1912 ***PRE WWI*** ~THE STANDARD OIL COMPANY~ AKRON, OHIO $0.85 PAYMENT RECEIPT!

Description

OCTOBER 2, 1912 **SCARCE** ~THE STANDARD OIL COMPANY~ AKRON, OHIO ... (FORM 010) NUMBER 652 ... $0.85 PAYMENT RECEIPT FOR "LUBRICATION"! Dimensions: 7 3/4" x 4 1/4". (Please note: Item will be folded to original fold for mailing.) _____________________________________________________________________________________ Standard Oil From Wikipedia, the free encyclopedia Jump to navigation Jump to search Standard Oil Co., Inc Type Cleveland , Ohio Corporation (1872) Business trust (1882–1892) New Jersey Holding Company (1899–1911) [1] Industry Oil and gas Founded 1870 Founders John D. Rockefeller , Co-founder & Chairman Stephen V. Harkness , Co-founder & initial investor Henry M. Flagler , Co-founder & Senior Executive William A. Rockefeller , Co-founder, Senior Executive & New York Representative Samuel Andrews , Co-founder, Chemist & Inaugural Chief of Refining Operations Defunct After its dissolution in 1911, the original Standard Oil Co. split into Sohio (now part of BP ); ESSO (now Exxon ); and SOcal (now Chevron ) [2] Successor 34 successor entities Headquarters Cleveland , Ohio (1870–1885) New York City , New York (1885–1911) [3] Key people John D. Archbold , Vice President Charles Pratt , Senior Executive Henry H. Rogers , Senior Executive Oliver H. Payne , Senior Executive Daniel O'Day , Senior Executive Jabez A. Bostwick , Senior Executive & First Treasurer William G. Warden , [4] Senior Executive Jacob Vandergrift , [5] Senior Executive Products Fuel , lubricant , petrochemicals Number of employees 60,000 (1909) [6] Standard Oil Co. was an American oil -producing, transporting, refining, and marketing company . Established in 1870 by John D. Rockefeller and Henry Flagler as a corporation in Ohio , it was the largest oil refiner in the world at its height. [7] Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled that Standard Oil was an illegal monopoly . Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration ; the company was an innovator in the development of the business trust . The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. " Trust-busting " critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses. Rockefeller ran the company as its chairman, until his retirement in 1897. 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. Its successors such as Chevron , ExxonMobil , Amoco , and Marathon Petroleum , are still among the companies with the largest revenues in the world. By 1882, his top aide was John Dustin Archbold . After 1896, Rockefeller disengaged from business to concentrate on his philanthropy, leaving Archbold in control. Other notable Standard Oil principals include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers , who built the Virginian Railway . Founding and early years [ edit ] John D. Rockefeller c. 1872, shortly after founding Standard Oil Standard Oil's pre-history began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller , his brother William Rockefeller , Henry Flagler , chemist Samuel Andrews , silent partner Stephen V. Harkness , and Oliver Burr Jennings , who had married the sister of William Rockefeller's wife. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. Of the initial 10,000 shares, John D. Rockefeller received 2,667; Harkness received 1,334; William Rockefeller, Flagler, and Andrews received 1,333 each; Jennings received 1,000, and the firm of Rockefeller, Andrews & Flagler received 1,000. [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. [9] Standard Oil Articles of Incorporation signed by John D. Rockefeller, Henry M. Flagler, Samuel Andrews, Stephen V. Harkness, and William Rockefeller Share of the Standard Oil Company, issued 1 May 1878 [10] Share of the Standard Oil Trust, issued 18 January 1883 [10] In the early years, John D. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry. [11] : 35 He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder . Authority was centralized in the company's main office in Cleveland, but decisions in the office were made cooperatively. [12] Standard Oil Refinery No. 1 in Cleveland, Ohio , 1897 The company grew by increasing sales and through acquisitions. After purchasing competing firms, Rockefeller shut down those he believed to be inefficient and kept the others. 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 loading and unloading on its own. [ citation needed ] Smaller companies decried such deals as unfair because they were not producing enough oil to qualify for discounts. Standard's actions and secret [13] transport deals helped its kerosene price to drop from 58 to 26 cents from 1865 to 1870. 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. 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 Pittsburgh and Philadelphia. [14] Competitors disliked the company's business practices, but consumers liked the lower prices. 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. The company was perceived to own and control all aspects of the trade. South Improvement Company [ edit ] In 1872, Rockefeller joined the South Improvement Co. which would have allowed him to receive rebates for shipping and drawbacks on oil his competitors shipped. But when this deal became known, competitors convinced the Pennsylvania Legislature to revoke South Improvement's charter. No oil was ever shipped under this arrangement. [15] Using highly effective tactics, later widely criticized, it absorbed or destroyed most of its competition in Cleveland in less than two months [ how? ] and later throughout the northeastern United States. Hepburn Committee [ edit ] A. Barton Hepburn was directed by the New York State Legislature in 1879, to investigate the railroads' practice of giving rebates within the state . Merchants without ties to the oil industry had pressed for the hearings. Prior to the committee's investigation, few knew of the size of Standard Oil's control and influence on seemingly unaffiliated oil refineries and pipelines—Hawke (1980) cites that only a dozen or so within Standard Oil knew the extent of company operations. The committee counsel, Simon Sterne , questioned representatives from the Erie Railroad and the New York Central Railroad and discovered that at least half of their long-haul traffic granted rebates and much of this traffic came from Standard Oil. The committee then shifted focus to Standard Oil's operations. John Dustin Archbold , as president of Acme Oil Company, denied that Acme was associated with Standard Oil. He then admitted to being a director of Standard Oil. The committee's final report scolded the railroads for their rebate policies and cited Standard Oil as an example. This scolding was largely moot to Standard Oil's interests since long-distance oil pipelines were now their preferred method of transportation. [16] Standard Oil Trust [ edit ] 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. On January 2, 1882, [17] they combined their disparate companies, spread across dozens of states, under a single group of trustees. 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 . [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. (Legislators established such restrictions in the hope that they would force successful companies to incorporate—and thus pay taxes—in their state.)” [20] [21] Standard Oil's organizational concept proved so successful that other giant enterprises adopted this "trust" form. In 1885, Standard Oil of Ohio moved its headquarters from Cleveland to its permanent headquarters at 26 Broadway in New York City . Concurrently, the trustees of Standard Oil of Ohio chartered the Standard Oil Co. of New Jersey (SOCNJ) to take advantage of New Jersey's more lenient corporate stock ownership laws. Sherman Antitrust Act [ edit ] In 1890, Congress overwhelmingly passed the Sherman Antitrust Act (Senate 51–1; House 242–0), a source of American anti-monopoly laws. The law forbade every contract, scheme, deal, or conspiracy to restrain trade, though the phrase "restraint of trade" remained subjective. The Standard Oil group quickly attracted attention from antitrust authorities leading to a lawsuit filed by Ohio Attorney General David K. Watson . Earnings and dividends [ edit ] From 1882 to 1906, Standard paid out $548,436,000 in dividends at a 65.4% payout ratio . 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. 1895–1913 [ edit ] Financials [22] In 1896, John Rockefeller retired from the Standard Oil Co. of New Jersey, the holding company of the group, but remained president and a major shareholder. Vice-president John Dustin Archbold took a large part in the running of the firm. In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. [23] At this time, state and federal laws sought to counter this development with antitrust laws. In 1911, the U.S. Justice Department sued the group under the federal antitrust law and ordered its breakup into 34 companies. Standard Oil's market position was initially established through an emphasis on efficiency and responsibility. While most companies dumped gasoline in rivers (this was before the automobile was popular), Standard used it to fuel its machines. While other companies' refineries piled mountains of heavy waste, Rockefeller found ways to sell it. For example, Standard created the first synthetic competitor for beeswax ( Paraffin ) and bought the company that invented and produced Vaseline , the Chesebrough Manufacturing Co. , which was a Standard company only from 1908 until 1911. One of the original " Muckrakers " Ida M. Tarbell , was an American author and journalist whose father was an oil producer whose business had failed because of Rockefeller's business dealings. 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 monopolies in general. 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 . The Standard Oil Trust was controlled by a small group of families. 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." [24] These families reinvested most of the dividends in other industries, especially railroads. They also invested heavily in the gas and the electric lighting business (including the giant Consolidated Gas Co. of New York City ). They made large purchases of stock in U.S. Steel , Amalgamated Copper , and even Corn Products Refining Co. [25] Weetman Pearson , a British petroleum entrepreneur in Mexico, began negotiating with Standard Oil in 1912–13 to sell his "El Aguila" oil company, since Pearson was no longer bound to promises to the Porfirio Díaz regime (1876–1911) to not to sell to U.S. interests. However, the deal fell through and the firm was sold to Royal Dutch Shell . [26] _____________________________________________________________________________________ We strive to find rare and unusual vintage pieces to match up with your special collection. Returns are readily accepted if the item(s) is the same as described. Item(s) must be in the exact condition as delivered. Buyer pays return shipping. Items $30.00 or more will be shipped with tracking. Items $200.00 or more will be shipped with insurance. Combined shipping discount for multiple purchases (Please wait for us to send invoice for 2 or more items). Please feel free to contact us with any questions or concerns. Be sure to check out our "ever changing" inventory of vintage postage stamps, postal covers, postal cards, billheads, letterheads, stock certificates, stock coupons, bank checks, railroad and steamship ephemera, Civil War ephemera, World War I ephemera, World War II ephemera, promissory notes, automotive ephemera, fraternity ephemera, circus ephemera, jeweler and pocket watch ephemera plus many other special items we can pass onto our customers. Empire Stamp Company INTERNATIONAL SHIPPING: USPS FIRST CLASS MAIL INTERNATIONAL/FIRST CLASS PACKAGE INTERNATIONAL SERVICE. DELIVERY TIMES WILL VARY BY LOCATION FOR INTERNATIONAL BUYERS.