The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-11-21

corporation in 1870 and April g 1870
Henry III. Rogers, John u. Archho,S'
Oliver II Payne and Charles NJ. Pratt
assoclated themselves with RockefeIIer
and Flagler and became stockholdosa
in this corporation, and these seven AZ
PENDANTS and their associates increasod
lis number of stockholders IN th;ri1u
seven, IT'S capital to $500. .000 AZ
value of ITS property to much largnass
sum. and acquired for the stockhoIdcr.
of that corporation by tho purcbsss
OF property conveyed directly 10 II
by the exchange of its stock for etoaL
of other corporations, and for interos,s
IN partnerships and by placing the t;iio
to the business and property obtainaJ
in new corporations, organized Ia boId
them, and then vcsting the titIo 70 t'u
majority or all of their stock in varions
individuals In trust for the stockhoId
ers of the Standard Oil company. moro
than forty competitive rcfiperies ln
burg, TitusviIle, Parkersburg, Balls.
more, Philadelphia, Bayonne, New York
barbor. Boston and other places ard
he ownership Of the entire interest ~
Of controlling interest. in more thsr
thirty companies some Of which we're
corporations, while others were mart,
ncrships, engaged in the same general
iuclufSNs Nv IfSlll hus iIldt on Aprtt
3. 1879, the stockholders of the Stand
ard Oil company were, by their holdinos
of stock and by their position IA ces.
tulSQue trust. practically the owners
| Of controlling interests In the nron.
! erty and the business of more tbar
| thirty companies engaged in the nil
| business, the title 10 which was hold
in trust for them by the Standard oil
| company and other trustees in pronor.
| fInn n fhnir pr,-narglIp of u
| that corporation.
Formation of Trust.
"Therenpon on that day the Stand.
ard Oil company and all the other trus
| tees conveyed their interest in tbs
stock and business of this concern 10
| George H. Villas, M, r. Keith and
George f. Chester. In trust. 10 hold and
| manage them for. and 10 divide and
distribute them among the thirtv-scven
stockholders of the STANDARD Oil com.
pany. in proportion TO their respective
holdings Of the stock of that COMPANY
The trustees, however, did not divide
or distribute through the operated re.
| hnerles and the companies which thev
held under this deed, and with their
earnings purchased other property and
| the stock of other companies, until In
1852 they held in this trust propertv
worth more than S55,000000. -
The court here refers to the trust
formed in 1882, "to the effect that ali
the stocks they owned in the STANDARD
Oil company of Ohio and In all other
corporations and limited corporatous
| engaged IN the oil business were con
veyed 70 nine trustees during their
hves, and the life OF the survivor OF
them and for twenty-one years there.
after, unless the trust was sooner dis
solved By vote of the shareholders
Manipulation Proved.
The opinion says: six of the in
dIvldual defendants were six of the
nine trustees and these trustees is
sued for the stocks, the title to which
was thus conveyed To them, trust GER
tlhcates of the par value of S70,0O0,.
900 and between 1882 and March Fl !.
1892, additional certificates of the par|
value Of S27 7,250,000, so. that on The
tlhcates for 972,500 shares in the
trust -
The opinion then refers TO the oust-
ing. of the company from Ohio in 1882
and then March 81, 1892, the trust
agreement was terminated and the stock
transferred to the Standard Oil CONF
pany of New Jersey and other cons
panies $50 that they retained the stooks'
OF the twenty principal companies, and
| tuCoS bMCutN companies ncIQ JQe StOCkH|
III the slNty-tour other companies. There
were outstanding trust certificates for
912,5O0 shares in this trust, and the
owners of these certificates were the
equitable owners of the stocks in all
these companies
The method OF division and distribu.|
tion of these stocks adopted by Tho
trustees is described in the opinion, and
the court continues:
Conditions Of Distribution,
''But the receipt by the assignee OF
his share of the stock Of any one Of.
these companies was conditioned by|
the terms of the assignment upon bis
accepting his share of the stock of all
Continued on Page Three.