The Trust Problem in the United States

By Eliot Jones | Go to book overview

CHAPTER V 1
THE STANDARD OIL COMPANY

Mr. G. H. Montague in the preface of his book "The Rise and Progress of the Standard Oil Company" observes that the oil business, in its early phase, was the reflex of prevalent railway methods, and that it is not fair to attempt to judge the situation without first ascertaining the standards set by the railway management of the time. It does not fall within the province of this treatment to judge the Standard Oil Company, but merely to point out some of the methods by which it acquired its power.

The first successful oil well was drilled at Titusville, Pennsylvania, in 1859. This great event was followed by the discovery of other oil deposits, and by the rapid development of the demand for refined petroleum products. At that time Mr. John D. Rockefeller, only twenty years of age, was engaged in the produce commission business on the Cleveland docks. But Mr. Rockefeller early foresaw the possibilities in the oil business, and in 1862 he and his partner, who had made excellent profits in the

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1
On the Standard Oil Company see: Report of the Commissioner of Corporations on the Transportation of Petroleum, May 2, 1906; Report of the Commissioner of Corporations on the Petroleum Industry, part I, Position of the Standard Oil Company in the Petroleum Industry ( May 20, 1907), and part II, Prices and Profits ( August 5, 1907); Report of the Federal Trade Commission on Pipe-Line Transportation of Petroleum; Report of the Federal Trade Commission on Price of Gasoline in 1915; Brief for the United States, in two volumes, in Standard Oil Company v. United States (no. 725); Brief for Appellants ( Standard Oil Company et al.), in two volumes, in Standard Oil Company v. United States (no. 725); 173 Fed. Rep. 177-200; 221 U. S. 1-106; House Report no. 3112, 50th Cong., 1st Sess.; Industrial Commission, vol. I, pp. 261-800; 49 Ohio State Reports 137-189; 218 Missouri Reports 1-507; Tarbell, The History of the Standard Oil Company, in two volumes; Lloyd, Wealth Against Commonwealth; Montague, the Rise and Progress of the Standard Oil Company. (For full titles see the Bibliography.)

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