Standard Oil Company; Trusts, Industrial -- United States
"the brutal threats and snaky entreaties of the corrupt gas ring." For
one of the associate editors the position of Deputy State Inspector
of Oil was obtained--an appointment which cost the Governor who made
it many votes in the next election, and did much to defeat him. Such
an appointment might give a versatile employé the chance to do double
duty: as editor to brand as bad good men who could not be bought, and
as inspector to brand as good bad oil for sale.[522]
One of the means taken to defeat the pipe line was the publication of
very discouraging accounts of the "failure" at Indianapolis, where the
citizens had refused to give a natural-gas company belonging to the
oil trust the franchise it demanded, and, forming an anti-monopoly
trust, had undertaken to supply themselves. Some "influence" prevented
the Common Council of Toledo from sending a committee to Indianapolis
to investigate. A public-spirited citizen, prominent and successful
in business, came forward, and at his own expense secured a full and
accurate account of the experience of Indianapolis for the city.
This proved that the people were getting their fuel gas at less than
one-half what Toledo was paying. The contest against giving the
Indianapolis franchise to a corporation of the trust had been a sharp
one. Its success was due to the middle classes and the working-men,
who stood together for freedom, incorruptible by all the powerful
influences employed. "We will burn soft coal all our lives," one of
their leaders told the Toledo committee, "rather than put ourselves in
the power of such men."
In Indiana the Legislature meets only once in two years, and when this
issue arose had adjourned, and would not meet again for a year. The
people, not being able to get authority for a municipal gas pipe line,
went to work by voluntary co-operation. Every voting precinct in the
city was organized and canvassed for the capital needed. The shares
were $25 each, and they were bought up so rapidly that the entire
amount--$550,000--was subscribed in sixteen days by 4700 persons,
without a cent of cost to the city. When subscriptions to the amount of
$550,000 had been raised, $600,000 more was borrowed on certificates of
indebtedness.
Gas lands were bought and 200 miles of pipe lines laid, all at a cost
of about $1,200,000. The income in one year, during a part of which the
system was still under construction, was $349,347. In the first year of
complete operations the Indianapolis people's trust paid off $90,000
of the principal. The income for the year ending October 31, 1892,
was $483,258.21, and the bonded debt has been paid. The stock, since
January 1, 1893, has been paying dividends at the rate of 8 per cent. a
year.
Public-domain text, read in full here on John Shaqi.
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