 1044; absorbs independent refineries, 1063–1068; held responsible for South Improvement scheme, 1097–1098; enormous profits, 1127–1128; favoured shipper on N. Y. Central R. R., 1129–1130; favoured shipper on Erie R. R., 1134–1135; absorbs Philadelphia, Pittsburg and New York refineries, 1147–1148; obtains rebates from railroads, 1151–1153; absorbs Oil Regions refineries, 1158–1160; invades oil-shipping business, 1161–1163; enters pipe-line field, 1179, 1181; monopolizes pipe-line traffic, 1194–1195; absorbs Baltimore refineries, 1197; enters Bradford oil fields, 1216; investigated in various states, 1227–1229; secret methods, 1229–1231; monopolistic character, 1231–1232; rebate and drawback system, 1232–1235; increases prices, 1235–1238; indicted for conspiracy in Pennsylvania, 1239–1240; charges evaded, 1242–1243; seeks compromise with producers, 1249–1251; compromise effected, 1253–1254; conspiracy charge withdrawn, 1254; hinders Tidewater pipe-line, II, 2004–2005; builds rival lines, 1012; absorbs independent refineries, 1013–1014; seeks to ruin Tidewater’s credit, 1016–1017; seeks to dissolve it by legal process, 1017–1019; attempts to seize control, 1019–1021; forms alliance with Tidewater, 1023–1024; extensive pipe-line development, 1025–1027; alliance with Pennsylvania R. R., 1028–1029; monopoly of oil transportation, 1029; contest for world’s markets, 1031–1032; efficient selling organization, 1032–1034; secret bureau of information, 1035–1041; intimidation and underselling, 1041–1051; summary of competitive methods, 1060–1062; rebate system, 1063–1087; sued for conspiracy in Buffalo, 1100–1110; its political rôle, 1111–1124; investigated by N. Y. Senate committee, 1131–1135; its operating constitution revealed, 1136–1137; charter assailed in Ohio, 1142–1150; Standard Trust formally dissolved, 1152–1154; alliance with Producers’ Association, 1160–1161; enters producing field, 1162–1163; hinders independent oil movement, 1168–1169; attacks credit of United States Pipe Line Company, 1170–1172; undersells it, 1173–1174; buys up rival’s stock, 1177–1181; fights independent seaboard pipe-line, 1181–1187; its control of prices, 1192–1227; destruction of competition its object, 1227–1229; merits of the Standard system, 1231–1232; centralized authority, 1232; committee system, 1233; internal emulation, 1234–1235; minute supervision, 1235; dismantling of unprofitable plants, 1236; wise location of industries, 1236–1237; side-industries, 1237–1240; economy of time, 1240–1241; initiative, 1241–1251; high-grade personnel, 1251–1253; the Standard Trust after formal dissolution in 1892, 1257–1258; contempt proceedings in Ohio, 1259–1264; reorganized as Standard Oil Company of New Jersey, 1265–1265; its constituent companies, 1265; capital and surplus, 1265–1266; its directorate, 1266; its charter, 1266–1267; profits, 1267–1268; invasion of other industrial fields, 1268–1269; its foreign competitors, 1271–1274; present practices, 1274–1283; transportation the basis of its supremacy, 1283–1284; defence of Standard methods, 1284–1288; political and ethical influence, 1288–1292.

Stewart, D. B., II, 2019.

Stokes, Edward, II, 2006–2007.

Stone, Amasa, I, 1047, 1048, 1063.

Straight, R. J., II, 2164.

Subsidiary industries, II, 2237–2240.

Sumatra oil, II, 2271–2273.

Sumner, A. A., II, 2004.

T

Tack, A. H., I, 1154–1155; II, 2197.

Tankage charges; see OPPRESSION.

Tank building begun, I, 1013.

Tariff, the, and the Standard Oil Company, II, 2272–2273.

Taylor, H. L., II, 2018–2020, 2161–2162.

Teagle, John, II, 2038, 2042.

Teaming industry, I, 1013–1015, 1017–1018.

Tidewater Pipe Company, organized, II, 2004; line built under difficulties, 1004–1005; completed, 1006; supported by independent producers, 1011; builds independent refineries, 1014; prospers, 1015; credit assailed by Standard Oil Company, 1016–1017; legal dissolution attempted, 1017–1019; control seized by Standard Oil Company, 1019–1021; forms alliance with Standard Oil, 1023–1024.

Tilford, W. H., II, 2141–2266.

Tinning industry, II, 2238–2240.

Truesdale, George, II, 2093–2095, 2100.

Trust investigations, II, 2131.

Tweedle, S. D., II, 2250.

U

Underselling, I, 1156; II, 2041–2051, 2211–2213, 2221–2224; see also PREDATORY COMPETITION.

Union Oil Company, II, 2161–2163.

Union Pacific R. R., 1268.

United Pipe Lines, I, 1139, 1181, 1216–1217, 1218, 1224–1225, 1227; II, 2025.

United States Pipe Line, II, 2169, 2170, 2174, 2182–2187.

V

Vacuum Oil Works of Rochester, II, 2088–2089, 2091, 2096–2097, 2098, 2100.

Vanderbilt, W. H., I, 1059, 1061, 1092–1093, 1228.

Vandergrift, J. J., organizes bulk transportation in oil, I, 1016; builds pipe-lines 30; affiliates with Rockefeller, 1107; vice-president National Refiners’ Association, 1109; president United Pipe Lines, 1181; in negotiations with Empire Transportation Company, 1194; before Pennsylvania courts, 1227; leading man in Standard councils, 1229; indicted for conspiracy, 1239; seeks compromise with producers, 1249; testimony on prices, II, 2193; testimony on trust methods, 1234.

Van Syckel, Samuel, pioneer pipe-line builder, I, 1017–1018.

W

Warden, W. G., I, 1056–1057, 1068, 1077, 1080, 1082, 1146–1147, 1159, 1194, 1239; II, 2252.

Waring, O. F., I, 1058.

Waring, R. S., I, 1057, 1105.

Warrington, John W., II, 2145, 2148.

War tactics, II, 2182–2183.

Waste assessments, I, 1026–1027; see also OPPRESSION.

Waters-Pierce Oil Company, II, 2033, 2037, 2041, 2046–2048, 2221.

Watson, David K., II, 2142–2150, 2259.

Watson, Jonathan, I, 1011.

Watson, Peter H., aids Rockefeller in establishing rebate system, I, 1053; favours combination of refiners, 1055; in South Improvement Company, 1056–1068; in the raid on independent refiners, 1066–1067; leading spirit of South Improvement scheme, 1075–1076; before Congressional committee, 1077–1078, 1080, 1082; disregarded by producers, 1092; president Erie R. R., 1133–1134.

Welch, John C., II, 2204, 2205.

Well-drilling, I, 1022.

Westgate, Theodore B., II, 2039, 2279.

“Wild-catting,” I, 1022.

Wilson, J. Scott, II, 2090, 2096–2097.

Witt, Stillman, I, 1063.

Wood, A. D., II, 2164, 2188.

Wright, William, I, 1020.

Footnote 1:

See Appendix, Number 1. Professor Silliman’s report on petroleum.

Footnote 2:

An elastic pole of ash or hickory, twelve to twenty feet long, was fastened at one end to work over a fulcrum. To the other end stirrups were attached, or a tilting platform was secured, by which two or three men produced a jerking motion that drew down the pole, its elasticity pulling it back with sufficient force, when the men slackened their hold, to raise the tools a few inches. The principle resembled that of the treadle-board of a sewing machine, operating which moves the needle up and down. The tools were swung in the driving pipe, or the “conductor”—a wooden tube eight or ten inches square, placed endwise in a hole dug to the rock—and fixed by a rope to the spring pole, two or three feet from the workmen. The strokes were rapid, and a sand pump—a spout three inches in diameter, with a hinged bottom opening inward and a valve working on a sliding rod, somewhat in the manner of a syringe—removed the borings mainly by sucking them into the spout as it was drawn out quickly. _McLaurin’s “History of Petroleum.”_

Footnote 3:

In 1871 the petroleum exports were 152,195,167 gallons. The production was 5,795,000 barrels, or 243,390,000 gallons.

Footnote 4:

Estimate of J. T. Henry in his “Early and Later History of Petroleum,” 1873. The “Petroleum Monthly” in 1873 estimated the cost to be from $2,725 to $4,416.

Footnote 5:

See Appendix, Number 2. First act of incorporation of the Standard Oil Company.

Footnote 6:

Testimony of Mr. Alexander before the Committee of Commerce of the United States House of Representatives, April, 1872.

Footnote 7:

See Appendix, Number 3. Affidavit of James H. Devereux. At the time General Devereux made this affidavit, 1880, he was president of the New York, Pennsylvania and Ohio Railroad.

Footnote 8:

Report for 1871 of the Cleveland Board of Trade.

Footnote 9:

See Appendix, Number 4. Testimony of Henry M. Flagler on the South Improvement Company.

Footnote 10:

List of stockholders given by W. G. Warden, secretary of the South Improvement Company, to a Congressional Investigating Committee which examined Mr. Warden and Mr. Watson in March and April, 1872.

Footnote 11:

Article Fourth: Contract between the South Improvement Company and the Pennsylvania Railroad Company, January 18, 1872.

Footnote 12:

See Appendix, Number 5. Contract between the South Improvement Company and the Pennsylvania Railroad Company. Dated January 18, 1872.

Footnote 13:

See Appendix, Number 6. Standard Oil Company’s application for increase of capital stock to $2,500,000 in 1872.

Footnote 14:

See Appendix, Number 7. Affidavits of George O. Baslington.

Footnote 15:

In 1872 the refining capacity of the United States was as follows, according to Henry’s “Early and Later History of Petroleum”:

Barrels Oil Regions 9,231 New York 9,790 Cleveland 12,732 Pittsburg 6,090 Philadelphia 2,061 Baltimore 1,098 Boston 3,500 Erie 1,168 Other Points 901 —————— Total 46,571

Footnote 16:

A History of the Rise and Fall of the South Improvement Company. Testimony of W. H. Doane, page 45.

Footnote 17:

A History of the Rise and Fall of the South Improvement Company. Testimony of Josiah Lombard, page 57.

Footnote 18:

See Appendix, Number 8. Organisation of the Petroleum Producers’ Union of 1872.

Footnote 19:

See page 1056.

Footnote 20:

See Appendix, Number 9. Charter of the South Improvement Company.

Footnote 21:

See Appendix, Number 10. Draft of contract between the South Improvement Company and producers of petroleum in the valley of the Allegheny and its tributaries. Dated January, 1872.

Footnote 22:

See Appendix, Number 11. Extracts from the testimony of W. G. Warden.

Footnote 23:

See Appendix, Number 12. Extracts from the testimony of Peter H. Watson.

Footnote 24:

See Appendix, Number 13. Contract of March 25, 1872.

Footnote 25:

See Appendix, Number 14. Testimony of Henry M. Flagler.

Footnote 26:

The report of the committee of Congress which investigated the South Improvement Company was not made until May 7, over a month after the organisation was destroyed by the cancelling of the contracts with the railroads.

Footnote 27:

See Appendix, Number 15. The Pittsburg Plan.

Footnote 28:

Estimate given in the Oil City Derrick for September 10, 1872.

Footnote 29:

See Appendix, Number 16. “The Agency.”

Footnote 30:

The amount of production was computed from the oil run through the pipe-lines, all of which had their gaugers and were supposed to report their runs at regular intervals.

Footnote 31:

See Appendix, Number 17. Contract between Petroleum Producers’ Association and Petroleum Refiners’ Association.

Footnote 32:

The agency was pledged by its constitution to limit the supply of crude, but this stipulation did not appear in the contract signed by the two associations. It was a verbal understanding.

Footnote 33:

Testimony of H. M. Flagler before the Ohio State Commission for investigating railroad freight discrimination, March, 1879. See Appendix, Number 14.

Footnote 34:

See Appendix, Number 3.

Footnote 35:

See Appendix, Number 14.

Footnote 36:

See Appendix, Number 18. Testimony of George R. Blanchard on rebates granted by the Erie Railroad.

Footnote 37:

See Appendix, Number 19. Testimony of W. T. Scheide.

Footnote 38:

See Appendix, Number 20. Statements of amounts paid for overcharges and rebates on oil during the year 1873 by the New York, Lake Erie and Western Railroad.

Footnote 39:

See Appendix, Number 21. Agreement of 1874 between the Erie Railroad system and the Standard Oil Company.

Footnote 40:

See Appendix, Number 22. Agreement of 1874 between the railroads and pipe-lines.

Footnote 41:

See Appendix, Number 23. The Rutter circular.

Footnote 42:

These figures are from Henry’s “Early and Later History of Petroleum,” published in 1873.

Footnote 43:

The barrels of the Standard Oil Company are painted blue.

Footnote 44:

This account of the meeting at Saratoga was given to the writer by Charles Lockhart, of Pittsburg.

Footnote 45:

See Appendix, Number 24. Standard Oil Company’s application for increase of capital stock to $3,500,000 in 1875.

Footnote 46:

See Appendix, Number 25. Henry M. Flagler’s testimony on the union of the Standard Oil Company with outside refiners in 1874.

Footnote 47:

Mr. Rogers is mistaken here. The production in 1874 was 10,926,945 barrels, the shipments 8,821,500, the stocks at the end of the year 3,705,639. In 1875, the year in which he is speaking, more oil was consumed than produced.

Footnote 48:

See Appendix, Number 26. George R. Blanchard’s testimony on the breaking up of the Pipe Pool of 1874.

Footnote 49:

Condensed from Mr. Tack’s testimony.

Footnote 50:

Condensed from Mr. Harkness’s testimony.

Footnote 51:

J. T. Henry, in his “Early and Later History of Petroleum,” gives twenty-two; E. G. Patterson, in a list presented in court in 1880, gives the number at the beginning of this combination as thirty.

Footnote 52:

Condensed from testimony of Mr. Morehouse before the special committee on railroads, New York Assembly, 1879.

Footnote 53:

Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3112.

Footnote 54:

Report of the Special Committee on Railroads, New York Assembly, 1879.

Footnote 55:

The Standard Oil Company were extensive oil transporters at that time, as has been shown.

Footnote 56:

See Appendix, Number 27. Mr. Flagler’s explanation of the commission of ten per cent. allowed the Standard Oil Company in 1877.

Footnote 57:

See Appendix, Number 28. Correspondence between William Rockefeller and Mr. Scott in October, 1877.

Footnote 58:

See Appendix, Number 29. Correspondence between Mr. O’Day and Mr. Cassatt.

Footnote 59:

See Appendix, Number 30. Henry M. Flagler’s testimony on the rebate paid to American Transfer Company.

Footnote 60:

See Appendix, Number 31. Letter to President Scott of the Pennsylvania Railroad from B. B. Campbell and E. G. Patterson.

Footnote 61:

Commonwealth of Pennsylvania _vs._ Pennsylvania Railroad, United Pipe Lines, etc.

Footnote 62:

Testimony of Charles T. Morehouse before the Special Committee on Railroads, New York Assembly, 1879.

Footnote 63:

In the case of the Standard Oil Company _vs._ William C. Scofield, _et al._, in the Court of Common Pleas, Cuyahoga County, Ohio.

Footnote 64:

Coupled with Mrs. B——’s affidavit was one of the company’s bookkeeper’s testifying that the business had been paying an annual net income of $30,000 to $40,000 when the sale to the Standard was made for $79,000, and another from the cashier, who had been present at most of the interviews between Mrs. B—— and the Standard agents, and who corroborates her statements in every particular.

Footnote 65:

Mr. Rockefeller’s statements are supported by affidavits from several members of the firm.

Footnote 66:

Oil City Derrick, January 5, 1878.

Footnote 67:

Derrick Handbook, Vol. II.

Footnote 68:

The stocks on hand at the end of this month were 4,221,769 barrels. On November 25, 1878, the Derrick published tables showing 4,576,500 barrels of tankage up and building in the Bradford field. Connected with the United Lines were 1,774,500 barrels already in use and 1,347,000 building.

Footnote 69:

Investigation ordered by the secretary of internal affairs of the Commonwealth of Pennsylvania, 1878.

Footnote 70:

Abridged from Mr. Campbell’s testimony.

Footnote 71:

See Appendix, Number 32. Producers’ Appeal of 1878 to Governor John F. Hartranft of Pennsylvania.

Footnote 72:

The story of the Empire Transportation Company, told in the last chapter, was brought out in this testimony of Mr. Cassatt’s.

Footnote 73:

The testimony taken before the Hepburn Committee has never been printed in the series of Assembly documents. An edition of 100 copies was printed during the session for the use of the committee. It is usually bound in five volumes, and is, of course, very rare.

Footnote 74:

300 copies of the report of the testimony taken were printed. No copy is to be found in any library of the state of Ohio. The writer has never seen but one copy of this report.

Footnote 75:

In the case of the Standard Oil Company _vs._ William C. Scofield _et al._, in the Court of Common Pleas, Cuyahoga County, Ohio, 1880.

Footnote 76:

Ohio State Investigation of freight discrimination, 1879.

Footnote 77:

See Appendix, Number 33. Statement of crude oil shipments by Green Line during the months of February and March, 1878, to New York, Philadelphia and Baltimore: showing drawbacks allowed to American Transfer Company.

Footnote 78:

See Appendix, Number 34. Bill of particulars of evidence to be offered by the commonwealth.

Footnote 79:

“A History of the Organisation, Purposes and Transactions of the General Council of the Petroleum Producers’ Unions,” 1880.

Footnote 80:

See Appendix, Number 35. Contract of Petroleum Producers’ Union with Standard Combination.

Footnote 81:

See Appendix, Number 36. Agreement between B. B. Campbell and the Pennsylvania Railroad Company.

Footnote 82:

Fractional distillation is a process intended to separate various products in mixture, and having unlike boiling points, by keeping the mixture contained in an alembic at regulated successive stages of temperature as long as there is any distillate at a given point, and then raising the heat to another degree, etc.

Footnote 83:

This must have been in 1872, not 1870. Up to 1872 the capacity of the Standard was but 1,500 barrels of crude a day.

Footnote 84:

This draft was presented to the committee in lead pencil. It was never presented to the producers. See P. H. Watson’s testimony, Appendix, Number 12.

Footnote 85:

It was 1874.

Footnote 86:

See Appendix, Number 37. Articles of incorporation of the Tidewater Pipe Line.

Footnote 87:

See Appendix, Number 38. Testimony of Henry M. Flagler in regard to the Tidewater contest.

Footnote 88:

Court of Common Pleas, Crawford County, Pennsylvania. Patterson _vs._ Tidewater Pipe Company, Limited. Testimony of E. G. Patterson, December, 1882.

Footnote 89:

See Appendix, Number 39 A. Agreement between Standard and Tidewater refineries.

See Appendix, Number 39 B. Agreement between Standard and Tidewater Pipe Lines.

Footnote 90:

See Appendix, Number 40. Two agreements of even date, August 22, 1884, between the Pennsylvania Railroad Company and the National Transit Company.

Footnote 91:

The Eighth Section of Article Second of this contract, defining the duties of the railroads reads: “To make manifests or way-bills of all petroleum or its products transported over any portion of the railroads of the party of the second part or its connections, which manifests shall state the name of the consignor, the place of shipment, the kind and actual quantity of the article shipped, the name of the consignee, and the place of destination, with the rate and gross amount of freight and charges, and to send daily to the principal office of the party of the first part duplicates of all such manifests or way-bills.”—Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, page 360.

Footnote 92:

Record of pleadings and testimony in Standard Oil Trust quo warranto cases in the Supreme Court of Ohio, 1899, page 681.

Footnote 93:

Trust Investigation of Ohio Senate, 1898, page 370.

Footnote 94:

Trust Investigation of Ohio Senate, 1898, page 370.

Footnote 95:

Trust Investigation of Ohio Senate, 1898, page 371.

Footnote 96:

See Appendix, Number 41. Table showing prices of oil at competitive and non-competitive points in 1892.

Footnote 97:

See Chapter V, page 165.

Footnote 98:

See Appendix, Number 42. Standard Oil Company’s petition for relief and injunction.

Footnote 99:

See Appendix, Number 43. Answer of William C. Scofield _et al._

Footnote 100:

See Appendix, Number 44. Affidavit of John D. Rockefeller.

Footnote 101:

See Appendix, Number 45, Findings of Fact.

Footnote 102:

See Appendix, Number 45.

Footnote 103:

Number 20, Findings of Facts. See Appendix, Number 45.

Footnote 104:

Ohio State Reports, 43, pages 571–623.

Footnote 105:

Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, pages 575–576.

Footnote 106:

See Appendix, Number 46. Letter of Edward S. Rapallo to General Phineas Pease, receiver Cleveland and Marietta Railroad Company.

Footnote 107:

Proceedings in Relation to Trusts, House of Representatives, 1880. Report Number 3,112, pages 577–578.

Footnote 108:

See Appendix, Number 47. Testimony of F. G. Carrel, freight agent of the Cleveland and Marietta Railroad Company.

Footnote 109:

See Appendix, Number 48. Report of the Special Master Commissioner George K. Nash to the Circuit Court.

Footnote 110:

The documents from which the statements are drawn are all on file in the office of the Clerk of the United States Circuit Court for the Southern District of Ohio, Eastern Division.

Footnote 111:

Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, page 864.

Footnote 112:

Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, page 864.

Footnote 113:

The Derrick published in a four-page supplement to the issue of April 23, 1904, the full text of both statements under the title “More of Tarbell’s Tergiversations.”

Footnote 114:

Congressional Globe, September 12, 1888, pages 8520–8604.

Footnote 115:

Report Number 1490, United States Senate, Forty-ninth Congress. This report, and Miscellaneous Documents Number 106, United States Senate, Forty-ninth Congress, 1886, contain the evidence of bribery collected by the Ohio Legislature and the majority and minority reports of the committee.

Footnote 116:

Congressional Globe, July, 1886.

Footnote 117:

Congressional Globe, September, 1886, pages 8520–8604.

Footnote 118:

See Appendix, Number 49. A statement from an oil-producer’s stand-point for 1886.

Footnote 119:

See Appendix, Number 50. The Billingsley Bill.

Footnote 120:

See Appendix, Number 44.

Footnote 121:

See Appendix, Number 51. Extracts from testimony of H. H. Rogers.

Footnote 122:

See Appendix, Number 48.

Footnote 123:

Report on Investigation Relative to Trusts, New York Senate, 1888 pages 419–420.

Footnote 124:

Report on Investigation Relative to Trusts, New York Senate, 1888, pages 420–421.

Footnote 125:

See Appendix, Number 52. The Trust Agreement of 1882.

Footnote 126:

Report on Investigation Relative to Trusts, New York Senate, 1888, pages 9–10.

Footnote 127:

Affidavit of Henry M. Flagler in the case of the Standard Oil Company _vs._ William C. Scofield _et al._, in the Court of Common Pleas, Cuyahoga County, Ohio, 1880.

Footnote 128:

Proceedings in Relation to Trusts, House of Representatives, 1888. Report Number 3,112, page 770.

Footnote 129:

The full style of the case was: The State of Ohio on the Relation of David K. Watson, Attorney-general, Plaintiff, against the Standard Oil Company, Defendant.

Footnote 130:

See annual report of the attorney-general to the governor of the state of Ohio, 1899.

Footnote 131:

History of Standard Oil Case in the Supreme Court of Ohio, 1897–1898.