Jasper County Democrat, Volume 14, Number 23, Rensselaer, Jasper County, 8 July 1911 — STANDARD OIL PLANS VAGUE [ARTICLE]

STANDARD OIL PLANS VAGUE

Decree of Lower Court Has Not Yet Been Given.

COMPANY WILL OBEY MANDATE h' • Details Are Not Given Out Because Officials Have Not Gotten That Far—What le Going On.

New York, July 7. —It is said in Wall street that, in accordance with the direction of the United States supreme court on May 15, the Standard Oil is about to announce its plan for dissolution and reorganization. J. A. Moffett, a vice president, said that the men in charge of the dissolution and reorganization, could not very' well make any statement before the court has handed down its mandate telling them what they must do. He explained that the decision of the supreme court was in corroboration of the decision of a lower court. That lower court must Issue tile mandate. It was thought that the decree would be issued in June, but it was not. Now it is expected that the mandate will be put out some time this month. The 6ix months’ term allowed for dissolution will not begin to run until the cate of the lower court’s mandate.

The lawyer for the company knew what that document would contain. He =aia: ‘ The mandate will be based on the original decision of that court and the subsequent minor modifications imposed by the supreme court. We shall do what the mandate tells us to do, of course. The general principle of the whole thing will be a distribution of the stock of the companies which composed the Standard Oil company of New, Jersey to the holders of Standard Oil stock. I cannot give you any details because we have net yet got so far as the details. The situation is just this: The court has ordered us to dissolve. We have stock in subsidiary companies, a hundred nio r e or less. Well, w r e have got to give those fellows back their stock, that is all there is to it." This much is known about what has oe-n going on at 26 Broadway. Directors have met in almost daily sessions for a month, and John D. Rockefeller himself has been down to the office since. M. F. Elliott, general counsel for the Standard Oil company. and presumably the man upon whom the burden of dissolution and reorganization rests, had to start for a vacation because of ill health.