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Poole, Dr. Keith T.(2000), Entrepreneurs and Economic Growth. University of Houston

(July 8, 1839-May 23, 1937)

John Rockefeller was born in Richford, New York, which is about halfway between Binghamton and Ithaca on July 8, 1839. His father, William Avery Rockefeller, was a “doctor” who claimed he could cure cancers and would charge up to $25 for a treatment. He would be gone for months at a time as he wandered around the West from town to town. He would return home occasionally wherever the family was living at the time, bringing large amounts of cash with him. John’s mother, Eliza Davison Rockefeller, was a very religious, very discip

Rockefeller also donated to several organizations for education and started several foundations for the good of the people. Among these were:

1874 Standard begins building its own pipeline. This was met with major opposition from the Teamsters as they knew it would be cheaper to send the crude oil through the pipeline then it would be to ship it by wagon in barrels. In the same year Rockefeller also made deals with the Erie Railroad, Warden, Frew & Company, and Lockhart, Frew & Company. He also brought into Standard’s management J.J. Vandergrift.

Attorney Samuel A. Dodd formed the idea of a trust and on January 2, 1882 the Standard Oil Trust was formed. All the Standard companies were placed in the trust. Each stockholder received 20 trust certificates for every share of Standard Oil they held. Profits were then given to the nine Trustees and they meted out the dividends to the shareholders. Rockefeller was the leader of the trust because he was the first of the company.

1873 The Devoe Manufacturing Company merged bringing in their distribution system to Kentucky.

By 1858, Rockefeller was taking on more responsibilities with the company. He would arrange complicated freight transportation deals (this would be a dispatcher is in today’s transportation industry, or a freight coordinator).

Some topics in this essay:
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