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
“My husband having contracted a debt not long prior to his death for
the first time in his life, I, for the interest of my fatherless
children, as well as myself, thought it my duty to endeavour to
continue the business, and accordingly took $92,000 of the stock of
the B—— Oil Company and afterwards reduced it to $72,000 or $75,000,
the whole stock of the company being $100,000, and continued
business from that time until November, 1878, making handsome
profits out of the business during perhaps the hardest years of the
time since Mr. B—— had commenced. Some time in November, 1878, the
Standard Oil Company sent a man to me by the name of Peter S.
Jennings, who had been engaged in the refining business and had sold
out to the Standard Oil Company. I told Mr. Jennings that I would
carry on no negotiations with him whatever, but that if the Standard
Oil Company desired to buy my stock I must transact the business
with its principal officer, Mr. Rockefeller. Mr. Jennings, as
representing the Standard Oil Company, told me that the president of
the company, Mr. Rockefeller, said that said company would control
the refining business, and that he hoped it could be done in one or
two years; but if not, it would be done, anyway, if it took ten
years to do it.
“After two or three days’ delay Mr. Rockefeller called upon me at my
residence to talk over the negotiation with regard to the purchase
of my stock. I told Mr. Rockefeller that I realised the fact that
the B—— Oil Company was entirely in the power of the Standard Oil
Company, and that all I could do would be to appeal to his honour as
a gentleman and to his sympathy to do with me the best that he
could; and I begged of him to consider his wife in my position—that
I had been left with this business and with my fatherless children,
and with a large indebtedness that Mr. B—— had just contracted for
the first time in his life; that I felt that I could not do without
the income arising from this business, and that I had taken it up
and gone on and been successful, and I was left with it in the
hardest years since my husband commenced the business. He said he
was aware of what I had done, and that his wife could never have
accomplished so much. I called his attention to the contract that my
husband had made with him in relation to carbon oil, whereby the
Standard Oil Company agreed not to touch the lubricating branch of
the trade carried on by my husband, and reminded him that I had held
to that contract rigidly, at a great loss to the B—— Oil Company,
but did so because I regarded it a matter of honour to live up to
it. I told him that I had become alarmed because the Standard Oil
Company was getting control of all the refineries in the country,
and that I feared that the said Standard Oil Company would go into
the lubricating trade, and reminded him that he had sent me word
Public-domain text, read in full here on John Shaqi.
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