The Oklahoma miner. [volume] (Krebs, Okla.) 1912-192?, 1913-07-31
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,r1 Jz1.ea fTe Esu Tcrk fz.xs an
,Ws.'y individuals l.Clgcl1s
several - me el1r'sgF lez1'oy o.i
men.
me penalty h. Dase9 m ylD.zt'g1s
grcef fge Tezas laws DfiDr ~ ltlt.
JhE ag.t cg7Hre1 ALLEGED violations
fran ItD1 ~ 1919. The verdict EDecL
/ fcauY says me Magnolia Petroleum
erfnDany. the chief Tszss interest In
( ibe gJlt, has mt been guilty ~ glo
ia'iDnN.
The compromise made one Elg1if-
cant change ln me orRanizsflon u
great sums ~ capital IN Tezas. r
Transferred the siock owned In the
. Magnolia by John y. Errhboi1 and
". r. YolRsr, Jr., both prominent
standard OD company men, from their
individual control into the hands ~
trustee. Hereafter the trustee viii
administer this particular Magnolia
stock, under guarantee ~ the state
bY the trugteeship ~ complete and
irGeDeudcnt operation by the Mag
noils The trustee appointed is Judge
y. 4 Williams n Austin. Texas.
hrchbOld and Fojgcr each hold 1873
shares ~ Magnolia stock, total ~
zl.5sg shares out of z45oo the Mag.
nolia'E tntire issue.
Fourth Custer suit.
This action ~ the fourth time in
about six years that Tazag has penal
ized oil companies This is the first
instance IN which any Of the com
Danicg sued has been permitted 10
continue business in Texas In 1907
the state oustcd the Watcrs-Picrce OIL
company and pcnalized f. 2l,G23,900;
and IN 1909 n fined the Security OH
company g7s,350 and the Navarro Re
nning company 31,l30 canceing tho
charters Of both The present Mag
nolla took over the refinery and bust
HFHb Dl lN'Ef 'DulDhHI'F, d''Dl NlHB
~ the state.
For nearly a month the state took
testimony I'm the present suit in Texas
and had planned 10 Degin In New York
on August ~ a continuation OF testi-
mOny taking. which now VIII be
dropped In tho Texas testimony the
state contcndcd that McBsrs. Arch
bold and Fogcr and other Standard
on mon who now own or had owned
Magnolia stock, were 80 close 10 the
Tcxas concern that Standard OH In.
tercBtB practically controlled II, tend
ing 10 ooraiBc oil prices In Texas and
being a rgcnacc TO continuance OF com
petition I'm Texas. In reply the oil
companies submitted evidence which
lhcy claimed showed the Magnolia had
actually begun campaign 10 enter
other states 10 compete with Standard
on companies
Attorneys fees allowed were $l3.. |
500. divided between Richard q. !
Mhury OF Houston, special pro8ccu.
tor for the state and officials Of this !
OlunO county who assisted In tho
rcccIycrHhlp into which the state !
threw The Magnolia March g, the day
after the suit was filed here.
other DfeendaNts.
Tho defendants aud penalties nlcd |
against them were: Eight million one
hundred aud nfty thousand dollars
each Standard on Of New York,
Standard on Of New Jersey, CorH- |
cana Petroleum company John d |
Archbold. John D. Rockefeller, l.. G. |
Lcdynrd. Charles M. Pratt, Charles w. !
Iiarkncna, II G, FolRer. Jr, all Of New
York. and c. n Payne OF Titusville, !
Pa. S1,775.0O0 onch against w G. !
Proctor. Corslcann, Texas, S. G. Bayne !
and Howard Bnync OF Now York. o. |
G. Edwards OF Norwnlk Conn, II.
Wnycrly Smith and John Sealy OF Gal. !
weston, Texas. ~. n. Brown. Corsi. !
cnnn. TcxaH; George G. Greer and
Courtonay Marshall OF Beaumont.
TcNaa, Sl.O0o,O0O, Magnolia Petroleum
company, 100000 additional against
O G. Edwards. u. u. Brown and John
Soaly au Magnolia trustees. $500. 600
against Columbia Knickerbocker Trust
company OF New York. s27l 500
againat Central Trust company. United
Statca Mortgage and Loan company.
Chaeo National bank aud Seaboard
National bank, all OF New York.