Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1892-03-23
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 Yo22, 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
tons 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 at 26 Broadway at IL
o'clock. the room being tull to overflow
ing Outsiders were not at liberty
however, to witness the proceed
inga, fer two big officers examined
the tickets of admission, AID kept at
distance and out Of hearing those who
could not present the necessary Gre
dentiaIs. Secretary Rogers announced
that the meeting had been called to
terminate the tagreementin 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 Ohio, when three out of
five Judges decided against the
legality OF the Standard Oil Company of
Ohio IN belonging to the trust, and de-
clared the Standard Oil Trust to be q
violation Of the laws Of that state I'm
mediately upon this decision being rem
dered the seven trustees, John d.
Rockefeller William Rockefeller, Fl.
M. Flagler, John d. Archibold, II. H.
Rogers, Benjamin Brewster and w.
II. Tilford, 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
it was held that they would probably
have to make legal light over and over
again. Finally it was unanimously de-
cided to call the meeting of to-day. The
resolutions adopted are as follows:
ResoJUed, That the agreement dated
January 2, A. D. 1859, known as the Stan
dard Oil Trust agreement, and that dated
January II, 1884, are hereby terminated
this the 21st day Of March, 1892; and fur
Their
Rcso2Ued, That the affairs of the trust
be wound up by John d. Rockefeller, III.
NJ Flagler, William Rockefeller, John d.
Archlb0id, &. j. Brewster, II, II. Rogers.
Wesley Il. TIlford and Q. B. Jennings,
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-
cOrdin@ to their respective interests.
All trustees shares shall be distributed to
the owners OF Trust certificates in
proportion to their respective equitable
interests. All stocks of corporations held
by SAID trustees shall DC distributed to the
owners IN proportion to the respective
equitable interests III stocks SO held in
trust. as evidenced by said trust certi-
fcates. That IS TO say. each owner of q
trust certificate or certificates shall
be entitled to deliver said certificate or
certificates and to receive in lieu thereof
an assignment OF as many shares or frac-
tons OF shares in each of the corporations
whose stocks are held III said trust as he
is entitled to by virtue OF said certificate or
certificates, it being the intent and
meaning of this resolution that
the interests in said stocks represented
by the trust certificates may thus
on demand be converted into legal inter
eSts represented by assignments and trans
fers of said stocks by said trustees to the
parties entitled thereto. which transfers
and assignments may be entered on the
books OF the several corporations upon the
demand OF the holders of such assignments,
thereby merging or converting equitable
ownership INTO legal ownership III 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 yielding to 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
of the process of producing, transport