That the promoters met with encouragement is evident from the fact that, when the corporators came together on January 2, 1872, in Philadelphia, for the first time under their charter, and transferred the company to the stockholders, they claimed to represent in one way or another a large part of the refining interest of the country. At this meeting 1,100 shares of the stock of the company, which was divided into 2,000 $100 shares, were subscribed for, and twenty per cent. of their value was paid in. Just who took stock at this meeting the writer has not been able to discover. At the same time a discussion came up as to what refiners were to be allowed to go into the new company. Each of the men represented had friends whom he wanted taken care of, and after considerable discussion it was decided to take in every refinery they could get hold of. This decision was largely due to the railroad men. Mr. Watson had seen them as soon as the plans for the company were formed, and they had all agreed that if they gave the rebates and drawbacks all refineries then existing must be taken in upon the same level. That is, while the incorporators had intended to kill off all but themselves and their friends, the railroads refused to go into a scheme which was going to put anybody out of business—the plan if they went into it must cover the refining trade as it stood. It was enough that it could prevent any one in the future going into the business. Very soon after this meeting of January 2 the rest of the stock of the South Improvement Company was taken. The complete list of stockholders, with their holdings, was as follows: William Frew, Philadelphia 10 shares W. P. Logan, Philadelphia 10 〃 John P. Logan, Philadelphia 10 〃 Charles Lockhart, Pittsburg 10 〃 Richard S. Waring, Pittsburg 10 〃 W. G. Warden, Philadelphia 475 〃 O. F. Waring, Pittsburg 475 〃 P. H. Watson, Ashtabula, Ohio 100 〃 H. M. Flagler, Cleveland 180 〃 O. H. Payne, Cleveland 180 〃 William Rockefeller, Cleveland 180 〃 J. A. Bostwick, New York 180 〃 John D. Rockefeller, Cleveland[10] 180 〃 ————— 2,000 shares