New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-04
THEY SLY IT Is 4 Trust.
OPPONENTS or THE STANDARD OF. COMPANY
NEW-YOEIl ASK THAT ITS CHAR
TER BE REVOKED.

Albany May Elk Chamberlain Grain. Of New
York city. appeared before the Auorney-Gencral
to-day in favor Of the application made 10 the Al
torney-Genera on the petition OF the Central Labor
Union and other organizations in NcW-York City,
asking him to apply to the Supreme Cour, for leave
to begin an action against the Standard on Com
pany Of New-York to vacaie It's charter. The ap-
pication MAS maze while Charles F. Tabor
Attorney General in 1890 bu: has remained Enacted
upon
Joseph II. Choate appeared tor the Standard ol
Company. Mr.. Grain said that the Application
should be granted. the ground that the stand
ard OIL Company Of New-York has forfeited Us
charter for several years back by combining with
other corporations and persons for the unlawful
restraint OF trade. Mr.. Grain said that the stand
ard oil Company Of New-York had combined wi;h
Standard Oh companies Of other States. and formed
an Illegal combination. and that the New-York
company had ceased for several years 10 cNerelse
It's corporate powers. lie referred 70 the decision
It's corporate existence the Standard Oh Company OF
Ohio should withdraw from the trust.
cants. holding that the company had been transact
ing its business. and that the trust had been Dis
solved over a year ago on agreement with the
dnctird against the tr,st Mr Choate read an am
davt Of William Rock efcer president OF the stand
ard OH Company OF Nev-Nork which says that
une t ~ iaue uiG" p'r' r. h o,G
By certain labor organizations. IL Is. In fact made
for and on behalf OF George rice who has been
ghting the trust for years Attorney General TIA
Dor had informed the company that on rs with
draWal from the trust agreement IL had done every
thing essential TO relieve It Of forfeiture Of It's char
ter.
on the abandonment of the trus agreement al
the property. except stocks. was distributed, and
the distribution Of stocks mas proceeded at rapid
rate In September last Oui Of W1.2iO.OD par value
Of stocks outstanding. so 1860 had been surrcn-
dercd by the trust and stock assignments taken
therefor and 1881 400 OF corporate stocks had been
Distributed II Is believed that to have called IN Ger
tincatcs rapidly than this during the late
stringencics would have caused material depression
the value Of the securities loss and oppression 10
the many whose certificates are pledged as COllat-
era, and would have added materially 20 the busi-
panic. The capital II the Standard on Com
pany OF New-York is now NV0V). all invested IN
plant. Three thousand men are employed. and
100000 barrels II petroleum are manufactured
nually. The company Mr. Choalc said had kept
the prices low practicable in order TO MAKE the
largest possible output There had never been
period when independent rehners ga not control
much more than One-tenth OF the business
The statements Of wonderful profits accriIng to
the STANDARD OIL Trust need NJ answer sIYe this.
The dividends for some years prior 10 IL dssOlu-
ton were y per cent upon actual investment. not
upon waier,d stock. and formerly less than
that The statement Of large cash accumulations
IN the trust was wholly mythical
At the close OF the arguments the AUorney-(icn-
eral took the papers ard reserved his decision Two
weeks were granted In which TO file briefs