hereto who for his profit and at this request refrain from making more than therein by them indicated and thereby lose profit which they might otherwise make. Sixth. That Herman Beckurts, D. L. Moore, R. Monarch, J. M. Atherton, James McSorley, Nick Miller, and S. J. Ashbrook are named as trustees, and they, or a majority of them, may sue for any such remuneration in their own names, as trustees for the benefit of those concerned; and all outlays and expenses, including counsel fees, shall be paid out of the fund as provided in section 10 of the resolutions adopted on May 24, by the distillers' meeting. Any vacancy occurring in said trusteeship by death, resignation, refusal to act, or other disability shall be filled by the other trustees. The trustees may call meetings of the signatories at any time on ten days' notice given through the United States mail. That no party to this agreement shall rent, lease, or otherwise dispose of the distillery property owned, operated, or controlled by him or them for the purpose of manufacturing therein any quantity of distilled spirits beyond the amount apportioned and alotted to him or them hereunder; and anything done or device resorted to for such purpose or with such intent or effect shall render such party liable for all damages as herein provided. Any signatory hereof shall have the right to transfer his allotment hereunder and the right to manufacture the same to any other signatory, in which case the signatory so acquiring may at his own distillery or that of the transfer manufacture such allotment in addition to his own personal allotment. For the purpose of obtaining signatures to this agreement copies thereof may be circulated, each copy to be authenticated as a true copy by the chairman of the allotment committee, namely, T. H. Sherley, and signatures to such copies shall have full effect as though made to the original paper, and all such copies and the original shall be held and treated and have effect as a single paper. EXHIBIT 3 AGREEMENT OF ENVELOPE MANUFACTURERS 2 This agreement, made this 21st day of June, 1887, between the Morgan Envelope Company, the Whitcomb Envelope Company, 1 Thus in original.-Ed. 2 Report of the Senate Committee on General Laws on Investigation Relative to Trusts, N. Y. Sen. Doc. No. 50, 1888, pp. 468–470. the White, Corbin & Co., the Holyoke Envelope Company, the Plimpton Manufacturing Company, the Berlin & Jones Envelope Company, Samuel Raynor & Co., J. O. Preble & Co., and Lewis J. Powers, doing business under the name of Powers Paper Company, parties of the first part, and the Standard Envelope Company, party of the second part. Witnesseth: 1. The parties of the first part hereby severally agree that within fifteen days after the first day of each and every calendar month, beginning with the month of August next, they or it will render a sworn statement to the party of the second part, addressed to its treasurer, of the total number of thousands of envelopes they, the said parties of the first part, respectively, shall have sold and delivered during the previous calendar month, specifying in said statement how many of the envelopes so sold and delivered by them or it, have been sold and delivered to any of the other parties of the first part named in this agreement. 2. The parties of the first part hereby severally further agree to pay to the Standard Envelope Company, on the fifteenth day of the same month in which such statement is to be made, by the terms hereof, a tax of fifteen cents upon each and every thousand envelopes so sold and delivered by them or it, except upon the envelopes so sold and delivered by them or it to any of the other parties of the first part named in this agreement. This rate of tax may at any time be changed, by the written assent of any seven of the parties herein named as parties of the first part. It is understood and agreed, however, by and between the parties to this agreement, that no monthly statement is to be required and no monthly tax is to be paid upon the envelopes which are excluded from the terms and operation of the written agreement, of even date herewith, between the Morgan Envelope Company and twelve other manufacturers of envelopes, parties of the first part, and the Standard Envelope Company, part of the second part. 3. Whereas said Standard Envelope Company, by written instrument, dated on or about April 30, 1887, has contracted with the firm of Lester & Wasley, of Norwich, Conn., for the purchase of all envelope machines to be made or sold by them during the five years then next ensuing (said Lester & Wasley having therein agreed not to furnish more than twenty-four machines during any one year), the parties of the first part hereby severally agree to purchase of said Standard Envelope Company, and to pay therefor 1 Thus in original.-Ed. 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 18791 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. 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. |