New-York tribune., 1912-11-03
WATERS-P|ERCE SUIT OFF.
Pierce Buys Holdings of Stand
ard Oil Party and Now Controls.

Henry Clay Pierce, chairman of the
board Of the Waters-Pierce OIL Company
has executed an agreement with Stand
ard OIL interests, It was announced yes
terday upon authority. under which Mr.
Pierce purchases all the stock In the
Waters-Pierce Oh Company held by John
.D. Rockefeller, William Rockefeller.
Henry NJ. Flagler, John d. Archbold,
Charles M. Pratt and the Pratt estate,
also the Payne stock, the stock OF tho
Harkness family and. In addition, that OF
a. large number Of minor stockholders.
This stock, together with his present
holdings, places the absolute control OF
the Waters Pierce OIL Company In Mr..
Pierce. The contract was signed on FRI
day.
II is understood that the negotiations
between the parties were conducted oy
Moritz Rosenthal, Of the banking nrm Oh
Ladenburg, Thslmann & Co. Mr.. Rosen-
thai was counsel for the Standard oli
Company in the sss,ooo0oo case and In
the dissolution suit.
The agreement now signed, rumors OIL
the negotiations for which have been per-
sistent In the financial district for week
or more marks the ending OF legal pro-
ceedings which were begun soon aiter
the annual meeting In February. The
capital stock q the Waters-Pierce OH
Company Is 10000, OF which the stand
ard OIL Company of New jersey held
s27i 700 at the date of the carrying into
effect of the dissolution decree, nearly
year ago
Upon the disintegration OF the Ne"
Jersey company it's 32T4 100 Waters-Pierce
stock was distributed pro rata among It's
own shareholders. At the last annuaI
meeting the Standard OIL shareholders
whose holdings constituted majority OF
the Waters-Pierce stock, cast their BAL
lots for a board OF directors OF the latter
company opposed 10 continuance OF the
old Pierce management The Pierce In
spectors OF election refused to count tnese
votes, alleging that TO allow the waters
Pierce company to be controlled by the
men controlling the Standard OH 'on-
pany OF New Jersey would be contrary 10
the decree of the United States Supreme
Court and the Missouri court.
Suit was thereupon begun by the Stand
ard OIL interests TO compel the Pierce III
spectors TO count the Standard OIL votes
cast al the Weters-Pierce election, and
in the progress OF that action there nave
been held many hearings in this city IN
the last two months, in which counsel Tor
Mr.. Pierce has sought 10 prove, largely
by the testimony OF Standard OIL Wit
nesses. that the company would be sun
dominated by the Standard OH company
The Watcrs-Pierce OH Company has
refinerles at Vera Cruz and Tampico,
Mexico. and does an extensive selling
business. principally in Missouri. OKLA
homa, Illinois, Arkansas and LOUISIANA
Washington. Nov. 2-The termination or
the Standard OIL -Waters-Picrce litigation
will not affect, according TO officials here
the investigation by the, Department pI
Justice 10 determine whether the decree
dissolvinG the Standard OIL Company has
been violated.
In addition to investigating the phases
Of the situation developed by this suit
the government is looking into number
Of complaints OF absence Of competition
in certain localities.
The inquiry is said 10 have Indicated
that the great oil fields Of Pennsylvania
and West Virginia are materially de-
creasing In production, with no compen-
satory increase in the western fields.