New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-22

ACTION OF STANDARD OIL PEOPLE.



was held yesterday at No % Broadway. The
dissolution was effected by the unanimous vote
Of over 200 stockholders who were present repre-
senting 1885, 20 shares out OF total OF 95O,OoO
John ID. Rockefeller presided and John
d. Archbold wa secretary. Among others present
were Henry II. Rogers. ). {. l. Dodd,
Alexander f. Orr and w II. Tilford William
Rockefeller, Henry VI. Flager and DenIomin
Brewster absent. II will take about Tour
months to wind mp the business of the trust ana
make the changes contemplated IN the separate
companies. which Will include an increase IN
capitalization from 800, 100000 10 SllOooo,ooo'
and then the great Standard Oil Trust, prooaoV
the most powerful business organization ever
formed Will be thing of the past. Inc reso-
utisns under which the dissolution will be effected
were introduced by ). c. r. Dodd the general
solicitor Of tie trust, and were as follows:
Resolved, That the agreement dated January 2;
a. D. 1852. commonly known as the standard oli
Trust agreement ard the supplement thereto dated
January A. Ios. De and are hereby terminated this
3Ist day OF March. a. D. 1892. And further
ND Sy Ion D. i !Sefeier iieory n Farer william
Rockefeller, John d. Archbold. Benjamin Brewster
Henry ;. Rogers. Wesley II. Thord and o. b. Jen,
nings. and the survivors and survivor Of them In the
following manner: All property heh by Sald 'rnS ,;
trustees at private sale, and the proceeds thereof TO-
gether with any money belonging to the unst' snail
be distributed to the owners Of trust oeTthcates nc,
cording to their respective interests. All stocks OF
held by trustees snail DC
to the owners Of Trust certificates In proportion to the
respective equitable interests Of said owners IN the
Scs 50 sed trust as by q sfs ser ff
cate or certificates shall be entitled to deliver said
in lieu thereof an assignment OF as many shares or
fractions Of shares In each Of the corporations whose
by virtue Of said certificate certificates being the
intent and meaning Of this resolution that the
certificates may thus on demand be converted into
legal interests represented by assignments and trans
entitled thereto, which transfers and assignments may
10 entered the books OF the several corporations
upon the demand OF the holders of said assignments
thereby merging converting equitable ownership
INTO legal ownership in said stocks Al purchases
ments therefor. executed executory, made by the
during the existence Of the trust, and all
assents by said trustees stockholders to purchases
seles and exchanges of corporate property ard 10 me
Other acts of the said trustees during the existence
Of the trust, aIr hereby ratified and confirmed .
wind mp the trast have power TO act By majority
of their number TO fill any vacancies In Their number
attorney attorneys I'm fact and that they report
from time to time. 10 the parties Interested all trans
actions had done by vrtuc Of these resolutions.
Resolved. That the power to vote upon any stocks
ten standing in the name Of the trustees shall cease
ii the end OF four months from this date.
Resolved That personal notice of the adoption OF
these resolutions be given to all holders of trust
certificates.
Mr. Dodd then spoke in support and explana-
ton of the resolutions, describing the formation
become desirable Regarding the distribution Of
stock he said: THE shares finally distributed
will not represent large a number Of com
panies as have been represented in the trust, but
they will represent the entire interest held By the
trustees The resolution asks for the ratifica-
lion of the acts of the trustees in this regard
[ think their successful and just management OF
his trust for the last ten years entities them to
:his vote of confidence. The interest OF every
,tockhoder. no matter bow small has been pro-
tected and will b. protected until the trust
affairs are fully ended"
Alexander +. Orr, in seconding the resolu-
lions, spoke az follows:
Mr.; Chairman. rise TO express very great regret
Ma i podd hee0 Whe o the Sndsrd OIL COMPANY has
more very much more than met the expectation OF
IN this country elsewhere great public good how
great very few of rs comprehend IT has nnlnzed
the cost OF production and given to the richest ana
poorest alike magnificent light at baeslelle Of cost
that comes within the reach OF all. ahirm without
lack a legal construction. has been. during the period
Of its existence great boon 10 the people OF the
whole United states, and indeed ] may add to the
civilized and even uncvilized countries OF the old
world.
] am not going to exto its management except 10
say that it las been my observation in Il somewhat
heightened business career that when ! am shown a
corporation that gives its stockholders and the public
satisfaction, point to Of energy, intelligence
and strict integrity who are invariably holding its
helm. Ent the law OF the land has said that from
the standpoint Of late legislative enactmenls the
standard oil lru>t has not row legal existence and
citizens and when our courts have spoken We re
spectfllly and promptly bow 10 the decree, and it is
for this reason that ask 70 second the resolutions
And yet. gentlemen, there Is side TO these pro
ceedingS that sratines me aS ! am sure it will YOU
With very great pleasure recognize IN Mt D0dds
resolutions tho names OF the men proposed a. our
trustees in winding up the Affairs OF TINS corporation TO
be the same who nave pl'cd the on business through
out its existence into it, splendid proportions Of 10.
day. If this large aSscmh!agc Of stockholders will
cast unanimous vote i,r their election 1t VIII not
only be expression Of our thanks for what they
fdence in their judgment and integrity both present
and future. but expectancy our part, certified
their labors viii be a0lc protection of interests
and In opinion productive Of the best results.
! move. sir. that We now proceed to ballot Oh the
resolutions.
The voting on the resolutions was by ballot, and
rs soon as it found that the requisite number
IF stockholders favored the plan the meeting adj
,ourned.
will be made in the following companies The
Standard Oil Company Of New York, raised frem
81 600 600 10 s. 900 900: the Standard Oil Com.
pany of New-,ie:sey. 50. 900 to 81 100000;
The Atlantic Refining Company Of Philadelphia
100000 ~ Sj,000,00O; the STANDARD Oil lom
pany Of Indiana. 100000 to 81 100000. Where
the other increases will bc made is not Yet de-
cided. OF the thirty companies now in the trnSt,
ten twelve, all refining companies Will he
wiped out, and their capital transfers. T. other
companies Among thOsc which the Officials say
have outlivcd their usefulness are the Pratt MANI,
FEATURING Company Of Brooklyn; the Some q
Elamino COMPANY N NeW.fork: the Atlas Re-
6nine Comnanv. Of Buffalo; the Mix OIL Com
PAW of Cleveland. and the Acme on Company
The MacksburG and the Connecting Pipe Line com
NAMES OF Ohio. will be merged in the Buc,eye
Tompany The Standard Oil Company of Ken
lucky will absorb several of the small compa-
nips in the South and SOuthwpst
The only comment which Wall Street had
n offer on the action of the stockholders yestcr
day was to point out that it seemed likely that
the dissolution Of the trust would only serve 10
t;rh,en the hold of the few large stock
bolders in the various properties. inasmnch
rs the smaller holders. on receiving their holdings
back in fractional lots, would probably. because
tbeir holdings were in that condition he anxious
70 sell ont rather than bother with propcrty in
such shape.
TRANSFORMATIONS OF 4 BIG STORE