Standard Oil Company; Trusts, Industrial -- United States
The owner of the apparatus destroyed, it was stated by the press, had
been repeatedly requested to join the shut-down, but had refused. There
were several such occurrences, recalling the affairs at the Buffalo
refinery in 1885.[290] When the people in Pennsylvania saw apostles of
the gospel of making oil cheap enter into a bargain with them to make
it scarce, it is not surprising that they should have become bewildered
to the point of thinking that the noise of nitro-glycerine was "good
talk," and should have sunk into the depression, monetary and moral,
that alone could make such haggard faces rise among an honest laborious
people.
We have seen how the refiners who pass under the control of the
trust are compelled to make monthly reports. The same perfectness of
discipline appears at once among the producers in this shut-down.
Every one of them had to make monthly reports of how much oil he had
taken out of the earth. If the mobilization of industry goes on at
the rate of recent years, it will not be long--not later, perhaps,
than the end of the nineteenth century--before all producers, and all
makers, will be sending monthly reports to New York of grain, cattle,
iron, wool, lumber, leather, and the manufactures of them to trustees,
whose "pleasure it is to try to make them"--the men as well as the
commodities--"cheap." The supervision by means of these monthly reports
was so close that over-production, however minute, was immediately
known. If the owner of a well over-produced only the one-hundredth of a
barrel, he got a notice to go slower.[291]
To the producers engaged in it the result of the shut-down was
that when their representatives at the end of it called on the oil
combination in New York for the profits on the 5,000,000 barrels of
oil set apart for them, as agreed, they were given a check for a sum
between $200,000 and $250,000.[292] This was divided among those who
had co-operated--nearly one thousand--in proportion to their share
in the good work of making the supply of the light of the people so
much "less per day." The drama of industry has not many scenes more
striking than this of these men--the principal producers of the oil
country, which had yielded in the thirty years up to this time more
than 300,000,000 barrels of oil--going to the great syndicate in New
York to buy the privilege of restricting the production of their own
wells, thankfully accepting the scanty profits on a speculative deal
in the oil exchange of 5,000,000 barrels, receiving with emotions of
enthusiasm a check for a couple of hundred thousand dollars for a
year's "co-operation" from the men who had made out of their product
hundreds of millions.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account