The Marion daily mirror. (Marion, Ohio) 1892-1912, 1911-05-16

w.
tlves of the Standard oil company in
this city refused TO comment in any
way on the decision handed down by
the supreme court The statement
made at the Standard Oil building at
26 Broadway was that nobody con-
nected with the company would have
anything to say regarding the de-
cision until they had had time to
read II in its entirety.
On March "a last, at time when
the business community was awaiting
the decision, the company inserted
tho following advertisement IN many
newspapers under the heading, "a
Denial" persistent reiteration in
various publications that the Stand
ard OIL company has prepared plans
for reorganizing in anticipation of the
decision of the United States SUI
preme court, renders il necessary to
state officially and emphatlcaily that
there is absolutely no truth IN such
reports. No such plans have been
made; no preparations undertaken,
and all statements to the contrary
are untrue and misleading"
Once, before the institution OF the
present suit, the Standard OH com
pany was dissolved by the courts and
forced 10 reorganize. This was in
1899, when the company was an Ohio
corporation. In March, 1892, the SUI
preme court OF Ohio decided that the
making and operation of the trust
agreement by which all the stocks of
the companies making up the holding
company were conveyed to nine trus-
tees was beyond the corporate pow
crs Of the Standard oil Company of
Ohio and enioined that corporation
from continuing business as mo-
lnopoly. On March q, 1892 these
trustees. as a result OF that decision,
met and terminated their trust agree.
ment and resolved to distribute to the
owners of the trust certificates the
stocks Of the different companies
which they had held, As a result Of
this reorganization the Standard Oil
Company OF New Jersey, against
which tho present suit was aimed.
was formed.
Charter Amended.
A company by that came had been
ono of the 20 subsidiary companies
whose stock tho trustees had held
Its capital stock in 1892 was increas-
cd from $lO.00OO00 TO Sl00,000OO0
and It's charter amended so as to en-
power Il to do all kinds Of mining
manufacturing. trading and transpor.
tation business, to acquire, hold vote,
sell and assign shares OF capital
stock and carry on it's business in all
parts of the world Tire stock Of the
other companies returned TO their
original holders by the trustees was
then exchanged for the stock OF the
Standard Oil Company Of New Jer-
sey.
The present suit against the Stand.
ard OIL Company Of New Jersey was
filed by the government on Nov. IS,
1906, by Attorney General Moody, I'M
der the direction OF President Roose-
welt. The form the suit took was
petition in equity against the Stand
ard Oil Company of New Jersey and
it's 10 constituent companies, 1t was
filed In the United States circuit
court at st. Louis. The filing OF the
suit came six months after Commits
sioner OF Corporations Garfield had
made report on the company to the
president declaring IT TO be a monop.
Iy. This report was made in re-
ponse to a resolution in congress.
Argued For a Week.
The case was argued before the st,
Louis court, the arguments beginning
on April 8, 1909, and continuing for a
week. On Nov 20. 1909, Judges San
born, Van Deyenter, Hook and Adams
of the federal circuit court OF appeals
handed down their decision in ST.
Louis. in which they held that the
company was In restraint OF trade
and stifed competition IN violation OF
sections ] and OF the antitrust law.
II not only ordered the return of the
securities to the different subsidiary
companies and their separate stock.
folders but granted the governments
application for an Injunction re.
straining the parent company from
voting any stock or paying any divi.
dends on the stocks OF subsidiaries.
This decision was unanimous, the
opinion being written by Judge Wal
ter Sanborn. There was a concurrlng
opinion by Judge Cook. Standard Oil
stock on the receipt Of news of this
decision fell l0pOinis. reaching 500
Steps we're Immediately taken by
tho lawyers for the company TO take
the case 10 the supreme court, and
on March IS. 1910, argpHents on the
appeal began before that tribunal IN
II had been estimated that the as.
sets Of the Standard OIL company,
which the highest court has now or
dered TO be dissolved, amount to
s6OO'OOO0O in plants and properties.
Since the company took over the
stocks Of the various subsidiaries II
has never issued annual reports and
IT'S earnings. haye heyarS been made
public EXCEPT wien broukht out in