Show WM i S AN I 1 DONT DON'T KNOW KNON Gets His Information About Standard Oil by ReadingS Reading r S Newspapers TALKS BUT SAYS SAYS' LITTLE TLE Trust Representative Makes M kes' kes j Attempt Attel lpt to 16 Pull Prosecution S. S Down j L i l i 7 j J A I York Oct 1 ii IB S. William G. G Rockefeller Is 18 enrolled upon the L 1 tru trust t witness scroll of thi the thc I dont don't know class Today's session o the hearing of the government o suit to dissolve e d the thc Standard Oil company I 4 of or New New- e Jerse Jersey was Wt enlivened because of or the appearance aranco two star witnesses A III lam G. G Rockefeller and F nm Brady l The Tho examination of or Ro Rocke- Rocke le reller feller was barren harren of or results beyond Ute the revelation re of the tho extensive loan Joan trans trans- actions of the Standard In Wall street Itoc Rockefeller ereller took refuge behind time the ma magic lc I I dont don't know The he testimony of or Brady who ho fol- fol 10 cd Rockefeller upon the stand was wat fruitful Through him the gd guiv- guiv Inquisitor lloa for fo the first time Nearly established tho the connection of or orthe the he sale nile of or the Manhattan Oil on company co com n- n pany pan to the Standard Lra Brady admitted that when th the Man Man- halan Oil was sold tuc ho Peoples I Gnu Gas i Light Coke company of Chicago re- re J d cel a contract from the tho Standard Oil c company mIan whereby the h latter WasLo was waso Lo o furnish the time Chicago o with gas ijas oil at ti u cost of one an and tiree- tiree e- e cents a n gallon Jallon for a period fj of jf ten years cars This price Is much munch l I less i j han the cost of or production AVant I IlIo Kellogg lIo to 0 o let 1 t Ui Up I f fit m mI 11 it It Was a ras learned learned dimming l during the lint haf ono one of ur the for tile the t Standard 1 Oil company had hind approached approached- ached a n. r representative lt ot or government Jov t and offered damaging admissions lons If It the government would 1 let letaI up aI It la Is re reported reported re- re ported that time the Standard Oil 1 lawyer linked asked the thc government ve If U wo we will a admit lint the tho St Standard owns f hun thu l will you OU IU I iso ot Not No No to it drOll rop theIn t the ti-me c t U. U If Un mil tt I p. p I n 11 i im t g f eam u r 1 S 'S m- m re tAu tl lU i rim i Weh it IC cU l c n f It ItI ItIs po por In Is useless for mo mc to 11 mke e any r I sI fis 7 I you OU will u g-d g go ahead d I om of ot the tho until unIt you ou have hn the Standard ard tied Up lon jo In lii answer all to question by ly Mr iCe Kel- that l when h he lie I Joe logg Prady admitted and Commodore Benedict l assumed cOI control rol of or the UH Manhattan Oil company com coma It cash pan flan pany the they timey paul paM Co tot for I 15 and assumed In tn outstanding S bonds I And Amid And you OU turned oyez oyer this property Hid o. o assets c to the General Industrial and ind Development company compan or of London fox fox- or in tn cash and find the tiie Standard d the time Lon London on rn assum- assum lug Ing ng the t In tn bonds bonds- asked a ai eI ep Mr- Mr Yes that hint Is right And th thin then n you I you ou I mean the time stock of or the thip Peoples People's Gas Light ald more than Coke company compan paid for or that contract dl didn't nt ou S We got time the co contract tr ct from rpm the Lonon Lon Lon- Ion on company an replied Brady Brad I 1 know that but turned over a rowing growing concern that concern that cost you 1951 00 too for and n n contract the time contract calling callin for or the Standard Oil OH compan to lo supply the Chicago coma com any pany with oil for a a. period of ton tOil cars Yes we did William Dont Don't Jill William G. G G Rockefeller the tho lon long long-de- d Ired sired witness s In the Standard Oil In- In arrived early In the fedral fed- fed and was rah ral building this morning morning- the he first witness J to take t. the stand lime he Standard Oil on magnate wore orca a a. Ark brown suit of the thc latest cut a a. aearl pearl earl pin In his tie being the only was self possessed elf and answered all civics civics- questions ions with calmness and without se seem seem- m- m ig rig ill HI at ease S Rockefeller said he lie knew nothing bout the account of James Raines MoDem MoDem- uld Id who according to tho the Standard ll hl or of Now New Jerseys Jersey's s books had been largo large sums of or money mone from front 1900 to 1904 1901 Do you Ou know anything about the time Oil company of Ohio Only what whai I have read rc-ad in hi the newspapers replied Mr 11 Roc Rockefeller Witness said that tho ho Anglo American to tho ho Standrd Stand- Stand compan had hind sent mone money urd rd urd of New York which had bad been beon paid to 0 j Mr M l McDonald Donald That was all ho lie knew new concerning the payments The balance sheets of time tho Southern South- South ern rn Pipe Pipe PipeLIne Line company from 1895 that lint loans amounting to to 1903 1905 show o j many lany millions were ma made c to P P. S. S and charged to to- the time expense Do know anything about account you thOc loans asked Mr lr Kellogg I 1 really do not Jl said Mr 11 Rocky Rocky- J iller elier o Enormous Loans Mr Ir Kellogg Kello j then asked concerning ances ad of I made malic to S S. S S1 M. M of as as- shown b by tho ho 10 books of the Standard Oil of New ew said uld that tho the ork and Rockefeller of or New advanced a noney moncy lo to Barnsdale ale taking as WI coUnt collat- mal ral stocks and ana bonds In hr various oil all Thc They received ho he said ald 1 Ii per cent on these loans Of or these loans on the tho books of ot 3 what part pad of of that- that went to 0 Wall Vall street aske Mr r K Rockefeller wont went lute Injo an explanation tion iou on of or the Wall street loans made b by of Now Nei C York Because or t r Its Ita Immediate foreign l n exchange it followed th the lie foreign finan- finan financial cial al hal conditions and amid perforce the tho lie financial linan- linan cial al lal conditions in this country When Then it t had 1 cash on hand It made loans bane to all aU street lr et brokers demanding that the lie 10 collateral be safe sate stock Always 65 5 5 per Jer cent of railway stocks and 3 35 of industrial st stocks eks were tie de- landed on 00 all nIh loans A margin of oC at east ast 20 per cent was demanded and exacted on all nIl loans Joans and there thero were Continued ou on lage l'age Five Fl WM ROCKEFELLER AN I DONT DON'T KNOW Continued from Iron 11 Page e One 10 exceptions under any circumstances Rockefeller said Of or the tho loans loun made maee lost last fall Cal about was sas made mado to Wall Vall al street treet broker explained and ane tho the remainder oC of tho was et In the loan Wall Street Transact L L In Ui IA nt o G nl i-i i tit h- h on on- n l n n l e C teller ald Id Wail ul street II loans ans or of ci hN boOn neen n made hu Standard Stand ard ird rl o of Now ow Jersey Jer e witness declared rudo no nn Wail nl street loans loan and did not oot follow ellen rolo the time financial conditions 11 as j lonely el as os did thu th the Standard OH Oil 01 of or New lo York The latter's Int rp foreign n b s it following financial conditions condi condl- ton louis very clo closely eI Rockefeller ler said It i Was as better heter prepared because of these facts fact to make mak Wall al street advances ad al vances acos on stocks and turn an Interest ln l. l on n Its Is surplus cash cah said witness than lh the other othel Standard companies Sometimes It had largo large largo sums In Invested In- In vested in stock loans loam continued the th witness and nt at ft other tm times s on only I small sums It I all al depended upon the of or cash h oi oy 01 hand an and 1 the thc mount amount of exchange e It hail had hll to lo sell sen Mr Ir Kellogg referring re to the Immense Imen Im Im- mense en c amount of or cash th the subsidiary companies antI and ep especially the lie pipe line lne kept kepi on poll t lt with the I banks g of New Ness ew York yok wanted to know why such la large sums Rums should bo he so I credited to the subsidiary companies I Ni 11 Lam I Vim I nol Rockefeller thought the directors r of those hose corporations felt fel that If Ir I at an any anytime anytime time a n sudden m demand upon them bent c for or construction should in iii It itt I might necessitate Hate the tho use c of ot largo large sums tt t money mone and that lint he lie supposed explained tho hue lar large cash cosh reS reserves NI I of or the pipe lin j I S company compan Rockefeller said suit h he hue was WA a u if 11 I Ionly I railroad directorate the only one I Union Pacific hut but that his father was a director of se and ant 1 trial corporations Ills I own 01 holdings i In the th Standard Oil 01 company of or w Ni-w w S 1 Jersey y were ivere In la th the name flaunt of hl huI j father whose hose name i is on the the- list lint as m th time the hoh of or 1 00 shares Moritz Rosenthal tiit-n tiit tool took the witness wit wit- wl- wl nose ness in hand le lie first asked aboul about the iho various construction accounts already nl- nl ready roady referred to and then the tIme witness at nt the tho 10 instance of his hiM attorney told tok ot oC tIme the Immense foreign business hURl H of thi hi Standard of oC ew York and ami ot of numer oils ou agencies a throughout holt nm ant antho I tho ho Orient Jt it naturally hail had large tale mounts amounts o on foreIgn n to sell anil It I wan yas t bur bul bu u I t h bis I U t r l n K l l i 1 1 l 1 0 lt 1 t h r ran 1 1 it u S surplus cash casu as I in I eni oil nit hand and ami to lo covo co aim extra n interest I j II rr it fil S There were fr times hn however or the ito youn Oln when th the StandS oil al magnate explained I I ar aril l of oC New cw York was a borrower am amnot not a loaner lonner In the lie market lark t. t I INot I Not ot n. n thou though h. h oh rl Mr 1 Kellogg I When hen f asked concerning tho the total I amount of or the time foreign n echan exchange e business busi n ness ss of oC tho ho Standard of or Now New York annually an nn- nual Rockefeller 1 saul said U It t would probably probably I ably bl amount to 10 In round figures fig fIg- fg- fg I ures I This ended th the young yonn mans man's t testimony U- U f mom mony and practically pl thin tho only cilly new v fact net I obtained through h him I by Mr Kellogg sI s- s I was his explanation of the Standard Standard DrI of Dr I Now cw Yorks York's s heretofore mys loans loons of which he practically practical practical- ly explained explaIn cd IW n as call al loans loons to Vall nl j street broJ brokers rs upon high class antI ami gilt gilt- cd edged collateral and ond made entirely to earn tho the prevailing prex pre call caB mOle money rate tum then lien quoted in the thc hue street Sir Mr tr Kellogg did not ask for Cor an any figures fig fig- fil- fil ures ui-es concerning these Joans or how much ruch had hat been toil loaned during tire te high call eRn rates prevailing from time to time I tm nut lInt he asked noc Rockefeller to be pro pee pared pored to explain certain loans If IC caled called calell cal cal- call cal ed ell upon a grain again Witness was IS then ox ex cx- S H S ct Mr I. I Ch comptroller r of the Pipe Line system ni wa was then recalled rI NI to HH- HH Ni and asked to 10 identify iden lilen- I try a a list l t of nta he IH hail had pi pre pre- pee pa med for fur Mi Ir hm K K Ki I I 01 ria t 1 i 10 0 1 ti i pi irk s lo los s pi id palo id I 1 for Im r I ti i- i importation ii ion and ot other her 1 lr cs con n PI t with th the National Transit company tho the Buckeye Pipe Pip Line company compan and other officials of o I the tl h Stan Standard Pipe Lines Oil Oi company campan On the tho conclusion of or the tho lie examination Ion of Mr Ir the tho hearing was adjourned adjourned ad ad- to December 2 During time the in- in lI al counsel a will 11 ill ta take t-ikc k a a. 11 vacation atlon while the tw government t expert accountants account account- t- t ants nl are ar going oin o er t tho lie books s of th oil 01 trust tru t to prepare for future o It h 1 will wil he b. 1 ed upon I the theof tw he of railroad i i-c i rha t hates it tu irhe-tu h n tin tb t I is resumed |