Willmar tribune., 1908-12-30

st. Louis, Dec. 24.-The supreme
court of Missouri handed down a de-
clsion Wednesday ousting the Stand
ard Oil Company of Indiana and the
Republic Oil Company from the state
of Missouri, forbidding them ever
again to do business in Missouri. and
dlssolving the Waters-Pie Oil Com.
pany of st. Louis.
In addition each of the companies
is fined $4,000. The order dissolvfne
the Waters-Pierce Oil Company will
become effective January Is next, un.
less the company on or before tina,
date furnishes to the supreme cour,
satisfactory evidence that it intends
to operate as an independent concern
The suit to oust the three compan.
les was Instituted by Attorney Gener
al Hadley in 1905, and the evidence
taken by special commissioner in
st. Louis and in New York has been
before the state supreme court for
more than a year.
Woodson Writes Opinion.
The opinion was written by Judge
Woodson. All seven judges concur
and Judges Graves and Lamb wrote
separate concurring opinions.
Judge Lamb, concurring as to the
action against the Standard and Re
public companies, adds that in his
belief the Waters.Pierce Oil Company
should be fined $1,000,000 instead OF
$4,000. Judge Graves, in his opinion
thinks the Waters-Pierce Co. should
not be dissolved. He said that the evi
dence showed that H. Clay Pierce
who owns 40 per cent. of the capital
! stock of the company, did all in his
power to prevent it from going into
the trust, even losing his position as
president OF the company on that ac
count.
Would Protect Stockholders.
The minority stockholders, Judge
Graves said, could not help them
selves and they should be protected
While Judge Graves urged a greater
punishment for the Standard of Indi
ana, and the Republic of Ohio, yet it
was due to his influence that the Wa
ters-Pierce Oil Company was not alb
solutely ousted from Missouri.
The opinion of Judge Woodson
which was concurred in by the other
judges, states that the record shows
that the Standard Oil Company has
been guilty of unlawful means in the
formation of a trust to control the
output of oil and the prices at which
it is sold to dealers.
Individual investments have been
blighted by the power of the trust
and small Independent refners and
operators have been forced to enter
the service of the company as hew.
ers of wood and drawers OF water
Chaotic Condition Reians.
In the conclusion of his report
which covers 400 typewriter pages
Judge Woodson says that the action
in giving the Waters-Pierce Oil Com
pany time in which to sever it's con.
nections with the trust is taken to
protect the minority stockholders.
The evidence, it is said, discloses
that the majority interests in the com.
pany were owned by the New Jersey
company and that these interests dis
placed H. Clay Pierce, the president
Of the Waters-Pierce Company, be-
cause of his persistent efforts to con.
duct the affairs of the company in.
dependent of the Standard Oil Com.
pany of New Jersey and the Standard
Oil Company of Indiana.
The punishment, he says, should be
severe enough to meet the crime
committed against the state but the
good faith of the minority stockhold.
ers should be recognized.
Hadley Expresses Opinion.
Jefferson City, Mo-, Dec 24.-At.
torney General Hadley Wednesday
gave out statement on the Standard
Oil decision, in which he said:
"The decisive issue in this contest
was whether the officers of corpora.
ton could be compelled to disclose the
plan upon which the business was or
ganized and conducted even though
that fact would tend to convict the
corporation of a criminal offense or
subject it to penalty and a forfeit.
ure.
What decisions there were upon
this question seem to support the
contention of the defendants that they
could not be compelled to furnish
such evidence"