Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1892-03-24
EAGLE RIVER, WIS.
Editor and Proprietor.
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 q meeting
of tho stockholders Of the Standard
Oil Trust, held at % broadway, it was
decided by q two-thirds vote to termi-
nate the trust, and That all property held
by the trust except stocks of corpora
lions 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 20 Broadway at IL
O'Clock. the room being full to overflow
ing. Outsiders were not at liberty
however, to witness the proceed
ings, for two big officers examined
the tickets of ission, and kept at a
distance and out CT hearing those who
could not present the necessary Gre
dentials. Secretary Rogers announced
that the meeting had been called to
terminate the trustagrcementin 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
five Judges decided against the
legality of the Standard Oil Company of
Ohio in belonging to the trust, and de-
clared the Standard Old Trust to be a
violation of the laws of that state. In
mediately upon this decision being rem
dered the seven trustees, John ID.
Rockefeller, William Rockefeller, II.
M. Fing!er, John ID. Archibold, II. III.
Rogers, Benjamin Brewster and w.
II. Til!ord, together with their at
torneys, got together for the
purpose of discussing It's effect upon
their interests. 1t WAS ut first 80 adjusted
that they could transfer their Ohio in
terests to another state, but against this
it was held that they would probably
have to make legal fight over and over
again. Finally 1t was unanimously de-
cited to call the meeting of to-day. The
resolutions adopted are rs follows:
RCSOtUcd, That the agreement dated
January 2, A. ID. 1889, known as the STAN
dard Oil Trust agreement, and that dated
January Il, 1884, are hereby terminated
this the 2lst day Of March, 1892; and fur
ther
Rcsolred, That the affairs of the trust
be wound up by John ID. Rockefeller, II.
NJ. Flagler, William Rockefeller, John ID.
Archlooid, Il. J. Brewster, ii. II. Rogers,
Wesley II. TIlford and o. b. Jennings,
All property held by said trust, except
the stocks of 60 porationS, shall be held by
said trustees at private sale and the pro-
cccdS 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
proportion to their respective equitable
interests. a! stocks OF corporations held
Inv no IL lief. hut tp ha
owners i'll proportion to the respective
equitable interests III stocks so held in
trust, as evidenced by said trust ccrti-
iicatcS. That is to say, each owner of
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 arc held in 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 DC converted into legal inter-
cStSrcprcsented by assignments and trans
fcrS of said stocks by said trustees to the
parties entitled thereto, which transfers
and assignments may be entered on the
bt okS 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 mistaken
idea, and say that their whole efforts
have been devoted to the cheapening
of the process of producing, transport
ing and marketing oil.