cern, John D. Rockefeller, is more cautious in his admissions. On the witness-stand in 1888 he was forced to admit, after some skilful evasion, that the control the Standard Oil Company had of prices was such that they could raise or lower them at will. "But," added Mr. Rockefeller, "we would not do it." The whole colloquy between the examiner and Mr. Rockefeller is interesting:
Q. Isn't it a fact that the nine trustees controlling the large amount of capital which the Standard Oil Trust does could very easily advance or depress the market price of oil if they saw fit?…
A. I don't think they would.
Q. I don't ask whether they would; could they do it?
A. I suppose it would be possible for these gentlemen; if they should buy enough oil, it would make the price go up.
There was considerable sparring, Mr. Rockefeller trying to explain away his answer.
Q. I can't get you down to my question… that is a very great power to wield.
A. Certainly; an individual or a combination of men can advance the price or more or less depress the price of any commodity.
Q. But if you desire to increase—to put up the price of the refined oil, or to put down the price of the crude oil, is it within your power to do it, in the way I have indicated, by staying out of the market or going into the market to purchase, controlling 75 per cent, of the demand for the crude oil?
A. It would be a temporary effect, but that is all…
Q. By stopping the manufacture of refined oil your refineries representing so large a proportion would tend to raise the price?
A. That is something we never do; our business is to increase all the time, not to decrease.
...........
Q. Really your notion is that the Standard Oil Trust is a beneficial organisation to the public?
A. I beg with all respect to present the record which shows that it is.[1]
For many of the world it is a matter of little moment, no doubt, whether oil sells for eight or twelve cents a gallon.
- ↑ Report on Investigation Relative to Trusts, New York Senate, 1888, pages 434-435 and 396-398.
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