PLUTOCRAT'S PURSE.

Poverty Bay Herald, Volume XXXIX, Issue 12814, 13 July 1912, Page 3 (Supplement)

PLUTOCRAT'S PURSE.

£23 A MINUTE INCOME

.-WHAT MR ROCKEFELLER HAS TO STRUGGLE WITH. v NEW YORK, May 30. Mr John D. Rockefeller is still the richest man the world has ever, known. The New York World announces that the counsel who are conducting the litigation begun for the purpose of ascertaining the relationship between the Standard Oil Trust and its former subsidiary companies have secured data for Computing Mr Rockfeller's wealth. It appears from this data that the Standard Oil magnate is now worth £180,000,000. This estimate is only approximate, for the value of Mr Rockfeller's investments fluctuates daily, but it is understood to be as correct as can be reckoned. This enormous sum not only shows that Mr Rockfeller is the richest man the wqrld has ever known, but it is probable that his wealth is unsurpassed by any two living multi-millionaires, thus putting him m a class by himself. Mr Rockfeller's chief source of income is Standard Oil shares, which give him £8,000,000 a year. His other holdings average £4,000,000, making his annual income £12,000,000 a year, which works out at £230,769 a week, or nearly £23 a minute. In one year since the panic of 1907 Mr Rockfeller's income reached the i extraordinary total for twelve months says the World of £27,500,000, but m average years the income does not rise above £12,000,000. In 1865 Mr Rockfeller possessed his first thousand pourids. Ten years later his capital had increased to £1,000,000, and m 1890 he was worth £20,000,000. BOUNDING FORTUNE. Since then his fortune has bounded upwards at ,an unprecedented rate. Since the United States Supreme Court dissolved the Standard Oil Trust a year ago, Mr Rockfeller's -wealth has* increased £20,000,000, which represents the increase m share values of his holdings m subsidiary companies which were compelled to separate from the parent corporation. . , Mr Rockfeller has, given' £35,01)6,000 to charity since his accumulations began, but his present ambition to leave the bulk of his gigantic fortune intact for general philantrophic purposes, under the control of a board of trustees will not be realised. Congress has refused to give -him a charter for his Rockefeller foundation as he desires, through, the fear that such an enormous income might bo used to -"the detriment of the public. ' Mr Rockefeller will .be permitted to give only £20,000,000 to the Rockefeller Foundation. The question of how to dispose of the remainder of his fortune is understood to be occupying the greaterpart of his time.