Peter S. Jennings.
There has been an impression that the Standard Oil Company purchased
for $79,000 property which was reasonably worth much more, and that
this sacrifice was occasioned by threats and compulsion. Mr. Jennings
requested Mr. Marr to submit a written proposition giving the price
put by the Backus Company upon the several items of property and
assets which it desired to sell. This statement was furnished and was
annexed to Mr. Jennings's affidavit. The Standard Oil Company finally
decided not to purchase all of the assets of the company, but only the
oil on hand, for which it paid the full market price, amounting to
about $19,000, and the item "works, good-will, and successorship,"
which were offered by Mr. Marr at $71,000, and for which the Standard
offered $60,000, which was promptly accepted. Mr. Marr made affidavit
as follows:
"Charles H. Marr, being duly sworn, says that, in behalf of the
Backus Oil Company, he conducted the negotiations which led to the
sale of its works, good-will, and stock of oils and during same
when said company had offered to sell its entire stock for a gross
sum, to wit, the sum of one hundred and fifty thousand dollars
($150,000), which was to include cash on hand, accrued dividends,
accounts, etc., said Jennings requested said company to submit an
itemized proposition fixing values upon different articles proposed
to be sold, and that he, after full consideration with Mrs.
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