The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-15
STANDARD OIL COMPANY
THREE PERIODS IN THE HISTORY OF
TIL "FATHER or TRUSTS"
Five Years OF Liquidation. and the
End Not Yet-Thc Process Wrapped
in Much Mystery.

NEW YORK, May 14-There is a fasci-
mating mystery about current dealings in
Standard Oil stock, and its recent marvellous
advance has set afioat all sorts of gossip.
The father of the trusts is now in the
third of three distinct stages. First was the
period of acquisition for ten years, from 1872
to 1882. In 1882 the Standard Oil Trust was
formed, and the second period ~began-ten
years of fTuition i'm which the combine en-
joyed a virtual monopoly and rolled up in
dividual incomes to figures that dwarfed
anything on earth. Then came the popular
upheaval against the tyranny of the trusts.
with legislative and judicial efforts to curb
their gigantic and ever-growing power.
Early In 1852 the Standard Oil magnates,
making apparent concessions to decisions OF
the courts and popular clamor,. resolved to
dissolve the trust and liquidate. A meeting
was held at No. 26 Broadway, and resolu-
tons were adopted terminating the trust
agreement on that day, March p, 1892, and
authorizing eight trustees to wind up the
affairs of the trust. 1t was said at the time
that it would take about four months 10 do
this work, but it has now been under way
for more than five years, and. for aught
anybody outside the mystic eight knows.
may take a hundred and five more. Thus
with lSS2 began the third period of the
trusts INSTRUMENTATION.
By these resolutions, which were ap-
proved by holders of $7S, 672, GOO of the trusts
certihcates-the total amount outstanding
being $95, 000,l00-it was provided that the
eight trustees, or a majority of them, could
do as they pleased with the property. and
all their acts were ratified in advance. The
eight comprised the two Rockefellers, II. NJ.
Flagler, Benjamin Brewster John ID. Arch
bold, H. S. Rogers, w. II. Tilford and O. b.
Jennings. AS to the work they were to do,
the resolutions provided that they should.
lat private SALE, dispose of all the trusts
property. ''eXpeDt stocks of cOrDOFatlOnS'-
its chief asset-and distribute the proceeds,
together with any money belonging TO the
trust, among the owners of the certificates.
Last year the tustees began paying out
extra dividends. During the twelve-month
they distributed in all 81 per cent, and since
Jan. l they have paid or declared in all
20 per cent. more, presumably the proceeds
AS Ito the stocks owned, the resolutions
gave the eight power TO shuttle these about
as they pleased, and it is understood that a
number of the smaller corporations have
been wound up, while the capital stock of
others has been enormously increased.
This is the same 'legaliZing" hocus pocus
hat was adopted by many of the smaller
the change from trust to corporation in
about as many weeks as the Standards al
mighty eight have taken years.
Standard Oil stock sold up to 1919 q share
yesterday. The first sale made was az $3l5.75
a share, which was 20 cents higher than
the closing Wednesday. Toward the close,
when the supply of stock, which was notice.
ably in the hands of a certain few brokers
in the morning, was exhausted the price
touched $319 a share. the highest in it's his
tory. Only two shares were sold at that
top-notch price.