How Did John D Rockefeller And The Standard Oil Trust
Mr. Saccullo
Mr. Meehan
Case Study
John D. Rockefeller &
The Standard Oil Trust
Lexile 1170
Name:
Period:
John Davison Rockefeller combined business intelligence with a ruthless personality to amass one of the largest personal fortunes in United States history. By taking advantage of the public’s demand for refined oil, he became one of the richest and most infamous men in America. Rockefeller is considered one of the elite “robber barons,” a member of the group of businessmen who monopolized markets at the turn of the century. If his worth were …show more content…
Many of Rockefeller’s business dealings were illegal and immoral. In order to dominate oil production and assure the success of Standard Oil, he allegedly bribed politicians, managed transportation rebate contracts with railroads and undercut the competition. Standard Oil’s organization changed in 1882 when the Standard Oil Trust was established. The first of its kind in the U.S., the trust was devised so shareholders of various companies would hand over their shares to a board of trustees, receiving certificates of trust in place of the shares. The board of trustees then ruled over the companies as one corporation. Many powerful companies in the U.S. followed Rockefeller’s example and established trusts. This was a disturbing trend, because trusts were
Mr. Meehan
Case Study
John D. Rockefeller &
The Standard Oil Trust
Lexile 1170
Name:
Period:
John Davison Rockefeller combined business intelligence with a ruthless personality to amass one of the largest personal fortunes in United States history. By taking advantage of the public’s demand for refined oil, he became one of the richest and most infamous men in America. Rockefeller is considered one of the elite “robber barons,” a member of the group of businessmen who monopolized markets at the turn of the century. If his worth were …show more content…
Many of Rockefeller’s business dealings were illegal and immoral. In order to dominate oil production and assure the success of Standard Oil, he allegedly bribed politicians, managed transportation rebate contracts with railroads and undercut the competition. Standard Oil’s organization changed in 1882 when the Standard Oil Trust was established. The first of its kind in the U.S., the trust was devised so shareholders of various companies would hand over their shares to a board of trustees, receiving certificates of trust in place of the shares. The board of trustees then ruled over the companies as one corporation. Many powerful companies in the U.S. followed Rockefeller’s example and established trusts. This was a disturbing trend, because trusts were