Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-07-24
RECEIVES
100000 IN CASH
Also 21,596 Shares of Stock in
Settlement of S102,0O0,-
600 Penalty.
LET'S OIL COMPANIES STAY
Agreed Verdict Ends Suit in
Which Alleged Violations
of Antitrust Laws
We're Changed.

Greenville, Texas. July 21.-Talf n |
million dollars as a penalty and tho
transfer of 2t,596 Of the 24,5O0 shares
OF stock in the Magnolia Petroleum
company Of this state from the in-
dividual control Of IT, c. Folger, IT..
and John d. Archbold TO trustee.
mutually agreed upon, was accepted
by the state Of Texas to-day in sei-
Element of the states S1O2,oo0,O0o pen
atty and custer suit This action was
instituted here recently by tho state
attorn ev- general against the Magnolia
and Corsicana Petroleum companies
Of Texas, the Standard Oil companies
Of New Jersey and New York and
rs individuals
The agreed verdict holds the Mag
nolia company. the chief Texas inter
est IN the suit not guilty Of antitrust
law violations and II is privileged to
continue business with the proviso
that the stock owned by Messrs. Fol
ger and Archbold shall he administered
by the trust under guarantee by the
trustoeship of complete and indepen-
dent operation of the company. The
Corsicana company is also given the
right to continue operation. The PEN
atty assessed is based on alleged vio-
lations OF the antitrust laws prior to
1903.
/ To-daTs action makes the fourth time
! in six years that oil companies have beer
penalzed in this State, hut the first in
stance IN which any of tho companio.
sued have been permitted 90 continue =
| operation
Testimony has been taken IN sovo5a
Texas cities before a special commissions
as preliminary 10 the scheduled trial o
the suit at Greenville noxt fall, and =
had been planned to begin a hearing Il
New York August L. BY tostimon,
taken in Texas the State endoavored I,
show that the Magnolia was practlcall'
controlled by Standard on interests, tend
ing to raise prices and destroy cOmpcti
ton. In reply the defense submitted ev,
dcnce which, Il was contended, shows
that the Magnolia company had actual
begun action to enter other States t
compete with other Standard OF compa
MICS
Penalties Of $4,000 each were a ske
AGAINST the STANDARD on company o
New York, Standard Oil Of New Jersey
Corsicana Petroleum company. John 7
ArChhold, John d. Rockefeller, l. G. Led
ward, charles NJ Pratt. CHARLES W. Hark
ness II. G. FolEer Jr all If New York
and C. y PAYNE Of Titusville. Pa. s.775
0oo each against W. c. Proctor. Corslcana
Texas, s. q. Baync and Howard Rayn
Of New York. o. {. Edwards Of Nor
walk, Conn r Waverey Smith an
John Sealy of Galveston. Texas, L. T
Brown Of Corsicana, Texas. George {
Greer and Cortonay Marshall Of Bear
mont Texas. and 100000 against til
Magnolia Petroleum COMPANY
Eight hundred thousand dollars al
ditonal was asked collectively aEain'
@ Edwards and Sealy ne Magnolia trustee
r. Five New York financial institutions. n
Columbia Knickerbocker Trust compan
e Central Trust company, United Stat,
= Mortgage and Loan company, the cha:
y National bank and the Seahoard Nations
n bank We're made parties TO the suit I
Y the allegation that they held bond /
y sues of either the Magnolia or Corsicat
" companies A penalty Of slSf0,0Oo VI
# asked of the KnckerbockerCo lumb
/ Trust COMPANY, and s271,5O against eac
Of the four others No penalties we
y asked of the other defendants.