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
The Producers’ Union did not get the information they asked from the
company at that time, but it was not long before they had it, and much
more. The committee which they had appointed to write a history of the
South Improvement Company reported on March 20, and in April the
Congressional Committee appointed at the insistence of the oil men made
its investigation. The former report was published broadcast, and is
readily accessible to-day. The Congressional Investigation was not
published officially, and no trace of its work can now be found in
Washington, but while it was going on reports were made in the
newspapers of the Oil Regions, and at its close the Producers’ Union
published in Lancaster, Pennsylvania, a pamphlet called “A History of
the Rise and Fall of the South Improvement Company,” which contains the
full testimony taken by the committee. This pamphlet is rare, the writer
never having been able to find a copy save in three or four private
collections. The most important part of it is the testimony of Peter H.
Watson, the president, and W. G. Warden, the secretary of the South
Improvement Company. It was in these documents that the oil men found
full justification for the war they were carrying on and for the losses
they had caused themselves and others. Nothing, indeed, could have been
more damaging to a corporation than the publication of the charter of
the South Improvement Company. As its president told the Congressional
Investigating Committee, when he was under examination, “this charter
was a sort of clothes-horse to hang a scheme upon.” As a matter of fact
it was a clothes-horse big enough to hang the earth upon. It granted
powers practically unlimited. There really was no exaggeration in the
summary of its powers made and scattered broadcast by the irate oil men
in their “History of the Rise and Fall of the South Improvement
Company”:[20]
The South Improvement Company can own, contract, or operate any
work, business, or traffic (save only banking); may hold and
transfer any kind of property, real or personal; hold and operate on
any leased property (oil territory, for instance); make any kind of
contract; deal in stock, securities, and funds; loan its credit,
guarantee any one’s paper; manipulate any industry; may seize upon
the lands of other parties for railroading or _any other purpose_;
may absorb the improvements, property or franchises of any other
company, _ad infinitum_; may fix the fares, tolls, or freights to be
charged on lines of transit operated by it, or on any business it
gives to _any other company_ or line, without limit.
Public-domain text, read in full here on John Shaqi.
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