Oil production
John D. Rockefeller’s defense of his Southern Improvement Company
I do not remember how many refineries there were in (Cleveland) – say 25 or 30, more or less. Some of them were little. More than 75 and probably more than 80 per cent - certainly a great number – of the refiners at Cleveland were already crushed by the competition which had been steadily increasing up to the his time. They didn’t collapse, they had collapsed before. That’s the reason they were so glad to combine their interest if they so wished it… (They were) mighty glad to get somebody to come and find a way out. WE were taking all of the risks, putting up our good money. They were putting in all of their old junk…
When it was found how much stock or money would be given in exchange for their plants we found no difficulty in proceeding rapidly with the negotiations, and nearly all came in…though it is true that a few of the refiners decided to remain out, and those were among the smallest and least able to compete with us. With these, our relations continued, entirely pleasantly, until at length, one by one, of their own volition, they were pleased to embrace the opportunity to join their interests with ours, the result of which in every case was most satisfactory to them.
I do not remember how many refineries there were in (Cleveland) – say 25 or 30, more or less. Some of them were little. More than 75 and probably more than 80 per cent - certainly a great number – of the refiners at Cleveland were already crushed by the competition which had been steadily increasing up to the his time. They didn’t collapse, they had collapsed before. That’s the reason they were so glad to combine their interest if they so wished it… (They were) mighty glad to get somebody to come and find a way out. WE were taking all of the risks, putting up our good money. They were putting in all of their old junk…
When it was found how much stock or money would be given in exchange for their plants we found no difficulty in proceeding rapidly with the negotiations, and nearly all came in…though it is true that a few of the refiners decided to remain out, and those were among the smallest and least able to compete with us. With these, our relations continued, entirely pleasantly, until at length, one by one, of their own volition, they were pleased to embrace the opportunity to join their interests with ours, the result of which in every case was most satisfactory to them.