The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1906-11-20
GROUNDS OF GOVERNMENTS ATTACK ON STAND
r OIL.
ARD OIL.

ger,n IN ae,sl .ariau methods of the
trust in restraint of trade and tho H.
+ ~tere-s- Of monopoly h.ah are "e..
/ known to the public bst which ar
specifically get forth for The purr'-
+ of making out 4 complete case. II rs
shown that the standard OH Ass A1
various secret arrangements @ltA rail-
roads and pipe lines secured b.
/ threats and intimidation or 5E reason
Of agreements with such roads and
I ,cmaanles which are largely cp%ntroll-
a through the directors Of the said
standard ok Company it Dis also
shown that tine company acts directly
In the interests # monopoly by arbi-
{ trarIIv putting down the price If oil
in territory where there is independent
/ competition. by maintaining al@set
|inpendent companies really controlled
by the standard Oil Company fer the
purpose Of crushing competition, b. Sc
crel agreements with railroads, by Inn
itfne the territory OF other oil compa-
mics by agreement ana combining them
to a certain percentage Of business in
such territory.
1t is also alleged that by reason Of
its monopoly the standard Oil Com
pany has made enormous and un-
reasonable profits on the actual val
ne of its property; that the trustees
valuation of the property and stocks
placed in their hands in 1882 was
$55,710,69S. and that the additional
property purchased or acquired by the
issue Of trust certificates was $I3,3l0.-
100: 50 that the total value of All
property controlled by the Standard
Oil Company. of New Jersey, except
such as may have been purchased
from earnings. is $4,000 gS; thai
upon this capitalization the standard
Oil Company from 1852 to 1895 (the
last year in which it published a state
meut) has paid dividends of $5l2,940,-
0S4. besides accommodating a large sur
plus. which in 1898 was admitted to
he in excess Of $4,000, 600. It is al
legged that its property at the present
time exceeds the value Of $500, 600 900.
and tina during the last nine years
it has paid dividends which have III
from 80 to As per cent. per annum
III d'l't1tlVH ~ 81 i"A - - 49,
While it is not to be presumed that
a government victory would have the
effect of actually breaking up the con-
troll of the oil industry by h present
interests which own it. since there can
he no confscation of property, a decis-
ion declaring the holding company il
legal and granting the injunction
prayed would have the effect Of bet
tering conditions with independent OIL
operators and would have the great
moral effect of showing that wen the
most powerful of corporations must
be amenable to law. Also in the
event that the government wins there
would doubtless arise a great number
of suits for damages brought by per-
sons who had been injured by the Oil
Trusts exercise of its monopoly. I'm
der section 7 of the Sherman act it is
declared that any person who shall
be injured in his business or property
by any other person OF corporation By |
reason of anything forbidden or de-
Ciared to be unlawful by this act, may
sue therefor in any Circuit our of
the United States in the district in
which the defendant resides or is
found. without respect to the amount
in controversy. and shall recover three
fold the damages b. him sustained
and the costs OF the suit, including 4
reasonable attorneys fee"
If the government should win in the |
suit now Instituted every Independent
oil interest which has been crushed by |
the Standard could go into court and
would be put 10 prove only that it
had been injured and the amount OF
damage. for which there Would be d
three-fold recovery. |