The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-16
Trusts Romantic History.

trusts Romantic History. I
The history of the Standard Oil cor
poration reads like romance. No
Aladdin with his wonderful lamp ever
did the things which this trust has done
in the United States since the year
1879. Away back in 1862 Samuel An
drews and John D. Rockefeller formed
q partnership in Cleveland, Ohio, to
deal in oil, with a capital Of $4,000.
This was the modest beginning.
In 1870 the Standard Oil company
was formed, 50 successful had this part
nershlp been. It's capital was $1,000
600, and its refneries had capacity
OF 1000 barrels day. In 1875 this
capacity was increased to 10000 barrels
daily and the capital to $3,50O,OOO. The
company already controlled the oil
business in Ohio, and had begun to
crush competition in adjoining states.
In 1882 the Standard Oil trust was
FORMED, which took over number of
subsidiary companies between Ohio and
the seaboard: Then prosecution began,
for the public and private offenses Of
the company had begun to pile up.
= In 1898 the favoring laws Of New
Jersey were invoked, and under their
fostering care the Standard Oil com
pany of New Jersey came into being.
and IN this form it continues to do
o. business Isl less, It's capital at present being
$lOO, 100000. The capitalization of the
constituents Companies is $lO2. 2s3 700.
with assets amounting to $12l, 63l.3l2.
/, The by-products of oil first suggested
the engaging in outside business. and
the standard began to manufacture
parafne, machine oil and lubricants
From oil refneries it was short step
to short lines Of railway, and then It
was not a long reach to the purchase
or large blocks: Of trunk-line stock,
Bank Stocks Are Bought.
Banks became one Of the necessities
control of large sums Of money. and
SO bank stocks were bought. With such
beginning, it was easy later on. as
opportunities offered, for the company
10 control the salt, sugar, steel, copper
and various other Industries of the
country. Directly and indirectly if
controls more than 10000 miles of rail.
way and more than 100000 people
are interested in its operations as en-
The world has never seen such a
forceful aggregation Of wealth. or one
winch was such menace to free insti-
tutlons under a+popular form of govern
ment. President Roosevelt and Attor-
aeX. General Moody with their care
fully selected assistants, will have the
well wishes Of a majority of the people
Ct the country in the work in which
they are now enlisted, and the success
slve. steps Of the prosecution at ST.
Louis will be followed with an unusual
degree Of interest everywhere.
Minnesota is especially interested in
the. case because two Of it's sons are
represented on the government side of
it. Mr.. Purdy of Minneapolis, as assist
ant to the attorney general, will be
directly in charge of the case, altho
he probably will not have. time to 90
so far into its details as to appear in
court. The new attorney general, know.
ing nothing of the matter, excepting
IN a very general way, will turn the
management Of the case over to him
Frank B. Kellogg Of ST. Paul, chief
counsel in the trial Of the case, is xone
northwest, and was selected fol. this
Important case strictly on merit. ,::E