The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-03-26
OIL TRUST IS DISSOLVED.
Result of the Meeting Held in New York
Directors Vote to Disband.

Result of the Meeting Held in New York
Directors Vote to Disband.
NEW YORK, March 26.-At meeting
of the stockholders of the Standard
OIL Trust, held at % Broadway, it was
decided by two-thirds vote to termi.
nate the trust, and that all property held
by the trust except stocks of corpora
Mons be sold by the trustees at private
sale
The meeting was called to order in
one OF the big rooms of the Standard
Oil headquarters al 26 Broadway at IL
o'clock. the room being rull 10 overflow
ing. Outsiders were not at liberty
however, TO witness the proceed
lngs, for two big officers examined
the tickets of admission, and kept at
distance and out of hearing those who
could not present the necessary cre-
dentlaIs. Secretary Rogers announced
that the meeting had been called to
terminate the trust agreement in accord
ance with the provision for such termi-
nation which the document contains.
The reason for this step is the re-
cent decision of the supreme court
OF ONO, when three out of
five judges decided against the
legality OF the Standard Oil Company of
OHIO IN belonging 10 the trust, and de-
clarcd the Standard Oil Trust to be a
violation of the laws of that state I'M
medlatciy upon this decision being rem
dered the seven trustees, John D.
Rockefeller, William Rockefeller, II.
NJ. FIagler, John II. Archibold. II. II.
Rogers, Benjamin Brewster and W.
II. lll.ord, together with their at
torneys, got together for the
purpose of discussing its effect upon
| their Interests. 1t WAS at first so adjusted
that they could transfer their Ohio~in-
terests 10 another state, but against this
II was held that they would probably
have to make legal night over and over
again. Finally ii was unanimously de-
cided to call the meeting of to-day. The
resolutions adopted are as follows:
Rc$0tCed, That the agreement dated
| January =. A. y. 1889, known as the stan
dlrd Oll Trust agreement. and that dated
January Ii, 1881, are hereby terminated
tins the 2lst day of March, 1892; and fur
ther
Rcsolrcd, That the affairs of the trust
be wound up by John ID. Rockefeller H.
NJ. Flagler, William Rockefeller John ID.
Archlhold, Il. j. Brewster. II. II. Rogers,
Wesley IL. Tlltord and O. b. Jennings.
and the survivor or survivors of them.
All property held by SAID trust. except
the stocks of corporations shall be held by
SAID trustees at private sale and the pro-
ceedS thereof. together with any money
belonging to the trust. shall be distributed
| to the owners of the Trust certificates ac-
cording to their respective interests
All trustees shares shall be distributed to
the owners OF Trust certificates in
nrHnnrflnn Il
interests. All stocks of corporations held
by sad trustees shall be distributed to the
owners III proportion 70 the respective
equitable interests IN stocks So held in
trust, us evidenced by said trust certi-
hcateS. That IS to say, each owner of q
trust certificate or certificates shall
be entitled to deliver said certificate or
certificates and to receive i'll lieu thereof
n assignment OF as many shares or frac-
tionS of shares in each Of the corporations
whose stocks are held III said trust AS he
is entitled TO by virtue of sad certificate or
certificates, 1t being the intent and
meaning of this resolution that
the interests in said stocks represented
by the trust certificates may thus
on demand ne converted INTO legal inter
cStS represented hy assignments and trans
ferS of said stocks by said trustees t. the
parties entitled thereto, which transfers
and assignments may be entered on the
b, OkS of the several corporations upon the
demand Of the holders Of such assignments.
thereby merging or converting equitable
ownership INTO legal ownership IN said
stocks.
The resolution which was submitted
provides for the dissolution of the trust,
and the surrender of the stock TO the
stockholders in all the companies in the
trust. Thus the control of these com
panies will be thrown back upon their
stockholders and the trust in name
will pass out of existence. The
Standard Oil people admit that they
are simply Welding 10 the public clamor
against trusts, but contend that this
clamor has been founded on a mistaken
idea, and say that their whole efforts
have been devoted to the cheapening
ing and marketing oil.