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

ser'pticss Of Tie other closes. =.
they aIoas slgsed she agresneut.
ras Plan u oseAMxAr1oN.
Tue 80 q ofgAntsssion provided
tos the fornalon Ia each State q,
Territory Of . cooperation to be kn,vn
- The Standard Oil COMPANY, ~
soco Stale o. Tsrri.ory, vh,cb should
% vestsd With Al povers necessary
ior carrying on the business Of deal.
ing In petroleum products in ali their
forms and accessories. and snch
larger pouers ~ might b sscure6.
Ihis might b done By obtaipins new
cnafaotsro OF using sxistinr ones. no.
x,nniHk at onos with Ohio. Eev
York, New Jersey and Pennsylvaria.
To the Standard Oh Compsny OF
each State we're 20 b trans ferred Ali
tes ptopsrtteA moneys and business
OF all the corporations IN that State
whose entire stock was owned bv tho
parties TO the agreement, At their trua
value, and it's shares Of stock we're IN
oe issued fur the came at such value.
these shares OF stock were thea 10
be transferred and delivered to nine
trustees, named in the s9rssman,
who in return were 10 issue and IA.
liver certificates Of stock In .The Stan.
dasd Oil Trusts, each OF the mar yaIne
OF 500. TO the former owner, or
stock in the several Standard OH
Compasiss, according TO their re-
spective Quotas Of such stock.
AZ corporations In some Sts,es ara
not allowed to own etc ck in other
corporations. the parties in olass
three. namely. the owners OF mart OF
the stock of certain corpor atoms,
were not to transfer that stock To
the STANDARD Oil Companies of the
respective States, but directly to the
trustees, who In return might either
issue trust certificates to them for the
came at It's true value, or proceed to
acquire the balance of the stock in
any OF the companies. and assign all
70 The Standard Oil Company OF the
proper State. to be dealt with "a a.
lbove described. Thus the nine trus-
ees were to be owners. either THROUGH
the medium of Standar I'd Oil Com
pany, or directly. OF all the stocks
IN all the corporations held by the
Individuals thus combining, and in
consideration for the same werc tn
issue to the persons entitled thereto
trust certificates equal at par value
to the par value of the stock of tbe
several Standard Oil Companies and
equal to the appraised value of the
other stocks.
TIE NINE MAGNETS.
Inc trustees we're divided into
three classes, each GLASS to hold office
Tor three years. and we're to be chosen
as vacancies occurred by the holders
OF certificates ct their annual meet
ings.
They we're TO have general sapet-
vision over the affairs OF the several
Standard Oil Companies, and a. far
as possible over the other companies
any portion OF whose stock was held
~ them. They should elect as direc.
tors and officers faithful and oompe.
tent men. and have the affairs Of all
the companies managed in the inter
est OF the holders Of the trust certifi.
Gates.
The trustees, as owners of all the
stock OF some OF the companies and
OF part Of the stock In others, receive
oil dividends on sach stocks, and out
OF such receipts pay dividends to the
holders OF the trust certificates.
They are also authorized to declare
stock dividends when the value OF
their property justiies, and to ac-
qu;re stock and bonds of other cor.
porations, or admit other parties to
the agreement OF the same classes as
the original parties.
by the terms of the agreement It
ia to last for the life of the surviving
trustee and twenty.one years there.
AFTER, subject to termination after
the lapse OF one year or ten years BY
the action OF nine.tenths or OF two.
thirds, respectively, in value Ct the
certificate owners.
The trustees may elect themselves
officers of the various companies ard
they receive salaries, their president
$4,000 per year, all others $25. 900.
Several things may be noted about
this agreement, reserving to another
paper discussion of most Of its fea.
itires.
CENTRALIZED POWER.
1t centralized in dhe hands OF nine
trustees the entire ownership and con.
troll OF all the properties and all the
business OF the combination. Out Of
and above the several STANDARD Oil
Companies or corporations vas
evolved the Standard Oil Trust, not
Q company or corporation but an alb.
soiute directory, composed OF nine
Individual trustees, created by q writ
ten agreement, TO which the shares
holders in these and other com panies
we're parties.
These shareholders bad thus par
ted irrevocnbly with their stock in
their respective companies, end st God
on . common footing as holders Of
trust ceTtIficats. No one OF them
had now any special interest In the
particular cor poration Of which DO
bad been a stockholder. It's business
might be cur,ailed or suspended, iis
Tehneries dismantled, without affect.
irg him more than any other certif-
cate holder. There vas a common
purse for distributing dividends 20
al certificate holders, share and share
alike. In fact The trustees them
selves were and have always been