Visit Website Inat age 16, he found work as an office clerk at a Cleveland commission firm that bought, sold and shipped grain, coal and other commodities. InRockefeller and a partner established their own commission firm.
In building the giant Standard Oil monopoly, John D. Rockefeller made up his own rules. His father was a peddler of doubtful medical cures, a bigamist, and possibly a horse thief.
When he was around, however, "Devil Bill" as the neighbors called him carefully instructed John how to keep meticulous account of his money and to outwit any business competitor.
John's mother, Eliza, had a far different influence on him. A deeply religious woman, she taught him to be charitable. John lived in an age when owners of industries operated without much interference from government. Even the income tax did not exist.
Rockefeller built an oil monopoly by ruthlessly eliminating most of his competitors. This made him the richest man in the world. But he spent his retirement years giving away most of his money. The unlikely match between "Devil Bill" and Eliza Rockefeller produced a son who would paradoxically become the most hated and admired man in America.
The company made much money during the war. Inhe and his partner invested in another business that refined crude oil from Pennsylvania into kerosene for illuminating lamps.
ByRockefeller and new partners were operating two oil refineries in Cleveland, then the major oil refining center of the country. The partners incorporated under a charter issued by the state of Ohio and called their business the Standard Oil Company.
To give Standard Oil an edge over its competitors, Rockefeller secretly arranged for discounted shipping rates from railroads. The railroads carried crude oil to Standard's refineries in Cleveland and kerosene to the big city markets. Many argued that as "common carriers" railroads should not discriminate in their shipping charges.
But small businesses and farmers were often forced to pay higher rates than big shippers like Standard Oil. The oil industry in the late s often experienced sudden booms and busts, which led to wildly fluctuating prices and price wars among the refiners.
More than anything else, Rockefeller wanted to control the unpredictable oil market to make his profits more dependable. InRockefeller helped form a secret alliance of railroads and refiners. They planned to control freight rates and oil prices by cooperating with one another. The deal collapsed when the railroads backed out.
But before this happened, Rockefeller used the threat of this deal to intimidate more than 20 Cleveland refiners to sell out to Standard Oil at bargain prices.
When the so-called "Cleveland Massacre" ended in MarchStandard controlled 25 percent of the U. Rockefeller saw Standard Oil's takeover of the Cleveland refiners as inevitable.
He said it illustrated "the battle of the new idea of cooperation against competition. Rockefeller planned to buy out as many other oil refineries as he could. To do this, he often used hardball tactics. InStandard started acquiring new oil pipeline networks.
This enabled the company to cut off the flow of crude oil to refineries Rockefeller wanted to buy. When a rival company attempted to build a competing pipeline across Pennsylvania, Standard Oil bought up land along the way to block it.
Rockefeller also resorted to outright bribery of Pennsylvania legislators.John D. Rockefeller was one of the wealthiest industrialists of the U.S. He founded the Standard Oil Company, which almost monopolized the oil industry in the U.S. and made him a billionaire.
The company was one of the world's first and largest multinational corporations. Rockefeller formally founded his most famous company, the Standard Oil Company, Inc., in as an Ohio partnership with William, Flagler, Andrews, Jabez A.
Bostwick, and a silent partner, Stephen V. Harkness. He ran it until The History of the Standard Oil Company is a book by journalist Ida Tarbell.
It is an exposé about the Standard Oil Company, run at the time by oil tycoon John D. Rockefeller, the richest figure in American ashio-midori.com: Ida M.
Tarbell. Celebrities John D. Rockefeller Net Worth John D. Rockefeller Net Worth Wiki-Bio, Married, Dating, Family, Height, Age, Ethnicity. Standard Oil Co. Inc. was an American oil producing, transporting, refining, and marketing company.
Established in by John D. Rockefeller and Henry Flagler as a corporation in Ohio, it was the largest oil refinery in the world of its ashio-midori.comarters: Cleveland, Ohio (–), New York City, New York (–).
Unformatted text preview: This is the story of John D. Rockefeller, founder of the Standard Oil Company. It is the story of a somber, small-town boy who dominated the oil industry with organizational genius, audacity, and ruthless, me— thodical execution.