Ottumwa tri-weekly courier., 1909-11-23
STANDARD NOT
TO DISSOLVE
SAYS LAWYER
HEAD ATTORNEY FOR OIL COM
PANY DECLARES COURT HAS
SIMPLY ORDERED STOCK DIS
TRlBuTIoN; WILL APPEAL.

New York. Nov. 22.-Mortimer F..
Elliott, general counsel for the Stan
ard OIL company, said yesterday in
commenting for the first time on the
decision against the company handed
down by the United States circuit
court at st. Paul:
have seen what purports to be the
text of the decree handed down by the
United States circuit court Saturday.
The company will take an appeal i'm
mediately to the United States SUI
preme court and will cheerfully abide
by the verdict Of the highest court iii
the land, whatever that may be.
Arguments in this case began last
April and we are glad to have reached
an opinion. do not mean that we are
pleased with the opinion itself, but
that we are glad to get it, whatever
it's nature.
The decree does not order dis
solution of the Standard Oil company.
That is misunderstanding. What the
decree orders, as l now understand 1t,
is that the company shall distribute
among it's stockholders, of whom there
are approximately 5000, its holdings
in the stock of subsidiary companies.
This distribution, l further under
stand, is ordered to be effected on a
pro rata basis Of apportionment. That
is to say, the heaviest holders of STAN
dard Oil stock would receive a proper
tional number of shares in the stock
of subsidiary companies"
Mr.. Elliott wa sasked what course
the company would adopt If the YER
dict of the lower court should be up
held in the higher court.
That" he said, sis something |
shall be better prepared to discuss
when have seen the opinion by which
the United States circuitcourt iustiaegs
its decret. ,s#
Practical Effect Not Expected.
Henry Woolman, who represented
the attorney general Missouri in that.
states suit against the Standard Oil
company and conducted the examina-
tion of New York officers Of the COM
pany, takes a view similar to that ex-
pressed by Mr. Elliott He sums up the
situation as +" theoretical victory
Il cannot see," he said. that any
practical effect Is to be expected. I'll
seems as II the best the government
can do is to order the sale of the prop
erty and in that case the money of
course, goes to the present stockhold-
ers In some from or another. There is
no con1scation, no punishment, as
there would be in the case of criminal
proceedings with the imposition Of al
big fine.
Wade Ellis. Explains Ruling.
Washington. Nov. 22.-Home i'm
portant to the government is the fact
that the Standard Oil decision render
ed Saturday establishes the PROPOSE
ton that a combination which exists
by means Of a corporation owning the
stock of other companies Is viola
ton of tie terms Of the Sherman anti
trust act.
Wade Fl. Ellis, assistan. attorney
said last night that the law
says such an agreement is contrary
to It's propositions and the decision
holds that stock ownership is an
agreement.
''Fhe taking of stock Of parent
company" Mr.. Ellis said, "is the ica-
rortant part Of tie law upon which
this decision bears. It has gone a
step farther than the control Of prices. |
Under it stock ownership Is held to
be combination in restraint of !
srade."