APPENDIX (continued 3)

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.

237014th. 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 2371adopt 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, 2372Attorney; 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 2373hold 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.

2374

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

2375

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.

2376Received 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 2377so 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.

2378On 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.

2379

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.

2380If 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.)

2381

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 2382them. 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.

2383

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 Month Price Lowest Month Price Average

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

2384

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

2385

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.

2386

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.

2387Q. 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.

2388

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.

2389

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 of one share. Incorporated under the laws of the State of Pennsylvania. Whole Shares $50 each.

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.

2390

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 Net Value Capital Stock Surplus or Impairment. Net Value

Anglo-American Oil Co., Lim. $6,111,436.75 $10,877,942.53 $16,989,379.28 $8,997,759.61 $7,991,619.67 $2,530,666.66 $5,460,953.01

Atlantic Refining Co. 4,879,636.08 6,637,750.39 11,517,386.47 357,691.56 11,159,694.91 5,000,000.00 6,159,694.91

Buckeye Pipe Line Co. 4,559,213.27 8,593,413.44 13,152,626.71 302,998.58 12,849,628.13 10,000,000.00 2,849,628.13

Eureka Pipe Line Co. 1,489,533.37 5,050,615.30 6,540,148.67 352,320.90 6,187,827.77 5,000,000.00 1,187,827.77

Forest Oil Company 4,236,370.10 800,482.59 5,036,852.69 198,645.38 4,838,207.31 5,500,000.00 661,792.69

Indiana Pipe Line Co. 992,426.01 2,222,381.90 3,214,807.91 7,821.80 3,206,986.11 1,000,000.00 2,206,986.11

National Transit Co. 6,800,056.66 42,529,353.39 49,329,410.05 23,296,866.66 26,032,543.39 25,455,200.00 577,343.39

New York Transit Co. 1,860,334.55 5,171,303.80 7,031,638.35 202,139.33 6,829,499.02 5,000,000.00 1,829,499.02

Northern Pipe Line Co. 639,001.65 583,766.46 1,222,768.11 44,161.69 1,178,606.42 1,000,000.00 178,606.42

N. W. Ohio Nat. Gas. Co. 118,679.71 204,480.33 323,160.04 11,384.76 311,775.28 1,967,100.00 1,655,324.72

Ohio Oil Co., The 4,832,307.19 310,705.42 5,143,012.61 326,923.43 4,816,089.18 2,000,000.00 2,816,089.18

Solar Refining Co., The 537,797.54 1,323,374.92 1,861,172.46 298,137.91 1,563,034.55 500,000.00 1,063,034.55

Southern Pipe Line Co. 1,527,175.80 2,074,374.05 3,601,549.85 66,929.31 3,534,620.54 5,000,000.00 1,465,379.46

South Penn Oil Co. 11,300,603.72 1,735,979.54 13,036,583.26 1,278,580.96 11,758,002.30 2,500,000.00 9,258,002.30

Standard Oil Co., Indiana 3,105,001.95 4,918,025.18 8,023,027.13 3,372,518.91 4,650,508.22 1,000,000.00 3,650,508.22

Standard Oil Co., Kentucky 474,352.83 4,236,638.24 4,710,991.07 49,835.90 4,661,155.17 1,000,000.00 3,661,155.17

Standard Oil Co., New Jersey 5,469,277.44 13,864,446.39 19,333,723.83 2,396,607.81 16,937,116.02 10,000,000.00 6,937,116.02

Standard Oil Co., New York 4,957,545.26 56,822,284.95 61,779,830.21 48,919,899.34 12,859,930.87 7,000,000.00 5,859,930.87

Standard Oil Co., Ohio 1,166,013.90 2,752,274.01 3,918,287.91 1,013,373.13 2,904,914.78 3,500,000.00 595,085.22

Union Tank Line Co. 2,615,594.64 340,563.75 2,956,158.39 11,653.38 2,944,505.01 3,500,000.00 555,494.99

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 $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

2392

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 2393stock. 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 2394and 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.

2395

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 GRAND TOTAL

Total production Standard Oil Co. production Standard Oil per cent. of total Total production Standard Oil Co. production Standard Oil per cent. of total Pennsylvania and Lima production Standard Oil Co. production Standard Oil per cent. of total

1890 30,065,867 2,618,637 8.71 15,014,882 8,400,568 55.95 45,080,749 11,019,205 24.44

1891 35,742,127 4,913,775 13.74 17,381,923 9,319,156 53.61 53,124,050 14,232,931 26.79

1892 33,332,306 4,338,822 13.02 16,685,193 7,843,324 47.01 50,017,499 12,182,146 24.36

1893 31,256,283 6,705,276 21.45 17,823,255 7,260,899 40.74 49,079,538 13,966,175 28.46

1894 30,696,716 7,210,345 23.49 18,575,603 6,690,951 36.02 49,272,319 13,901,296 28.21

1895 30,891,868 9,119,920 29.52 21,719,250 6,808,876 31.35 52,611,118 15,928,796 30.28

1896 33,908,041 9,380,654 27.66 25,222,091 8,031,793 31.84 59,130,132 17,412,447 29.45

1897 35,170,367 9,787,353 27.83 22,793,033 7,497,349 32.89 57,963,400 17,284,702 29.82

1898 31,645,151 11,248,443 35.55 20,266,328 7,220,606 35.63 51,911,479 18,469,049 35.58

Total 92,708,726 65,323,225 22.32 175,481,558 69,073,522 39.36 468,190,284 134,396,747 28.70

2396

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. of total Barrels Per cent. of total Barrels

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

2397