Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1891-08-21
Highway Robbery.

Amid all the theorizing and difference oil
opinion among the people of the oil region
concerning the recent disturbance OF Vaiue
of their property, certain cold facts stand
ont from the rubbish and wreck so distinct
" that even the blind may feel their
appalling presence.
A few days ago, petroleum represented
by certificates issued by the Standard
Trust was quoted as selling at about oo
cents per barrel. with small fluctuations
above and below that figure.
Other petroleum, or rather actual pc
troleum used by the trade was worth IN
the market from five cents to forty cents
mere. the price differing in the various dis
tricts. These premiums" as they were
called, were arbitrary and were put on or
taken off by the Standard Trust according
to it's pleasure.
These 'premiums" were first tmade equal
Then within few days taken of alto
pether, so that all oil nominally brought
the price of Certificate" oil In the e3-
changes.
A broker and employee of the Standard
Trnst then began to offer oil for sale at
nrices below the last quotations and con
tinued selling large and small lots until the
markets was fixed by his transactions at
SO cents. This made total decline IN the
market within few hours OF about -
cents per barrel to the oil producer.
When everybody had become sufhclent,
lv mic. stricken by the exhibition of
mower. orders we're issued to put the price
m again and under the buying OF the
STANDARD Trust. it rose nominally to 10
cents.
The price then began to decline, until 1t
realized less than SO cents. Much OF tnis
happened within forty eight hours; all OF IL
within a week, and without Word OF
warning. r
The results are the precipitation OF a
financial panic upon the oil country. me me
banks are refusing to lend money vi,
and oil property and even good PERSONA
paner secured upon oil property. is not
road collateral. The banks are afraid,
and iustifiably so, of lending money upon
property the value of which may be IN
dav deprecated from % to 80 percent, by
the click of telegraph instrument operat,
ad in tha secret chambers of the Standard
Trust in New York City.
That all this was done intentionally and
with premeditation, and for the delberate
purpose of upsettling business operations,
and producing stringency in the money
market and financial embarrassment among
the producers and independent rehners, no
man can doubt, who is not paid to doubt;
About sixty days ago the STANDARD
Trust gave olt in substance that as the
Pennsylvania oil producer was making
trouble, and showed disposition to take
t'our business away from rus" or inter
fere with ''om busines" it was necessary
for the Trust TO eight" and that low prices
might be expected, and if necessary TO
make the oil producer so poor that ne
could not pay in capital into the
business company he had seen ht 10 or
ranize, to put oil to so cents per barrel,
It would be done.
Well it has been done, and will be again.
This is highway robbery. AS much rob,
berry as if the Trust had stopped every OIL
producer in the road and taken from HIM
quarter of the money in his pocket.
There is no justification for this exhibition
of brutal power, either in law, morals or
business principles.
1t is mob law.
Are there any apologists for the outrageY
Are there any who will meekly swallow
the soft talk and apologies and falsehoods
put forth to excuse this plunder OF our
peoplee-Er