Refining Success: Standard Oil Takes Shape
Refining Success: Standard Oil Takes Shape
Rockefeller also began a campaign to buy out as many as possible of his competing refiners. In just six weeks in 1872, Rockefeller had overtaken 22 of his 26 competitors in Cleveland. Standard Oil was becoming so large that even the most ardent of competitors had little choice but to capitulate. If a competitor refused his offer, Rockefeller promised to run them into bankruptcy.
By buying out his competition, improving his company’s own efficiency, and continuing to fight for discounts from the railroads, Rockefeller was able to grow Standard Oil into one of the most powerful corporations in the country. In little time, the company had become one of the largest shippers of oil and kerosene in the U.S.
From Cleveland to the rest of the country, Standard Oil had attained a complete monopoly over oil production in less than ten years. In order to consolidate his cross-country holdings, Rockefeller created the Standard Oil Trust in 1882. It was at this point that Rockefeller began attracting much attention. The Trust’s immense size was worrying for many observers.
Under Rockefeller, the price of kerosene dropped almost 80%, making it more widely available. But, the Trust’s strong monopoly was a cause for concern amongst journalists, activists, and politicians alike. Rockefeller himself became the target for much public criticism. In 1892, anti-trust laws in Ohio even forced the separation of Standard Oil of Ohio from the rest of the company.
From 1896 to 1911, Rockefeller’s involvement in the company he had created gradually decreased. While he maintained his presidential title as well as his stock, he disengaged himself in the daily running of the company and its policy decisions. It was in 1911 that the company was dealt a huge blow. While not as powerful as it was at its peak, Standard Oil by that point still controlled 64% of the market. The U.S. Supreme Court then decided that because the company had originated from illegal monopolistic practices, it had to be dismantled in 34 smaller companies. The remnants of these new companies can still be found today in the likes of Chevron, Exxon, and Mobil.
Throughout his career, Rockefeller was also committed to certain charitable causes that were close to his heart. He gave 10% of every paycheck to his church. As his wealth grew, he increased his giving to educational and health causes, including $80 million to the University of Chicago, and creating Rockefeller University and the Rockefeller Foundation. In total, Rockefeller gave away over $550 million of his $1.4 billion fortune.
Rockefeller’s legacy lives on today. No other American – including Bill Gates – has ever achieved a similar level of wealth as a percentage of the nation’s economy.
Refining Success Standard Oil Takes Shape
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By the time Standard Oil was in business, Cleveland had become one of the five major refining centres in the country. By getting secret rebates from the railroads and supporting a new cartel aimed at stabilizing freight railroad rates in return for preferential treatment, Rockefeller was able to give his company an edge.
Rockefeller also began a campaign to buy out as many as possible of his competing refiners. In just six weeks in 1872, Rockefeller had overtaken 22 of his 26 competitors in Cleveland. Standard Oil was becoming so large that even the most ardent of competitors had little choice but to capitulate. If a competitor refused his offer, Rockefeller promised to run them into bankruptcy.
By buying out his competition, improving his company’s own efficiency, and continuing to fight for discounts from the railroads, Rockefeller was able to grow Standard Oil into one of the most powerful corporations in the country. In little time, the company had become one of the largest shippers of oil and kerosene in the U.S.
From Cleveland to the rest of the country, Standard Oil had attained a complete monopoly over oil production in less than ten years. In order to consolidate his cross-country holdings, Rockefeller created the Standard Oil Trust in 1882. It was at this point that Rockefeller began attracting much attention. The Trust’s immense size was worrying for many observers.
Under Rockefeller, the price of kerosene dropped almost 80%, making it more widely available. But, the Trust’s strong monopoly was a cause for concern amongst journalists, activists, and politicians alike. Rockefeller himself became the target for much public criticism. In 1892, anti-trust laws in Ohio even forced the separation of Standard Oil of Ohio from the rest of the company.
From 1896 to 1911, Rockefeller’s involvement in the company he had created gradually decreased. While he maintained his presidential title as well as his stock, he disengaged himself in the daily running of the company and its policy decisions. It was in 1911 that the company was dealt a huge blow. While not as powerful as it was at its peak, Standard Oil by that point still controlled 64% of the market. The U.S. Supreme Court then decided that because the company had originated from illegal monopolistic practices, it had to be dismantled in 34 smaller companies. The remnants of these new companies can still be found today in the likes of Chevron, Exxon, and Mobil.
Throughout his career, Rockefeller was also committed to certain charitable causes that were close to his heart. He gave 10% of every paycheck to his church. As his wealth grew, he increased his giving to educational and health causes, including $80 million to the University of Chicago, and creating Rockefeller University and the Rockefeller Foundation. In total, Rockefeller gave away over $550 million of his $1.4 billion fortune.
Rockefeller’s legacy lives on today. No other American – including Bill Gates – has ever achieved a similar level of wealth as a percentage of the nation’s economy.
Refining Success Standard Oil Takes Shape
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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