Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-10-22
1e|egraphic Tidings
TRUSTS MUST GO.
The American Cotton Oil Trust Leads
the Procession.

New YoRK, Oct. 23.-The Times says
"Public sentiment is telling. Investors
are asserting themselves. Laws are be
coming OF Wall street consequence
Trusts are upon the wane. This is not an
idle phrase. There are facts at hand to
support it. And important among these
facts is this One of the biggest and most
conspicuous of all the trusts is to be dis
solved. The American cotton oil trust
will 90 out of existence in less than one
fortnight hence. The New York Times is
able to state this upon unquestionable
authority. . .....
The present intention Of The millionaire
magnates in this trust are not newly con-
ceived. As long ago as last winter they
had so far discerned and appreciated the
drift of public rentiment regarding trusts
rs to become convinced that they had
much to gain by an abandonment of the
trust idea, with its secrets and mysteries.
So impressed, indeed, were the control
lers of the property then on the necessities
of the case that they caused to be organ
lied under the laws Of New Jersey cor
poration known as the Cotton Oil Co. OF
New Jersey. They made up its directory
OF dummies, their attorneys, their friends
and their clerks. Lawyer William Nelson
Cromwell was at the head of its directory
list. Mr.. Cromwell is the New York at
torney OF the cotton oil trust. This cor.
poration proceeded far enough to take in
certain Texas properties belonging to the
cotton oil trust till emergencies arose that,
for time, brought its progress to halt
1t was then intended to merge the cotton
oil trust into this Jersey corporation. But
this snag was struck-New Jersey laws
prohibit such merger, insofar as they re-
Quire consolidation, and to do this it |
was found necessary to organize still an
other corporation. This was done, the
new corporation being called the National
Cotton Oil Co. Its organization became
known yesterday. Its directors are the |
same as are those controlling the other
and thus when business closed |
Yesterday the cotton oil trust found itself
finally in position where its machinery
was absolutely perfected for the CONVEX
sion from its trust character into an ordi-
nary business like corporation without
mysterious secrets and under the control
)f the owners rather than of trustees, re-
,ponsible to nobody.
The annual meeting OF the certificate
holders of the Cotton Oil Trust will be
leld in November /. At that time every
letail will be completed for putting into
operation the scheme of relieving the
from its trust character and of
putting it into the regular and ordinary
form.
1t can be stated, upon authority, too,
hat the company into which the trust is
o besmerged, will have precisely the
anne capital that is now represented by (
he trust. There will be no increase
whatever. The properties in the trust
will Ee turned over tn the new corpora
ion, whose stockholders (having the
anne rights and powers and opportunities
IS belong to shareholders in any railway
will take possession and have
bsolute control of the corporation future
,olicy. At that annual meeting new
directors will be elected.
Apropos OF the change which has
,een determined upon, large stock
lolder OF the trust said last night: "We
re not doing this for fun. 1t is all busi-
less. We see prosperity and success for
Is as an ordinary corporation, while as
rust we can hope for little else than
uspicion of our acts and purposes. And
'ou can depend upon it, this move is sig
lifcant. Other trusts will follow us; they
an not avoid it; it's business necessity.
The American policy won't stand trusts.
trusts generally have got to CO. We are
he first. We won't be the last.