The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1905-07-14
HOW II CRUSHED RIVALS
serceful m~ustrasion Of the Power of
the Standard Oil Kings to
Crush Competition.

Kansas City. July 1S.-TeStimony TAX
Ing In he suit of the attorney general
TO Gust the STANDARD Oil company from
Missouri was resumed here today be.
fore Judge Anthony, the case having
been transferred from st. Louis
The state charges that the defend.
ants have entered into a combination
to control The price of oil and destroy
competition.
Judge Anthony was named special
commissioner by the state supreme
court to hear the testimony and report
the findings In the case. After examin.
ing several witnesses here he will like.
ly go to other parts of the state fol
h same purpose.
Kansas City, July 13.-The investi.
cation Of the doings OF the Standard
OIL company in Missouri was resumed
In the club rooms of the Coates house.
Herbert IS. HaGley, attorney general
represents the state. When the hear
ing in st. Louis was nearing an end
Mr.. Hadley filed a motion demanding
that the Waters-Pierce Oil company,
OH, be required to produce certain
books n papers. Judge Anthony, the
special commissions before whom the
hearing was had. granted the motion
and directed that the documents in
question be produced when the hearing
began in Kansas City.
1t is expected by those familiar with
the workings Of the system that the
books and papers will not be produced
Mr.. Hadley has uncovered the evil
dences Of how the Standard Oil secured
control of the Waters-Pierce Oil COM
pany. He says it was done in his
way:
In 1878 the Waters-Pierce OH COM
and H. ]. Waters of st. Louis, they
holding each one-third of the stock
and the Standard Oil company holding
one-third. The Waters-Pierce COM
pany agreed to buy all it's oil from
the Standard Oil company and this
pany the exclusive right to sell oil in
Texas. Oklahoma, Indian territory and
a part of Missouri. There was an
agreement that If either Pierce or Wa
tiers should die the Standard Oil COM
pany should have the right to buy the
stock held by him.
Pierce Bought Waters Stock.
In h SOS Waters became very i'll
and Pierce bought his stock, thus Sc
curing two-thirds of all the. stock.
Standard Oil never forgave Pierce for
this and it bided it's time for revenge.
wealthy n branched out. He bought
a controlling interest in the Mexican
Central railroad. Standard Oil heard
of this and the company began bulling
the market in the stock of.the Mexican
National. Pierce had to buy all that
was offered in order to hold control.
He ran short of money and at the right
ome a representative of 'the sys-
tenn" went to Pierce INC suggested that
he might put up his oil stock as secur-
ity for a loan. Pierce did so, never
dreaming that 1t vas the Standard Oil
company that was bulling the market
for Mexican National stock. He put
his Waters-Pierce Oil stock in the
Standard Oil bank in New York and
borrowed money, with the verbal UNI
Outstanding that when the loan fell due
he would be given an extension of time.
Then the Standard Oil company
manipulated things so as to bear the
market for Mexican National stock,
and when Pierce's loan came due the
bank in New York would not extend
the loan, but held the stock and in this
way the Standard Oil OBJ
tanned possession of the Waters-Pierce
OIL cOmpanv