ENORMOUS GIFT

Taranaki Daily News, 17 August 1935, Page 7

ENORMOUS GIFT

CHARITY AND SCIENCE ROCKEFELLER MILLIONS HUGE HOLDINGS REDUCED OIL COMPANIES’ SHARES WEALTH TAX PROGRAMME By Telegraph—Press Assn.—Copyright. Rec. 8.26 p.m. Washington, Aug. 15. Reports filed with the Securities Exchange Commission to-day revealed that Mr. John D. Rockefeller jun. had disposed of one-quarter of his £51,200,000 holdings in the Standard Oil Company, which are considered amongst the most valuable shares amongst American companies. This action, it was stated, was taken less than a fortnight after Mr. Roosevelt’s wealth tax message was presented to Congress. The records showed that all except £136,200 was given to charitable and scientific organisations. Tire gift reduced Mr. Rockefeller's holdings in three major oil companies, the Socony Vacuum Corporation, the Standard Company of New Jersey, and the Standard Company of California, to £56,000,000. Since the first of the year Mr. Rockefeller has disposed of £15,000,000 worth of oil holdings. This led Wall Street to speculate on the possible passing of his great name from active management in the petroleum industry. The commission’s report gave no indication whether Mr. Rockefeller made the gift in expectation of the vote of Congress to increase the taxes on wealth. Contributions of this character usually take some time to plan and the programme might haw* been arranged prior to the President’s message. Financial circles, however, believe Mr. Rockefeller was attempting to-avoid heavy inheritance taxes as well as the proposed gifts levies under Mr. Roosevelt's tax programme. The Rockefeller family fortune has been variously estimated at from £lOO,000,000 to £500,000,000.