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Show STANDARD OIL f lKEi 00,000 Magnolia Company May Still Operate Oper-ate In State as Independent Concern Greenville, Texas, July 21. Halt n million dollars ns a penalty and tho transfer of 21,5'JG of the 24,500 shhrcs of stock In the Magnolia Petroleum company of this state from the mil-vldunl mil-vldunl control of II. C. Kolger Jr., nnd John D. Archbold to a truateo mutually agreed upon, was accepted by tho state of Texas today In settlement settle-ment of the state's $102,000,000 pen hlty and ouster suit. This action wns Instituted hero recently by the state attorney general against the Magnolia Magno-lia and Corstcana Oil companies of Texas, tho Standard Oil companies of Now Jersey nnd New York hnd twenty-eight Indlvldunl branches. W. 1). Williams of Austin was named as trustee for the stock In question. The penalty was paid under telegraphic Instructions from the Standard OH company of New JeTsey. The agreed verdict holds the Mac- nolln company the chlsf Texas interest inter-est in tho suit, not gu .ty cf nnti tniBt law violations and It Is privileged privi-leged to continue business with the prov so that tho stock owned by Messrs Kolger nnd Archbold shall bo administered by tho trust under guarantee guar-antee by tho trusteeship of complete and Independent operation ot t'Je corn-pay. corn-pay. Tho Corslcann company ttlso Is given the right to continue operation. The penalty nssessed Is based on alleged al-leged violations of the anti trust laws prior to 1002. Governor O. D. Colquitt In a special spe-cial message to tho legislature todhy recommended that the $500,000 pen-alty pen-alty received today be applied to the stato school fund. Legislative leaders lead-ers Indicated this would be done. |