Standard Oil Company; Trusts, Industrial -- United States
Any faithful employé familiar with the blowing up of derricks in the
shut-down of 1887,[544] the explosion in the independent refinery at
Buffalo,[545] and the "chemical war" waged by the whiskey trust against
the "outsiders" in Chicago[546] might almost be pardoned for thinking
this was "only good, reasonable talk." The oil monopoly is evangelical
at one end and explosive at the other, and it has made both ends meet.
The people of Toledo were thus prevented from getting the pumping
facilities ready during the summer of 1892 for the work of the winter.
Meanwhile its rival had been secretly pushing pumps for itself to
completion, in the hope that it alone would be ready when cold weather
came. This would mean a gain to it, at the city's expense, of hundreds
of thousands of dollars. Late in August, 1892, the representatives of
the city found that two powerful duplex gas pumps had been shipped
to the gas-field, and were being put in place by the very opponents
who had declared pumps impracticable. Public sentiment became aroused
to the need for the immediate purchase of pumps to protect their
wells. The city attempted to use its income from the sales of gas to
buy pumps. An injunction was applied for and granted. This emergency
was finally met by having the gas trustees hand over to the city
authorities the accumulated earnings they were forbidden by the court
to spend themselves. The city thereupon turned around and invested
this money in the gas bonds. In this way the identical money the gas
trustees could not use while it remained in their hands was made
available to them by passing through the hands of the Sinking Fund
Trustees, and coming back to them. Thus the natural-gas trustees were
enabled to make a contract in September, 1892, for pumps to assist the
flow of gas to the city.
The gas pumps are a patented device. The private companies, wanting
all the profit of everything, had had their pumps made at their own
factory. The city made its contract directly with the owner of the
patents. The result was that the city got its pumps in place in time
to save the city pipe line, while its opponents were delayed by the
inexperience of their own pump-makers. This was the most critical
period in our history. Greed had again defeated itself. Had the
opposition gone to the owner of the patents he would have been unable
afterwards to take the city's contract and complete it in time, and the
effort to make the city line valueless would have succeeded--for the
time being, at least. The bonds in question were afterwards held valid
by the Supreme Court.
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