The Standard Oil Trust
Standard Oil Trust
John D. Rockefeller was born on July 8, 1839 in New York. He was among one of the richest people in the world. He formed the Standard Oil Trust in 1863, by 1868 the company had been established in Ohio, at that time it was one of the largest oil refineries in the world. The Standard Oil Company grew to dominate the oil industry and became one of the first big trusts in the United States. However, even this unprecedented wealth and power was not enough. Rockefeller and Standard Oil needed ever more. The company thus expanded into the overseas markets, particularly Western Europe and Asia, and after a while it was selling even more oil abroad than in the U.S. Moreover, Rockefeller, in addition to his role as the head of Standard Oil, also invested in numerous companies in manufacturing, transportation and other industries and owned major iron mines and extensive tracts of timberland. The astonishing success of Standard Oil encouraged others to follow the Rockefeller business model, particularly in the booming final decades of the 19th century. Trusts were established in close to 200 industries, although most never came close to Standard Oil in size or profitability. Among the largest were railroads, coal, steel, sugar, tobacco and meatpacking. This company was the best company in the world, and what’s better that it brought a great economy!
Of course, great things always come to an end. By 1890 they already had legal issues, concerning the Sherman Antitrust Act. With this occurring the Standard Oil Trust had to separate into state companies. Although with this conflict occurring, this company was still very strong and still held its reputation. Then, in 1911, after years of litigation, the Court found Standard Oil Company of New Jersey in violation of the Sherman Antitrust Act because of its...