New and expanded cotton and woolen mills, tool making, foundries, medicines and other businesses were created. The manufacturing firms in were much larger and their output had twice the value compared to The s show both a financial panic depression of and an emerging industrial revitalization in
Founding and early years[ edit ] John D.
InRockefeller abolished the partnership and incorporated Standard Oil in Ohio. Of the initial 10, shares, John D. Flagler, Samuel Andrews, Stephen V. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry.
Authority was centralized in the company's main office in Cleveland, but decisions in the office were made in a cooperative way. After purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others.
Standard's actions and secret  transport deals helped its kerosene price to drop from 58 to 26 cents from to Competitors disliked the company's business practices, but consumers liked the lower prices.
Standard Oil, being formed well before the discovery of the Spindletop oil field in Texas, far from Standard Oil's base in the Mid-West and a demand for oil other than for heat and light, was well placed to control the growth of the oil business.
The company was perceived to own and control all aspects of the trade. InRockefeller joined the South Improvement Co. But when this deal became known, competitors convinced the Pennsylvania Legislature to revoke South Improvement's charter.
No oil was ever shipped under this arrangement. Barton Hepburn was directed by the New York State Legislature in to investigate the railroads' practice of giving rebates within the state. Merchants without ties to the oil industry had pressed for the hearings.
Prior to the committee's investigation, few knew of the size of Standard Oil's control and influence on seemingly unaffiliated oil refineries and pipelines - Hawke cites that only a dozen or so within Standard Oil knew the extent of company operations.
The committee counsel, Simon Sternequestioned representatives from the Erie Railroad and the New York Central Railroad and discovered that at least half of their long-haul traffic granted rebates, and that much of this traffic came from Standard Oil.
The committee then shifted focus to Standard Oil's operations. He then admitted to being a director of Standard Oil. The committee's final report scolded the railroads for their rebate policies and cited Standard Oil as an example.
This scolding was largely moot to Standard Oil's interests since long-distance oil pipelines were now their preferred method of transportation. On January 2, they combined their disparate companies, spread across dozens of states, under a single group of trustees.
By a secret agreement, the existing 37 stockholders conveyed their shares "in trust" to nine trustees: ArchboldWilliam G. WardenJabez Bostwickand Benjamin Brewster.
The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase "restraint of trade" remained subjective. The Standard Oil group quickly attracted attention from antitrust authorities leading to a lawsuit filed by Ohio Attorney General David K. Vice-president John Dustin Archbold took a large part in the running of the firm.
Inthe US Justice Department sued the group under the federal antitrust law and ordered its breakup into 34 companies.
Standard Oil's market position was initially established through an emphasis on efficiency and responsibility. While most companies dumped gasoline in rivers this was before the automobile was popularStandard used it to fuel its machines.
While other companies' refineries piled mountains of heavy waste, Rockefeller found ways to sell it. For example, Standard created the first synthetic competitor for beeswax and bought the company that invented and produced Vaselinethe Chesebrough Manufacturing Co.
One of the original " Muckrakers " was Ida M. Tarbellan American author and journalist. Her father was an oil producer whose business had failed due to Rockefeller's business dealings.
After extensive interviews with a sympathetic senior executive of Standard Oil, Henry H. RogersTarbell's investigations of Standard Oil fueled growing public attacks on Standard Oil and on monopolies in general.
The Standard Oil Trust was controlled by a small group of families. Rockefeller stated in They also invested heavily in the gas and the electric lighting business including the giant Consolidated Gas Co. However, the deal fell through and the firm was sold to Royal Dutch Shell.
In the s, Standard Oil began marketing kerosene to China's large population of close to million as lamp fuel.Establishment of the cast steel factory by Friedrich Krupp. On November 20, Friedrich Krupp establishes a factory with two partners for the making of English cast steel and all products therefrom.
Frequently asked questions about the transcontinental railroad. Central Pacific Railroad Photographic History Museum. The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP.
Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Heroes and Villains - A little light reading.
Here you will find a brief history of technology. Initially inspired by the development of batteries, it covers technology in general and includes some interesting little known, or long forgotten, facts as well as a few myths about the development of technology, the science behind it, the context in which it occurred and the deeds of the many.
The Boer War Remembered. By Mark Weber. The Anglo-Boer War of was more than the first major military clash of the 20th century. Pitting as it did the might of the globe-girdling British Empire, backed by international finance, against a small pioneering nation of independent-minded farmers, ranchers and merchants in southern Africa who lived by the Bible and the rifle, its legacy.
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 time.
Its history as one of the world's first and largest multinational corporations ended in , when the United States Supreme Court, in a landmark case.