Standard Oil Company; Trusts, Industrial -- United States
"It will be only a matter of a few days with the Buffalo institution at
the furthest. We will crush them out, and you will lose what little you
have got."
Albert was shown an elaborate statement of the cost of making oil and
its selling price, proving that there was no money in oil.[457] The
record of dividends was produced in court afterwards. It showed that
just before this--January 18, 1881--a dividend of 50 per cent. had been
paid in one month.[458] Dividends of $300,000 had been paid in 1881 on
the capital of $100,000. "No wonder they did not want competition,"
said the New York _World_.
These negotiations had been with the son. Albert not yielding to this
pressure, and pushing ahead with the construction of the rival stills,
the father, who was in California, came back. At his request Albert
again interrupted the work on the new refinery, which he alone of
the partners could direct, and came from Buffalo to Rochester for an
interview.
"You have made a grand mistake," said his old employer, "by going out
with those fellows.... The company will not last long.... The result
will be, if you stay with them, you will lose all you have got in
it.... We are going to commence suits against them. We will not only
sue them, but serve an injunction on them and stop their work. The
result of it is that when these suits commence, if you are in it, you
will be responsible, and you have got a little money, and you will lose
it all.... If you come back and work with us everything will be all
right, and we will make everything satisfactory to you."
"If I leave them it will leave them in bad shape," Albert urged.
"That is just exactly what I want to do,"[459] his former employer
replied.
Albert began to weaken. "I had," he afterwards told in court, ...
"about $6000 altogether, or a little more. They had reason to know
that I had some property there."[460] This was all he had to show for
the work of a lifetime, and it began to look as if it were fading away
under these reiterated threats and warnings, which went on from March
to June. Albert gave way. He went to his lawyer, Mr. Truesdale, of
Rochester. "We have come," said his former employer, who accompanied
him, "to see what disposition can be made of Al's property."
"They are going to bust the company up," said Albert to his lawyer,
when asked why he was going back to the Vacuum Company. "I am an
indorser on one of its notes, and if I do not come back with the
Vacuum, what property and money I have will be taken away from me."
The lawyer was pressed to tell how Albert could get out of his
arrangement with his company. They could not get along without him, and
were not likely to discharge him.
"If they won't release him or buy him out, the only other way," said
the lawyer, "is to leave them, and take the consequences. If he has
entered into a contract and violated it, I presume there will be a
liability for damages as well as for the debts."
Public-domain text, read in full here on John Shaqi.
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