telegrams such as doubters for refiners and mixer for railroad drawbacks The

Telegrams such as doubters for refiners and mixer for

  • Homework Help
  • lonniehf876
  • 53
  • 50% (2) 1 out of 2 people found this document helpful

This preview shows page 16 - 19 out of 53 pages.

telegrams such as “doubters” for refiners and “mixer” for railroad drawbacks. The phantoms bought some refiners who refused in prin- ciple to sell out to Standard Oil. Their existence con- fronted independents with a dark, mysterious force that could not be brought into the light and fought.THE STANDARD OIL TRUSTBy 1882 Rockefeller’s company was capitalized at $70 million and produced 90 percent of the nation’s refining output. Its main product, illuminating oil, was changing the way people lived. Before the sale of affordable illuminating oil of good quality, most Americans went to bed with darkness. They could not afford expensive candles or whale oil and feared using the unstable kerosene made by early, small re- finers. With the rise of Rockefeller’s colossus, they had reliable, inexpensive light and stayed up. Their lives, andthe life of the nation, changed.Rockefeller reorganized Standard Oil as a trust.8 His purpose was to make state regulation more diffi- cult. Soon other large companies followed his lead, adopting the trust form to avoid government restric- tions. Inside Standard Oil,
Background image
Rockefeller’s organizing skills were extraordinary. Working with a loyal inner circle of managers, he directed his far-flung empire from headquarters at 26 Broadway in New York City. As he absorbed his competitors, so had he co-opted the best minds in the industry and much of Stand- ard’s success is attributable to this stellar supporting cast. Though dominant, Rockefeller delegated great responsibility to his managers.High-level committees controlled business opera- tions. Hecirculated monthly cost statements for each refinery, causing fierce internal competition among their managers that led to high performance. He set up a network of informants around the globe. Critics called them spies, but they functioned as a well- organized information system.A perfectionist, he insisted on having a statement of the exact net worth of Standard Oil on his desk every morning. Oil prices always were calculated to three decimals. He was so dogged about efficiency and recycling that his Standard Oil plants might win refiners and “mixer” for railroad drawbacks. The phantoms bought some refiners who refused in prin- ciple to sell out to Standard Oil. Their existence con-fronted independents with a dark, mysterious force that couldnot be brought into the light and fought.
Background image
THE STANDARD OIL TRUSTBy 1882 Rockefeller’s company was capitalized at $70 million and produced 90 percent of the nation’s refining output. Its main product, illuminating oil, was changing the way people lived. Before the sale of affordable illuminating oil of good quality, most Americans went to bed with darkness. They could not afford expensive candles or whale oil and feared using the unstable kerosene made by early, small re- finers. With the rise of Rockefeller’s colossus, they had reliable, inexpensive light and stayed up. Their lives, andthe life of the nation, changed.
Background image
Image of page 19

You've reached the end of your free preview.

Want to read all 53 pages?

  • Spring '19
  • Tom Pope

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes