The History Of Standard Oil, Ch 14 - The Breaking Up Of The Trust

chapter 14 the breaking up of the trust chapter 14 the breaking up of the trust there was no characteristic of mr. there was no characteristic of mr. there was no characteristic of mr. Rockefeller and his great corporation Rockefeller and his great corporation Rockefeller and his great corporation which from the beginning had been more which from the beginning had been more which from the beginning had been more exasperated to the oil world than the exasperated to the oil world than the exasperated to the oil world than the secrecy with which operations were secrecy with which operations were secrecy with which operations were conducted the plan of the South conducted the plan of the South conducted the plan of the South improvement company had only been improvement company had only been improvement company had only been revealed to those who signed an revealed to those who signed an revealed to those who signed an agreement to keep secret all agreement to keep secret all agreement to keep secret all transactions they might have with it the transactions they might have with it the transactions they might have with it the purchase in 1874 in 1875 by the Standard purchase in 1874 in 1875 by the Standard purchase in 1874 in 1875 by the Standard Oil Company of Lockhart crew and company Oil Company of Lockhart crew and company Oil Company of Lockhart crew and company of Pittsburgh of Wharton true and of Pittsburgh of Wharton true and of Pittsburgh of Wharton true and Company of Philadelphia and of Charles Company of Philadelphia and of Charles Company of Philadelphia and of Charles Pratt and Company of New York was so Pratt and Company of New York was so Pratt and Company of New York was so thoroughly concealed that mr. thoroughly concealed that mr. thoroughly concealed that mr. Rockefeller five years after it occurred Rockefeller five years after it occurred Rockefeller five years after it occurred dared make an affidavit that it had dared make an affidavit that it had dared make an affidavit that it had never occurred men who entered into never occurred men who entered into never occurred men who entered into running arrangements with mr. running arrangements with mr. running arrangements with mr. Rockefeller were cautioned not to tell Rockefeller were cautioned not to tell Rockefeller were cautioned not to tell their wives and correspondence between their wives and correspondence between their wives and correspondence between them and the Standard Oil Company was them and the Standard Oil Company was them and the Standard Oil Company was carried on under assumed names whenever carried on under assumed names whenever carried on under assumed names whenever the subject of the relations between the the subject of the relations between the the subject of the relations between the various companies came up in a lawsuit various companies came up in a lawsuit various companies came up in a lawsuit or an investigation a candid and or an investigation a candid and or an investigation a candid and straightforward answer was always straightforward answer was always straightforward answer was always avoided by both mr. Rockefeller and the avoided by both mr. Rockefeller and the avoided by both mr. Rockefeller and the men known to be associated with him in men known to be associated with him in men known to be associated with him in some way for instance in 1879 when H H some way for instance in 1879 when H H some way for instance in 1879 when H H Rogers was before the Hepburn committee Rogers was before the Hepburn committee Rogers was before the Hepburn committee an effort was made to find out what an effort was made to find out what an effort was made to find out what relation the firm of Charles Pratt and relation the firm of Charles Pratt and relation the firm of Charles Pratt and company of which he was a member company of which he was a member company of which he was a member sustained to the Standard Oil Company sustained to the Standard Oil Company sustained to the Standard Oil Company mr. Rogers testimony was a masterpiece mr. Rogers testimony was a masterpiece mr. Rogers testimony was a masterpiece of good-natured evasion and all that the

of good-natured evasion and all that the of good-natured evasion and all that the examiners could get though they returned examiners could get though they returned examiners could get though they returned again and again to the inquiry was that again and again to the inquiry was that again and again to the inquiry was that Charles Pratt and company worked in Charles Pratt and company worked in Charles Pratt and company worked in harmony with the Standard Oil Company harmony with the Standard Oil Company harmony with the Standard Oil Company when ex-governor Nash of Ohio was when ex-governor Nash of Ohio was when ex-governor Nash of Ohio was investigating the relations of the investigating the relations of the investigating the relations of the Cleveland and Marietta railroad and the Cleveland and Marietta railroad and the Cleveland and Marietta railroad and the national transit company try his best he national transit company try his best he national transit company try his best he could not find out anything definite in could not find out anything definite in could not find out anything definite in his report mr. Nash said I had purposely his report mr. Nash said I had purposely his report mr. Nash said I had purposely referred to the parties who entered into referred to the parties who entered into referred to the parties who entered into this arrangement with receiver peace and this arrangement with receiver peace and this arrangement with receiver peace and his trade agent je Terry as the parties his trade agent je Terry as the parties his trade agent je Terry as the parties represented by O'Day and Shady represented by O'Day and Shady represented by O'Day and Shady for the reason that I have not been able for the reason that I have not been able for the reason that I have not been able to ascertain who or what the parties to ascertain who or what the parties to ascertain who or what the parties or that they were officers of the or that they were officers of the or that they were officers of the national transit company he had evidence national transit company he had evidence national transit company he had evidence but what relation had the national but what relation had the national but what relation had the national transit company to the Standard Oil transit company to the Standard Oil transit company to the Standard Oil Company was it a part of it Company was it a part of it Company was it a part of it mr. Nash was unable to find from mr. mr. Nash was unable to find from mr. mr. Nash was unable to find from mr. O'Day closely as he might question him O'Day closely as he might question him O'Day closely as he might question him in the buffalo case when john d in the buffalo case when john d in the buffalo case when john d rockefeller was on the stand he was put rockefeller was on the stand he was put rockefeller was on the stand he was put through a questioning in regard to the through a questioning in regard to the through a questioning in regard to the relations of the persons concerned in relations of the persons concerned in relations of the persons concerned in the suit to the Standard Oil Trust whose the suit to the Standard Oil Trust whose the suit to the Standard Oil Trust whose existence he admitted mr. Rockefeller existence he admitted mr. Rockefeller existence he admitted mr. Rockefeller answered all the questions his lawyers answered all the questions his lawyers answered all the questions his lawyers would allow but at the end the would allow but at the end the would allow but at the end the plaintiffs had gained little or nothing plaintiffs had gained little or nothing plaintiffs had gained little or nothing and it was a strong impression from the and it was a strong impression from the and it was a strong impression from the attitude of his lawyers rather than from attitude of his lawyers rather than from attitude of his lawyers rather than from that of mr. Rockefeller that an effort that of mr. Rockefeller that an effort that of mr. Rockefeller that an effort was making to conceive a nature of the was making to conceive a nature of the was making to conceive a nature of the agreement or charter or whenever it was agreement or charter or whenever it was agreement or charter or whenever it was under which the companies involved were under which the companies involved were under which the companies involved were working naturally enough this attitude working naturally enough this attitude working naturally enough this attitude inspired resentment and aggravated the

inspired resentment and aggravated the inspired resentment and aggravated the feeling that this secrecy meant feeling that this secrecy meant feeling that this secrecy meant evildoing when the epidemic of trust evildoing when the epidemic of trust evildoing when the epidemic of trust investigation broke out in 1888 and the investigation broke out in 1888 and the investigation broke out in 1888 and the Standard Oil Trust was brought up for Standard Oil Trust was brought up for Standard Oil Trust was brought up for examination there was a general public examination there was a general public examination there was a general public demand to have the matter cleared up the demand to have the matter cleared up the demand to have the matter cleared up the first investigation of importance took first investigation of importance took first investigation of importance took place in february 1888 in new york city place in february 1888 in new york city place in february 1888 in new york city and by the direction of the Senate of and by the direction of the Senate of and by the direction of the Senate of New York State a list of more than a New York State a list of more than a New York State a list of more than a score of trust was in the hands of the score of trust was in the hands of the score of trust was in the hands of the committee and with a limited time at committee and with a limited time at committee and with a limited time at their disposal it was certain that they their disposal it was certain that they their disposal it was certain that they could not look into more than half a could not look into more than half a could not look into more than half a dozen there seems that have been no dozen there seems that have been no dozen there seems that have been no hesitation about including the Standard hesitation about including the Standard hesitation about including the Standard Oil Trust this is the original trust Oil Trust this is the original trust Oil Trust this is the original trust wrote the committee its success has been wrote the committee its success has been wrote the committee its success has been the incentive to the formation of all the incentive to the formation of all the incentive to the formation of all other trusts or combinations it is the other trusts or combinations it is the other trusts or combinations it is the type of a system which has spread like a type of a system which has spread like a type of a system which has spread like a disease through the commercial system of disease through the commercial system of disease through the commercial system of this country there were several things this country there were several things this country there were several things the committee wanted to know about the the committee wanted to know about the the committee wanted to know about the Standard Oil Trust and its president was Standard Oil Trust and its president was Standard Oil Trust and its president was summoned for examination one what was it summoned for examination one what was it summoned for examination one what was it was it an organization recognized by any was it an organization recognized by any was it an organization recognized by any law of the land law of the land law of the land long ago men had decided that long ago men had decided that long ago men had decided that partnerships corporations companies in partnerships corporations companies in partnerships corporations companies in which men United to do business must be which men United to do business must be which men United to do business must be regulated by law and regulated by law and regulated by law and objected to a certain amount of objected to a certain amount of objected to a certain amount of publicity if the public good was to be publicity if the public good was to be publicity if the public good was to be protect it was the Standard Oil Trust protect it was the Standard Oil Trust protect it was the Standard Oil Trust within or without the law to buy within or without the law to buy within or without the law to buy testimony of its own members in other

testimony of its own members in other testimony of its own members in other years the standard combination years the standard combination years the standard combination controlled from 80 to 90 percent of the controlled from 80 to 90 percent of the controlled from 80 to 90 percent of the oil business of the country was this oil business of the country was this oil business of the country was this supremacy do in any measure to special supremacy do in any measure to special supremacy do in any measure to special privileges such as discrimination in privileges such as discrimination in privileges such as discrimination in railroad rates 3 was its power used to railroad rates 3 was its power used to railroad rates 3 was its power used to manipulate production in prices and to manipulate production in prices and to manipulate production in prices and to prevent men outside entering the oil prevent men outside entering the oil prevent men outside entering the oil business it was to learn these things business it was to learn these things business it was to learn these things that the Commission summoned mr. that the Commission summoned mr. that the Commission summoned mr. Rockefeller flanked by Joseph H Chowk Rockefeller flanked by Joseph H Chowk Rockefeller flanked by Joseph H Chowk present ambassador to the court of King present ambassador to the court of King present ambassador to the court of King Edward and the most eminent lawyer of Edward and the most eminent lawyer of Edward and the most eminent lawyer of the day and SCT Dodd a no less abled if the day and SCT Dodd a no less abled if the day and SCT Dodd a no less abled if a less well known lawyer mr. Rockefeller a less well known lawyer mr. Rockefeller a less well known lawyer mr. Rockefeller submitted himself to his questioners in submitted himself to his questioners in submitted himself to his questioners in no case where he has appeared on the no case where he has appeared on the no case where he has appeared on the stand can his skill as a witness be stand can his skill as a witness be stand can his skill as a witness be studied to better advantage with a studied to better advantage with a studied to better advantage with a wealth of polite phrases you are very wealth of polite phrases you are very wealth of polite phrases you are very good I beg with all respect mr. good I beg with all respect mr. good I beg with all respect mr. Rockefeller bowed himself to the will of Rockefeller bowed himself to the will of Rockefeller bowed himself to the will of the committee with an air of eager the committee with an air of eager the committee with an air of eager frankness he told them nothing he did frankness he told them nothing he did frankness he told them nothing he did not wish them to know the committee had not wish them to know the committee had not wish them to know the committee had a desire to begin at the beginning a desire to begin at the beginning a desire to begin at the beginning he'd evidently had heard that a he'd evidently had heard that a he'd evidently had heard that a short-lived organization called the short-lived organization called the short-lived organization called the South improvement company had given mr.

South improvement company had given mr. South improvement company had given mr. Rockefeller his whip hand in the oil Rockefeller his whip hand in the oil Rockefeller his whip hand in the oil business as far back as 1872 enabling business as far back as 1872 enabling business as far back as 1872 enabling him in three months time to raise his him in three months time to raise his him in three months time to raise his daily capacity as a refiner from 1500 to daily capacity as a refiner from 1500 to daily capacity as a refiner from 1500 to 10,000 barrels and so they asked mr. 10,000 barrels and so they asked mr. 10,000 barrels and so they asked mr. Rockefeller question there was such a Rockefeller question there was such a Rockefeller question there was such a company answer I have heard of such a company answer I have heard of such a company answer I have heard of such a company question were you not in it company question were you not in it company question were you not in it answered I was not it is a perfectly answered I was not it is a perfectly answered I was not it is a perfectly well-known fact that mr. Rockefeller well-known fact that mr. Rockefeller well-known fact that mr. Rockefeller owned 180 shares in the South owned 180 shares in the South owned 180 shares in the South improvement company of which he was a improvement company of which he was a improvement company of which he was a director that when a public uprising director that when a public uprising director that when a public uprising caused the destruction of the company he caused the destruction of the company he caused the destruction of the company he was one of the two men who tried to say was one of the two men who tried to say was one of the two men who tried to say also that the Standard Oil Company of also that the Standard Oil Company of also that the Standard Oil Company of Ohio was the only concern which profited Ohio was the only concern which profited Ohio was the only concern which profited by the short-lived concern by the short-lived concern by the short-lived concern Oh see another staggering bit of Oh see another staggering bit of Oh see another staggering bit of testimony conserved railroad rates asked testimony conserved railroad rates asked testimony conserved railroad rates asked if there had been any arrangements by if there had been any arrangements by if there had been any arrangements by which the trust or the companies which the trust or the companies which the trust or the companies controlled by it got transportation at controlled by it got transportation at controlled by it got transportation at any cheaper rates than was allowed to any cheaper rates than was allowed to any cheaper rates than was allowed to the general public mr. Rockefeller the general public mr. Rockefeller the general public mr. Rockefeller answered no sir as a matter of fact the answered no sir as a matter of fact the answered no sir as a matter of fact the three great oil carrying systems in the three great oil carrying systems in the three great oil carrying systems in the country this central area in country this central area in country this central area in Pennsylvania had all of them for much of Pennsylvania had all of them for much of Pennsylvania had all of them for much of the period between 1872 and 1888 granted the period between 1872 and 1888 granted the period between 1872 and 1888 granted to mr. Rockefeller rebates calculated to to mr. Rockefeller rebates calculated to to mr. Rockefeller rebates calculated to keep freight rates down for the Standard keep freight rates down for the Standard keep freight rates down for the Standard Oil Company and up for its competitors Oil Company and up for its competitors Oil Company and up for its competitors contracts and agreements to this effect contracts and agreements to this effect contracts and agreements to this effect are easily accessible to anyone caring

are easily accessible to anyone caring are easily accessible to anyone caring to investigate the quality of mr. to investigate the quality of mr. to investigate the quality of mr. Rockefellers no no said mr. Rockefeller Rockefellers no no said mr. Rockefeller Rockefellers no no said mr. Rockefeller me have had no better rates than our me have had no better rates than our me have had no better rates than our neighbors and then with that lack of the neighbors and then with that lack of the neighbors and then with that lack of the sense of humor which ethical qualities sense of humor which ethical qualities sense of humor which ethical qualities aside is his chief limitation he aside is his chief limitation he aside is his chief limitation he hastened to add but if I may be allowed hastened to add but if I may be allowed hastened to add but if I may be allowed we have found repeated instances where we have found repeated instances where we have found repeated instances where other parties had secured lower rates other parties had secured lower rates other parties had secured lower rates than we had later in the day the than we had later in the day the than we had later in the day the committee which seems to have known committee which seems to have known committee which seems to have known something of mr. Rockefellers former something of mr. Rockefellers former something of mr. Rockefellers former contracts with the railroads returned to contracts with the railroads returned to contracts with the railroads returned to the subject and the following colloquy the subject and the following colloquy the subject and the following colloquy worthy of the study of all witnesses worthy of the study of all witnesses worthy of the study of all witnesses interested in how not to tell what you interested in how not to tell what you interested in how not to tell what you know took place question has some know took place question has some know took place question has some company or companies embraced within company or companies embraced within company or companies embraced within this trust enjoyed from railroads more this trust enjoyed from railroads more this trust enjoyed from railroads more favorable freight rates than those rates favorable freight rates than those rates favorable freight rates than those rates accorded to refineries not in the trust accorded to refineries not in the trust accorded to refineries not in the trust answer I do not recall anything of that answer I do not recall anything of that answer I do not recall anything of that kind question you have heard of such kind question you have heard of such kind question you have heard of such things answer I have heard much in the things answer I have heard much in the things answer I have heard much in the papers about it question was there not papers about it question was there not papers about it question was there not such an allegation as that in the such an allegation as that in the such an allegation as that in the litigation or controversy recently litigation or controversy recently litigation or controversy recently disposed of by the Interstate Commission disposed of by the Interstate Commission disposed of by the Interstate Commission mr. Rice's suit was there not a charge mr. Rice's suit was there not a charge mr. Rice's suit was there not a charge in mr. Rice's petition that companies in mr. Rice's petition that companies in mr. Rice's petition that companies embraced within your trust enjoyed from embraced within your trust enjoyed from embraced within your trust enjoyed from railroad companies more favorable railroad companies more favorable railroad companies more favorable freight rates answer I think mr. rice freight rates answer I think mr. rice freight rates answer I think mr. rice made such a claim yes sir question did made such a claim yes sir question did made such a claim yes sir question did not the Commission find that claim true not the Commission find that claim true not the Commission find that claim true answer

answer answer I think the return of the Commission is I think the return of the Commission is I think the return of the Commission is a matter of record I could not give it a matter of record I could not give it a matter of record I could not give it question you don't know it you haven't question you don't know it you haven't question you don't know it you haven't seen that they did so fine answer it is seen that they did so fine answer it is seen that they did so fine answer it is a matter of record question have you a matter of record question have you a matter of record question have you read that the Interstate Commerce read that the Interstate Commerce read that the Interstate Commerce Commission did find that charge to be Commission did find that charge to be Commission did find that charge to be true answer no sir I don't think I could true answer no sir I don't think I could true answer no sir I don't think I could say that I read that they made a say that I read that they made a say that I read that they made a decision but I am really unable to say decision but I am really unable to say decision but I am really unable to say what that decision was question you did what that decision was question you did what that decision was question you did not feel interested enough in the not feel interested enough in the not feel interested enough in the litigation to see what the decision was litigation to see what the decision was litigation to see what the decision was answered I felt an interest in the answered I felt an interest in the answered I felt an interest in the litigation I don't mean to say that I litigation I don't mean to say that I litigation I don't mean to say that I did not feel an interest in it question did not feel an interest in it question did not feel an interest in it question do you mean to say that you don't know do you mean to say that you don't know do you mean to say that you don't know what the decision was that you did not what the decision was that you did not what the decision was that you did not read to see what the decision was read to see what the decision was read to see what the decision was answered I don't say that I know that answered I don't say that I know that answered I don't say that I know that the Interstate Commerce Commission had the Interstate Commerce Commission had the Interstate Commerce Commission had made a decision that the decision is made a decision that the decision is made a decision that the decision is quite a comprehensive one but it is quite a comprehensive one but it is quite a comprehensive one but it is questionable whether it could be said questionable whether it could be said questionable whether it could be said that that decision in all its features that that decision in all its features that that decision in all its features results as I understand you to claim results as I understand you to claim results as I understand you to claim question you don't so understand it will question you don't so understand it will question you don't so understand it will you say as a matter of fact that none of you say as a matter of fact that none of you say as a matter of fact that none of the companies embraced within this trust the companies embraced within this trust the companies embraced within this trust have enjoyed more favorable freight have enjoyed more favorable freight have enjoyed more favorable freight rates than the companies outside of your rates than the companies outside of your rates than the companies outside of your trust will you say as a matter of fact trust will you say as a matter of fact trust will you say as a matter of fact that it is not so answer I stated in my that it is not so answer I stated in my that it is not so answer I stated in my testimony this morning that I had note testimony this morning that I had note testimony this morning that I had note of instances where companies all of instances where companies all of instances where companies all together outside of their trust had

together outside of their trust had together outside of their trust had enjoyed more favorable freights than enjoyed more favorable freights than enjoyed more favorable freights than companies in this trust and I am NOT companies in this trust and I am NOT companies in this trust and I am NOT able to state that there may not have able to state that there may not have able to state that there may not have been arrangements for Freight on the been arrangements for Freight on the been arrangements for Freight on the part of the companies within this trust part of the companies within this trust part of the companies within this trust has favored molas or more favorable than has favored molas or more favorable than has favored molas or more favorable than are their Freight arrangements but in are their Freight arrangements but in are their Freight arrangements but in required of that nothing peculiar and required of that nothing peculiar and required of that nothing peculiar and respected the companies in this respected the companies in this respected the companies in this association association association I suppose they make the best freight I suppose they make the best freight I suppose they make the best freight Arrangements they can the committee had Arrangements they can the committee had Arrangements they can the committee had a vague idea that refineries outside of a vague idea that refineries outside of a vague idea that refineries outside of the standard combination had had a hard the standard combination had had a hard the standard combination had had a hard time to live and asked if the trust that time to live and asked if the trust that time to live and asked if the trust that sought in any way to make the operations sought in any way to make the operations sought in any way to make the operations of outsiders so unprofitable that they of outsiders so unprofitable that they of outsiders so unprofitable that they would either have to come in or go out would either have to come in or go out would either have to come in or go out of the business of the business of the business they have not no sir they have not they have not no sir they have not they have not no sir they have not replied mr. rockefeller and they have replied mr. rockefeller and they have replied mr. rockefeller and they have lived on good terms with their lived on good terms with their lived on good terms with their competitors they have and have today competitors they have and have today competitors they have and have today very pleasant relations with those very pleasant relations with those very pleasant relations with those gentlemen it would have been interesting gentlemen it would have been interesting gentlemen it would have been interesting to have heard the comments of a number to have heard the comments of a number to have heard the comments of a number of gentlemen trying to carry on an of gentlemen trying to carry on an of gentlemen trying to carry on an independent business in 1888 on that independent business in 1888 on that independent business in 1888 on that answer of the refiners in oil city in answer of the refiners in oil city in answer of the refiners in oil city in Titusville at that time preparing to Titusville at that time preparing to Titusville at that time preparing to carry their troubles to the Interstate carry their troubles to the Interstate carry their troubles to the Interstate Commerce Commission of George rice and Commerce Commission of George rice and Commerce Commission of George rice and others at Marietta Ohio of HH Campbell others at Marietta Ohio of HH Campbell others at Marietta Ohio of HH Campbell of the Bear Creek refining company at of the Bear Creek refining company at of the Bear Creek refining company at Pittsburg a Schofield Shermer in Tegel Pittsburg a Schofield Shermer in Tegel Pittsburg a Schofield Shermer in Tegel at Cleveland if all of mr. Rockefellers at Cleveland if all of mr. Rockefellers at Cleveland if all of mr. Rockefellers testimony had been of the nature of the testimony had been of the nature of the testimony had been of the nature of the above the investigation would have been above the investigation would have been above the investigation would have been worth little to the people who demanded worth little to the people who demanded worth little to the people who demanded it but when it came to the questions

it but when it came to the questions it but when it came to the questions which after all it was most essential to which after all it was most essential to which after all it was most essential to have answered at that moment mr. have answered at that moment mr. have answered at that moment mr. Rockefeller after some skirmishing gave Rockefeller after some skirmishing gave Rockefeller after some skirmishing gave the committee as frank testimony as is the committee as frank testimony as is the committee as frank testimony as is on record from him the information on record from him the information on record from him the information wanted was in regard to the organization wanted was in regard to the organization wanted was in regard to the organization of the Standard Oil Trust as pointed out of the Standard Oil Trust as pointed out of the Standard Oil Trust as pointed out in a previous chapter there had been in a previous chapter there had been in a previous chapter there had been some kind of an agreement adopted in some kind of an agreement adopted in some kind of an agreement adopted in 1882 binding together the varied 1882 binding together the varied 1882 binding together the varied interests which controlled the oil interests which controlled the oil interests which controlled the oil business but what it was where it was business but what it was where it was business but what it was where it was kept by what authority it lived kept by what authority it lived kept by what authority it lived nobody knew for six years it had nobody knew for six years it had nobody knew for six years it had succeeded in hiding itself what was the succeeded in hiding itself what was the succeeded in hiding itself what was the understanding which had made a trust of understanding which had made a trust of understanding which had made a trust of a company the committee asked to know a company the committee asked to know a company the committee asked to know mr. Rockefeller in his counsel were the mr. Rockefeller in his counsel were the mr. Rockefeller in his counsel were the sole of any ability under the demand sole of any ability under the demand sole of any ability under the demand they had only one request and mr. chote they had only one request and mr. chote they had only one request and mr. chote made it persuasively if the committee made it persuasively if the committee made it persuasively if the committee please he said I do not arise to make an please he said I do not arise to make an please he said I do not arise to make an objection to a request of the committee objection to a request of the committee objection to a request of the committee we think that it is very proper that the we think that it is very proper that the we think that it is very proper that the committee should be made acquainted with committee should be made acquainted with committee should be made acquainted with this document and everything pertaining this document and everything pertaining this document and everything pertaining to it in order to advise them as to the to it in order to advise them as to the to it in order to advise them as to the nature and operation of this trust at nature and operation of this trust at nature and operation of this trust at the same time there are private interest the same time there are private interest the same time there are private interest and controversies involved which might and controversies involved which might and controversies involved which might be seriously prejudiced by a public be seriously prejudiced by a public be seriously prejudiced by a public exposition of its details exposition of its details exposition of its details and therefore introducing it we without and therefore introducing it we without and therefore introducing it we without asking the committee to make any promise asking the committee to make any promise asking the committee to make any promise or to commit themselves at all request or to commit themselves at all request or to commit themselves at all request that while they make whatever use of it

that while they make whatever use of it that while they make whatever use of it they please it shall not be in all they please it shall not be in all they please it shall not be in all details made a matter of public record details made a matter of public record details made a matter of public record or exhibition unless in their final or exhibition unless in their final or exhibition unless in their final judgment after consideration of the judgment after consideration of the judgment after consideration of the matter they shall consider it necessary matter they shall consider it necessary matter they shall consider it necessary there are very important private there are very important private there are very important private interest involved that ought not under interest involved that ought not under interest involved that ought not under the guise of a public investigation to the guise of a public investigation to the guise of a public investigation to be interfered with the committee be interfered with the committee be interfered with the committee examined the document and concluded to examined the document and concluded to examined the document and concluded to include it in its report like all great include it in its report like all great include it in its report like all great things things things it was simplicity itself an agreement it was simplicity itself an agreement it was simplicity itself an agreement which anybody could understand by which which anybody could understand by which which anybody could understand by which some 50 persons holding patrolling some 50 persons holding patrolling some 50 persons holding patrolling interest in corporations joint-stock interest in corporations joint-stock interest in corporations joint-stock associations and partnerships of associations and partnerships of associations and partnerships of different states placed all their stock different states placed all their stock different states placed all their stock in the hands of nine trustees receiving in the hands of nine trustees receiving in the hands of nine trustees receiving in return trust certificates these nine in return trust certificates these nine in return trust certificates these nine trustees themselves owned a majority of trustees themselves owned a majority of trustees themselves owned a majority of the stock and had complete control of the stock and had complete control of the stock and had complete control of all the property mr. Rockefeller when all the property mr. Rockefeller when all the property mr. Rockefeller when questioned stated that one of the questioned stated that one of the questioned stated that one of the trustees was a responsible officer in trustees was a responsible officer in trustees was a responsible officer in almost every refinery or organization in almost every refinery or organization in almost every refinery or organization in the trust that the trustees as a body the trust that the trustees as a body the trust that the trustees as a body knew by reports and correspondents and knew by reports and correspondents and knew by reports and correspondents and by frequent consultation in New York by frequent consultation in New York by frequent consultation in New York with active promoters of each concern with active promoters of each concern with active promoters of each concern just how the business was going on we just how the business was going on we just how the business was going on we all know how the business goes said mr.

all know how the business goes said mr. all know how the business goes said mr. Rockefeller we get reports once in 30 Rockefeller we get reports once in 30 Rockefeller we get reports once in 30 days showing what it has cost for days showing what it has cost for days showing what it has cost for everything everything everything the trustees evidently ran the entire the trustees evidently ran the entire the trustees evidently ran the entire great combination under the agreement great combination under the agreement great combination under the agreement but consider the anomaly of the but consider the anomaly of the but consider the anomaly of the situation 39 corporations each of them situation 39 corporations each of them situation 39 corporations each of them having a legal existence obliged by the having a legal existence obliged by the having a legal existence obliged by the laws of the state creating it to limit laws of the state creating it to limit laws of the state creating it to limit its operations to certain lines and to its operations to certain lines and to its operations to certain lines and to make certain reports had turned over make certain reports had turned over make certain reports had turned over their affairs to an organization having their affairs to an organization having their affairs to an organization having no legal existence independent of all no legal existence independent of all no legal existence independent of all Authority able to do anything it wanted Authority able to do anything it wanted Authority able to do anything it wanted anywhere and to this point working in anywhere and to this point working in anywhere and to this point working in absolute darkness under their agreement absolute darkness under their agreement absolute darkness under their agreement which was unrecognized by the state of which was unrecognized by the state of which was unrecognized by the state of you men had United to do things which no you men had United to do things which no you men had United to do things which no incorporated company could do it was a incorporated company could do it was a incorporated company could do it was a situation as puzzling as it was new the situation as puzzling as it was new the situation as puzzling as it was new the committee in recording on what it committee in recording on what it committee in recording on what it discovered did nothing to solve a puzzle discovered did nothing to solve a puzzle discovered did nothing to solve a puzzle it simply sounded a warning the actual it simply sounded a warning the actual it simply sounded a warning the actual value of property in the trust control value of property in the trust control value of property in the trust control at the present time is not less than one at the present time is not less than one at the present time is not less than one hundred and forty-eight millions of hundred and forty-eight millions of hundred and forty-eight millions of dollars according to the testimony of dollars according to the testimony of dollars according to the testimony of the trust president before your the trust president before your the trust president before your committee this sum in the hands of nine committee this sum in the hands of nine committee this sum in the hands of nine men energetic intelligent and aggressive men energetic intelligent and aggressive men energetic intelligent and aggressive and the trustees themselves as has been and the trustees themselves as has been and the trustees themselves as has been said own a majority of the stock of the said own a majority of the stock of the said own a majority of the stock of the trust which absolutely controls the one trust which absolutely controls the one trust which absolutely controls the one hundred and forty-eight millions of hundred and forty-eight millions of hundred and forty-eight millions of dollars is one of the most active and

dollars is one of the most active and dollars is one of the most active and possibly the most formidable moneyed possibly the most formidable moneyed possibly the most formidable moneyed power on this continent its influence power on this continent its influence power on this continent its influence reaches into every state and is felt in reaches into every state and is felt in reaches into every state and is felt in remote villages and the products of its remote villages and the products of its remote villages and the products of its refineries seek a market in almost every refineries seek a market in almost every refineries seek a market in almost every seaport on the globe when it is seaport on the globe when it is seaport on the globe when it is remembered that all this vast wealth is remembered that all this vast wealth is remembered that all this vast wealth is the growth of about twenty years that the growth of about twenty years that the growth of about twenty years that this property has more than doubled in this property has more than doubled in this property has more than doubled in value in six years and that with this value in six years and that with this value in six years and that with this increase the trust has made aggregate increase the trust has made aggregate increase the trust has made aggregate dividends during that period of over dividends during that period of over dividends during that period of over fifty millions of dollars the people may fifty millions of dollars the people may fifty millions of dollars the people may well look with apprehension at such well look with apprehension at such well look with apprehension at such rapid development and centralization of rapid development and centralization of rapid development and centralization of wealth wholly independent of legal wealth wholly independent of legal wealth wholly independent of legal control and anxiously seek out means to control and anxiously seek out means to control and anxiously seek out means to modify if not to prevent the natural modify if not to prevent the natural modify if not to prevent the natural consequence of the device producing it a consequence of the device producing it a consequence of the device producing it a device of late invention namely the device of late invention namely the device of late invention namely the aggregation of great corporations into aggregation of great corporations into aggregation of great corporations into partnerships with unbounded resources partnerships with unbounded resources partnerships with unbounded resources and a field of operations quite as and a field of operations quite as and a field of operations quite as extended as its resources so much for extended as its resources so much for extended as its resources so much for the nature of the Standard Oil trust the the nature of the Standard Oil trust the the nature of the Standard Oil trust the committee regret that they are not able committee regret that they are not able committee regret that they are not able to make a more complete and satisfactory to make a more complete and satisfactory to make a more complete and satisfactory report as to the method of its report as to the method of its report as to the method of its operations and its effect upon public operations and its effect upon public operations and its effect upon public interest the brevity at the time within interest the brevity at the time within interest the brevity at the time within the investigation was required to be the investigation was required to be the investigation was required to be made rendered it impossible for your made rendered it impossible for your made rendered it impossible for your committee to do more than examine the committee to do more than examine the committee to do more than examine the person's most prominent in the person's most prominent in the person's most prominent in the management of its affairs its cause was management of its affairs its cause was management of its affairs its cause was thus presented to the most favorable thus presented to the most favorable thus presented to the most favorable light possible light possible light possible and it is only fair to conclude that

and it is only fair to conclude that and it is only fair to conclude that nothing was left unsaid by them that nothing was left unsaid by them that nothing was left unsaid by them that could be said in its favor no witness could be said in its favor no witness could be said in its favor no witness came forward to accuse it of the great came forward to accuse it of the great came forward to accuse it of the great offenses commonly laid to its charge no offenses commonly laid to its charge no offenses commonly laid to its charge no proofs were made of its rapacity or of proofs were made of its rapacity or of proofs were made of its rapacity or of the greed with which it lays hold of the greed with which it lays hold of the greed with which it lays hold of every competitive industry except such every competitive industry except such every competitive industry except such as might be drawn from the fact that it as might be drawn from the fact that it as might be drawn from the fact that it is the almost sole occupant of the field is the almost sole occupant of the field is the almost sole occupant of the field of oil operations from which it has of oil operations from which it has of oil operations from which it has driven nearly every competitor no driven nearly every competitor no driven nearly every competitor no witness appeared to prove its power over witness appeared to prove its power over witness appeared to prove its power over railroad and transportation companies railroad and transportation companies railroad and transportation companies and to wring from already impoverished and to wring from already impoverished and to wring from already impoverished lines better terms and other shippers lines better terms and other shippers lines better terms and other shippers except such as might be drawn from the except such as might be drawn from the except such as might be drawn from the admission of its officers made with admission of its officers made with admission of its officers made with hesitation that this well and the amount hesitation that this well and the amount hesitation that this well and the amount of its business enabled it to obtain of its business enabled it to obtain of its business enabled it to obtain better terms than its poorer competitors better terms than its poorer competitors better terms than its poorer competitors the New York Senate made its the New York Senate made its the New York Senate made its investigation of trust in february 1888 investigation of trust in february 1888 investigation of trust in february 1888 in March the Committee on manufacturers in March the Committee on manufacturers in March the Committee on manufacturers of the house of representatives began a of the house of representatives began a of the house of representatives began a similar inquiry this committee like the similar inquiry this committee like the similar inquiry this committee like the earlier one made the standard its earlier one made the standard its earlier one made the standard its principal subject fully one thousand principal subject fully one thousand principal subject fully one thousand pages of a report of fifteen hundred pages of a report of fifteen hundred pages of a report of fifteen hundred pages are devoted to mr. Rockefellers pages are devoted to mr. Rockefellers pages are devoted to mr. Rockefellers creation five times the space given to creation five times the space given to creation five times the space given to the sugar trust ten times that given to the sugar trust ten times that given to the sugar trust ten times that given to the whiskey trust the testimony was wide the whiskey trust the testimony was wide the whiskey trust the testimony was wide and range indeed from the volume alone a and range indeed from the volume alone a and range indeed from the volume alone a pretty complete history of the Standard pretty complete history of the Standard pretty complete history of the Standard Oil Company up to 1888 could be written Oil Company up to 1888 could be written Oil Company up to 1888 could be written here are found the South improvement

here are found the South improvement here are found the South improvement company charter and contracts in full company charter and contracts in full company charter and contracts in full here is mr. Kasich's testimony take it here is mr. Kasich's testimony take it here is mr. Kasich's testimony take it in the case of a Commonwealth of in the case of a Commonwealth of in the case of a Commonwealth of Pennsylvania versus the Pennsylvania Pennsylvania versus the Pennsylvania Pennsylvania versus the Pennsylvania Railroad showing the character of the Railroad showing the character of the Railroad showing the character of the rebates the standard combination was rebates the standard combination was rebates the standard combination was able to secure from the railroads at able to secure from the railroads at able to secure from the railroads at that time here is a partial history of that time here is a partial history of that time here is a partial history of the growth of the standard pipelines the growth of the standard pipelines the growth of the standard pipelines many personal histories of refiners many personal histories of refiners many personal histories of refiners driven out of business by the conditions driven out of business by the conditions driven out of business by the conditions brought about by railroad discrimination brought about by railroad discrimination brought about by railroad discrimination full accounts of the war of the full accounts of the war of the full accounts of the war of the producing element on the standard all of producing element on the standard all of producing element on the standard all of the testimony in the Buffalo case where the testimony in the Buffalo case where the testimony in the Buffalo case where two refiners were found guilty of two refiners were found guilty of two refiners were found guilty of conspiring to ruin an independent conspiring to ruin an independent conspiring to ruin an independent concerned the reports of the Interstate concerned the reports of the Interstate concerned the reports of the Interstate Commerce Commission in the cases of Commerce Commission in the cases of Commerce Commission in the cases of George rice and much interesting George rice and much interesting George rice and much interesting explanation of various matters by explanation of various matters by explanation of various matters by leading Standard Oil officials appear in leading Standard Oil officials appear in leading Standard Oil officials appear in the report mr. Rockefeller was on the the report mr. Rockefeller was on the the report mr. Rockefeller was on the stand and one item of his testimony stand and one item of his testimony stand and one item of his testimony affords a curious comparison on the 28th affords a curious comparison on the 28th affords a curious comparison on the 28th of February when before the New York of February when before the New York of February when before the New York Senate committee mr. Rockefeller was Senate committee mr. Rockefeller was Senate committee mr. Rockefeller was asked if he was not a member of the asked if he was not a member of the asked if he was not a member of the South improvement company I was not he South improvement company I was not he South improvement company I was not he replied on the 30th of April following replied on the 30th of April following replied on the 30th of April following when before the House Committee the when before the House Committee the when before the House Committee the following colloquy took place question I following colloquy took place question I following colloquy took place question I want the names particularly of gentlemen want the names particularly of gentlemen want the names particularly of gentlemen who either now or in the past have been who either now or in the past have been who either now or in the past have been interested with you gentlemen who were interested with you gentlemen who were interested with you gentlemen who were in the South improvement company answer

in the South improvement company answer in the South improvement company answer I think they were ot wearing WP Logan I think they were ot wearing WP Logan I think they were ot wearing WP Logan John Logan WG worden o H Payne HM John Logan WG worden o H Payne HM John Logan WG worden o H Payne HM flagler William Rockefeller J a Bostwick flagler William Rockefeller J a Bostwick flagler William Rockefeller J a Bostwick and myself it was in this investigation and myself it was in this investigation and myself it was in this investigation that Henry and Flagler gave explanations that Henry and Flagler gave explanations that Henry and Flagler gave explanations of various operations of the standard of various operations of the standard of various operations of the standard which have been quoted in the course of which have been quoted in the course of which have been quoted in the course of this narrative notably explanations of this narrative notably explanations of this narrative notably explanations of the South improvement company of the ten the South improvement company of the ten the South improvement company of the ten cent rebates secured from all railroads cent rebates secured from all railroads cent rebates secured from all railroads in 1875 of the purchase of the Empire in 1875 of the purchase of the Empire in 1875 of the purchase of the Empire transportation company of the rebate of transportation company of the rebate of transportation company of the rebate of other people's shipments enjoyed in 1878 other people's shipments enjoyed in 1878 other people's shipments enjoyed in 1878 by the American transfer company some of by the American transfer company some of by the American transfer company some of mr. Flagler's testimony in this mr. Flagler's testimony in this mr. Flagler's testimony in this investigation compares as curiously with investigation compares as curiously with investigation compares as curiously with affidavits of his made in 1880 as does affidavits of his made in 1880 as does affidavits of his made in 1880 as does death of his great chief for instance in death of his great chief for instance in death of his great chief for instance in 1880 1880 1880 mr. Flagler swore that the Standard Oil mr. Flagler swore that the Standard Oil mr. Flagler swore that the Standard Oil Company owns and operates its refineries Company owns and operates its refineries Company owns and operates its refineries at Cleveland Ohio and also our refinery at Cleveland Ohio and also our refinery at Cleveland Ohio and also our refinery and Bayonne in the state of New Jersey and Bayonne in the state of New Jersey and Bayonne in the state of New Jersey that at no other place in the United that at no other place in the United that at no other place in the United States does the said Standard Oil States does the said Standard Oil States does the said Standard Oil Company own operate or control any Company own operate or control any Company own operate or control any refinery or refineries but in this refinery or refineries but in this refinery or refineries but in this investigation the following colloquy investigation the following colloquy investigation the following colloquy took place question when did the took place question when did the took place question when did the standard company of Ohio first and standard company of Ohio first and standard company of Ohio first and into an alliance with other refineries into an alliance with other refineries into an alliance with other refineries answer if you mean by an alliance mr.

answer if you mean by an alliance mr. answer if you mean by an alliance mr. Gowan I should say never question Gowan I should say never question Gowan I should say never question I am only endeavoring to aid your I am only endeavoring to aid your I am only endeavoring to aid your friends in getting at what they want friends in getting at what they want friends in getting at what they want here I noticed they propose to prove by here I noticed they propose to prove by here I noticed they propose to prove by you I will give it in this way that on you I will give it in this way that on you I will give it in this way that on account of the disastrous condition of account of the disastrous condition of account of the disastrous condition of the refining business the standard on the refining business the standard on the refining business the standard on October 15 1874 entered into an alliance October 15 1874 entered into an alliance October 15 1874 entered into an alliance with a number of Pittsburgh refineries with a number of Pittsburgh refineries with a number of Pittsburgh refineries answer that is more correctly stated by answer that is more correctly stated by answer that is more correctly stated by saying that the Standard Oil Company saying that the Standard Oil Company saying that the Standard Oil Company purchased the refineries owned by the purchased the refineries owned by the purchased the refineries owned by the parties in Pittsburgh question who were parties in Pittsburgh question who were parties in Pittsburgh question who were they answer Lockhart through and company they answer Lockhart through and company they answer Lockhart through and company I think was the company wait a moment I think was the company wait a moment I think was the company wait a moment it was the Standard Oil Company of it was the Standard Oil Company of it was the Standard Oil Company of Pittsburgh it being a corporation and Pittsburgh it being a corporation and Pittsburgh it being a corporation and warden through and company of warden through and company of warden through and company of Philadelphia and I should say Charles Philadelphia and I should say Charles Philadelphia and I should say Charles Pratt and Company of New York question Pratt and Company of New York question Pratt and Company of New York question any others answer netis all question all any others answer netis all question all any others answer netis all question all those gentlemen Ward and through and those gentlemen Ward and through and those gentlemen Ward and through and company and the Standard Oil Company of company and the Standard Oil Company of company and the Standard Oil Company of Pittsburgh Charles Pratt and Company of Pittsburgh Charles Pratt and Company of Pittsburgh Charles Pratt and Company of New York are now associated with you as New York are now associated with you as New York are now associated with you as parties interested in the present oil parties interested in the present oil parties interested in the present oil trust answer they are stockholders the trust answer they are stockholders the trust answer they are stockholders the property formerly owned by them was at property formerly owned by them was at property formerly owned by them was at that time purchased by the Standard Oil that time purchased by the Standard Oil that time purchased by the Standard Oil Company question when you speak of Company question when you speak of Company question when you speak of purchasing their interest you do not purchasing their interest you do not purchasing their interest you do not exclude them from their interest they exclude them from their interest they exclude them from their interest they United with you and remained as your United with you and remained as your United with you and remained as your associates in the business answer it was associates in the business answer it was associates in the business answer it was not from the fact that ours was a not from the fact that ours was a not from the fact that ours was a corporation we might call it a co

corporation we might call it a co corporation we might call it a co partnership question they becoming partnership question they becoming partnership question they becoming interested in yours and you and there's interested in yours and you and there's interested in yours and you and there's answer yes sir answer yes sir answer yes sir question and you simply used your name question and you simply used your name question and you simply used your name to represent the joint ownership as it to represent the joint ownership as it to represent the joint ownership as it was a corporation answered yes sir full was a corporation answered yes sir full was a corporation answered yes sir full as the testimony on the Standard Oil as the testimony on the Standard Oil as the testimony on the Standard Oil Trust gathered by the federal committee Trust gathered by the federal committee Trust gathered by the federal committee of 1888 is its report touched but one of 1888 is its report touched but one of 1888 is its report touched but one point and that was its organization to point and that was its organization to point and that was its organization to the committee it seemed that the the committee it seemed that the the committee it seemed that the agreement under which the trust operated agreement under which the trust operated agreement under which the trust operated was such as to make it exempt from the was such as to make it exempt from the was such as to make it exempt from the antitrust legislation antitrust legislation antitrust legislation which was then contemplated by Congress which was then contemplated by Congress which was then contemplated by Congress the legislation proposed was directed the legislation proposed was directed the legislation proposed was directed against combinations to fix the price or against combinations to fix the price or against combinations to fix the price or regulate the production of merchandise regulate the production of merchandise regulate the production of merchandise for commerce now a mass of testimony had for commerce now a mass of testimony had for commerce now a mass of testimony had been presented showing that from the been presented showing that from the been presented showing that from the starting point of the standards history starting point of the standards history starting point of the standards history with the South improvement company its with the South improvement company its with the South improvement company its aim had been to regulate the outlet of aim had been to regulate the outlet of aim had been to regulate the outlet of refined oil so as to fix the price but refined oil so as to fix the price but refined oil so as to fix the price but this testimony the committee saw clearly this testimony the committee saw clearly this testimony the committee saw clearly enough did not apply to the trust which enough did not apply to the trust which enough did not apply to the trust which was investigating for so sworn the was investigating for so sworn the was investigating for so sworn the trustees they had nothing to do with the trustees they had nothing to do with the trustees they had nothing to do with the business operations of the separate business operations of the separate business operations of the separate concerns they simply held the stock of concerns they simply held the stock of concerns they simply held the stock of the various corporations exercised their the various corporations exercised their the various corporations exercised their right as stockholders received and right as stockholders received and right as stockholders received and distributed the dividends each company distributed the dividends each company distributed the dividends each company did its own business in its own way the did its own business in its own way the did its own business in its own way the trustees were not responsible for there

trustees were not responsible for there trustees were not responsible for there was something humorous to those familiar was something humorous to those familiar was something humorous to those familiar with the oil world in the idea of john d with the oil world in the idea of john d with the oil world in the idea of john d rockefeller William Rockefeller JD rockefeller William Rockefeller JD rockefeller William Rockefeller JD Archibald Archibald Archibald Henry H Rogers Charles Pratt HM Flagler Henry H Rogers Charles Pratt HM Flagler Henry H Rogers Charles Pratt HM Flagler Benjamin Brewster WH Tilford and OB Benjamin Brewster WH Tilford and OB Benjamin Brewster WH Tilford and OB Jennings having nothing to do as Jennings having nothing to do as Jennings having nothing to do as trustees of the Standard Oil Trust but trustees of the Standard Oil Trust but trustees of the Standard Oil Trust but to receive and divide dividends to receive and divide dividends to receive and divide dividends engrossing and interesting a task as engrossing and interesting a task as engrossing and interesting a task as that undoubtedly was but as a matter of that undoubtedly was but as a matter of that undoubtedly was but as a matter of fact nothing else could be settled on fact nothing else could be settled on fact nothing else could be settled on them by anything in the testimony for them by anything in the testimony for them by anything in the testimony for instance in 1887 there was an alliance instance in 1887 there was an alliance instance in 1887 there was an alliance form between the oil producers form between the oil producers form between the oil producers Protective Association and the standard Protective Association and the standard Protective Association and the standard for limiting the production of crude oil for limiting the production of crude oil for limiting the production of crude oil a movement of which we shall hear more a movement of which we shall hear more a movement of which we shall hear more later this certainly was in restraint of later this certainly was in restraint of later this certainly was in restraint of trade but on examination the committee trade but on examination the committee trade but on examination the committee found the contract had been signed by found the contract had been signed by found the contract had been signed by the Standard Oil Company of New York the the Standard Oil Company of New York the the Standard Oil Company of New York the trustees had nothing to do with it trustees had nothing to do with it trustees had nothing to do with it taking up point-by-point the conditions taking up point-by-point the conditions taking up point-by-point the conditions of which the oil producers complain not of which the oil producers complain not of which the oil producers complain not one of them to be fixed on the trust it one of them to be fixed on the trust it one of them to be fixed on the trust it had made no agreements signed no had made no agreements signed no had made no agreements signed no contracts kept no books it had no legal contracts kept no books it had no legal contracts kept no books it had no legal existence it was a force powerful as existence it was a force powerful as existence it was a force powerful as gravitation and as intangible gravitation and as intangible gravitation and as intangible you could argue its existence from its you could argue its existence from its you could argue its existence from its effects but you could never prove it you effects but you could never prove it you effects but you could never prove it you could no more grassman than you could an could no more grassman than you could an could no more grassman than you could an eel certainly the Committee on eel certainly the Committee on eel certainly the Committee on manufacturers was justified in defining

manufacturers was justified in defining manufacturers was justified in defining its report to pointing out the fact that its report to pointing out the fact that its report to pointing out the fact that the Standard Oil trust agreement was a the Standard Oil trust agreement was a the Standard Oil trust agreement was a shrewd and slippered device for shrewd and slippered device for shrewd and slippered device for remaining responsibility and there the remaining responsibility and there the remaining responsibility and there the investigations of 1888 ended there had investigations of 1888 ended there had investigations of 1888 ended there had been much noise over them and for what been much noise over them and for what been much noise over them and for what good so asked the discontented oil good so asked the discontented oil good so asked the discontented oil public it simply had secured the form of public it simply had secured the form of public it simply had secured the form of an agreement which could no more be an agreement which could no more be an agreement which could no more be touched by legislation than human greed touched by legislation than human greed touched by legislation than human greed it was characteristic that the oil it was characteristic that the oil it was characteristic that the oil public intent on immediate remedies public intent on immediate remedies public intent on immediate remedies should be discouraged if they had should be discouraged if they had should be discouraged if they had applied to their cause the same patients applied to their cause the same patients applied to their cause the same patients of poor sight mr. Rockefeller did to his of poor sight mr. Rockefeller did to his of poor sight mr. Rockefeller did to his they would have realized that as a they would have realized that as a they would have realized that as a matter of fact a respectable first step matter of fact a respectable first step matter of fact a respectable first step had been taken toward their real goal a had been taken toward their real goal a had been taken toward their real goal a goal which has not by any means been goal which has not by any means been goal which has not by any means been reached that is a legal form of reached that is a legal form of reached that is a legal form of organisation for corporations doing organisation for corporations doing organisation for corporations doing interstate business which would enable interstate business which would enable interstate business which would enable the public to know promptly if they were the public to know promptly if they were the public to know promptly if they were securing special privileges or were a securing special privileges or were a securing special privileges or were a restricting trade this first step was in restricting trade this first step was in restricting trade this first step was in securing the famous trust agreement that securing the famous trust agreement that securing the famous trust agreement that was now in the hands of people given to was now in the hands of people given to was now in the hands of people given to thinking about things and something came thinking about things and something came thinking about things and something came of it even more quickly than the of it even more quickly than the of it even more quickly than the philosophical observer of public events philosophical observer of public events philosophical observer of public events might expect and in this wise in 1887 might expect and in this wise in 1887 might expect and in this wise in 1887 there was elected to the attorney there was elected to the attorney there was elected to the attorney generalship of Ohio a lawyer generalship of Ohio a lawyer generalship of Ohio a lawyer something under 40 years of age named something under 40 years of age named something under 40 years of age named David K Watson two years later mr.

David K Watson two years later mr. David K Watson two years later mr. Watson was a candidate for re-election Watson was a candidate for re-election Watson was a candidate for re-election one day while busy with his campaign he one day while busy with his campaign he one day while busy with his campaign he came out of his office in the Statehouse came out of his office in the Statehouse came out of his office in the Statehouse on the public square in Columbus and on the public square in Columbus and on the public square in Columbus and crossing the street stopped as he often crossing the street stopped as he often crossing the street stopped as he often did at a book shop to look over new did at a book shop to look over new did at a book shop to look over new publications he happened there on a publications he happened there on a publications he happened there on a small yellow leatherette volume entitled small yellow leatherette volume entitled small yellow leatherette volume entitled trust it was written by William W Cook trust it was written by William W Cook trust it was written by William W Cook of the New York Bar and cost fifty cents of the New York Bar and cost fifty cents of the New York Bar and cost fifty cents mr. Watson bought the book and spent the mr. Watson bought the book and spent the mr. Watson bought the book and spent the evening reading it evening reading it evening reading it at the end he found the Standard Oil at the end he found the Standard Oil at the end he found the Standard Oil trust agreement it was the first time he trust agreement it was the first time he trust agreement it was the first time he had ever seen it he read it carefully had ever seen it he read it carefully had ever seen it he read it carefully and saw at once that if it was a bona and saw at once that if it was a bona and saw at once that if it was a bona fide agreement the Standard Oil Company fide agreement the Standard Oil Company fide agreement the Standard Oil Company of Ohio was and had been for seven years of Ohio was and had been for seven years of Ohio was and had been for seven years violating the laws in the state of Ohio violating the laws in the state of Ohio violating the laws in the state of Ohio by taking the affairs of the company by taking the affairs of the company by taking the affairs of the company from the directors and placing them in from the directors and placing them in from the directors and placing them in the hands of trustees nearly all of whom the hands of trustees nearly all of whom the hands of trustees nearly all of whom were none residents of the state mr. were none residents of the state mr. were none residents of the state mr. Watson knew on the instant that if this Watson knew on the instant that if this Watson knew on the instant that if this were a bonafide agreement and he were were a bonafide agreement and he were were a bonafide agreement and he were reelected Attorney General of Ohio it reelected Attorney General of Ohio it reelected Attorney General of Ohio it would be his duty to bring an action would be his duty to bring an action would be his duty to bring an action against the Standard Oil Company of the against the Standard Oil Company of the against the Standard Oil Company of the state he laid the little book away until state he laid the little book away until state he laid the little book away until he knew the result of the election a few he knew the result of the election a few he knew the result of the election a few weeks later mr. Watson was reelected weeks later mr. Watson was reelected weeks later mr. Watson was reelected Attorney General he at once began a Attorney General he at once began a Attorney General he at once began a search into the authenticity of the search into the authenticity of the search into the authenticity of the documents in mr. crooks little volume he documents in mr. crooks little volume he documents in mr. crooks little volume he sent for the reports of the sent for the reports of the sent for the reports of the investigations by the Committees of the investigations by the Committees of the investigations by the Committees of the New York Senate and of Congress he read

New York Senate and of Congress he read New York Senate and of Congress he read the testimony word-for-word but he still the testimony word-for-word but he still the testimony word-for-word but he still doubted the correctness of the document doubted the correctness of the document doubted the correctness of the document fearing that even if it were in the main fearing that even if it were in the main fearing that even if it were in the main correct there might be some loophole by correct there might be some loophole by correct there might be some loophole by which the Standard Oil Company could which the Standard Oil Company could which the Standard Oil Company could escape now in reading the report of the escape now in reading the report of the escape now in reading the report of the house investigations mr. Watson had been house investigations mr. Watson had been house investigations mr. Watson had been particularly impressed with the particularly impressed with the particularly impressed with the clearness and directness of the clearness and directness of the clearness and directness of the questions put by one of the members of questions put by one of the members of questions put by one of the members of the investigating committee mr. Buchanan the investigating committee mr. Buchanan the investigating committee mr. Buchanan of New Jersey he accordingly went to of New Jersey he accordingly went to of New Jersey he accordingly went to Washington inquired from a friend if mr. Washington inquired from a friend if mr. Washington inquired from a friend if mr. Buchanan could be relied upon and Buchanan could be relied upon and Buchanan could be relied upon and receiving the assurance of his high receiving the assurance of his high receiving the assurance of his high character sought an interview with him character sought an interview with him character sought an interview with him was the standard trust agreement as was the standard trust agreement as was the standard trust agreement as published in the committee's report published in the committee's report published in the committee's report bonafide was the inquiry yes said Mr bonafide was the inquiry yes said Mr bonafide was the inquiry yes said Mr Buchanan but why do you ask because if Buchanan but why do you ask because if Buchanan but why do you ask because if it is replied mr. Watson I believe the it is replied mr. Watson I believe the it is replied mr. Watson I believe the Standard Oil Company of Ohio has Standard Oil Company of Ohio has Standard Oil Company of Ohio has violated the laws of the state and on my violated the laws of the state and on my violated the laws of the state and on my return to Columbus return to Columbus return to Columbus I shall file an action in quo warranto I shall file an action in quo warranto I shall file an action in quo warranto against it in the Supreme Court of the against it in the Supreme Court of the against it in the Supreme Court of the state you would not dare do that would state you would not dare do that would state you would not dare do that would you explain mr. Buchanan you explain mr. Buchanan you explain mr. Buchanan I was young then mr. Watson told the I was young then mr. Watson told the I was young then mr. Watson told the writer in describing this interview and writer in describing this interview and writer in describing this interview and I supposed it was expected of a public I supposed it was expected of a public I supposed it was expected of a public officer to perform his duty so I officer to perform his duty so I officer to perform his duty so I explained to mr. Buchanan that there was explained to mr. Buchanan that there was explained to mr. Buchanan that there was a statute in Ohio which required an a statute in Ohio which required an a statute in Ohio which required an Attorney General to bring suit against Attorney General to bring suit against Attorney General to bring suit against any corporation which he had reason to any corporation which he had reason to any corporation which he had reason to believe was violating the laws of the

believe was violating the laws of the believe was violating the laws of the state that I had no personal feeling state that I had no personal feeling state that I had no personal feeling against the Standard Oil Company but I against the Standard Oil Company but I against the Standard Oil Company but I meant to enforce the law against it as I meant to enforce the law against it as I meant to enforce the law against it as I would against any other company which I would against any other company which I would against any other company which I believed to be violating the law I believed to be violating the law I believed to be violating the law I admire your courage admire your courage admire your courage said mr. Buchanan but I would not do it said mr. Buchanan but I would not do it said mr. Buchanan but I would not do it on May 8 1890 mr. Watson filed his on May 8 1890 mr. Watson filed his on May 8 1890 mr. Watson filed his petition in a Supreme Court of Ohio the petition in a Supreme Court of Ohio the petition in a Supreme Court of Ohio the petition the merde that in violation of petition the merde that in violation of petition the merde that in violation of a law of Ohio the Standard Oil Company a law of Ohio the Standard Oil Company a law of Ohio the Standard Oil Company had entered into an agreement by which had entered into an agreement by which had entered into an agreement by which it had transferred thirty four thousand it had transferred thirty four thousand it had transferred thirty four thousand nine hundred and ninety three shares out nine hundred and ninety three shares out nine hundred and ninety three shares out of 35,000 to the trustees of the of 35,000 to the trustees of the of 35,000 to the trustees of the Standard Oil Trust most of whom were Standard Oil Trust most of whom were Standard Oil Trust most of whom were none residents of the state that it was none residents of the state that it was none residents of the state that it was these trustees who chose the board of these trustees who chose the board of these trustees who chose the board of directors of the Standard Oil Company of directors of the Standard Oil Company of directors of the Standard Oil Company of Ohio and directed its policy and prayed Ohio and directed its policy and prayed Ohio and directed its policy and prayed that on account of this violation of law that on account of this violation of law that on account of this violation of law the company should be a judge to have the company should be a judge to have the company should be a judge to have forfeited and surrendered its corporate forfeited and surrendered its corporate forfeited and surrendered its corporate rights privileges powers and franchises rights privileges powers and franchises rights privileges powers and franchises and that it be ousted and excluded and that it be ousted and excluded and that it be ousted and excluded therefrom and that it be dissolved the therefrom and that it be dissolved the therefrom and that it be dissolved the petition came on the trust like a petition came on the trust like a petition came on the trust like a thunderbolt there had already been more thunderbolt there had already been more thunderbolt there had already been more or less erratic and ill-advised or less erratic and ill-advised or less erratic and ill-advised antitrust legislation in various states antitrust legislation in various states antitrust legislation in various states but it had been framed in ignorance on but it had been framed in ignorance on but it had been framed in ignorance on the actual organization of the trust and the actual organization of the trust and the actual organization of the trust and carried out with a crude notion that the carried out with a crude notion that the carried out with a crude notion that the trust in spite of the fact that it was trust in spite of the fact that it was trust in spite of the fact that it was already thoroughly entrenched in the already thoroughly entrenched in the already thoroughly entrenched in the business life of the country could be business life of the country could be business life of the country could be destroyed by a hostile act of a destroyed by a hostile act of a destroyed by a hostile act of a legislature mr. Watson suit was

legislature mr. Watson suit was legislature mr. Watson suit was something very different it was an something very different it was an something very different it was an application of recognized laws to application of recognized laws to application of recognized laws to admitted facts it brought the Standard admitted facts it brought the Standard admitted facts it brought the Standard Oil Company face to face with several Oil Company face to face with several Oil Company face to face with several legal propositions it did not like to legal propositions it did not like to legal propositions it did not like to meet after a long delay an answer was meet after a long delay an answer was meet after a long delay an answer was filed by the standard to mr. Watson's filed by the standard to mr. Watson's filed by the standard to mr. Watson's joy the one thing joy the one thing joy the one thing he feared the denial of the correctness he feared the denial of the correctness he feared the denial of the correctness of the agreement made no part of this of the agreement made no part of this of the agreement made no part of this answer it admitted the agreement but it answer it admitted the agreement but it answer it admitted the agreement but it denied that the Standard Oil Company of denied that the Standard Oil Company of denied that the Standard Oil Company of Ohio was a party to it the agreement was Ohio was a party to it the agreement was Ohio was a party to it the agreement was signed by the individual stockholders of signed by the individual stockholders of signed by the individual stockholders of the Standard Oil Company not by the the Standard Oil Company not by the the Standard Oil Company not by the company in its corporate capacity the company in its corporate capacity the company in its corporate capacity the Standard Oil Company of Ohio had nothing Standard Oil Company of Ohio had nothing Standard Oil Company of Ohio had nothing to do with the Standard Oil Trust true to do with the Standard Oil Trust true to do with the Standard Oil Trust true certain of its stockholders had turned certain of its stockholders had turned certain of its stockholders had turned over their stock to the nine trustees over their stock to the nine trustees over their stock to the nine trustees but the company did its business as but the company did its business as but the company did its business as before discharging all its duties as its before discharging all its duties as its before discharging all its duties as its Charter required this was the essential Charter required this was the essential Charter required this was the essential point of the defendants answer this and point of the defendants answer this and point of the defendants answer this and des claimed that if the court should des claimed that if the court should des claimed that if the court should hold that the action of the stockholders hold that the action of the stockholders hold that the action of the stockholders in becoming parties to the agreement in in becoming parties to the agreement in in becoming parties to the agreement in their individual capacity was a their individual capacity was a their individual capacity was a corporate act of the Standard Oil corporate act of the Standard Oil corporate act of the Standard Oil Company even then the Charter should not Company even then the Charter should not Company even then the Charter should not be forfeited since the law barred an act be forfeited since the law barred an act be forfeited since the law barred an act committed more than five years before a committed more than five years before a committed more than five years before a petition was filed anticipating that the petition was filed anticipating that the petition was filed anticipating that the trust would get together a strong array trust would get together a strong array trust would get together a strong array of counsel to defend its attack member of counsel to defend its attack member of counsel to defend its attack member mr. Watson retained his personal and mr. Watson retained his personal and mr. Watson retained his personal and professional friend JW Warrington an

professional friend JW Warrington an professional friend JW Warrington an eminent lawyer of Cincinnati to assist eminent lawyer of Cincinnati to assist eminent lawyer of Cincinnati to assist him they were opposed by Joseph H choke him they were opposed by Joseph H choke him they were opposed by Joseph H choke SCT Dodd and virtually Klein of SCT Dodd and virtually Klein of SCT Dodd and virtually Klein of Cleveland Cleveland Cleveland but while the preparation for the but while the preparation for the but while the preparation for the argument of the case was going on the argument of the case was going on the argument of the case was going on the courageous young attorney general was courageous young attorney general was courageous young attorney general was beset on all sides for an explanation beset on all sides for an explanation beset on all sides for an explanation why had he brought the suit what was the why had he brought the suit what was the why had he brought the suit what was the influence which had controlled him men influence which had controlled him men influence which had controlled him men in power took him aside to question him in power took him aside to question him in power took him aside to question him incapable evidently of believing that an incapable evidently of believing that an incapable evidently of believing that an attorney general could be produced in attorney general could be produced in attorney general could be produced in Ohio who would bring a suit solely Ohio who would bring a suit solely Ohio who would bring a suit solely because he believed it was his duty some because he believed it was his duty some because he believed it was his duty some suggested that some big interest hostile suggested that some big interest hostile suggested that some big interest hostile to the standard was behind him others to the standard was behind him others to the standard was behind him others said the suit was suggested by senator said the suit was suggested by senator said the suit was suggested by senator Sherman then interested in his antitrust Sherman then interested in his antitrust Sherman then interested in his antitrust bill along with this speculation came bill along with this speculation came bill along with this speculation came the strong and subtle restraining the strong and subtle restraining the strong and subtle restraining pressure a great corporation is sure to pressure a great corporation is sure to pressure a great corporation is sure to exert when its ambitions are interfered exert when its ambitions are interfered exert when its ambitions are interfered with from all sides came powerful with from all sides came powerful with from all sides came powerful persuasion that the suit be dropped persuasion that the suit be dropped persuasion that the suit be dropped mr. Watson has never made public the mr. Watson has never made public the mr. Watson has never made public the details of this influence in any details of this influence in any details of this influence in any documentary way but the accounts he at documentary way but the accounts he at documentary way but the accounts he at the time gave different friends of it the time gave different friends of it the time gave different friends of it led to so much gossip in Ohio that in led to so much gossip in Ohio that in led to so much gossip in Ohio that in 1899 the Attorney General of the state 1899 the Attorney General of the state 1899 the Attorney General of the state FS Monet made detailed charges of six FS Monet made detailed charges of six FS Monet made detailed charges of six deliberate attempts to bribe mr. Watson deliberate attempts to bribe mr. Watson deliberate attempts to bribe mr. Watson to withdraw the suits but one bit of to withdraw the suits but one bit of to withdraw the suits but one bit of documentary proof of the efforts to documentary proof of the efforts to documentary proof of the efforts to reach the Attorney General ever reached reach the Attorney General ever reached reach the Attorney General ever reached the public that came out without his

the public that came out without his the public that came out without his knowledge or consent mr. watson claims knowledge or consent mr. watson claims knowledge or consent mr. watson claims seven years after the suit was brought seven years after the suit was brought seven years after the suit was brought it is interesting enough as evidence of it is interesting enough as evidence of it is interesting enough as evidence of the character of the pressure mr. the character of the pressure mr. the character of the pressure mr. Rockefeller can set in motion when he Rockefeller can set in motion when he Rockefeller can set in motion when he will among mr. Rockefellers Ohio friends will among mr. Rockefellers Ohio friends will among mr. Rockefellers Ohio friends was too late Marcus Ahana who was even was too late Marcus Ahana who was even was too late Marcus Ahana who was even then a strong factor in the Republican then a strong factor in the Republican then a strong factor in the Republican Party of the state a few months after Party of the state a few months after Party of the state a few months after the suit was brought he wrote mr. Wonsan the suit was brought he wrote mr. Wonsan the suit was brought he wrote mr. Wonsan a letter of remonstrance many of mr. a letter of remonstrance many of mr. a letter of remonstrance many of mr. Watson's friends saw this letter at the Watson's friends saw this letter at the Watson's friends saw this letter at the time and felt deep indignation over its time and felt deep indignation over its time and felt deep indignation over its contents in 1897 when mr. Hinault was a contents in 1897 when mr. Hinault was a contents in 1897 when mr. Hinault was a candidate for the United States Senate candidate for the United States Senate candidate for the United States Senate an enterprising newspaperman of Ohio an enterprising newspaperman of Ohio an enterprising newspaperman of Ohio recalled that during 1890 it was common recalled that during 1890 it was common recalled that during 1890 it was common gossip in Ohio that mr. Hanna had gossip in Ohio that mr. Hanna had gossip in Ohio that mr. Hanna had written the Attorney General a letter written the Attorney General a letter written the Attorney General a letter asking him to withdraw his suit against asking him to withdraw his suit against asking him to withdraw his suit against the Standard Oil Company the the Standard Oil Company the the Standard Oil Company the correspondent sought mr. Watson who so correspondent sought mr. Watson who so correspondent sought mr. Watson who so he ABARES let him read the letter he ABARES let him read the letter he ABARES let him read the letter through although he refused to allow him through although he refused to allow him through although he refused to allow him to copy it for publication no one could to copy it for publication no one could to copy it for publication no one could read it and ever forget it read it and ever forget it read it and ever forget it said the correspondent but to reinforce said the correspondent but to reinforce said the correspondent but to reinforce himself he sought persons who were himself he sought persons who were himself he sought persons who were associated with mr. Watson at the time associated with mr. Watson at the time associated with mr. Watson at the time yes they remembered the letter perfectly yes they remembered the letter perfectly yes they remembered the letter perfectly certain of them said that they could certain of them said that they could certain of them said that they could never forget some of its expressions never forget some of its expressions never forget some of its expressions between them they pieced up the between them they pieced up the between them they pieced up the following portions of the letter which following portions of the letter which following portions of the letter which they declared correct and which the they declared correct and which the they declared correct and which the correspondent published in the New York correspondent published in the New York correspondent published in the New York world for August 11 1897 I noticed some

world for August 11 1897 I noticed some world for August 11 1897 I noticed some time ago that you had brought suit to time ago that you had brought suit to time ago that you had brought suit to take away the charter of the Standard take away the charter of the Standard take away the charter of the Standard Oil Company I intended at that time to Oil Company I intended at that time to Oil Company I intended at that time to write you about it but it slipped my write you about it but it slipped my write you about it but it slipped my memory a few days ago while a new you memory a few days ago while a new you memory a few days ago while a new you i met a friend john d rockefeller and he i met a friend john d rockefeller and he i met a friend john d rockefeller and he called my attention to the fact that you called my attention to the fact that you called my attention to the fact that you had brought the soup but did not asked had brought the soup but did not asked had brought the soup but did not asked me to influence you in any way i have me to influence you in any way i have me to influence you in any way i have always considered you in the line of always considered you in the line of always considered you in the line of political promotion said hana and then political promotion said hana and then political promotion said hana and then went on to intimated that unless the went on to intimated that unless the went on to intimated that unless the suit against the standard was withdrawn suit against the standard was withdrawn suit against the standard was withdrawn watson would be the object of vengeance watson would be the object of vengeance watson would be the object of vengeance by the corporation and its friends by the corporation and its friends by the corporation and its friends forever after as it de clinched his forever after as it de clinched his forever after as it de clinched his threat and argument on a rope you have threat and argument on a rope you have threat and argument on a rope you have been in politics long enough to know been in politics long enough to know been in politics long enough to know that no man in public office owes the that no man in public office owes the that no man in public office owes the public anything the letter concluded public anything the letter concluded public anything the letter concluded with a reference to the present with a reference to the present with a reference to the present Secretary of State John Sherman Hana Secretary of State John Sherman Hana Secretary of State John Sherman Hana wrote I understand it senator Sherman wrote I understand it senator Sherman wrote I understand it senator Sherman inspired and instigated his suit if this inspired and instigated his suit if this inspired and instigated his suit if this is so I will take occasion to talk to is so I will take occasion to talk to is so I will take occasion to talk to him sharply when I see him the letter him sharply when I see him the letter him sharply when I see him the letter was written on the typewriter and letter was written on the typewriter and letter was written on the typewriter and letter heads of Honda's business office in heads of Honda's business office in heads of Honda's business office in Cleveland having secured this much the Cleveland having secured this much the Cleveland having secured this much the correspondents thinking it possible mr.

correspondents thinking it possible mr. correspondents thinking it possible mr. Watson might have answered mr. Honda's Watson might have answered mr. Honda's Watson might have answered mr. Honda's letter undertook a bit of original letter undertook a bit of original letter undertook a bit of original investigation he sought the files of the investigation he sought the files of the investigation he sought the files of the Attorney General's official Attorney General's official Attorney General's official correspondence for 1890 and the correspondence for 1890 and the correspondence for 1890 and the following is what he found this letter following is what he found this letter following is what he found this letter certainly is evidence enough of a sort certainly is evidence enough of a sort certainly is evidence enough of a sort of letter mr. Hanna had written even if of letter mr. Hanna had written even if of letter mr. Hanna had written even if the above restoration is not absolutely the above restoration is not absolutely the above restoration is not absolutely accurate December 13 1890 honorable mark accurate December 13 1890 honorable mark accurate December 13 1890 honorable mark Hanna Cleveland Ohio My dear sir your Hanna Cleveland Ohio My dear sir your Hanna Cleveland Ohio My dear sir your communication of the 21st alternately communication of the 21st alternately communication of the 21st alternately came to hand the delay in answering it came to hand the delay in answering it came to hand the delay in answering it has been caused largely by my being ill has been caused largely by my being ill has been caused largely by my being ill for several days I did not intend that for several days I did not intend that for several days I did not intend that bringing the action to which you refer bringing the action to which you refer bringing the action to which you refer in your letter should be an attack on my in your letter should be an attack on my in your letter should be an attack on my part on organized capital for I am aware part on organized capital for I am aware part on organized capital for I am aware that great business transactions require that great business transactions require that great business transactions require the union and concentration of moneyed the union and concentration of moneyed the union and concentration of moneyed interests and fully appreciate what has interests and fully appreciate what has interests and fully appreciate what has been done in that direction yet I cannot been done in that direction yet I cannot been done in that direction yet I cannot but feel that I am justified in bringing but feel that I am justified in bringing but feel that I am justified in bringing the suit against the Standard Oil the suit against the Standard Oil the suit against the Standard Oil Company and believe that there are many Company and believe that there are many Company and believe that there are many things relating to the case which if you things relating to the case which if you things relating to the case which if you understood would cause you to entertain understood would cause you to entertain understood would cause you to entertain different views concerning it and my different views concerning it and my different views concerning it and my relation to it relation to it relation to it let me impress one thing on you with let me impress one thing on you with let me impress one thing on you with special particularity and you may depend special particularity and you may depend special particularity and you may depend absolutely under truthfulness senator absolutely under truthfulness senator absolutely under truthfulness senator Sherman never suggested or encouraged Sherman never suggested or encouraged Sherman never suggested or encouraged this suit either directly or indirectly this suit either directly or indirectly this suit either directly or indirectly this must be understood in its broadest this must be understood in its broadest this must be understood in its broadest sense the report probably arose from the

sense the report probably arose from the sense the report probably arose from the fact that the suit was brought shortly fact that the suit was brought shortly fact that the suit was brought shortly after the senator made his great speech after the senator made his great speech after the senator made his great speech in support of his antitrust bill you in support of his antitrust bill you in support of his antitrust bill you will hardly receive my statement with will hardly receive my statement with will hardly receive my statement with favor I fear but I am alone responsible favor I fear but I am alone responsible favor I fear but I am alone responsible for the action no one encouraged me to for the action no one encouraged me to for the action no one encouraged me to bring it or knew that it would be bring it or knew that it would be bring it or knew that it would be brought brought brought until I determined to do so and it is until I determined to do so and it is until I determined to do so and it is unfair to other persons to charge them unfair to other persons to charge them unfair to other persons to charge them with suggesting it or encouraging it with suggesting it or encouraging it with suggesting it or encouraging it with the highest appreciation of your with the highest appreciation of your with the highest appreciation of your personal friendship I am with great personal friendship I am with great personal friendship I am with great respect truly yours David Kay Watson the respect truly yours David Kay Watson the respect truly yours David Kay Watson the part which the terse phrase attributed part which the terse phrase attributed part which the terse phrase attributed to mr. Hanna no man in public office to mr. Hanna no man in public office to mr. Hanna no man in public office owes the public anything played in the owes the public anything played in the owes the public anything played in the senatorial campaign of 1897 is familiar senatorial campaign of 1897 is familiar senatorial campaign of 1897 is familiar to those who follow politics it was kept to those who follow politics it was kept to those who follow politics it was kept standing for days in blackface capitals standing for days in blackface capitals standing for days in blackface capitals at the head of the Opposition newspapers at the head of the Opposition newspapers at the head of the Opposition newspapers in Ohio and remained a potent weapon in in Ohio and remained a potent weapon in in Ohio and remained a potent weapon in the hands of mr. Hanna's enemies to the the hands of mr. Hanna's enemies to the the hands of mr. Hanna's enemies to the time of his death whatever the pressure time of his death whatever the pressure time of his death whatever the pressure mr. Watson encountered it had no effect mr. Watson encountered it had no effect mr. Watson encountered it had no effect on his purpose he quietly went ahead on his purpose he quietly went ahead on his purpose he quietly went ahead presented his brief and when the time presented his brief and when the time presented his brief and when the time came he and mr. Warrington argued the came he and mr. Warrington argued the came he and mr. Warrington argued the case the following proposition from the case the following proposition from the case the following proposition from the brief presented by mr. Watson and mr.

brief presented by mr. Watson and mr. brief presented by mr. Watson and mr. Warrington show tersely the line of Warrington show tersely the line of Warrington show tersely the line of their argument where the manifest object their argument where the manifest object their argument where the manifest object of an agreement is to unite corporations of an agreement is to unite corporations of an agreement is to unite corporations partnerships and individuals into or partnerships and individuals into or partnerships and individuals into or include them in a common enterprise and include them in a common enterprise and include them in a common enterprise and control them through an agency unknown control them through an agency unknown control them through an agency unknown to the law of their creation and all the to the law of their creation and all the to the law of their creation and all the officers directors and stockholders of officers directors and stockholders of officers directors and stockholders of such corporations signed the agreement such corporations signed the agreement such corporations signed the agreement and in furtherance of its provisions and in furtherance of its provisions and in furtherance of its provisions transfer their stock to such agency transfer their stock to such agency transfer their stock to such agency permit the corporate executive agencies permit the corporate executive agencies permit the corporate executive agencies to make such transfers on the corporate to make such transfers on the corporate to make such transfers on the corporate books submit without objection to the books submit without objection to the books submit without objection to the domination of the agency to which the domination of the agency to which the domination of the agency to which the stock is so transferred in the selection stock is so transferred in the selection stock is so transferred in the selection of directors and officers of directors and officers of directors and officers and in the management of the corporate and in the management of the corporate and in the management of the corporate affairs and business suffer the affairs and business suffer the affairs and business suffer the corporate earnings to go to such agency corporate earnings to go to such agency corporate earnings to go to such agency and be placed in mingled with the and be placed in mingled with the and be placed in mingled with the earnings of the other parties in the earnings of the other parties in the earnings of the other parties in the combination so created and after combination so created and after combination so created and after deductions for uses of the combination deductions for uses of the combination deductions for uses of the combination be divided as part of such common be divided as part of such common be divided as part of such common earnings among the persons interested in earnings among the persons interested in earnings among the persons interested in such case the corporations become an are such case the corporations become an are such case the corporations become an are or at least will be treated by the or at least will be treated by the or at least will be treated by the courts as parties to such agreement and courts as parties to such agreement and courts as parties to such agreement and actors in its performance although their actors in its performance although their actors in its performance although their corporate names are withheld their from corporate names are withheld their from corporate names are withheld their from such proceedings constitute actual such proceedings constitute actual such proceedings constitute actual corporate conda if not formal corporate corporate conda if not formal corporate corporate conda if not formal corporate action on the part of each corporation action on the part of each corporation action on the part of each corporation an agreement is in violation of the law an agreement is in violation of the law an agreement is in violation of the law and void which in effect creates a and void which in effect creates a and void which in effect creates a partnership between corporations or partnership between corporations or partnership between corporations or where it's probable operation and effect where it's probable operation and effect where it's probable operation and effect much more where it's inevitable tendency

much more where it's inevitable tendency much more where it's inevitable tendency is to create a substantial monopoly or is to create a substantial monopoly or is to create a substantial monopoly or is in restraint of trade or otherwise is in restraint of trade or otherwise is in restraint of trade or otherwise injurious to the public where a injurious to the public where a injurious to the public where a corporation either directly or corporation either directly or corporation either directly or indirectly submits to the domination of indirectly submits to the domination of indirectly submits to the domination of an agency unknown to the statute or an agency unknown to the statute or an agency unknown to the statute or identifies itself with and unites in identifies itself with and unites in identifies itself with and unites in carrying out an agreement whose carrying out an agreement whose carrying out an agreement whose performance is injurious to the public performance is injurious to the public performance is injurious to the public it thereby offends against the law of it thereby offends against the law of it thereby offends against the law of its creation and forfeits all rights to its creation and forfeits all rights to its creation and forfeits all rights to its franchises and judgment of ouster its franchises and judgment of ouster its franchises and judgment of ouster should be entered against it even at the should be entered against it even at the should be entered against it even at the statute which prescribes a time within statute which prescribes a time within statute which prescribes a time within which an action against the corporation which an action against the corporation which an action against the corporation for forfeiture of his charter shall be for forfeiture of his charter shall be for forfeiture of his charter shall be commenced be applicable to a case of commenced be applicable to a case of commenced be applicable to a case of this kind yet when the offences are acts this kind yet when the offences are acts this kind yet when the offences are acts committed or omitted by a corporation committed or omitted by a corporation committed or omitted by a corporation for which corporate sure of its Charter for which corporate sure of its Charter for which corporate sure of its Charter is sought at the suit of the state or is sought at the suit of the state or is sought at the suit of the state or concealed or of such character as to concealed or of such character as to concealed or of such character as to conceal themselves such offences and conceal themselves such offences and conceal themselves such offences and acts as against the state are frauds and acts as against the state are frauds and acts as against the state are frauds and such statute does not begin to run until such statute does not begin to run until such statute does not begin to run until the frauds are discovered Joseph H the frauds are discovered Joseph H the frauds are discovered Joseph H Choate appeared for the defense the most Choate appeared for the defense the most Choate appeared for the defense the most eminent lawyer in the country his eminent lawyer in the country his eminent lawyer in the country his argument must have been anxiously argument must have been anxiously argument must have been anxiously awaited by mr. Watson curiously enough awaited by mr. Watson curiously enough awaited by mr. Watson curiously enough as it seems to the none legal mine mr.

as it seems to the none legal mine mr. as it seems to the none legal mine mr. chote began his plea by a prayer for chote began his plea by a prayer for chote began his plea by a prayer for mercy whatever mercy whatever mercy whatever sins of the Standard Oil Company of Ohio sins of the Standard Oil Company of Ohio sins of the Standard Oil Company of Ohio pleaded mr. show do not take away its pleaded mr. show do not take away its pleaded mr. show do not take away its charter mr. chote then proceeded with a charter mr. chote then proceeded with a charter mr. chote then proceeded with a strong argument in which he claimed strong argument in which he claimed strong argument in which he claimed absolute innocence and absolute merit absolute innocence and absolute merit absolute innocence and absolute merit for everything we have done within the for everything we have done within the for everything we have done within the scope of the matters brought equal the scope of the matters brought equal the scope of the matters brought equal the court by these pleadings the argument court by these pleadings the argument court by these pleadings the argument did not convince the court of the did not convince the court of the did not convince the court of the innocence of a standard in the questions innocence of a standard in the questions innocence of a standard in the questions at issue the court showed out of the at issue the court showed out of the at issue the court showed out of the mouth of the trust agreement itself that mouth of the trust agreement itself that mouth of the trust agreement itself that the Standard Oil Company of Ohio was the Standard Oil Company of Ohio was the Standard Oil Company of Ohio was managed in the interest of the Standard managed in the interest of the Standard managed in the interest of the Standard Oil Trust irrespective of what might be Oil Trust irrespective of what might be Oil Trust irrespective of what might be its duties to the people of the state its duties to the people of the state its duties to the people of the state from which it derives its corporate life from which it derives its corporate life from which it derives its corporate life the court gained as its opinion that an the court gained as its opinion that an the court gained as its opinion that an act of a majority of the stockholders of act of a majority of the stockholders of act of a majority of the stockholders of a corporation affects the property of a a corporation affects the property of a a corporation affects the property of a company in the same way that a company in the same way that a company in the same way that a resolution by the Board of Directors resolution by the Board of Directors resolution by the Board of Directors affects it by this agreement said the affects it by this agreement said the affects it by this agreement said the court indirectly it is true but court indirectly it is true but court indirectly it is true but nonetheless effectually the defendant is nonetheless effectually the defendant is nonetheless effectually the defendant is controlled and managed by the Standard controlled and managed by the Standard controlled and managed by the Standard Oil Trust an association with its Oil Trust an association with its Oil Trust an association with its principal place of business in New York principal place of business in New York principal place of business in New York City and organized for a purpose City and organized for a purpose City and organized for a purpose contrary to the policy of our laws its contrary to the policy of our laws its contrary to the policy of our laws its object was to establish a virtual object was to establish a virtual object was to establish a virtual monopoly of the business of producing monopoly of the business of producing monopoly of the business of producing petroleum and a manufacturing refining petroleum and a manufacturing refining petroleum and a manufacturing refining and dealing in it and all its products and dealing in it and all its products and dealing in it and all its products throughout the entire country and by throughout the entire country and by throughout the entire country and by which it might not merely control the which it might not merely control the which it might not merely control the production but the price at its pleasure

production but the price at its pleasure production but the price at its pleasure all such associations are contrary to all such associations are contrary to all such associations are contrary to the policy of our state and void the policy of our state and void the policy of our state and void much has been said in favor of the much has been said in favor of the much has been said in favor of the objects of the Standard Oil Trust and objects of the Standard Oil Trust and objects of the Standard Oil Trust and what it has accomplished it may be true what it has accomplished it may be true what it has accomplished it may be true that it has improved the quality and that it has improved the quality and that it has improved the quality and cheapened across the petroleum and its cheapened across the petroleum and its cheapened across the petroleum and its products to the consumer but such is not products to the consumer but such is not products to the consumer but such is not one of the usual and general results of one of the usual and general results of one of the usual and general results of a monopoly and it is the policy of the a monopoly and it is the policy of the a monopoly and it is the policy of the law to regard not what may but what law to regard not what may but what law to regard not what may but what usually happens experience shows that it usually happens experience shows that it usually happens experience shows that it is not wise to trust human humidity is not wise to trust human humidity is not wise to trust human humidity where it has the opportunity to where it has the opportunity to where it has the opportunity to aggrandize itself at the expense of aggrandize itself at the expense of aggrandize itself at the expense of others the claim of having cheapen the others the claim of having cheapen the others the claim of having cheapen the price to the consumer is the usual price to the consumer is the usual price to the consumer is the usual pretext on which monopolies of this kind pretext on which monopolies of this kind pretext on which monopolies of this kind or defendant from or defendant from or defendant from all this Court decided the Standard Oil all this Court decided the Standard Oil all this Court decided the Standard Oil Company deserved punishment the Charter Company deserved punishment the Charter Company deserved punishment the Charter was not taken away the statute of was not taken away the statute of was not taken away the statute of limitations being advanced as a reason limitations being advanced as a reason limitations being advanced as a reason for this leniency although as mr. Watson for this leniency although as mr. Watson for this leniency although as mr. Watson and mr. Waring Tain's showed the statute and mr. Waring Tain's showed the statute and mr. Waring Tain's showed the statute of limitations could hardly be plead it of limitations could hardly be plead it of limitations could hardly be plead it in this case when the state had been in this case when the state had been in this case when the state had been kept in ignorance by the concealment of kept in ignorance by the concealment of kept in ignorance by the concealment of the ingredient the company was allowed the ingredient the company was allowed the ingredient the company was allowed to live but it was ousted from the to live but it was ousted from the to live but it was ousted from the privilege of entering into the trust privilege of entering into the trust privilege of entering into the trust agreement from the power of recognizing agreement from the power of recognizing agreement from the power of recognizing the transfer of stock and from the power the transfer of stock and from the power the transfer of stock and from the power of permitting the trustees to control of permitting the trustees to control of permitting the trustees to control its affairs it was also ordered to pay its affairs it was also ordered to pay its affairs it was also ordered to pay the costs of the action the judgment of the costs of the action the judgment of the costs of the action the judgment of the court was not rendered until March 2 the court was not rendered until March 2 the court was not rendered until March 2 1892 almost two years after the filing

1892 almost two years after the filing 1892 almost two years after the filing of the petition as soon as it was of the petition as soon as it was of the petition as soon as it was received received received Virgil P Kline the chief counsel of the Virgil P Kline the chief counsel of the Virgil P Kline the chief counsel of the Standard Oil Company of Ohio went to New Standard Oil Company of Ohio went to New Standard Oil Company of Ohio went to New York for consultation with the trustees York for consultation with the trustees York for consultation with the trustees five days later he wrote to judge Speer five days later he wrote to judge Speer five days later he wrote to judge Speer the Chief Justice of the Ohio Supreme the Chief Justice of the Ohio Supreme the Chief Justice of the Ohio Supreme Court saying decisive steps will be Court saying decisive steps will be Court saying decisive steps will be taken at once not only to release the taken at once not only to release the taken at once not only to release the Standard Oil Company from any relations Standard Oil Company from any relations Standard Oil Company from any relations to the trust but to terminate the entire to the trust but to terminate the entire to the trust but to terminate the entire trust but there were practical trust but there were practical trust but there were practical difficulties in the task the company difficulties in the task the company difficulties in the task the company pleaded for a temporary recognition and pleaded for a temporary recognition and pleaded for a temporary recognition and he asked an interview where he could he asked an interview where he could he asked an interview where he could explain the situation this was granted explain the situation this was granted explain the situation this was granted and on the 16th of March mr. Kline and on the 16th of March mr. Kline and on the 16th of March mr. Kline explained to the judges and chambers to explained to the judges and chambers to explained to the judges and chambers to mr. Watson and to his successor or mr. Watson and to his successor or mr. Watson and to his successor or novice the situation of the company the novice the situation of the company the novice the situation of the company the trustees and all but seven shares of its trustees and all but seven shares of its trustees and all but seven shares of its stock trust certificates had been issued stock trust certificates had been issued stock trust certificates had been issued for these ten years before the Standard for these ten years before the Standard for these ten years before the Standard Oil Company did not know who held these Oil Company did not know who held these Oil Company did not know who held these certificates and could only know through certificates and could only know through certificates and could only know through the trustees therefore the trust the trustees therefore the trust the trustees therefore the trust certificates must be transferred back certificates must be transferred back certificates must be transferred back the owners hunted up and each one the owners hunted up and each one the owners hunted up and each one induced to make an exchange a system induced to make an exchange a system induced to make an exchange a system must be devised for doing this anybody must be devised for doing this anybody must be devised for doing this anybody could see this would take time the court could see this would take time the court could see this would take time the court was friendly in the matter and Chief was friendly in the matter and Chief was friendly in the matter and Chief Justice Speer gave to mr. Kline an Justice Speer gave to mr. Kline an Justice Speer gave to mr. Kline an informal note granting an extension the informal note granting an extension the informal note granting an extension the court is not disposed to change its court is not disposed to change its court is not disposed to change its order at this time the chief justice order at this time the chief justice order at this time the chief justice but so long as those in control appear

but so long as those in control appear but so long as those in control appear to be engaged as now in an honest effort to be engaged as now in an honest effort to be engaged as now in an honest effort to dissever little relations of the to dissever little relations of the to dissever little relations of the company with the trust and liquidate and company with the trust and liquidate and company with the trust and liquidate and wind up the affairs of the trust the wind up the affairs of the trust the wind up the affairs of the trust the court will not be disposed to interfere court will not be disposed to interfere court will not be disposed to interfere thus time was gained while mr. Klein was thus time was gained while mr. Klein was thus time was gained while mr. Klein was securing time the trustees were pushing securing time the trustees were pushing securing time the trustees were pushing a liquidation scheme on March 11 the a liquidation scheme on March 11 the a liquidation scheme on March 11 the following notice was mailed to all following notice was mailed to all following notice was mailed to all holders of the Standard Oil Trust holders of the Standard Oil Trust holders of the Standard Oil Trust certificates and was published in a certificates and was published in a certificates and was published in a newspaper in each state where a Standard newspaper in each state where a Standard newspaper in each state where a Standard Oil Company had been organized notice a Oil Company had been organized notice a Oil Company had been organized notice a special meeting of the holders of special meeting of the holders of special meeting of the holders of Standard Oil Trust certificates will be Standard Oil Trust certificates will be Standard Oil Trust certificates will be held at the office of the trust number held at the office of the trust number held at the office of the trust number 26 Broadway in the city of New York on 26 Broadway in the city of New York on 26 Broadway in the city of New York on Monday March 21 1892 at 11 o'clock a.m. Monday March 21 1892 at 11 o'clock a.m. Monday March 21 1892 at 11 o'clock a.m. for the purpose of voting upon a for the purpose of voting upon a for the purpose of voting upon a resolution to terminate the trust resolution to terminate the trust resolution to terminate the trust agreements in accordance with the terms agreements in accordance with the terms agreements in accordance with the terms of said agreement and to take such of said agreement and to take such of said agreement and to take such further action as may be thereby further action as may be thereby further action as may be thereby rendered necessary hm flagler secretary rendered necessary hm flagler secretary rendered necessary hm flagler secretary the meeting was held is called mr.

the meeting was held is called mr. the meeting was held is called mr. Rockefeller was in the chair and mr. Don Rockefeller was in the chair and mr. Don Rockefeller was in the chair and mr. Don who had drawn the trust agreement now who had drawn the trust agreement now who had drawn the trust agreement now presented the resolution which was to presented the resolution which was to presented the resolution which was to dissolve it the remarks which mr. Dodd dissolve it the remarks which mr. Dodd dissolve it the remarks which mr. Dodd introduced his resolution denied every introduced his resolution denied every introduced his resolution denied every point which the courts had charged point which the courts had charged point which the courts had charged against the combination something over against the combination something over against the combination something over ten years ago said mr. Dodd a few ten years ago said mr. Dodd a few ten years ago said mr. Dodd a few individuals owning stocks in a number of individuals owning stocks in a number of individuals owning stocks in a number of corporations engaged in transporting and corporations engaged in transporting and corporations engaged in transporting and refining oil entered into an agreement refining oil entered into an agreement refining oil entered into an agreement by which their stocks were placed in the by which their stocks were placed in the by which their stocks were placed in the hands of trustees and certificates were hands of trustees and certificates were hands of trustees and certificates were issued by said trustees showing the issued by said trustees showing the issued by said trustees showing the amount of each owners equitable interest amount of each owners equitable interest amount of each owners equitable interest in the stock so held in trust this was in the stock so held in trust this was in the stock so held in trust this was not done in order to vest the voting not done in order to vest the voting not done in order to vest the voting power in the hands of a few persons power in the hands of a few persons power in the hands of a few persons because the persons chosen as trustees because the persons chosen as trustees because the persons chosen as trustees then held and always have held the then held and always have held the then held and always have held the voting power by virtue of their absolute voting power by virtue of their absolute voting power by virtue of their absolute ownership of a majority of the stocks it ownership of a majority of the stocks it ownership of a majority of the stocks it was not done to reduce competition was not done to reduce competition was not done to reduce competition because the companies whose stocks because the companies whose stocks because the companies whose stocks replaced in trusts were not competing replaced in trusts were not competing replaced in trusts were not competing companies and could not be so long as companies and could not be so long as companies and could not be so long as their stocks were owned by these few their stocks were owned by these few their stocks were owned by these few persons it was not done to limit persons it was not done to limit persons it was not done to limit production or to increase prices production or to increase prices production or to increase prices but on the contrary was done to increase but on the contrary was done to increase but on the contrary was done to increase production cheap and cost of manufacture production cheap and cost of manufacture production cheap and cost of manufacture and to lower prices and it has been and to lower prices and it has been and to lower prices and it has been successful in that object far beyond the successful in that object far beyond the successful in that object far beyond the anticipations of those who originated anticipations of those who originated anticipations of those who originated the plan it was called a trust because the plan it was called a trust because the plan it was called a trust because it was a trust in the sense in which the it was a trust in the sense in which the it was a trust in the sense in which the word was then understood invested a word was then understood invested a word was then understood invested a fiduciary obligation in a fuel for the

fiduciary obligation in a fuel for the fiduciary obligation in a fuel for the benefit of many and the trustees thus benefit of many and the trustees thus benefit of many and the trustees thus created have faithfully observed to created have faithfully observed to created have faithfully observed to trust confided in them other persons trust confided in them other persons trust confided in them other persons however found this trust plan a however found this trust plan a however found this trust plan a convenient one and it is alleged that it convenient one and it is alleged that it convenient one and it is alleged that it has been adopted for and adopted to has been adopted for and adopted to has been adopted for and adopted to purpose is quite different from those purpose is quite different from those purpose is quite different from those which actuated the framers of this trust which actuated the framers of this trust which actuated the framers of this trust whether these allegations be true or whether these allegations be true or whether these allegations be true or false it is true that a trust is now false it is true that a trust is now false it is true that a trust is now defined to be a combination to suppress defined to be a combination to suppress defined to be a combination to suppress competition and to reduce production and competition and to reduce production and competition and to reduce production and to increase prices public opinion has to increase prices public opinion has to increase prices public opinion has not unwisely been aroused against not unwisely been aroused against not unwisely been aroused against combinations for such purposes and combinations for such purposes and combinations for such purposes and legislation of more or less severity and legislation of more or less severity and legislation of more or less severity and rather more or less peculiarity has been rather more or less peculiarity has been rather more or less peculiarity has been directed against them in 17 or 18 states directed against them in 17 or 18 states directed against them in 17 or 18 states of the union of the union of the union all such arrangements are now miscalled all such arrangements are now miscalled all such arrangements are now miscalled trust and all Trust are popularly trust and all Trust are popularly trust and all Trust are popularly supposed to partake of the same nature supposed to partake of the same nature supposed to partake of the same nature for this reason if for no other it for this reason if for no other it for this reason if for no other it should be seriously considered whether should be seriously considered whether should be seriously considered whether this trust should not be terminated so this trust should not be terminated so this trust should not be terminated so long as it exists misconception of its long as it exists misconception of its long as it exists misconception of its purposes will exist but another reason purposes will exist but another reason purposes will exist but another reason exists which seems to make it desirable exists which seems to make it desirable exists which seems to make it desirable to dissolve this trust some two years to dissolve this trust some two years to dissolve this trust some two years ago a quo warranto issued in the name of ago a quo warranto issued in the name of ago a quo warranto issued in the name of the state of Ohio against the Standard the state of Ohio against the Standard the state of Ohio against the Standard Oil Company a corporation of the state Oil Company a corporation of the state Oil Company a corporation of the state of Ohio setting forth this trust of Ohio setting forth this trust of Ohio setting forth this trust agreement and alleging that that agreement and alleging that that agreement and alleging that that corporation by becoming a party dare to corporation by becoming a party dare to corporation by becoming a party dare to had done an act beyond its power and

had done an act beyond its power and had done an act beyond its power and thereby had forfeited its charter the thereby had forfeited its charter the thereby had forfeited its charter the defendant corporation denied that it was defendant corporation denied that it was defendant corporation denied that it was a party to the agreement an alleged that a party to the agreement an alleged that a party to the agreement an alleged that the agreement was on its face and the agreement was on its face and the agreement was on its face and plainly an agreement only between plainly an agreement only between plainly an agreement only between individuals owners of corporate stocks individuals owners of corporate stocks individuals owners of corporate stocks relating to their personal property and relating to their personal property and relating to their personal property and was neither made by the corporation No was neither made by the corporation No was neither made by the corporation No for the corporation the court however for the corporation the court however for the corporation the court however held that the agreement was a corporate held that the agreement was a corporate held that the agreement was a corporate agreement and decreed among other things agreement and decreed among other things agreement and decreed among other things that the corporation must cease to that the corporation must cease to that the corporation must cease to commit trustees the boat upon stops held commit trustees the boat upon stops held commit trustees the boat upon stops held in trust as this agreement was not in trust as this agreement was not in trust as this agreement was not entered into as a corporate agreement entered into as a corporate agreement entered into as a corporate agreement and as this decision gives it an effect and as this decision gives it an effect and as this decision gives it an effect quite different from the intent of the quite different from the intent of the quite different from the intent of the parties who entered into it parties who entered into it parties who entered into it it seems better to end it it is probable it seems better to end it it is probable it seems better to end it it is probable that mr. Dodd had foreseen from the that mr. Dodd had foreseen from the that mr. Dodd had foreseen from the first just such an attack on his first just such an attack on his first just such an attack on his agreement as had come or he had put into agreement as had come or he had put into agreement as had come or he had put into that instrument a paragraph providing that instrument a paragraph providing that instrument a paragraph providing for a disillusion and it was in for a disillusion and it was in for a disillusion and it was in accordance with that article that the accordance with that article that the accordance with that article that the trust was now dissolved the trustees trust was now dissolved the trustees trust was now dissolved the trustees were to continue to exist under a new were to continue to exist under a new were to continue to exist under a new name liquidating trustees the property name liquidating trustees the property name liquidating trustees the property they had to take care of was vastly in they had to take care of was vastly in they had to take care of was vastly in excess of what it had been 10 years excess of what it had been 10 years excess of what it had been 10 years before then the capital of the 39 before then the capital of the 39 before then the capital of the 39 constituent companies was seventy constituent companies was seventy constituent companies was seventy million dollars these companies had been million dollars these companies had been million dollars these companies had been combined until they had been reduced to combined until they had been reduced to combined until they had been reduced to 20 and their combined capital was now 20 and their combined capital was now 20 and their combined capital was now one hundred and two million two hundred one hundred and two million two hundred one hundred and two million two hundred thirty three thousand seven hundred

thirty three thousand seven hundred thirty three thousand seven hundred dollars property of about twenty million dollars property of about twenty million dollars property of about twenty million dollars in excess of the capital was dollars in excess of the capital was dollars in excess of the capital was held by the trustees mr. Dodds held by the trustees mr. Dodds held by the trustees mr. Dodds resolution provided for the division of resolution provided for the division of resolution provided for the division of this property and for the transfer of this property and for the transfer of this property and for the transfer of the trust certificates back to the the trust certificates back to the the trust certificates back to the corporations in which they belonged the corporations in which they belonged the corporations in which they belonged the individual holders of the trust individual holders of the trust individual holders of the trust certificates were to get in exchange a certificates were to get in exchange a certificates were to get in exchange a proportionate share in each of the 20 proportionate share in each of the 20 proportionate share in each of the 20 companies a will not get stock in one companies a will not get stock in one companies a will not get stock in one corporation and be in another each will corporation and be in another each will corporation and be in another each will get his due proportion in the stocks of get his due proportion in the stocks of get his due proportion in the stocks of all said mr. Dodd all of this change all said mr. Dodd all of this change all said mr. Dodd all of this change would make no difference with the would make no difference with the would make no difference with the management of affairs mr. Dodd assured management of affairs mr. Dodd assured management of affairs mr. Dodd assured the stockholders your interest will be the stockholders your interest will be the stockholders your interest will be the same as now the various corporations the same as now the various corporations the same as now the various corporations will continue the same business as will continue the same business as will continue the same business as heretofore and your proportion of the heretofore and your proportion of the heretofore and your proportion of the earnings will not be changed the earnings will not be changed the earnings will not be changed the trustees went about liquidating at once trustees went about liquidating at once trustees went about liquidating at once but it was not until the following but it was not until the following but it was not until the following November that the immense number of November that the immense number of November that the immense number of certificates held by them personally certificates held by them personally certificates held by them personally rates changed the rates changed the rates changed the as followed can be easily illustrated by as followed can be easily illustrated by as followed can be easily illustrated by mr. Rockefellers case when the trust was mr. Rockefellers case when the trust was mr. Rockefellers case when the trust was order dissolved mr. Rockefeller held two order dissolved mr. Rockefeller held two order dissolved mr. Rockefeller held two hundred fifty six thousand eight hundred hundred fifty six thousand eight hundred hundred fifty six thousand eight hundred and fifty four out of the nine hundred and fifty four out of the nine hundred and fifty four out of the nine hundred seventy-two thousand five hundred shares seventy-two thousand five hundred shares seventy-two thousand five hundred shares of Standard Oil Trust which were out he of Standard Oil Trust which were out he of Standard Oil Trust which were out he turned over to an attorney an assignment turned over to an attorney an assignment turned over to an attorney an assignment of this amount with instructions to of this amount with instructions to of this amount with instructions to secure from each of the twenty companies secure from each of the twenty companies secure from each of the twenty companies in the trust certificates for the in the trust certificates for the in the trust certificates for the portion belonging to him the corporate

portion belonging to him the corporate portion belonging to him the corporate stocks were turned over to mr. stocks were turned over to mr. stocks were turned over to mr. Rockefeller and the assignment of Rockefeller and the assignment of Rockefeller and the assignment of certificate a properly framed and certificate a properly framed and certificate a properly framed and numbered document was turned over to the numbered document was turned over to the numbered document was turned over to the liquidating trustees this assignment of liquidating trustees this assignment of liquidating trustees this assignment of legal title for all practical purposes legal title for all practical purposes legal title for all practical purposes was the same thing as the trust was the same thing as the trust was the same thing as the trust certificate it enabled the trustees to certificate it enabled the trustees to certificate it enabled the trustees to collect dividends from the various collect dividends from the various collect dividends from the various companies and paid them just as they had companies and paid them just as they had companies and paid them just as they had before the documents showing the formal before the documents showing the formal before the documents showing the formal procedure in the case of mr. Rockefeller procedure in the case of mr. Rockefeller procedure in the case of mr. Rockefeller stocks are printed in the appendix at stocks are printed in the appendix at stocks are printed in the appendix at the end of the first year after the the end of the first year after the the end of the first year after the dissolution of the trust four hundred dissolution of the trust four hundred dissolution of the trust four hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred eighty-one shares were uncounseled at eighty-one shares were uncounseled at eighty-one shares were uncounseled at the end of the second year it was the the end of the second year it was the the end of the second year it was the same at the end of the third four same at the end of the third four same at the end of the third four hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred and eighty-one were still out at hundred and eighty-one were still out at hundred and eighty-one were still out at the end of the fourth four hundred and the end of the fourth four hundred and the end of the fourth four hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred and seventy seven thousand eight hundred and eighty-one the dissolution of the trust eighty-one the dissolution of the trust eighty-one the dissolution of the trust seemed have come to a standstill mr. seemed have come to a standstill mr. seemed have come to a standstill mr. Dodd was right things were going on as Dodd was right things were going on as Dodd was right things were going on as they did before dividends were issued they did before dividends were issued they did before dividends were issued exactly as before nor was there any exactly as before nor was there any exactly as before nor was there any indication of an intention on the part indication of an intention on the part indication of an intention on the part of the liquidating trustees to change of the liquidating trustees to change of the liquidating trustees to change this state of things this state of things this state of things if the monopolistic power of the if the monopolistic power of the if the monopolistic power of the Standard Oil Company Trust was to be Standard Oil Company Trust was to be Standard Oil Company Trust was to be broken it was evidently not to be made broken it was evidently not to be made broken it was evidently not to be made by any order of disillusioned by the by any order of disillusioned by the by any order of disillusioned by the courts something more powerful than the courts something more powerful than the courts something more powerful than the courts was at work however the spirit of courts was at work however the spirit of courts was at work however the spirit of individualism was beginning to reassert

individualism was beginning to reassert individualism was beginning to reassert itself in the oil industry itself in the oil industry itself in the oil industry a new war for independence had been a new war for independence had been a new war for independence had been begun was indeed well underway even begun was indeed well underway even begun was indeed well underway even before the state of Ohio made the before the state of Ohio made the before the state of Ohio made the dissolution of the trust necessary dissolution of the trust necessary dissolution of the trust necessary end of chapter 14 recording by Tom Weiss end of chapter 14 recording by Tom Weiss end of chapter 14 recording by Tom Weiss Tom's audiobooks dot-com