Huntsville gazette., 1892-03-26

The Standard Oil Trust at n Meeting In
New York City, Resolves Itself Out OF
Existence by Vote of Over Two-Thlrds
of the stock-Trustees Chosen to Wind
Up Its Affairs.
NEW YORK. March 22-At a meeting
of the holders of the Standard Oil
Trust certificates, at the Office of the
trust in this city, yesterday morning, a
resolution to terminate the agreement
forming the trust was voted upon and
adopted by very large majority. over
two-thirds of the certificates being
voted in favor of the dissolution. More
than 200 of the certificate-holders were
present. John D. Rockefeller was
chosen chairman of the meeting and
John D. Archbold, secretary. The fol-
lowing officers of the trust were pres
ent: John D. Rockefeller, president;
John d. Archbold, III. w. Rogers, w.
Tilford, trustees, and S. c. T. Dodd,
attorney for the trust. Those absent
were: Henry Flagler, secretary, who
is at st. Augustine; BENZ. Brewster,
treasurer, who is in Egypt, and VIM.
Rockefeller, trustee.
After the call of the secretary was
read the following resolutions were
offered by S. r. T. Dodd:
ResoIred, That the agreement dated January
20, 1882, commonly known as the Standard Oil
Trust agreement and the supplement thereto,
dated January f. 1882 be, and they are hereby
terminated this 21st day OF March, 1892 And,
further,
Resolred, That the affairs Of the trust shall
be wound up by John D. Rockefeller, NJ H.
F0IIo Tnh, n hr1h hold
Benz Brewster, II. W. Rogers, o. B. Je innings
and Wesley H Tilford, and the survivor or
survivors of them in the following manner
All property held by said trust, except stocks
of corporations shall be sold by said trustees at
private sale and the proceeds thereof, together
with any money belonging to the trust, shall be
distributed to the owners of trust certificate ac-
cording to their respective interests. All stocks
Of corporations held by said trustees shall be
distributed to the owners OF the trust certi-
ficates in proportion to the respective equitable
interests of said owners in the stocks so held in
trust, as evidenced by the trust certificates;
that is to say, that the owner of said trust GER
tificate or certificates shall be entitled to de-
liver such certificate or certificates for cancel
1ation and to receive in lieu thereof an assign
ment of as many shares or fractions of shares
in each of the corporations whose stocks are
held in the said trust, as he is entitled to by
virtue of said certificate or in the class, it be-
ing the intent and meaning of this resolution
that the equitable interests in said stocks rep
resented by trust certificates, may thus
on demand be converted into legal inter
ests represented by assignments and transfers
of said stocks by said trustees to the parties en-
titled thereto, which transfers and assignments
may be entered on the books of the several cor
porations upon the demand Of the holders Of
snch assignments, thereby merging or convert
ing equitable ownership into legal ownership IN
-c;I - raJN rbuy,rr
and cancellations of stocks agreements
therefor, excepted or executory. made by the
trustees during the existence Of the trust, and
all assents by said trustees rs stockholders to
purchases, sales. and exchanges or corporate
property and to the formation and winding up
of corporations, and all other acts OF the said
trustees during the existence of the trust, are
hereby ratified and confirmed.
Resolred. That the trustees hereby appointed
to wind up the trust have power to act by a
majority of their number, to fill any vacancies
in their number, and to sign all papers by ono
of their number as attor neys- in fact, and that
they report from time to time to the parties in
terested in all transactions had or done by vir-
tue of these resolutions
ResOlred, That the power to vote upon any
stocks then standing in the name Of trustees
shall cease at the end of four months from this
date.
Resolred, That personal notice OF the adoption
Of these resolutions be given to all holders
Of trust certificates.
In speaking in support of the above
resolutions, Mr.. Dodd said: Some
thing over ten years ago few individ-
uals owning stock in a number of cor
porations 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 those trustees showing
the amount of each owners equitable
interest in the stocks so held in trust.
This was not done lin order to vest
the voting power in the hands
of few persons, because the
persons chosen as trustees then
held, and always have held the voting
power by virtue of their absolute own
ership of a majority of stock. 1t was
not done to reduce com petition between
the companies whose stock was placed
in trust for non n-competing companies,
could not be so long as their stocks
were owned by these few persons. 1t
was not done to limit production or to
increase prices, but, on the contrary,
IL WAS uOut W l1Cl Coiot IloduCbiOlis
cheaper cost Of manufacture and to
lower prices, and it has been successful
in the object far beyond the anticipa-
ton OF those who originated the plan.
1t was called trust because it was a
trust in the sense in which the word
was then understood. 1t vested a
fduciary obligation in a few for the
benefit of many, and the trustees thus
created have faithfully observed the
trust confided in them.
"Other persons however, found this
trust plan convenient one, and it is
alleged that it has been adopted for
purposes quite different from those
which actuated the trainers of this
trust Whether these allegations are
true or false, it is true that trust is
now defined to be a corporation to sup
press competition. to reduce produc-
ton and to increase prices"
File Your Claims. Gentlemen.