years the cutting and the "Oil Wars" are often intrusted to so-called "bogus" companies, who retire when the real independent is put out of the way. In later years the Standard has been more cautious about beginning underselling than formerly, though if a rival offered oil at a less price than it had been getting—and generally even small refineries can contrive to sell below the non-competitive prices of the Standard—it does not hesitate to consider the lower price a declaration of war and to drop its prices and keep them down until the rival is out of the way. The price then goes back to the former figure or higher. John D. Archbold's testimony before the Industrial Commission in 1898 practically confirms the above conclusion. Mr. Archbold said that the Standard was in the habit of fighting vigorously to hold and advance its trade—even to the extent of holding prices down to cost until the rival gives way—though he declared it to be his opinion that the history of the company's transactions would show that the competitor forces the fight. Mr. Archbold told the commission that he personally believed it was not advisable to sell below cost for the sake of freezing out a smaller rival, save in "greatly aggravated cases," though he admitted the Standard sometimes did it. The trouble is that, accepting Mr. Rockefeller's foundation principle that the oil business belongs to him, any competition is "an aggravated case." All that is reassuring in the situation has come from the obstinate stand of individuals—the refiners who insisted on doing an independent business, on the theory that "this is a free country"; the grocers who resented the prying and bullying of Standard agents, and asserted their right to buy of whom they would; the rare, very rare, community that grasped the fact that oil sold below cost temporarily, meant later paying for the fight. These features of the business belong to the last decade and a half. At the period we have reached in this history—that is, the completion of the monopoly of the pipe-lines in 1884 and the end of competition in transporting oil—
[ 61 ]
