The History of the Standard Oil CompanyTarbell, Ida M. (Ida Minerva)
History
The History of the Standard Oil Company
Tarbell, Ida M. (Ida Minerva)
Petroleum industry and trade -- United States -- History; Standard Oil Company -- History
While the railroads were waging this costly war the Standard was
carrying the fight into the refined market. The Empire had gone
systematically to work to develop markets for the output of its own and
of the independent refineries. Mr. Rockefeller’s business was to prevent
any such development. He was well equipped for the task by his system of
“predatory competition,” for in spite of the fact that Mr. Rockefeller
claimed that underselling to drive a rival from a market was one of the
evils he was called to cure, he did not hesitate to employ it himself.
Indeed, he had long used his freedom to sell at any price he wished for
the sake of driving a competitor out of the market with calculation and
infinite patience. Other refiners burst into the market and undersold
for a day; but when Mr. Rockefeller began to undersell, he kept it up
day in and day out, week in and week out, month in and month out, until
there was literally nothing left of his competitor. A former official of
the Empire Transportation Company, who in 1877 took an active part in
the war his company was waging against the Standard, once told the
writer that in every town, North or South, East or West, in which they
already had a market for their refined oil, or attempted to make one,
they found a Standard agent on hand ready to undersell. The Empire was
not slow in underselling. It is very probable that in many cases it
began it, for, as Mr. Cassatt says, “They endeavoured to injure us and
our shippers all they could in that fight, and we did the same thing.”
Public-domain text, read in full here on John Shaqi.
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