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John D. Rockefeller c. 1872, shortly after founding Standard Oil. Standard Oil's prehistory began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller, his brother William Rockefeller, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife.
Rockefeller, undiscouraged, bought it in for $72,500, borrowing most of the money, and organized the new firm of Rockefeller & Andrews. In 1867 this firm absorbed an oil refinery that had been established by William Rockefeller, and took in as partners William Rockefeller and Henry M. Flagler.
By 1870, the firm of Rockefeller, Andrews, and Flagler was, thanks to Rockefeller’s vision, a super-efficient refining machine, generating more than fifteen hundred barrels a day 38 — more than most refineries could produce in a week — at lower cost than anyone else. And in that year, the firm became the Standard Oil Company of Ohio — a joint-stock company, of the type used by ...
By 1870, the firm of Rockefeller, Andrews, and Flagler was, thanks to Rockefeller’s vision, a super-efficient refining machine, generating more than fifteen hundred barrels a day—more than ...
May 29, 2018 · STANDARD OIL COMPANY, an Ohio corporation, was incorporated on 10 January 1870 with a capital of $1 million, the original stockholders being John D. Rockefeller, with 2,667 shares; William Rockefeller, with 1,333 shares; Henry M. Flagler, with 1,333 shares; Samuel Andrews, with 1,333 shares; Stephen V. Harkness, with 1,334 shares; O. B. Jennings, with 1,000 shares; and the firm of Rockefeller ...
Apr 23, 2023 · In 1867, Rockefeller needed capital for his new oil business and approached Flagler, who was then made a partner in the newly formed Rockefeller, Andrews & Flagler partnership. Stephen V. Harkness, Flagler's stepbrother, invested $100,000 (equivalent to $1.94 million in 2021) on the condition that Flagler be made a partner.
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Oct 10, 2024 · The company’s origins date to 1863, when Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business. In 1865 Rockefeller bought out Clark, and two years later he invited Henry M. Flaglerto join as a partner in the venture. By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest ...
