Standard Oil Company; Trusts, Industrial -- United States
From the beginning to the end the language used by the founders of
the combination proves scarcity to have been their object. "There is
a large number of refineries in the country--a great deal larger than
is required for the manufacture of the oil produced in the country, or
for the wants of the consumers in Europe and America," said one of the
principal members in 1872.[110]
This is almost identical with the language used in 1880 in the effort
to enjoin Cleveland refiners who "threatened to distil."
In 1887 we will see the same power putting its hand and seal to an
agreement to enforce the doctrine that there was too much oil in the
earth.
In 1872 there were more refineries than were needed for the oil; in
1887 there was too much oil. The progression is significant. And down
to the present pool with the Scotch refiners we will see the same men
enforcing abroad, year by year, the same gospel of want.[111]
"The producers in America are quite alive to the wisdom of not
producing too much paraffine, and are already adopting measures to
restrict it," said the chairman at the annual meeting of one of the
principal Scotch companies.[112]
CHAPTER VII
"YOU ARE NOT TO REFINE"
In the obituary column of the Cleveland _Herald_, of June 6, 1874, was
given the news of the death of one of the pioneer manufacturers of
Cleveland. He began the refining of petroleum in that city in 1860,
several years before any of those who afterwards became the sovereigns
of the business had left their railroad platforms, book-keeping stools,
and lawyers' desks. He was married in the same year, and from that
time until his death, in 1874, gave his whole life to his refinery and
his family, and was successful with both. The _Herald_ said of him
editorially:
"He was well known in Cleveland and elsewhere as a business man of
high character. He was a prominent member of the First Presbyterian
Church, was at one time President of the Young Men's Christian
Association, and was active in all enterprises of a religious and
benevolent character. He was about forty years of age, and leaves a
wife and three children."
His enterprise had been "very profitable," his wife said afterwards
in court, in narrating how she and her children fared after the death
of the husband, father, and bread-winner. "My husband devoted his
entire energies and life to the business from about 1860 to the time
of his death, and had acquired through his name a large patronage. My
husband went into debt just before his death," she continued, "for the
first time in his life. For the interest of my fatherless children, as
well as myself, I thought it my duty to continue the business. I took
$75,000 of the $100,000 of stock, and continued from that time, 1874,
until November, 1878, making handsome profits, during perhaps the
hardest business years of the time since my husband had begun."[113]
Public-domain text, read in full here on John Shaqi.
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