South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1889-07-26

Q! great 0Cve0ent. There comee
. time in the career or everv cou-
querer when 10 must piase 70 orran.
he his co6quests, and - ruolace =
provisionN BY = psrusAsrt ana vsil
devised administrator. The stand.
ard Oil Company vac no exception.
20 make sure and permanent IT. prac.
tical monopoly, 70 carry On its bust
ness IN DO many departments ana
regions With unity and suboothness Of
action. 70 mobilize tie great forces,
and 70 consolidate their command
into single executive, were no less
matters or policy than necsssity.
Hitherto the cooperation l5sd been
the fuftherest step taken in consoli.
dating the power OF many into the
hands OF few. and in securing the
assured lease Of life and aggregation
OF means necessary for the great in.
dustrial enterprises or modern times.
ooRPoRArE RESOURCES.
The resources OF the corporste
structure, chief factors in the pro.
gress OF the Standard combination.
seemed now exhausted, and set il
Was Compelled TO take another step.
I IL wss clearly impossible, or if
possible. clearly inexpedient. to mass
all it, business. properties, franchises
and powers in a single corporation
chartered and organized under the
laws cfspy one State. There were
legal d faculties in the way, and other
impediments and objections insupef.
able. The question presented was,
10 develop from any corporations
and interests in corporations a con.
trail power, which. maintaining the
free play legally and ipdustrially
belonging 10 them respectively,
should bring and held them 10 silent
rigorous corporation and unity. but
to state the problem more particular =
~: Given certain number of per.
sons holding all the stock OF fourteen
corporations, and also, directly or
through trustees. holding large a
mounts of stock in twenty-six other
corporations formed under the laws
OF many d fferent States, and earry-
Ing On separate but closely connect.
ed branches OF business, aud reouir.
ed plan FIR their organic uniics.
ton under a single harmonious aud
ail'powerful management. have
already said that, in acquiring stuck
In many of these corporations, the
title vas taken in the names OF trus-
tees. who hold 1t for the benefit OF
the real purchasers. While corpor
atoms own every species of property,
shares OF stock in them are as q rule
PERSONAL property, passing readily
oy assignment aud delivery Of certifi I.
Gates, without the impedimen,s and
iormalites annexed to the convey.
ance OF real estate. No transaction
are more common or more easy than
the sale Of such shares Of stock, few
more Common Than their pledge by
hypothecation az securities for loans /.
or than their ownership by one party
"a trustee for another.
THE DOCTRINE OF TRUST.
TIE doctrine of trusts, rightly adj
mlred by every enlightened lawyer
as one OF the most valuable and per .
iec' branches OF modern jurispru-
dence-that doctrine which com :
mands and enforces the most exuber.
ant good faith in the confidential
dealings OF men, which follows and
Furnishes fraud In it's most cunning
disguises, and throws its protection
over the estates of the infant. of the
Incompetent and even the dead-be.
came the shelter under which were
formed the most stupendous combi-
nations that advancing civilization
has Witnessed.
One OF the earliest writer's to dis.
cuss Trusts has not inaplly called
them masterpieces Of modern inpe.
nuity and fertility OF resource'-.pro.
ducts OF the highest order Of business
talent and executive ability, with an
organization intricate, secret and
subtle
Bn. the trust idea Is very familiar
and simple, and its appropriation to
its new service. like many great in.
ventiOns aud advances, seems both
natural aud easy after its accomplish.
ment.
II part Of the property of The
combination could be advantageous
ly held by trustees, why might not
all The shares OF stock in oil the cor
porations be deposited in the ba.ds
OF small number Of holders. who.
by such deposit, should become in
vested with the legal ownership of
the entire property, and might also
by apt terms in the instrument feet
ing the transfer be further clothed
with all necessary powers of man
agemeutP
UTILIZING THE IDEA.
This idea seized upon, the deyal-
opment and perfection of It's details
called for the amplest legal knoyI.
edge and skill and keen business
foresight and sagacity, both of which
were at the command Of the Standard
alliance. Their finished product is
seen IN the agreement entered into
July 2, 1882, creating the Standard
Oil TrCst.' TIE outline of this elsb.
crate agreement is all can expect
10 give, or 70 make plain TO tue gem
eral reader.
The parties to II consisted of three
classes: First. all stockholders and
members Of fourteen corporations
and limited par Derships. Second
fotty-six individuals by name, OF
whom one was firm and several
were trustees. Third, a portion Of