Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-12-23

Jefferson City, Mo, Dec. 23.-The su-
preme court of Missouri handed down
a decision today ousting the Standard
] Oil Company of Indiana and the Re-
public Oil company from the state Of
Missouri, and forbidding them ever
again ito do business in Missouri; also
dissolving the Waters-Pierce Oil COM
pany, of st. Louis. In addition each Of
the companies is fined $4,000.
The order dissolving the Waters-
Pierce Oil company becomes effective
Jan. 10, unless the company on or be-
fore that date furnishes to the su-
preme court satisfactory evidence that
ent concern.
Conspred to Fix Prices.
The court finds the companies con-
spired to regulate and fix the prices to
retail dealers and to control and limit
the trade in refined products of petro-
| leum, and prevent competition in buy
ling and selling these products; to de-
jceive and mislead the public into the
belief that they were separate and dis
tinct corporations pursuing independ
/ emily their business as legitimate COM
petitors.
| The suit to oust the three companies
was instituted by Attorney General
Hadley in 1906. Evidence taken
by special commissioner in st.
Louis and in New York had been be-
fore the state supreme court for more
than a year.
All Judges Concur.
The opinion was written by Judge
1 Woodson. All the seven judges con-
cur. Judges Graves and Lamb wrote
separate concurring opinions. Judge
Lamb, concurring as to action against
! the Standard and Republic companies,
adds that in his belief the Waters
Pierce Oil company should be fined
81 100000 instead of $4,000.
Judge Graves, in his opinion, thinks
the Waters-Pierce company should not
be dissolved.
| Would Protect Waters Stockholders.
| He said the evidence 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 po-
siton as president Of the company on
that account The minority stockhold
J ers, Graves says, could not help them
/ selves and they should be protected.
While Graves urged greater punish
ment for the Standard of Indiana and
| the Republic of Ohio, yet 1t was due
! to his influence that the Waters Pierce
| Oil company was not absolutely ousted
from Missouri.
The Courts Findings.
The opinion by Judge Woodson,
which was concurred in by the other
judges, states the record shows the
Standard 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. Individ-
ual investments have been blighted by
the power of the trust and small inde-
pendent refiners and opera ators have
been forced to enter the service of the
company as hewers of wood and draw
ers of water. In the conclusion of his
report, which covers 400 typewriter
pages, Judge Woodson says the action
| in giving the Pierce-jWaters Oil COM
pany time in which to sever it's CON-
nections with the trust is taken to pro-
| tect the minority stockholders. The
evidence it is said, discloses that the
majority interests in the company were
owned by the New Jersey company,
and that these interests displaced H.
Clay Pierce, president of the Waters
Pierce company because of his persist
ent efforts to conduct the affairs of the
company Independent of the Standard.
The punishment, he says, should be Sc
we're enough to meet the crime COM
mitted against the state, but the good
faith Of the minority stockholders
should be recognized.