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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. Flagler to join as a partner in the venture.
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 ...
In 1863, Rockefeller was running a successful merchant business with his partner, Maurice Clark, when a local man named Samuel Andrews approached the two. A talented amateur chemist, Andrews sought their investment in a refinery.
- Overproduction and Depression in The Cleveland Refining Industry
- Standard Oil's First Moves
- Rockefeller's Two-Front Strategy of Expansion
- The South Improvement Company's Price Fixing Efforts
- Riots in The Pennsylvania Oil Fields
- The "Cleveland Massacre" Begins
- The Lessons of Rockefeller's Victory
By the late 1860s, the formerly booming oil business was mired in a slump. Too many producers had thrown their hats into the game, and the refining capacity of Cleveland was triple the amount of oil being pumped. Through years of shrewd maneuvering, hard work, and good business sense, Rockefeller had forced his own partnership to the top of this un...
Standard Oil couldn't do anything until it attracted financing. Most banks would have little to do with an oil company -- not when they could open the newspaper and read about the latest refinery explosion, teamster extortion, or production glut. Rockefeller could obtain some loans, but not on the scale that he desired. It took two years after the ...
Standard Oil's big move started on New Year's Day, 1872. On that very day, a spate of new investment tripled Standard's capital -- from $1 million to $3.5 million. Much of this money came from New York banks and wealthy financiers, who were enticed into the refining market for the first time by the strength of Standard Oil. Rockefeller's objective ...
Rockefeller was not the only businessman trying to make sense of the oil markets. Three separate railroads competed for the right to carry oil from Cleveland to New York, and their management was eager to make a truce in this price war. Thus, to guarantee shipments of oil to each firm, in a constant ratio, they established the South Improvement Com...
As with so many conflicts, the initial salvo was fired impetuously. A subordinate Pennsylvania Railroad employee had been left in charge while his manager visited a sick relative. On February 26, 1872 this man prematurely posted the new shipping rates in Oil Creek, Pennsylvania. The rates doubled for everyone -- everyone except for Standard Oil and...
Lost by many in the outrage, Standard Oil had undertaken a second line of attack, and it met with outstanding success. When Genghis Khan's armyswept through the steppes of Asia, their preferred strategy was to intimidate opposing armies into surrender without battle. Those who did submit were treated well while those who resisted were annihilated. ...
In just three months, in the methodical fashion of a godfather, Rockefeller eliminated twenty-two of his twenty-six competitors in Cleveland. At the end he was left unchallenged in that city. Whether by design or by coincidence, Rockefeller had provided a masterful example of using diversionary tactics to distract the attention of the media. While ...
By 1863, he was talking oil with Samuel Andrews, and two years later they built a refinery together. Two things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices.
May 29, 2018 · The origins of the Standard Oil Company date from 1863 when John D. Rockefeller (1839 – 1937), son of a modest businessman, and two others purchased a refinery in Cleveland, Ohio. Rockefeller foresaw the potential of refining Pennsylvania crude oil, which would revolutionize the way people lighted their homes, fueled their vehicles, and ...
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On January 10, 1870, the partnership of Rockefeller, Andrews and Flagler was abolished and was replaced by the Standard Oil Company (Ohio). According to one source, the new company began operations with the following shareholders: John D. Rockefeller Sr. (30 percent) , William Rockefeller (13.34 percent), Henry Flagler and Samuel Andrews (each
