The Montgomery advertiser., 1908-12-24
MISSOURI PUTS 5 BAN ON THREE
 GREAT TRUSTS
tCentinael frs.a r.ss osea

tConttnnei frem Page OneD Pierce company represents com promise Is shown by separate com curing opinions filed by Judge Lamb and Graves.
 Judge Lamb holds that the Waters Pierce oil Go, should be fined si.00Os- 900 Instead of $50.000. Judge Graves opinion is that the Waters-Pierce company should not be deprived of It's corporate franchise. He takes this ground to protect the minority stock holders
 The court finds that the companies conspired:
 First-To regulate ana fix prices to retail dealers.
 second--To control and limit the trade in the refined products of petro- leum.
 Third--To control and limit and pre- vent competition in the buying and selling of these products. Fourth--To deceive and misiead the public into the belief that they were separate and distinct corporations pur- suing Independently their business as legitimate competitors.
 The suit to oust the three companies was instituted by Attorney General Hadiey' in 1905 ana the evidence taken by a special commissioner in St. Louis and in New York has been before the State Supreme Court for more than a year.
 All Judges Concur.
 The, opinion was written by Judge woodson. All seven judges concur and Judges Graves and Lamb wrote sep | arate yconcurring opinions. Judge Lamb concurring as to the ace ton against the Standard and Repub- | lie companies. adds that in his belief 1 the Waters Pierce Oil Company should be fined 3l.oo0,00e instead of s5o.oo0s Judge Graves In his opinion thinks the Waters-ierce Company should not ] be dissolved. He said that the evil \ dence showed that H., Clay Pierce, who | owns 90 per cent of the capital stock I of the company! did ell in-aiis power to l prevent 1t from going into the trust, | even losing his position as President | of the company on that account. l The minority stockholders, Judge Graves says, could not help. themselves and they should be protected. | While Judge Graves urged greater l punishment for the Standard OH Com. | pany of Indiana and the Republic. of | Ohio. yet 1t was due to his influence 1 that the Waters Pierce oil Company was not absolutely busted from Nils. | souri. n l The opinion of Judge woodsoa, con- cured in by the other Judges, states | that the record shows that the Stand- l ard oil Company has been guilty of unlawful methods in the formation of | q trust to control the output of oil, and the pricea at which it is sold to | dealers.
 Individual investments have been biighted by the power of the trust and small independent reiners and oper- ators have been forced to enter the service of the company sas hewers of | NxA Asna agea N%
 In conclusion Of his report which covers 400 sypewTitten pages. Judge ] W0odson. says that the action in giv- ! ing the Wsters.Pierce oil Company | time in which to sever it's connection T with the trust, Is taken to protect the
 minority stoclxholders.
 l Protection fer Stockholders.
 The evidences, 1t is said. discIoses that the majority interests in the company | were owned by the New Jersey Com I pany and that these interests displaced | Fl. Clay Fierce. the President of the 4 Wafers-Pierce Company, because of hies persistent efforts to conduct the affairs of the company independent Qi fne EtRndard Otl Company, or New JsF- seys and the standard oli Company of Indiana.
 The punishment. he said, should be severe enough to meet the crime com mitted against the state, but the good faith of the minority st0cixhoidera should be recognized.
 Opinion of wo0dson. I Judge Woodson.s opinion says; | ''rhis record abounds in instances where this unlawful. combination has withered the energies of competitors bHghted individual investments in le- g9timate business. driven small and honest dealers out ;, of business for themaeives and have made them 'hew- CTS of wood and drawers of water for the trust5 and has reduced the price of petroleum and at the same time has raised the cost of the various finished products thereof to the great detrinenl of the producers of the raw material and to the consumer of the manufact. ured products thereof"
 The action in reference to the Wat. ers-Pierce Company is taken, the opin- ion states in order to protect the min ority stockholders, who objected tc entering and becoming members of thG so-called oil trust and did everything within their power to prevent the same and exerted every influence within theiI command to act independently of 1t, but to no avail"
 Continuing in this line the opinion says:
 "And the evidence also discioses that the majority interests in the company which are owned by the New Jersey company. displaced the president of tht company who was a minority stock. holder, because of his persistent effortt to conduct the affairs of the company Independently of the New Jersey and Indiana companies. These facts beina true, the punishment to be inflicted on that company should not be so severe as that imposed on the other two re. spondents and thereby recognize the good faith of the minority stockhoid. CTS and at the same time impose a pun. ishment on the company which is com mensurate with the offense committed against the State"