Electronic Notecard # 1

1. Electronic Notecard # 1 • Source: "Standard Oil - Wikipedia, La Enciclopedia Libre." Wikipedia:Portada - Wikipedia, La Enciclopedia Libre. Web. 21 Apr. 2010. <http://es.wikipedia.org/wiki/Standard_Oil>. • Subject:Standard oil Company • Keywords: Company, oil, coorporation • Abstract: • Was a predominant, oil producing company • Was established in 1870 in Ohio as an Ohio coorporation. It was the largest oil refiner in the world • It was one of the world’s first and largest multinational coorporation until it was destroyed my the United States Supreme court in 1911 • John D Rockefeller was chairman, which made him world’s richest man ever. By the creation of the Standard Oil Company, John D rockefeller became the richest man in history. It was because of oil production, and the company being multinational. Oil was a needed product and it made John D Rockefeller rich.

2. Electronic Notecard # 2 • Source:". John D. Rockfeller 1839-1937 ." Micheloud & Cie. Web. 21 Apr. 2010. <http://www.micheloud.com/FXM/so/jdr.htm>. • Subject:John D Rockefeller’s Life • Keywords: business, greedy, oil business • Abstract: • Greedy since his childhood, he used to buy candies to resell them to his siblings, for a profit. • He was never seen in the oil regions, but he knew the oil business was his type. • He always liked business since childhood, after mandatory school, he was the accountant for a grocery store, at age 16 • In 1863, along with a chemist, he created a refinery, producing naphtha and kerosene. • With low wages, and costs, his company grew very quickly. • John D Rockefeller was a person who liked business since he was a child. That helped him on being a strong businessman and making his company grow very fast.

3. Electronic Notecard # 3 • Source:"John D. and Standard Oil." BGSU :: University Home Page :: Bowling Green State University Home Page. Web. 21 Apr. 2010. <http://www.bgsu.edu/departments/acs/1890s/rockefeller/bio2.htm>. • Subject: Rise of the Standard Oil Company • Keywords: refined oil, barrels • Yet there was no company for refined oil, and there was nobody interested in oil refinery. • ‘’ By 1865 there were thirty refineries in the town, with a capital of about a million and a half dollars and a daily capacity of some 2,000 barrels. The works multiplied rapidly. The report Of the Cleveland Board of Trade for 1866 gives the number of plants at the end of that year as fifty, and it dilates eloquently on the advantages of Cleveland as a refining point over even Pittsburg, to that time supposed to be the natural centre for the business. If the railroad and lake transportation men would but adopt as liberal a policy toward the oil freights of Cleveland as the Pennsylvania Railroad was adopting toward that of Pittsburg, aided by her natural advantages the town was bound to become the greatest oil refining centre in the United States. By 1868 the Board of Trade reported joyfully that Cleveland was receiving within 300,000 barrels as much oil as Pittsburg. In 1869 she surpassed all competitors.’’ • Cleaveland reached to the heights of petroleum manufactorers. Cleaveland could hold the rank for a long time, and each year an increase was seen from this.

4. Electronic Notecard # 4 • Source:". John D. Rockfeller 1839-1937 ." Micheloud & Cie. Web. 21 Apr. 2010. <http://www.micheloud.com/FXM/so/jdr.htm>. • Subject:Structure of Standard oil Company • Keywords: crude oil producers, transporters, refiners, retailers • These men, looked for oil in the muddy fields, for fortune. Many found it as profits were huge in the beginning • Oil fields were desolated areas, workers had to take the oil to the refineries and then to the retailers. • The oil was poured in big metal bowls which were then heated so that the liquid began to evaporate. The fumes were then guided through copper pipes. • Oil had to find its buyers • Sometimes refiners had their own retailers. • This shows that the process of making oil was not that easy, it required a lot to produce it, and for it to sell.

5. Electronic Notecard # 5 • Source John D. Rockfeller 1839-1937 ." Micheloud & Cie. Web. 21 Apr. 2010. <http://www.micheloud.com/FXM/so/jdr.htm>. • Subject: short chronology • Keywords: refining, trust, Supreme Court. • ‘’ 1870 The  Standart Oil Company is founded by   John D. Rockfeller in Cleveland, Ohio. The refining industry is at this time decentralised, and Rockefeller's share of the refined oil business is less than 4%, with more thatn 250 competitors in the US. 1870 John D. Rockefeller and  Flagler start the  South Improvement Company to pool oil transportation on railroads, letting those who take part in the scheme to get incredibly cheap rates. • 1873 John D. Rockefeller already controls 80% of the refining capacity of Cleveland, which makes a third of the national's total. 1879 The Standart Oil Trust shuts down 31 of the 53 refineries owned by the Standard Oil and concentrate production in 3 giant refineries.  1880 Standart Oil controls almost every refinery in the US and has more than   $40 mio in cash. 1882 The alliance of all the companies that made the  Standart Oil is transformed into the  Standart Oil Trust, the first big trust in the USA. The shareholders of the 14 companies and minority shareholders of a further 26 hand in their bonds and shares to 9 trustees and get in exchange $70 mio in trust certificates. The trustees   control the company and pay dividend to the holders of these certificates. 1882 An Ohio court dissolve the trust, but it is reincorporated in New Jersey, a state that accepts trusts. The trustees leave their initial horizontal integration concept and work for a total vertical integration. 1890 Congress votes the Sherman Antitrust Act and the Standartis again reincorporated, this time in New Jersey as a holding. 1900 The Standard Oil controls more than 90% of the refined oil in the  USA 1911 The Supreme Court decides the break up of the  Standard Oil in smaller, competing companies.’’ • The Standard Oil company was growing and growing and it became very powerful in the United States. It had almost all control over oil production in the United States which it led the Supreme Court to break it up into smaller companies.

6. Electronic Notecard # 6 • Source: "La Historia De Un Gran Emprendedor John D. Rockefeller | GestioPolis." GestioPolis.com | Administración | Economía | Emprendedor | Finanzas | Marketing | Recursos Humanos. Web. 21 Apr. 2010. <http://www.gestiopolis.com/canales/emprendedora/articulos/no11/Rockefeller.htm>. • Subject: Breakdown of Standard oil company • Keywords: Supreme Court, Monopoly • In 1911, The Supreme Court’s antitrust law, required Standard Oil to be broken into small independent companies. • If not for that court ruling, Standard Oil would be worth more than $1 trillion today. • Many economists argue that the Standard Oil was not a monopoly. • They also argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products for consumers. • Some economic historians have observed that Standard Oil was in the process of losing its monopoly at the time of its breakup in 1911. Although Standard had 90% of American refining capacity in 1880, by 1911 that had shrunk to between 60 and 65%. • Standard Oil would be the leading oil company today, controlling petroleum production and sales over the world. The 1911 breakdown leads us to many criticisms about it.