The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-03-22
NO STANDARD TRUST NOW.
rprsrEEs TO WIND UP IT'S AFFAIRS
1ND DIVIDE TIE ASSETS

700 OF the Si2OOO snares vi tne properues
held in trust by the Standard Oil Trust assem-
hled st noon yesterday In tho Standard Oh
Somnany's building. % broadway. and adopted
rssolu;ion dissolvinG the trust. John D.
po.l s,ccr presided. and John D. Archbold
-,s secretary The resolution calling for tho
ss.o,u,io, OF the trust had been prepared by
20 r. podi, the solicitor OF the trust 1t was
n, Dodd who on Jan. 2. 1882. framed the arti-
.,os o,ncreement on which tho great Standard
MI Trust was organized. Mr.. Dodds resolu.
ton was
], u lSS2. commonly known as the Standard
IN Trust agreement. and the supplement
,hsra,,. dated Jan. 4. 1882. be and are hereby
t.rnnatcd this 2lst day Of larch. A. D. 1892:
and further
"Peso'red That the affairs OF the trust shall
10 wound up By John ID. Rockefeller. Henry NJ.
rac!er. William Rockefeller. John D. Arch
hold BENJAMIN Brewster. Henry II. Rogers.
Wesey II. Til:ord. and o. B. Jennings. and the
survivors or survivor OF them. In the following
manner:
All rroperty held BY said trust. except
.toeks OF corporations. shall be sold by
said trustees at private sale. and tho pro.
..sds thereof. together with any money be-
hanging 70 the trust. shall DO distributed to the
nrrers Of trust certificates according to their
rsspectivo interests.
All stocks Of corporations held by said
Trustees shall be distributed to the owners OF
trust certificates in proportion to the respect.
i-, eouitable interests OF said owners in the
st,eks so held in trust. as evidenced BY said
rms. certificates: that Is to say. each owner
q, trust certificate or certificates shall be en-
titled 10 deliver said certificate or certificates
10, cancellation. aud to receive in lieu thereof
an assignment OF as many shares or fractions
shares p hs eaf n t snd trus as he Is en-
titled to by virtue Of said certificate or Ger.
ti;cates: it being the intont and meaning OF
s sn5 stocks represented by trust certificates
may thus on demand be converted into legal
rs: IF ad stoess said to the
parties entitled thereto. which transfers ana
assignments NAV be entered on the books o.
tie holders Of said Gnments. thereby merg-
Ing or converting equitable ownership into
LEGAL ownsr>hpin said stocks All purchases.
or Agreements therefor executed or executory.
made BY the trustees during tho existence
as stockholders to purchases. sales. and eN-
changes of corporate property. and t. the
iornso ard wn n; Ing ny o.
fIe existence Of the trust. are hereby ratified
ResoIred That the trustees hereby appoint
majority Of their number. to I'M any vacancies
10 their number. and to sign al papers by one
neys in fact. and that they report from time to
time to the parties Interested all transactions
had Snf Y the p yose upon
stocks then standing in the name OF the trus-
tees shall cease at the end -four months from
Resolred. That persona! notice. Of the adop-
ton ofthese resolutions be given to all holders
vi. noiS tLan snor a in sunnorf Of the reso.
luton and said:
Something over. ten years ago few indi-
tions engaged in transporting and refining oil
entered into an agreement by which their
stocks were placed in the hands OF trustees.
and certificates were issued BY said trustees
showing the amount OF each owners equitable
interest in the stocks SO held in trust This
esT to the sSnT
sons chosen as trustees then held. and always
have held the voting power by virtue Of their
stocks. 1t was not done to reduce compe-
tition. because the companies whose stocks
pes and 50 tha
were owned by these few persona. 1t was not
done to limit production or to increase prices.
duction. cheaper cost OF manufacture. and to
lower prices. and It has been successful In that
originated the plan. II was called a trust. be-
cause It was trust in the sense in which the
word was then understood. II vested fidu,.
many. and the trustees thus created have
faithfully observed the trust conf1ded in them.
plan sns & sses sS sssf
has been adopted for aud adapted to purposes
quite different to those which actuated the
tons be true or false. 1t is true that trust is
now defined to be e combination to suppress
to TsdSHs and to in
wisely been aroused against combinations for
such purposes. and legislation Of more or less
ity. has been directed against them ia seven
srrangements are now miscalled. trusts. and
oithe same nature. For thi 5 reason. II for no
other. it should be seriously considered
So long as It Exists misconceptIon Of it's Dur.
But another reason exists which seems to
6 name q the State of Ohio against the Standard
senH forth ts srust and
alleging that that corporation. by becoming
party party, thereto. had done an act beyond Its
The defendant corporation denied TINT it WAS
party to the agreement. and alleged TINT the
S ss aafe srd
o! corporate stocks. relating to their personal
S p2ptid!y and was neither made X the cor.
however. held that the agreement was cor
.oIate agreement. and decreed. among other
p!Hss' uat me corporation must cease TO
permit trustees to vote upon stocks held in
trust.
As this agreement was not entered into rs
corporate agreement. and as this decision
tves i IN eifart quite different from the in
tht of the parties no entered into il, 1t seems
prt.T to end 1t. fortunately tho agreement
PROVIDES a method for its termination. In ac-
SSornal'rr with that method this meeting has
oeen called for tho purpose Of voting upon the
question Of terminating this trust, and also to
Isc,ue npon the mode IN which its affairs shall
rs. wound m. The resolution WHICH has been
tsad nroyiths that tho trust shall terminate
oIlay-that tho trustees shall continue to
hoh their office for tho purpose OF winding up
ns an.lrs-that all property held by tho trust.
Snv Ip Stocks 81 corporations. shall be sold
I'M ann me proceeds divided pro rGta, and that
,no stocks shall be divided pro rata In
spe;%is. This can only be done by tho trustees
c se,es' now REPRESENTED by his trust certil-
, vr which transfer may DO entered upon the
nIoher corInrntr looks when demanded by the
a,,sishce, The trust cert icates are evidences
ww.T'iuitdti" III q in stocks. the legal title to
t"ci, II vested in the trustees. II Is proposed
t,if'hEert THIS equitable title into the legal
MI 15,pur interests will be tho Same then MS
10 w. ;, me various corporations will continue
s pmot inc same business as heretofore. and
ccb bur proportion II til .ir earnings will not be
,.a lou Will understand that 4 will not
nhh'ochS IN one corporation and Is in another
Stocks of all. ''0 " >'o
-, some change has taken place and Is taking
n rias ~ me capitalization OF various compa-
thar order to fac iitate the distribution of
shmm STOCKS, and in order that the stocks
snail represent. as nearly as POSSIBLE, actual
fSapsal. the same now represented BY the GER
NWWees. smaller cOmDunies have haan and