Other vessels included Mei Chuen, Mei Foo, Mei Hung, Mei Kiang, Mei Lu, Mei Tan, Mei Su, Mei Xia, Mei Ying, and Mei Yun. Standard Oil Cartoon. [7] Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled, in a landmark case, that Standard Oil was an illegal monopoly. The cartoon depicts John D. Rockefeller as a king. The original Standard Oil Company corporate entity continues in existence and was the operating entity for Sohio; it is now a subsidiary of BP. Rockefeller ran the company as its chairman, until his retirement in 1897. Naomi R. Lamoreaux. 3675", "WARDEN WINTER HOME - Florida Historical Markers on Waymarking.com", "Jacob Vandergrift…Transportation Pioneer - Oil150.com", "Random Reminiscences of Men and Events by John D. Rockefeller", "Standard Oil Company and Trust | American corporation", "Antitrust with a Vengeance: The Obama Administration's Anti-Business Cudgel", "The Sherman Antitrust Act and Standard Oil", "A Guide to the ExxonMobil Historical Collection", "Standard Oil Company - Ohio History Central", "The Investing Secrets of the Richest Man the World Has Ever Known", "Commission Decision of 24.03.2004 relating to a proceeding under Article 82 of the EC Treaty (Case COMP/C-3/37.792 Microsoft)", "AT&T Move Is a Reversal Of Course Set in 1980's", "Ashland Oil & Refining Company - Lehman Brothers Collection". Standard Oil of New York, with 9 percent of the company’s net value, became Mobil. In the late nineteenth century and during the first decade of the twentieth century, critics attacked Standard Oil as an unlawful monopoly. Kansas Congressman P.P. It also analyzes reviews to verify trustworthiness. The federal courts ruled otherwise. [41] Because of competition from other firms, their market share had gradually eroded to 70 percent by 1906 which was the year when the antitrust case was filed against Standard, and down to 64 percent by 1911 when Standard was ordered broken up[42] and at least 147 refining companies were competing with Standard including Gulf, Texaco, and Shell. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. In the winter months his only options were the three trunk lines—the Erie Railroad and the New York Central Railroad to New York City, and the Pennsylvania Railroad to Philadelphia. On January 2, 1882,[17] they combined their disparate companies, spread across dozens of states, under a single group of trustees. By the 1980s, most companies were using their individual brand names instead of the Standard name, with Amoco being the last one to have widespread use of the "Standard" name, as it gave Midwestern owners the option of using the Amoco name or Standard. After extensive interviews with a sympathetic senior executive of Standard Oil, Henry H. Rogers, Tarbell's investigations of Standard Oil fueled growing public attacks on Standard Oil and on monopolies in general. For inland distribution the company had motor tank trucks and railway tank cars, and for river navigation it had a fleet of low-draft steamers and other vessels. 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Standard Oil Co. of New Jersey v. United States, 221 U.S. 1 (1911) Standard Oil was dismantled into geographical entities given its size, and that it was too much of a monopoly; United States v. American Tobacco Company, 221 U.S. 106 (1911) found to have monopolized the trade. For example, Standard created the first synthetic competitor for beeswax and bought the company that invented and produced Vaseline, the Chesebrough Manufacturing Co., which was a Standard company only from 1908 until 1911. Manns, Leslie D., "Dominance in the Oil Industry: Standard Oil from 1865 to 1911" in David I. Rosenbaum ed., Rockefeller the richest man after the dissolution of 1911—see Yergin, op. In 1906, SOCONY (later Mobil) opened its first fuel terminals in Alexandria. The company was perceived to own and control all aspects of the trade. [51][52] Two of these companies were Standard Oil of New Jersey (Jersey Standard or Esso), which eventually became Exxon, and Standard Oil of New York (Socony), which eventually became Mobil; those two companies later merged into ExxonMobil. He then admitted to being a director of Standard Oil. Posterazzi’s got you covered with everything from Justin Bieber and Beyonce Posters to John Coltrane and Bob Marley Posters and more! We work hard to protect your security and privacy. For successor companies with similar names, see, Monopoly charges and antitrust legislation. Congressional Record, 51st Congress, 1st session, House, June 20, 1890, p. 4100. investigate the railroads' practice of giving rebates within the state, Standard Oil Co. of New Jersey v. United States, The Prize: The Epic Quest for Oil, Money, and Power, Learn how and when to remove this template message, Standard Oil Gasoline Station (disambiguation), "The Standard Oil Company; Ohio Charter No. [54] Response was positive, sales boomed and China became Standard Oil's largest market in Asia. [49] The dissolution had actually propelled Rockefeller's personal wealth.[50]. After purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others. David O. Whitten and Bessie Emrick Whitten, Standard Oil controlled by a small group of families—see, Arthur Schmidt, "Weetman Dickinson Pearson (Lord Cowdray)", in. and later throughout the northeastern United States. STANDARD OIL CARTOON. Perfect for any room! Section Assesment. [8] Rockefeller chose the "Standard Oil" name as a symbol of the reliable "standards" of quality and service that he envisioned for the nascent oil industry. Standard Oil Co. was an American oil-producing, transporting, refining, and marketing company. This article is about an oil company that was dissolved in 1911. Although the court broke up the Standard Oil monopoly, the monopoly tendency reasserted itself and the 30 separate oil companies eventually merged into seven major companies. He remained the major shareholder, and in 1911, with the dissolution of the Standard Oil trust into 34 smaller companies, Rockefeller became the richest person in modern history, as the initial income of these individual enterprises proved to be much bigger than that of a single larger company. It acquired a 50 percent share in Humble Oil & Refining Co., a Texas oil producer. British Petroleum Company PLC completed the purchase of Standard Oil Company (Ohio) in 1987, and in 1998 British Petroleum (renamed BP) merged with Amoco. Sometimes connecting roads prorate on oil—that is, make through rates which are lower than the combination of local rates; sometimes they refuse to prorate; but in either case the result of their policy is to favor the Standard Oil Co. In 1906, President Theodore Roosevelt’s administration filed suit under the Sherman Antitrust Act, contending that Standard Oil was conspiring to restrain trade. Help others learn more about this product by uploading a video! American Cartoon, 1884, Attacking John D. Rockefeller's Standard Oil Company. [53] Other Standard oil entities include "Standard Oil of Indiana" which became Amoco after other mergers and a name change in the 1980s, and "Standard Oil of California" which became the Chevron Corp. This cartoon was published the day after Standard Oil’s proposal, which raised suspicions in many observers. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. No oil was ever shipped under this arrangement. Their quest for profits leads to … Some analysts argue that the breakup was beneficial to consumers in the long run, and no one has ever proposed that Standard Oil be reassembled in pre-1911 form. ExxonMobil keeps the Esso trademark alive at stations that sell diesel fuel by selling "Esso Diesel" displayed on the pumps. [55] In response to state laws that had the result of limiting the scale of companies, Rockefeller and his associates developed innovative ways of organizing to effectively manage their fast growing enterprise. The result was that although in 1911 Standard still controlled most production in the older regions of the Appalachian Basin (78 percent share, down from 92 percent in 1880), Lima-Indiana (90 percent, down from 95 percent in 1906), and the Illinois Basin (83 percent, down from 100 percent in 1906), its share was much lower in the rapidly expanding new regions that would dominate U.S. oil production in the 20th century. If you are referring to the cartoon that shows the Standard Oil Company as an octopus, then the message is that Standard Oil Company is a dangerous monopoly that controls the US government. But, as he owned a quarter of the shares of the resultant companies, and those share values mostly doubled, he emerged from the dissolution as the richest man in the world. From Granger - Historical Picture Archive. Standard Oil of Missouri – pre-1911 – dissolved. Exxon and Mobil merged in 1999, and Chevron merged with Texaco in 2001. [35] Mei An was launched in 1901 and was the first vessel in the fleet. C) The Standard Oil Trust was seen as a monopoly that influenced government and other industries. [31] To distribute its products, Standard Oil constructed storage tanks, canneries (bulk oil from large ocean tankers was re-packaged into 5-US-gallon (19 l; 4.2 imp gal) tins), warehouses and offices in key Chinese cities. In 1872, the Standard Oil Company had acuired 22/26 of its rival oil refineries in Ohio in a matter of six weeks. Manns, Leslie D. "Dominance in the Oil Industry: Standard Oil from 1865 to 1911" in David I. Rosenbaum ed, Montague, Gilbert Holland. Our payment security system encrypts your information during transmission. [14] Competitors disliked the company's business practices, but consumers liked the lower prices. Standard Oil of Illinois - pre-1911 - bought out by Amoco. The cartoon shows the control Standard Oil had over the entire world oil market. Most of its output was kerosene, of which 55 percent was exported around the world. In 1890, Congress overwhelmingly passed the Sherman Antitrust Act (Senate 51–1; House 242-0), a source of American anti-monopoly laws. The committee's final report scolded the railroads for their rebate policies and cited Standard Oil as an example. By a secret agreement, the existing 37 stockholders conveyed their shares "in trust" to nine trustees:[18] John and William Rockefeller, Oliver H. Payne, Charles Pratt, Henry Flagler, John D. Archbold, William G. Warden, Jabez Bostwick, and Benjamin Brewster. After 1900 it did not try to force competitors out of business by underpricing them. ExxonMobil has full international rights to the Standard name, and continues to use the Esso name overseas and in Canada. The state of Ohio successfully sued Standard, compelling the dissolution of the trust in 1892. Armentano, Dominick. Some economists believe that Standard Oil was not a monopoly, and also argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products. In addition, demand for petroleum products was increasing more rapidly than the ability of Standard to expand. The Mei Foo Shield, May 1926, November 1927, Rosenbaum, David Ira. [26], Standard Oil's production increased so rapidly it soon exceeded U.S. demand and the company began viewing export markets. 'Monster Monopoly.' [19] “Whereas some state legislatures imposed special taxes on out-of-state corporations doing business in their states, other legislatures forbade corporations in their state from holding the stock of companies based elsewhere. The Sherman Anti-Trust Act was in effect here, which was an extreme threat to the future of the company. It made Rockefeller the wealthiest man in America, it made Standard Oil Company the wealthiest company in America, and it also demonstrated the degree to which Standard Oil and Rockefeller personally were willing to do pretty unethical things in order to win in the market and also to do business secretly and from beyond the public eye. The total net earnings from 1882 to 1906 amounted to $838,783,800, exceeding the dividends by $290,347,800, which was used for plant expansions. Standard Oil started from the ground up and grew into a massive enterprise, that would eventually make John D. Rockefeller the richest man in the world. Standard Oil, being formed well before the discovery of the Spindletop oil field (in Texas, far from Standard Oil's base in the Midwest) and a demand for oil other than for heat and light, was well placed to control the growth of the oil business. [28][29] Mei Foo also became the name of the tin lamp that Standard Oil produced and gave away or sold cheaply to Chinese farmers, encouraging them to switch from vegetable oil to kerosene. In a seminal deal, in 1868, the Lake Shore Railroad, a part of the New York Central, gave Rockefeller's firm a going rate of one cent a gallon or forty-two cents a barrel, an effective 71% discount from its listed rates in return for a promise to ship at least 60 carloads of oil daily and to handle load and unload on its own. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. BP continues to sell marine fuel under the Sohio brand at various marinas on Ohio waterways and in Ohio state parks in order to protect its rights in the Sohio and Standard Oil names. Standard Oil Company (New Jersey) changed its name to Exxon Corporation in 1972. October 31, 1907: Kansas Supreme Court receives inconsistent answers on Standard Oil's trusts. Vice-president John Dustin Archbold took a large part in the running of the firm. In 1931, Socony merged with Vacuum Oil Co., an industry pioneer dating back to 1866, and a growing Standard Oil spin-off in its own right.[52]. Rockefeller stated in 1910: "I think it is true that the Pratt family, the Payne–Whitney family (which were one, as all the stock came from Colonel Payne), the Harkness-Flagler family (which came into the company together) and the Rockefeller family controlled a majority of the stock during all the history of the company up to the present time. "The Rise and Supremacy of the Standard Oil Co.,", Montague, Gilbert Holland. Defenders of Standard Oil insist that the company did not restrain trade; they were simply superior competitors. Conoco and Atlantic elected to use their respective names instead of the Standard name, and their rights would be claimed by other companies. There was an error retrieving your Wish Lists. Nov 8, 2016 - This simple worksheet includes a primary source political cartoon about John D. Rockefeller's famous Standard Oil monopoly. Top subscription boxes – right to your door, © 1996-2021, Amazon.com, Inc. or its affiliates. While most companies dumped gasoline in rivers (this was before the automobile was popular), Standard used it to fuel its machines. Journal of Economic Perspectives 33(3): 94-117. However, the deal fell through and the firm was sold to Royal Dutch Shell. Antitrust laws broke up the company so that other companies could offer competition. Whether the breakup of Standard Oil was beneficial is a matter of some controversy. Different methods are used in different places and under different conditions, but the net result is that from Maine to California the general arrangement of open rates on petroleum oil is such as to give the Standard an unreasonable advantage over its competitors.[46]. Big Sports Fan? American cartoon, 1884, attacking John D. Rockefeller's Standard Oil Company We are proud to offer this print from The Granger Collection, New York / The Granger Collection in … [20][21] Rockefeller used the Erie Canal as a cheap alternative form of transportation—in the summer months when it was not frozen—to ship his refined oil from Cleveland to New York City. Monopolies have an ancient history with two of the first being granted in ancient China, when China's Emperor gave out monopoly rights on salt and iron. A policial cartoon showing Theodore Roosevelt's policies and thoughts on trusts. Since the breakup of Standard Oil, several companies, such as General Motors and Microsoft, have come under antitrust investigation for being inherently too large for market competition; however, most of them remained together. Her work was published in 19 parts in McClure's magazine from November 1902 to October 1904, then in 1904 as the book The History of the Standard Oil Co.

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