ROCKEFELLER GIFTS

Greymouth Evening Star, 17 August 1935, Page 7

ROCKEFELLER GIFTS

SALE OF OIL SHARES [BY CABLE —PBEBB 288 N.—COPYRIGHT.) WASHINGTON. August 15. Reports that were filed with the Securities Exchange Commission today revealed that Mr. John D. Rockefeller, junr.. disposed of one-quarter of his 256 million dollar holdings in the Standard Oil Coy., the shares of which are considered to be amongst the most valuable shares of American companies. This action, it is stated, was taken less than a fortnight after President Roosevelt’s message to Congress in favour of the tax war on wealth. The records show that all of the proceeds of the shares disposed of by Mr. Rockefeller, except 681,000 dollars, had been given to charitable and scientific organisations. His gift reduced Mr. Rockefeller’s holdings in three major oil companies, namely the Socony Vacuum Corporation, the Standard Oil Corporation of New Jersey, and the Standard Company of California to ISO million dollars. Since the first of . this year, Mr. Rockefeller has disposed of seventyfive million dollars worth of his oil holdings. This has led Wall Street to speculate on the possibility of the great name of Rockefeller passing away from active management in the petroleum industry. The report of the Security Exchange Commission gave no indication as to whether Mr. Rockefeller has made his gift in the expectation of the Congress vote to increase the taxes on wealth. Contributions of this character usually take some time to plan. His programme may have been arranged prior to the President’s message. Financial circles believe that Mr. Rockefeller is ' attempting to avoid heavy inheritance ■ taxes as well as to avoid the proposed gift levies under President Roosevelt's tax programme. The Rockefeller family fortune has ! been variously estimated at from five ' hundred million dollars to twentj-fi\e hundred million dollars.