Standard Oil Company; Trusts, Industrial -- United States
"In the interest of all." This is exactly the relation which the
struggle of this common citizen bears to the general welfare. The
investigation by the Ohio Legislature in 1879;[446] the removal by the
United States Court of the railroad receiver who agreed to pay the
oil trust $25 out of every $35 freight collected from Rice;[447] the
refund ordered by the Supreme Court of Ohio from a pipe-line company
which had charged Rice 15 cents extra on every barrel he shipped to
pay it to his competitors;[448] the successful prosecution, by the
Attorney-General of Ohio before the Supreme Court, of the railroads
discriminating against Rice;[449] the cases before the Interstate
Commerce Commission from its beginning till now, involving hundreds of
railroads, and decided, so far as it did decide, on almost every point
in Rice's favor;[450] the disruption, as far as forms go, of the oil
trust in Ohio by the Supreme Court of the State ousting corporations
from the right to become members of such combinations and to pool their
earnings therein;[451] the investigation of the oil trust by Congress
in 1888 and 1889, devoted in large part to the various aspects of
Rice's experience--these are some only of the public functions which
had to be invoked in the ineffectual attempt to protect this one man on
the high-road and in his livelihood, and they show how little his was
merely a "private affair."
When the amendment of the Interstate Commerce law was before Congress
in 1889, eminent counsel were employed by Rice to explain the defects
of the law to the committees, and petitions to Congress through his
instrumentality were circulated all over the country, and numerously
signed. Though a poor man, who could ill afford it, he gave time
and money and attention, frequently spending weeks at Washington,
discussing the subject with members, and presenting petitions. The
act was amended in partial accordance with these petitions and
recommendations.
To obtain the elementary right of a stockholder, never withheld in the
course of ordinary business--to vote and receive dividends on stock in
the oil trust which the trustees had sold and he had bought in the open
market--Rice had to sue through all the New York courts from 1888 to
1892. The Court of Appeals decided that there had been no lawful reason
for the denial of his rights, and ordered that they be accorded him.
This was another barren victory. The trust had meanwhile ostensibly
been dissolved; but the dissolution has every appearance of being like
that of its progenitor, the South Improvement Company, a dissolution
"in name" only; not in reality. In place of the old trust certificates
listed on the New York Stock Exchange, new certificates have been
issued which were selling in the spring of 1894 at about the same
quotation as the former ones.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account