the price of each machine named in said Lester & Wasley contract, for the number of machines that shall be allotted to said parties of the first part, respectively, by the directors of the said Standard Envelope Company, or in lieu of such purchase, if any party of the first part shall so elect, they or it, may decline to take any or all machines so allotted, and to pay said Standard Envelope Company the sum of $500 for each machine so declined. 4. To the performance of this agreement the parties hereto severally bind themselves, their and each of their executors and administrators, successors and assigns, for the term of five years. In witness whereof the various parties hereto have severally set their hands and seals, the day and year first above mentioned. (Here follows list of signatures.) CHAPTER II REPRESENTATIVE TRUSTS NOTE SINCE the pool was primarily only a gentlemen's agreement and its provisions and regulations were unenforcible through the courts, it possessed certain disadvantages. But since the pool has persisted throughout the entire course of our industrial history since the Civil War and has been the form under which some of our more recent combinations have operated, it may be asserted that these disadvantages have been somewhat overestimated. Yet it is none the less true that there were certain undesirable features connected with it and very shortly a new form of combination was devised known as the Trust. For many years it was supposed that the Standard Oil Trust of 1882 was the first agreement of this character. More recent revelations, however, have shown that the original Trust agreement was made by this company in 1879. In consequence, both the agreement of 1879 and that of 1882 have been included under this group. The Standard Oil Company did not long retain the monopoly of this new scheme of combination. Others saw plainly the advantages it afforded, and speedily adopted it. In the latter part of 1884 the American Cotton Oil Trust was organized in the State of Arkansas. It embraced some eighty-five concerns doing business throughout the South. In 1887 three other Trusts were formed. The Distillers' and Cattle Feeders' Trust was a successor to the Western Export Association, a pool of the whisky manufacturers north of the Ohio River which had been organized in 1881. The others organized in the same year were the National Lead Trust and the Sugar Trust. The technical name of the latter combination was the Sugar Refineries Company. It may also be noted than an abortive attempt was made to organize the Cordage Industry into a Trust. The Trust agreements reproduced here are all at the present time well known documents but it has none the less seemed advisable to include them in the space of this book for sake of completeness and for purposes of analyzation.-Ed. EXHIBIT I STANDARD OIL TRUST AGREEMENT OF 1879' Whereas the Standard Oil Company of Cleveland, Ohio, holds the possession of certificates for certain stocks and interests which it is desirable to distribute among the parties entitled thereto; and whereas such stocks and interests now stand in the names of several persons, and it is desirable for convenience in dividing them that all be transferred to trustees, and that the same be so transferred by the Standard Oil Company, by each party holding the same, and by every person holding or claiming an interest therein. Now, in consideration of the foregoing, and of the sum of one dollar to us paid, and other considerations satisfactory to us, we, the undersigned, hereby grant, assign, transfer, and convey all our right, title, and interests and all the right, title, and interest of each and every one of us of whatever name and nature in and to all and singular the following-described stocks and interests, to wit: Entire capital stock of Long Island Oil Company. 2,700 shares capital stock of Devoe Manufacturing Co. Entire capital stock of Charles Pratt & Co. 5,059 shares capital stock of Baltimore United Oil Co. 525 shares capital stock of Keystone Refining Co. Entire capital stock of Sone & Fleming Manufacturing Co., Limited. Entire capital stock of Atlantic Refining Co. Entire capital stock of Standard Oil Co. (of Pennsylvania). Entire capital stock of Model Oil Co. 1,775 shares capital stock of American Lubricating Oil Co. 400 shares capital stock of Waters-Pierce Oil Co. 1 Standard Oil Co. of New Jersey et al. v. U. S. of America. In the Supreme Court of the United States, Brief for the United States, Appendix A, Vol. I, pp. 414-416. 300 shares capital stock of Consolidated Tank Line Co. Entire capital stock of American Transfer Co. 41,590 shares capital stock of United Pipe Lines. Entire interest in and capital stock of Paine, Ablett & Co., Limited. 145/175ths of entire interest in and capital stock of Eclipse Lubricating Oil Co., Limited. 3/4ths of entire interest in and capital stock of H. C. Van Tine & Co. (Limited). 7/8ths of entire interest in and capital stock of Galena Oil Works (Limited). Entire capital stock of Smith's Ferry Oil Transpn. Co. 14,713 (old) shares stock and interest in Producers' Consolidated Land & Petroleum Co. Special investment at Oil City, Pa. Business and property of Star Oil Co., Erie, Pa. Business and property of Warden, Frew & Co., Philadelphia, Pa. Entire capital stock of Philadelphia Refining Co. Entire capital stock of Olean Petroleum Co. (Limited). Entire capital stock of Columbia Conduit Co. and also all other interests of every kind and description held by the Standard Oil Company or in which it has any interest which can be or by right ought to be divided and distributed among the parties entitled thereto, without affecting its proper, legitimate, and efficient operations as a corporation, to Myron R. Keith, George F. Chester, and George H. Vilas, as trustees, to have and to hold said stocks and interests to them and their survivors and successors, in trust nevertheless for the following purposes, to wit: To hold, control, and manage the said stocks and interests for the exclusive use and benefit of the following-named persons and in the following proportions named: and to divide and distribute the same as soon as they can conveniently do so between the said persons for whose benefit they hold the same as aforesaid, and in the respective proportions aforesaid; with full power and authority to the survivors of the said trustees in case of the death of either of them to nominate and appoint a successor to such deceased trustee if they shall think it expedient so to do or else to continue the said trust without filling such vacancy. In witness whereof the Standard Oil Co. has, by its president and secretary, duly authorized thereto, set its name and affixed 500/35000 178/35000 263/35000 118/35000 409/35000 990/35000 111/35000 350/35000 200/35000 323/35000 2637/35000 584/35000 78/35000 292/35000 |