1.Through their political influences they obtained franchises of priceless value, organized subsidiary street railway companies, and exchanged the stock of these subsidiary companies for that of the Metropolitan.
2.A trust was formed, consisting of nine trustees, who held, for the benefit of the Standard Oil stockholders, all the stock in the Standard and in the subsidiary companies.
3.As less than a dozen men owned a majority interest in the Standard Oil Company of New Jersey, these same men naturally continued to own a majority interest in the subsidiary companies.
4.For the accomplishment of his idea of a national telephone system, instead of a parochial one, Mr. Vail organized, in 1881, the American Bell Telephone Company, a corporation that really represented the federalization of all the telephone activities of the subsidiary companies.