Standard Oil Company; Trusts, Industrial -- United States
His refinery had been giving him a profit of $21,000 to $22,000 a
year. It had cost him $41,000, but he had to sell it for $15,000. This
purchase of $41,000 for $15,000 was one of "the little economies" to
which the trust ascribes its success. It was not a "good time to sell,"
but he sold. Part of the "squeeze" put upon him was the rebate given to
the buyer. He could not have got the rebate if he had applied for it,
but he would not apply for it. "I made application for lower freights,
but not for any drawbacks; I did not suppose that was the right way to
do business."[626]
"This business belongs to us." This remark was not prophecy, but
history. It was in 1878, and the claim had been already made good.
The New York Legislature, in 1879, reported that the speaker and his
associates had control of 90 or 95 per cent. of the industry. "It has
absorbed and monopolized this great traffic, which ranks second on the
list of exports of our country."[627] This conclusion was based on the
evidence of officers and stockholders.[628] Their shadow grew no less.
The Interstate Commerce Commission found in 1890 that they "manufacture
nearly 90 per cent. of the petroleum and its products in the United
States."[629]
"Trifles make perfection, and perfection is no trifle." For the
perfection of this triumph no trifle has been disdained, from the well
in the mountain to the peddler's cart in the city. The bargemen of the
Alleghany, the coasters of the sea-shore, and the stern-wheelers of
the Western rivers all had to go one way. "We drove out the shipments
in the schooners from Baltimore and Washington, and we stopped almost
the shipments by river down the Mississippi by boat," said one of the
successful men. His plan had been so thorough as even to seek to
"drive off the river schooners."[630]
The last stage in their economic development--that in which the people
of the oil region lose the ownership of the oil lands and become hired
men--is already far along. Although at first the oil combination
owned no oil lands to speak of--"It does not own any oil wells or
land producing oil, and never did," its president said, in 1880; "an
infinitesimal amount," he said later[631]--it has of late years,
through corporations organized for that purpose, been a heavy buyer and
leaser of the best oil lands in Pennsylvania, New York, Ohio, Kentucky,
and the West.
Public-domain text, read in full here on John Shaqi.
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