Ida Tarbell

“ It is sufficiently accurate for general purposes of comparison. It would be an almost impossible task to determine a "true average" from the reports of the daily sales that are now on record. Previous to 1875 the quotations are given for points along Oil Creek, and they hardly represent what the producer actually realised for oil at the wells. From 1875 onward the trading in oil was placed on a more satisfactory basis by the general adoption of pipe-line certificates, and the exchange quotations show very closely the value of the oil at the wells. ”

“ Note.—In the above tables the quotations down to 1890, inclusive, are noted in cents and fractional parts of a cent; from 1891 to 1903 the prices are given in cents and decimal parts of a cent, i.e., 7.42 signifies seven and forty-two hundredths cents, and 93⁄8 means nine and three eighths cents per gallon. The above are New York quotations in barrels; bulk oil is generally 2.50c. below these prices. Philadelphia and Baltimore quotations are five points below New York; for instance, if New York price was 5.75c., the Philadelphia and Baltimore price would be 5.70 c. ”

“ Chief counsel of the Standard Oil Company. Framer of the Trust agreement of 1882.
From 1872 to 1892 the chief oil buyer of the Standard Oil Company.
Head of the "Seep Agency," through which all oil transported by the Standard Oil Company goes.
Vice-president of the National Transit Company, the pipe-line company owned by the Standard Oil Company.
From a photograph by Allen Ayrault Green, taken about 1892.
THE HISTORY OF
THE STANDARD OIL COMPANY
This work is in the public domain in the United States because it was published in 1904, before the cutoff of January 1, 1928. ”