Famous Givers and Their GiftsBolton, Sarah Knowles
History
Famous Givers and Their Gifts
Bolton, Sarah Knowles
Philanthropists
In Cleave's "Biographical Cyclopædia of Cuyahoga County," it is stated
that, in 1872, two years after the organization of the Standard Oil
Company, "nearly the entire refining interest of Cleveland, and other
interests in New York and the oil-regions, were combined in this company
[the Standard Oil], the capital stock of which was raised to two and a
half millions, and its business reached in one year over twenty-five
million dollars,--the largest company of the kind in the world. The New
York establishment was enlarged in its refining departments; large
tracts of land were purchased, and fine warehouses erected for the
storage of petroleum; a considerable number of iron cars were procured,
and the business of transporting oil entered upon; interests were
purchased in oil-pipes in the producing regions.
"Works were erected for the manufacture of barrels, paints, and glue,
and everything used in the manufacture or shipment of oil. The works had
a capacity of distilling twenty-nine thousand barrels of crude oil per
day, and from thirty-five hundred to four thousand men were employed in
the various departments. The cooperage factory, the largest in the
world, turned out nine thousand barrels a day, which consumed over two
hundred thousand staves and headings, the product of from fifteen to
twenty acres of selected oak."
Ten years after this time, in 1882, the Standard Oil Trust was formed,
with a capital of $70,000,000, afterwards increased to $95,000,000,
which in a few years became possessed of large oil-producing interests,
and of the stock of the companies controlling the greater part of the
refining of petroleum in this country.
Ten years later, in 1892, the Supreme Court of Ohio having declared the
Trust to be illegal, it was dissolved, and the business is now conducted
by separate companies. In each of these Mr. Rockefeller is a
shareholder.
Mr. Rockefeller has proved himself a remarkable organizer. His
associates have been able men; and his vast business has been so
systematized, and the leaders of departments held responsible, that it
is managed with comparative ease.
The Standard Oil Companies own hundreds of thousands of acres of
oil-lands, and wells, refineries, and many thousand miles of pipe-lines
throughout the United States. They have business houses in the principal
cities of the Old World as well as the New, and carry their oil in their
own great oil-steamships abroad as easily as in their pipe-lines to the
American seaboard. They control the greater part of the petroleum
business of this country, and export much of the oil used abroad. They
employ from forty to fifty thousand men in this great industry, many of
whom have remained with the companies for twenty or thirty years. It is
said that strikes are unknown among them.
Public-domain text, read in full here on John Shaqi.
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