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The Rockefeller family did not stay long in Strongsville, moving on briefly to Parma, another Cleveland suburb, and finally into Cleveland itself, renting a house in late 1854 on the west side of Perry Street (East 22nd Street), near Prospect Avenue. The landlord was Colonel O. J. Hodge.
ROCKEFELLER, JOHN D. ROCKEFELLER, JOHN D. (8 July 1839-23 May 1937), industrialist and philanthropist, rose from his position as an assistant bookkeeper for a Cleveland commission merchant to become one of the wealthiest men in the U.S. through his efforts in developing the STANDARD OIL CO. Born on a farm near Richford, NY.
May 1, 2016 · The business move worked for Rockefeller, the subject of this month’s Uniquely Cleveland, and gave his Standard Oil Co. a corner on the market. By 1878 Standard Oil was refining 90 percent of the oil in the U.S. Standard Oil grew to be a behemoth and by 1911 was broken into 34 companies when the U.S. Supreme Court found it violated the Sherman Antitrust Act.
The so-called Cleveland Massacre was the beginning of John D. Rockefeller's drive toward an oil monopoly, and it is considered one of his shrewdest operations. The fact that he carried out this ...
- American Experience
- 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 ...
In 1863, John D. Rockefeller encouraged fellow business partner, M. B. Clark to agree to a decision which would eventually lead to the creation of the multimillion dollar company Standard Oil. The duo financed and joined with chemist Samuel Andrews in starting the oil refining business Andrews, Clark, and Co. Two years later, Rockefeller and Andrews bought out Clark's interest and became ...
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Jul 5, 2012 · Presumably, with Rockefeller’s plan uncovered in Cleveland, his efforts to corner the market would be stopped. But in fact, Rockefeller had already accomplished what he had set out to do. As his ...
