The History of the Standard Oil Company — John Shaqi
The History of the Standard Oil CompanyTarbell, Ida M. (Ida Minerva)
History
The History of the Standard Oil Company
Tarbell, Ida M. (Ida Minerva)
Petroleum industry and trade -- United States -- History; Standard Oil Company -- History
He proved an admirable accountant—one of the early-and-late sort, who
saw everything, forgot nothing and never talked. In 1856 his salary was
raised to twenty-five dollars a month, and he went on always “saving a
little money to put away.” In 1858 came a chance to invest his savings.
Among his acquaintances was a young Englishman, M. B. Clark. Older by
twelve years than Rockefeller he had left a hard life in England when he
was twenty to seek fortune in America. He had landed in Boston in 1847,
without a penny or a friend, and it had taken three months for him to
earn money to get to Ohio. Here he had taken the first job at hand, as
man-of-all-work, wood-chopper, teamster. He had found his way to
Cleveland, had become a valuable man in the houses where he was
employed, had gone to school at nights, had saved money. They were two
of a kind, Clark and Rockefeller, and in 1858 they pooled their earnings
and started a produce commission business on the Cleveland docks. The
venture succeeded. Local historians credit Clark and Rockefeller with
doing a business of $450,000 the first year. The war came on, and as
neither partner went to the front, they had full chance to take
advantage of the opportunity for produce business a great army gives. A
greater chance than furnishing army supplies, lucrative as most people
found that, was in the oil business (so Clark and Rockefeller began to
think), and in 1862, when an Englishman of ability and energy, one
Samuel Andrews, asked them to back him in starting a refinery, they put
in $4,000 and promised to give more if necessary. Now Andrews was a
mechanical genius. He devised new processes, made a better and better
quality of oil, got larger and larger percentages of refined from his
crude. The little refinery grew big, and Clark and Rockefeller soon had
$100,000 or more in it. In the meantime Cleveland was growing as a
refining centre. The business which in 1860 had been a gamble was by
1865 one most promising industries of the town. It was but the
beginning—so Mr. Rockefeller thought—and in that year he sold out his
share of the commission business and put his money into the oil firm of
Rockefeller and Andrews.
Public-domain text, read in full here on John Shaqi.
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