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73-473: The battles between Clark, Daly, Murray and Heinze, and later between just Heinze and industrialist financiers William Rockefeller and Henry H. Rogers are a large chapter in Montana history . Eventually, Daly’s original company, known as Anaconda Copper emerged as a monopoly , expanding into the fourth largest company in the world by the late 1920s. While the cost of smelting the complex copper-bearing ore

146-535: A 65.4% payout ratio . The total net earnings from 1882 to 1906 amounted to $ 838,783,800 (equivalent to $ 21,321,800,000 in 2023), exceeding the dividends by $ 290,347,800, which was used for plant expansions. In 1896, John Rockefeller retired from the Standard Oil Co. of New Jersey, the holding company of the group, but remained president and a major shareholder. Vice-president John Dustin Archbold took

219-524: A British petroleum entrepreneur in Mexico, began negotiating with Standard Oil in 1912–13 to sell his "El Aguila" oil company, since Pearson was no longer bound to promises to the Porfirio Díaz regime (1876–1911) to not to sell to U.S. interests. However, the deal fell through and the firm was sold to Royal Dutch Shell . Standard Oil's production increased so rapidly it soon exceeded U.S. demand and

292-471: A beam of 32 feet (9.8 m), a depth of 10 feet 6 inches (3.2 m), and had a bulletproof wheelhouse. Mei Ping ("Beautiful Tranquility"), launched in 1927, was designed off-shore, but assembled and finished in Shanghai. Its oil-fuel burners came from the U.S. and water-tube boilers came from England. Standard Oil Company and Socony-Vacuum Oil Company became partners in providing markets for

365-528: A definite time (National City Bank was run by Rockefeller's friends). Rogers and Rockefeller then set up a paper organization, known as the Amalgamated Copper Mining Company, with their own clerks as dummy directors, saying the company was worth $ 75 million. They had Amalgamated Copper Company buy Anaconda from them for $ 75 million in capital stock, which was conveniently printed for the purpose. Then, they borrowed $ 39 million from

438-665: A dozen or so within Standard Oil knew the extent of company operations. The committee counsel, Simon Sterne , questioned 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 much of this traffic came from Standard Oil. The committee then shifted focus to Standard Oil's operations. John Dustin Archbold , as president of Acme Oil Company, denied that Acme

511-457: A gallon or forty-two cents a barrel, an effective 71% discount from its listed rates in return for a promise to ship at least 60 carloads of oil daily and to handle loading and unloading on its own. Smaller companies decried such deals as unfair because they were not producing enough oil to qualify for discounts. Standard's actions and secret transport deals helped its kerosene price to drop from 58 to 26 cents from 1865 to 1870. Rockefeller used

584-806: A gross estate of $ 102 million, significantly reduced by debts and taxes. He was a prominent member of the Rockefeller family , contributing to its reputation as a leading American business dynasty. William Avery Rockefeller Jr. was born in Richford, New York . He was the middle son of con artist William Avery Rockefeller Sr. and Eliza Davison. In addition to elder brother John , William Jr.'s siblings were Lucy, Mary, and twins Franklin (Frank) and Frances (who died young). He also had two elder half-sisters, Clorinda (who died young) and Cornelia, through his father's affairs with mistress and housekeeper Nancy Brown. In 1853 his family moved to Strongsville, Ohio . As

657-609: A growing Standard Oil spin-off in its own right. In the Asia-Pacific region, Jersey Standard had oil production and refineries in the Dutch East Indies but no marketing network. Socony-Vacuum had Asian marketing outlets supplied remotely from California. In 1933, Jersey Standard and Socony-Vacuum merged their interests in the region into a 50–50 joint venture. Standard-Vacuum Oil Co., or "Stanvac", operated in 50 countries, from East Africa to New Zealand , before it

730-470: A large part in the running of the firm. In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. At this time, state and federal laws sought to counter this development with antitrust laws. In 1911, the U.S. Justice Department sued the group under the federal antitrust law and ordered its breakup into 39 companies. Standard Oil's market position

803-519: A local banker, became close to Margaret Daly after her husband's death, and finally convinced Okrusch to sell out, creating the monopoly Amalgamated sought. By 1910, it had changed its name to the Anaconda Copper Mining Company swallowing several smaller mining companies along the way. The Company dominated Butte for the next 74 years. William Rockefeller William Avery Rockefeller Jr. (May 31, 1841 – June 24, 1922)

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876-900: A quarter of the shares of the resultant companies, and those share values mostly doubled, he emerged from the dissolution as the richest man in the world. The dissolution had actually propelled Rockefeller's personal wealth. By 1911 the Supreme Court of the United States ruled, in Standard Oil Co. of New Jersey v. United States , that Standard Oil of New Jersey must be dissolved under the Sherman Antitrust Act and split into 39 companies. Two of these companies were Standard Oil of New Jersey (Jersey Standard or Esso), which eventually became Exxon , and Standard Oil of New York (Socony), which eventually became Mobil ; those two companies later merged into ExxonMobil . Over

949-560: A single holding agency managed by nine trustees. The original trust was valued at $ 70 million. On March 21, 1892, the Standard Oil Trust was dissolved and its holdings were reorganized into 20 independent companies that formed an unofficial union referred to as "Standard Oil Interests." In 1899, the Standard Oil Company (New Jersey) acquired the shares of the other 19 companies and became the holding company for

1022-414: A symbol of the reliable "standards" of quality and service that he envisioned for the nascent oil industry. In the early years, John D. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry. He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder . Authority was centralized in

1095-410: A tanker, was specially designed for river duty. It was built by New Engineering and Shipbuilding Works of Shanghai, who also built the 500-ton launch Mei Foo in 1912. Mei Hsia ("Beautiful Gorges") was launched in 1926 and carried 350 tons of bulk oil in three holds, plus a forward cargo hold, and space between decks for carrying general cargo or packed oil. She had a length of 206 feet (63 m),

1168-616: A trust that Rockefeller set up for his born and yet-to-be born great-grandchildren, stated that he "left a gross estate of $ 102,000,000 which was reduced to $ 50,000,000 principally by $ 30,000,000 of debts and $ 18,600,000 of inheritance and estate taxes ." Rockefeller was a regular attendee of the Saint Mary's Episcopal Church in Scarborough in the last few years of his life. Rockefeller and Almira's second son, William Goodsell Rockefeller , married Sarah Elizabeth "Elsie" Stillman,

1241-530: A young pupil in public school, he was inspired and motivated by his teacher-mentor, Rufus Osgood Mason , whom Rockefeller later named "A Rockefeller Patron." At the age of sixteen, he began work as a clerk for a miller in Cleveland, Ohio . About two years later, he joined his older brother's produce commission business, Clark and Rockefeller, which later supplied provisions to the Union Army. Rockefeller

1314-487: Is the common name for a corporate trust in the petroleum industry that existed from 1882 to 1911. The origins of the trust lay in the operations of the Standard Oil Company (Ohio) , which had been founded in 1870 by John D. Rockefeller . The trust was born on January 2, 1882, when a group of 41 investors signed the Standard Oil Trust Agreement, which pooled their securities of 40 companies into

1387-496: The Amalgamated Copper Mining Company , a holding company that intended to control the copper industry. With Daly as company president and Rogers as Vice-President, Rockefeller and Rogers devised a scheme which earned them a profit of $ 36 million. First, they purchased Anaconda Properties from Daly for $ 39 million, with the understanding that the check was to be deposited in the bank and remain there for

1460-682: The Butte Miner , to push his political ambitions. He became a hero in Helena, Montana , by campaigning for its election as the state capital instead of Anaconda . Clark's long-standing dream of becoming a United States senator resulted in scandal in 1899, when it was revealed that he bribed members of the Montana State Legislature in return for their votes. At the time, U.S. Senators were chosen by their respective state legislators. The U.S. Senate refused to seat Clark because of

1533-544: The Chevron Corp . Some have speculated that if not for that court ruling, Standard Oil could have possibly been worth more than $ 1 trillion in the 2000s. Whether the breakup of Standard Oil was beneficial is a matter of some controversy. Some economists believe that Standard Oil was not a monopoly, and argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products. Critics claimed that success in meeting consumer needs

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1606-676: The Erie Canal as a cheap alternative form of transportation—in the summer months when it was not frozen—to ship his refined oil from Cleveland to the industrialized Northeast. In the winter months, his only options were the three trunk lines—the Erie Railroad and the New York Central Railroad to New York City, and the Pennsylvania Railroad to Pittsburgh and Philadelphia. Competitors disliked

1679-527: The Hudson River from General Lloyd Aspinwall. He renovated or rebuilt the mansion Rockwood Hall . The Rockefeller Cottage is a house on Jekyll Island, Georgia . It is also called Indian Mound and is next to the Jekyll Island Club . The house was built by Gordon McKay in 1892. McKay died in 1903 and the house was bought by William Rockefeller in 1905, who used it as a winter home. It

1752-502: The Sherman Antitrust Act (Senate 51–1; House 242–0), a source of American anti-monopoly laws. 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. Watson . From 1882 to 1906, Standard paid out $ 548,436,000 (equivalent to $ 13,941,200,000 in 2023) in dividends at

1825-430: The Sherman Antitrust Act of 1890, for sustaining a monopoly and restraining interstate commerce by: Rebates, preferences, and other discriminatory practices in favor of the combination by railroad companies; restraint and monopolization by control of pipe lines, and unfair practices against competing pipe lines; contracts with competitors in restraint of trade; unfair methods of competition, such as local price cutting at

1898-622: The South Improvement Co. which would have allowed him to receive rebates for shipping and drawbacks on oil his competitors shipped. 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. Using highly effective tactics, later widely criticized, it absorbed or destroyed most of its competition in Cleveland in less than two months and later throughout

1971-590: The US Supreme Court upheld the lower court judgment and declared the Standard Oil group to be an "unreasonable" monopoly under the Sherman Antitrust Act , Section II. It ordered Standard to break up into 39 independent companies with different boards of directors, the biggest two of the companies being Standard Oil of New Jersey (which became Exxon ) and Standard Oil of New York (which became Mobil ). Standard's president, John D. Rockefeller, had long since retired from any management role. But, as he owned

2044-512: The Yangtze River , the largest of which were Mei Ping (1,118  gross register tons  (GRT)), Mei Hsia (1,048 GRT), and Mei An (934 GRT). All three were destroyed in the 1937 USS Panay incident . Mei An was launched in 1901 and was the first vessel in the fleet. Other vessels included Mei Chuen , Mei Foo , Mei Hung , Mei Kiang , Mei Lu , Mei Tan , Mei Su , Mei Hsia , Mei Ying , and Mei Yun . Mei Hsia ,

2117-490: The 1899 bribery scheme, but a later Senate campaign was successful, and he served a single, undistinguished term from 1901 until 1907. In 1899, Daly teamed up with two principals of John D. Rockefeller 's Standard Oil , William Rockefeller and Henry H. Rogers to create the giant Amalgamated Copper Mining Co. , one of the largest trusts of the early Twentieth Century. (Neither Standard Oil nor John D. Rockefeller were directly involved). Marcus Daly died in 1900. John D. Ryan ,

2190-696: The New York Stock Exchange. When the newly formed Mutual Alliance Trust Company opened for business in New York on the Tuesday after June 29, 1902, there were 13 directors, including Emanuel Lehman and Rockefeller. Rockefeller married Almira Geraldine Goodsell (March 19, 1844 – January 17, 1920) on May 25, 1864, in Fairfield, Connecticut . There were many connections among this and other elite families. Her sister Esther Judson Goodsell

2263-495: The Standard Oil Co. charges altogether excessive prices where it meets no competition, and particularly where there is little likelihood of competitors entering the field, and that, on the other hand, where competition is active, it frequently cuts prices to a point which leaves even the Standard little or no profit, and which more often leaves no profit to the competitor, whose costs are ordinarily somewhat higher. On May 15, 1911,

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2336-475: The Standard into markets, or they have been made high to keep its competitors out of markets. Trifling differences in distances are made an excuse for large differences in rates favorable to the Standard Oil Co., while large differences in distances are ignored where they are against the Standard. Sometimes connecting roads prorate on oil—that is, make through rates which are lower than the combination of local rates; sometimes they refuse to prorate; but in either case

2409-536: The bank using Amalgamated Copper as collateral. They paid back Daly for Anaconda and sold $ 75 million worth of stock in Amalgamated Copper to the public. They paid back the bank's $ 39 million and had a profit of $ 36 million in cash. After Daly died in November 1900, banker John Dennis Ryan rose to head Amalgamated's Montana operations. Amalgamated acquired two large competitors, and soon controlled all

2482-482: The company began viewing export markets. In the 1890s, Standard Oil began marketing kerosene to China's large population of close to 400 million as lamp fuel. For its Chinese trademark and brand, Standard Oil adopted the name Mei Foo ( Chinese : 美孚 ) as a transliteration. Mei Foo also became the name of the tin lamp that Standard Oil produced and gave away or sold cheaply to Chinese farmers, encouraging them to switch from vegetable oil to kerosene. The response

2555-732: The company include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers , who built the Virginian Railway . In 1885, Standard Oil of Ohio moved its headquarters from Cleveland to its permanent headquarters at 26 Broadway in New York City . Concurrently, the trustees of Standard Oil of Ohio chartered the Standard Oil Co. of New Jersey (SOCNJ) to take advantage of New Jersey's more lenient corporate stock ownership laws. In 1890, Congress overwhelmingly passed

2628-512: The company together) and the Rockefeller family controlled a majority of the stock during all the history of the company up to the present time." These families reinvested most of the dividends in other industries, especially railroads. They also invested heavily in the gas and the electric lighting business (including the giant Consolidated Gas Co. of New York City ). They made large purchases of stock in U.S. Steel , Amalgamated Copper , and even Corn Products Refining Co. Weetman Pearson ,

2701-587: 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 Midwest) 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. In 1872, Rockefeller joined

2774-601: The company's main office in Cleveland, but decisions in the office were made cooperatively. The company grew by increasing sales and through acquisitions. After purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others. In a seminal deal, in 1868, the Lake Shore Railroad, a part of the New York Central , gave Rockefeller's firm a going rate of one cent

2847-510: The elder daughter of James Jewett Stillman and Sarah Elizabeth Stillman; her father was National City Bank president. The new couple's family included James Stillman Rockefeller . He became a member of the Jekyll Island Club (aka The millionaires Club) on Jekyll Island, Georgia , along with J. P. Morgan , Joseph Pulitzer , and other business moguls of the day. In 1886, Rockefeller bought property in Westchester County along

2920-593: The giant smokestack remains a landmark. Shortly after Daly built the smelter, the Boston and Montana Co., with holdings second only to Daly's, built one in Great Falls . After complications with the Great Northern , Daly built his own railroad to transport ore from his mines to the smelter. Trains carried the ore from Butte's mines to both smelters. Clark also yearned to be a statesman and used his newspaper,

2993-467: The huge potential of the area. During the 1880s, copper mining came into the forefront and Butte became the world's greatest copper producer. The Utah and Northern Railway came to the area in 1881. It wasn't long before Butte began to pay a price for the riches. The air filled with toxic sulfurous smoke. Daly responded by building a giant smelter in Anaconda , just 30 miles west of Butte. To this day,

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3066-652: The largest public oil company in the world. Many of the companies disassociated from Jersey Standard in 1911 remained powerful businesses through the twentieth century. These included the Standard Oil Company of New York , Standard Oil Company (Indiana) , Standard Oil Company (California) , Ohio Oil Company , Continental Oil Company , and Atlantic Refining Company . 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

3139-480: The mines of Butte, Montana . The company returned to the name Anaconda in 1915, and by the late 1920s Anaconda Copper Company was the fourth-largest company in the world. From 1912 to 1913, the Pujo Committee investigated Rockefeller and others for allegedly earning $ 30 million in profit through cornering the copper market and "synchronizing with artificially enforced activity" in Amalgamated Copper stock in

3212-579: The next few decades, both companies grew significantly. Jersey Standard, led by Walter C. Teagle , became the largest oil producer in the world. It acquired a 50 percent share in Humble Oil & Refining Co. , a Texas oil producer. Socony purchased a 45 percent interest in Magnolia Petroleum Co. , a major refiner, marketer, and pipeline transporter. In 1931, Socony merged with Vacuum Oil Co. , an industry pioneer dating back to 1866, and

3285-551: The northeastern United States. A. Barton Hepburn was directed by the New York State Legislature in 1879, to investigate the railroads' practice of giving rebates to their largest clients 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 (1980) cites that only

3358-731: The oil reserves in the Middle East. In 1906, SOCONY (later Mobil) opened its first fuel terminals in Alexandria. It explored in Palestine before the World War broke out, but ran into conflict with the local authorities. By 1890, Standard Oil controlled 88 percent of the refined oil flows in the United States. The state of Ohio successfully sued Standard, compelling the dissolution of the trust in 1892. But Standard simply separated Standard Oil of Ohio and kept control of it. Eventually,

3431-399: The open arrangement of rates; (3) discriminations in classification and rules of shipment; (4) discriminations in the treatment of private tank cars. The government alleged: Almost everywhere the rates from the shipping points used exclusively, or almost exclusively, by the Standard are relatively lower than the rates from the shipping points of its competitors. Rates have been made low to let

3504-427: The period of 1904 to 1906 and concluded that "beyond question ... the dominant position of the Standard Oil Co. in the refining industry was due to unfair practices—to abuse of the control of pipe-lines, to railroad discriminations, and to unfair methods of competition in the sale of the refined petroleum products". Because of competition from other firms, their market share gradually eroded to 70 percent by 1906 which

3577-426: The points where necessary to suppress competition; [and] espionage of the business of competitors, the operation of bogus independent companies, and payment of rebates on oil, with the like intent. The lawsuit argued that Standard's monopolistic practices had taken place over the preceding four years: The general result of the investigation has been to disclose the existence of numerous and flagrant discriminations by

3650-583: The railroads in behalf of the Standard Oil Co. and its affiliated corporations. With comparatively few exceptions, mainly of other large concerns in California, the Standard has been the sole beneficiary of such discriminations. In almost every section of the country that company has been found to enjoy some unfair advantages over its competitors, and some of these discriminations affect enormous areas. The government identified four illegal patterns: (1) secret and semi-secret railroad rates; (2) discriminations in

3723-519: The reporting of Ida Tarbell , who wrote The History of the Standard Oil Company . The net value of companies severed from Jersey Standard in 1911 was $ 375 million, which constituted 57 per cent of Jersey's value. After the dissolution, Jersey Standard became the United States' second largest corporation after United States Steel . The Standard Oil Company (New Jersey), which was renamed Exxon in 1973 and ExxonMobil in 1999, remains

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3796-599: The result of their policy is to favor the Standard Oil Co. Different methods are used in different places and under different conditions, but the net result is that from Maine to California the general arrangement of open rates on petroleum oil is such as to give the Standard an unreasonable advantage over its competitors. The government said that Standard raised prices to its monopolistic customers but lowered them to hurt competitors, often disguising its illegal actions by using bogus, supposedly independent companies it controlled. The evidence is, in fact, absolutely conclusive that

3869-787: The scale of companies, Rockefeller and his associates developed innovative ways of organizing to effectively manage their fast-growing enterprise. On January 2, 1882, 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: John and William Rockefeller, Oliver H. Payne , Charles Pratt , Henry Flagler , John D. Archbold , William G. Warden, Jabez Bostwick , and Benjamin Brewster . "Whereas some state legislatures imposed special taxes on out-of-state corporations doing business in their states, other legislatures forbade corporations in their state from holding

3942-472: The sister of William Rockefeller's wife. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. Of the initial 10,000 shares, John D. Rockefeller received 2,667, Harkness received 1,334, William Rockefeller, Flagler, and Andrews received 1,333 each, Jennings received 1,000, and the firm of Rockefeller, Andrews & Flagler received 1,000. Rockefeller chose the "Standard Oil" name as

4015-613: The state of New Jersey changed its incorporation laws to allow a company to hold shares in other companies in any state. So, in 1899, the Standard Oil Trust, based at 26 Broadway in New York, was legally reborn as a holding company , the Standard Oil Co. of New Jersey (SOCNJ), which held stock in 41 other companies, which controlled other companies, which in turn controlled yet other companies. According to Daniel Yergin in his Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money, and Power (1990), this conglomerate

4088-493: The stock of companies based elsewhere. (Legislators established such restrictions in the hope that they would force successful companies to incorporate—and thus pay taxes—in their state.)" Standard Oil's organizational concept proved so successful that other giant enterprises adopted this "trust" form. By 1882, Rockefeller's top aide was John Dustin Archbold , whom he left in control after disengaging from business to concentrate on philanthropy after 1896. Other notable principals of

4161-471: The trust. Jersey Standard operated a near monopoly in the American oil industry from 1899 until 1911 and was the largest corporation in the United States. In 1911, the landmark Supreme Court case Standard Oil Co. of New Jersey v. United States found Jersey Standard guilty of anticompetitive practices and ordered it to break up its holdings. The charge against Jersey came about in part as a consequence of

4234-467: Was a Standard company only from 1908 until 1911. One of the original " Muckrakers " Ida M. Tarbell , was an American author and journalist whose father was an oil producer whose business had failed because of Rockefeller's business dealings. After extensive interviews with a sympathetic senior executive of Standard Oil, Henry H. Rogers , Tarbell's investigations of Standard Oil fueled growing public attacks on Standard Oil and monopolies in general. Her work

4307-443: Was an American businessman and financier. Rockefeller was a co-founder of Standard Oil along with his elder brother John Davison Rockefeller . He was also a part owner of Anaconda Copper , which was the fourth-largest company in the world by the late 1920s. Rockefeller started his business career as a clerk at 16. In 1867, he joined his brother's company, Rockefeller, Andrews & Flagler, which later became Standard Oil. The company

4380-410: Was associated with Standard Oil. 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. In response to state laws that had the result of limiting

4453-462: Was dissolved in 1962. Rockefeller's original company, Standard Oil Company of Ohio ( Sohio ), effectively ceased to exist when it was purchased by BP in 1987. BP continued to sell gasoline under the Sohio brand until 1991. Other Standard oil entities include "Standard Oil of Indiana" which became Amoco after other mergers and a name change in the 1980s, and "Standard Oil of California" which became

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4526-662: Was evacuated in 1942, along with the rest of the island. The house remained in the Rockefeller family until 1947, when the Jekyll Island Authority bought the property. It was open as a museum from 1950 until 1968, when it was closed for badly needed repairs. It is now a public museum. Decades later the former "Indian Mound" Cottage was listed on the National Register of Historic Places as Rockefeller Cottage . Standard Oil Standard Oil

4599-510: Was eventually split up by the Supreme Court in 1911. Rockefeller also had a significant involvement in the copper industry. In 1899, Rockefeller and Standard Oil principal Henry H. Rogers joined with Anaconda Company founder Marcus Daly to create the Amalgamated Copper Mining Company, which later returned to the name Anaconda Copper. He married Almira Geraldine Goodsell in 1864, and they had six children. Rockefeller died in 1922, leaving

4672-597: Was formed in 1933. To distribute its products, Standard Oil constructed storage tanks, canneries (bulk oil from large ocean tankers was re-packaged into 5-US-gallon (19 L; 4.2 imp gal) tins), warehouses, and offices in key Chinese cities. For inland distribution, the company had motor tank trucks and railway tank cars, and for river navigation, it had a fleet of low-draft steamers and other vessels. Stanvac's North China Division, based in Shanghai, owned hundreds of vessels, including motor barges, steamers, launches, tugboats, and tankers. Up to 13 tankers operated on

4745-574: Was high, after the American Civil War , investors like William Andrews Clark and Andrew Jackson Davis began to develop Butte 's mines and erect mills to extract the silver and gold . The riches in the hills made Davis Montana 's first millionaire. By 1876, Butte had become a prosperous silver camp with over 1,000 inhabitants. Marcus Daly arrived that year representing the Walker brothers, entrepreneurs from Salt Lake City . His mission

4818-519: Was initially established through an emphasis on efficiency and responsibility. While most companies dumped gasoline in rivers (this was before the automobile was popular), Standard used it to fuel its machines. While other companies' refineries piled mountains of heavy waste, Rockefeller found ways to sell it. For example, Standard bought the company that invented and produced Vaseline , the Chesebrough Manufacturing Co. , which

4891-609: Was married to Oliver Burr Jennings , who became one of the original stockholders of Standard Oil. Together, William and Almira had: William Rockefeller Jr. died of pneumonia on June 24, 1922, in Rockwood Hall. He had caught a cold during a car trip he took with brother John and nephew John Jr. to visit his childhood home in Richford, New York . He was interred in the Sleepy Hollow Cemetery , Sleepy Hollow, New York . The New York Times , in discussing

4964-619: Was positive, sales boomed and China became Standard Oil's largest market in Asia. Prior to Pearl Harbor, Stanvac was the largest single U.S. investment in Southeast Asia . The North China Department of Socony (Standard Oil Company of New York) operated a subsidiary called Socony River and Coastal Fleet, North Coast Division, which became the North China Division of Stanvac (Standard Vacuum Oil Company) after that company

5037-654: Was published in 19 parts in McClure's magazine from November 1902 to October 1904, then in 1904 as the book The History of the Standard Oil Co . The Standard Oil Trust was controlled by a small group of families. Rockefeller stated in 1910: "I think it is true that the Pratt family, the Payne– Whitney family (which were one, as all the stock came from Colonel Payne), the Harkness-Flagler family (which came into

5110-449: Was seen by the public as all-pervasive, controlled by a select group of directors, and completely unaccountable. In 1904, Standard controlled 91 percent of production and 85 percent of final sales. Most of its output was kerosene , of which 55 percent was exported around the world. After 1900 it did not try to force competitors out of business by selling at a loss. The federal Commissioner of Corporations studied Standard's operations from

5183-434: Was the year when the antitrust case was filed against Standard. Standard's market share was 64 percent by 1911 when Standard was ordered broken up. At least 147 refining companies were competing with Standard including Gulf, Texaco, and Shell. It did not try to monopolize the exploration and extraction of oil (its share in 1911 was 11 percent). In 1909, the U.S. Justice Department sued Standard under federal antitrust law,

5256-872: Was to inspect the Alice Mine for possible purchase by the brothers. Daly purchased the mine and successfully managed it for the Walkers. The town of Walkerville , which still overlooks the city of Butte, sprang up around the mine and other mines in the area. In 1880, Daly sold his interest in the Walkers' properties and bought the Anaconda Mine . He did so with investment money from several San Francisco capitalists, including James Ben Ali Haggin , Lloyd Tevis , and George Hearst (the father of media mogul William Randolph Hearst ). The area attracted other investors from Denver and points east. It wasn't long before capitalists from New York City and Boston bought into

5329-679: Was very adept in business matters. When John D. formed Rockefeller, Andrews & Flagler in 1867, he invited William to take charge of the company's export business in New York . In 1867, William Rockefeller and Co. was formed as a subsidiary to Rockefeller and Andrews. In 1870, that company became Standard Oil . In 1911 Standard Oil of New Jersey was split up by the United States Supreme Court . In 1899, Rockefeller joined fellow Standard Oil principal Henry H. Rogers and Anaconda Copper Company founder Marcus Daly in forming

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