Standard Oil Company; Trusts, Industrial -- United States
"Done nothing of the sort?"
"Not at all."
But now he said, You must bind yourselves for ten years to refine only
85,000 barrels of oil a year.[89]
They had refined 120,000 barrels the year before, and could have done
180,000, and were growing up with the country. "The prospects were much
better for the future."[90]
But they agreed.
You must give me and my associates all the profits you make during this
period above $35,000 a year, until we too have got $35,000 a year out
of your business, and we will guarantee you $35,000 a year, if we let
you run.
They had made $41,000 the year before, but they agreed.
You must divide with "us," after each has got $35,000 a year, all the
additional profits.
They had to put into this "adventure" all their buildings and
machinery, valued at $61,760.42, all their time and attention, and
$10,000 in cash, while their conquerors put in only $10,000 cash and no
plant and no time. But they agreed to this demand for "half."
You must stop refining altogether, and let us take out our $10,000
whenever we send you notice that through competition, or a decrease or
change in the production of petroleum, Cleveland can "barely compete"
with other places. You must sell the kerosene you manufacture, and buy
the petroleum you make it of at the prices we fix.
The combination could make the business unprofitable whenever it chose,
and under the previous stipulation could close them up at its own
pleasure, until the ten years had rolled by. But they agreed.
You must resume again after any such suspension, and let us take half
the profits whenever we give you notice. You must let us enter or
withdraw, throw our $10,000 in or out, suspend or resume, again and
again, as we choose! They agreed.
You must make us monthly reports of all your transactions. You must not
enlarge nor contract your works without our consent. They agreed.
You must not go into the manufacture of petroleum, nor any other new
business anywhere else in the world during this adventure! You must
ship your products by such routes as we direct! They agreed.
You must keep this adventure secret. Our name must not appear, and even
if you all die, you must agree that we may continue the business in
your name, or any other name we choose.
"The firm name," as their counsel pointed out, "was to be kept up even
when the members were mouldering in their graves. But the public were
to understand that the business of that firm, as it had been conducted
in the lifetime of those men, was still being carried on."
You are to be thus tied up for ten years, limited at the best to half
the profit on half your capacity, with a right in us to close you up
altogether, or to close and resume whenever we choose, with no right in
you to start or stop or withdraw. But we are to be left free, in our
own refineries, to refine all the oil the market will take, and keep
all the profit, and enlarge our works and extend our business.
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.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account