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
In the new firm Andrews attended to the manufacturing. The pushing of
the business, the buying and the selling, fell to Rockefeller. From the
start his effect was tremendous. He had the frugal man’s hatred of waste
and disorder, of middlemen and unnecessary manipulation, and he began a
vigorous elimination of these from his business. The residuum that other
refineries let run into the ground, he sold. Old iron found its way to
the junk shop. He bought his oil directly from the wells. He made his
own barrels. He watched and saved and contrived. The ability with which
he made the smallest bargain furnishes topics to Cleveland story-tellers
to-day. Low-voiced, soft-footed, humble, knowing every point in every
man’s business, he never tired until he got his wares at the lowest
possible figure. “John always got the best of the bargain,” old men tell
you in Cleveland to-day, and they wince though they laugh in telling it.
“Smooth,” “a _savy_ fellow,” is their description of him. To drive a
good bargain was the joy of his life. “The only time I ever saw John
Rockefeller enthusiastic,” a man told the writer once, “was when a
report came in from the creek that his buyer had secured a cargo of oil
at a figure much below the market price. He bounded from his chair with
a shout of joy, danced up and down, hugged me, threw up his hat, acted
so like a madman that I have never forgotten it.”
He could borrow as well as bargain. The firm’s capital was limited;
growing as they were, they often needed money, and had none. Borrow they
must. Rarely if ever did Mr. Rockefeller fail. There is a story handed
down in Cleveland from the days of Clark and Rockefeller, produce
merchants, which is illustrative of his methods. One day a well-known
and rich business man stepped into the office and asked for Mr.
Rockefeller. He was out, and Clark met the visitor. “Mr. Clark,” he
said, “you may tell Mr. Rockefeller, when he comes in, that I think I
can use the $10,000 he wants to invest with me for your firm. I have
thought it all over.”
“Good God!” cried Clark, “we don’t want to invest $10,000. John is out
right now trying to borrow $5,000 for us.”
It turned out that to prepare him for a proposition to borrow $5,000 Mr.
Rockefeller had told the gentleman that he and Clark wanted to invest
$10,000!
“And the joke of it is,” said Clark, who used to tell the story, “John
got the $5,000 even after I had let the cat out of the bag. Oh, he was
the greatest borrower you ever saw!”
Public-domain text, read in full here on John Shaqi.
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