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Updated: June 4, 2025
His own denials and explanations seemed powerless to affect the public mind, and as he looked back he dated his decline from the appearance of her first article. It had done all the mischief he had feared. Not only were his old stock-holders dissatisfied, but wherever he went for aid he found a disconcerting lack of response, a half-veiled skepticism that was maddening.
He grew indignant when he told her of the disloyalty of the two men in the bank, and the rich farmer, Tom Butterworth. "They're selling their shares and letting the small stock-holders lose their money," he declared. "I told 'em not to do it. Now if anything happens to spoil their plans they'll not have me to blame."
In 1882 the entire combination thirty-nine refiners, controlling ninety to ninety-five per cent. of the product was organized as the Standard Oil Trust. All stock-holders in the combining companies surrendered their certificates and received in return receipts or "trust-certificates," which showed the amount of the owner's interest in the trust.
Perhaps it'll be better for the town to have the entire stock control in our hands. You see we few men have got to run things here. It's going to be on our shoulders to see that labor is employed. A lot of small stock-holders are a nuisance.
What do you hear from Boston?" "Nothing new. The stock is still flat on the market, with the stock-holders' pool holding a bare majority, and the Plantagould brokers buying in driblets wherever they can find a small holder who is willing to let go. It is only a question of time; and a very short time at that." The editor wagged his head in sympathy. "I wish I could help you, David.
"He openly hints that if we elect a sheriff in this county this fall who makes an efficient officer, he will be strictly in line for the office of United States Marshal of western Kansas and all the Indian Territory. You see, Mr. Seigerman, in our company we have as stock-holders three congressmen and one United States senator.
The failure had hit small stock-holders very hard, the minister of the little Methodist chapel in Casanova among them. He had received as a legacy from an uncle a few shares of stock in the Traders' Bank, and now his joy was turned to bitterness: he had to sacrifice everything he had in the world, and his feeling against Paul Armstrong, dead, as he was, must have been bitter in the extreme.
So, later, when the reorganization was effected; when the troublesome, dividend-hungry stock-holders of the original company were eliminated by due process of law, Caleb's name appeared on the Farley slate with the title of general manager of the new company for the same good and sufficient reasons.
Some day he will make another raid and, if he is allowed to select the day and the conditions, it will be a panic-making raid. If an enemy's attack is inevitable the best defense is offense. There is no wisdom in giving him time to prepare. Every day we stand idle his power grows. We must show enough strength at the next meeting of our stock-holders to reorganize the Coal and Ore directorate."
But after 1881 it passed into the control of the small stock-holders, and has remained there without a break. It is now one of our most democratized businesses, scattering either wages or dividends into more than a hundred thousand homes. It has at times been exclusive, but never sordid. It has never been dollar-mad, nor frenzied by the virus of stock-gambling.
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