-
Born
John was born and became the first son of the co-founder of Standard Oil. -
Schooling
John and his family moved to Ohio where John graduated from High School. -
How It Started
John took note of the expansion of oil production in western Pennsylvania and got the idea to build one in Cleveland, Ohio. -
Founding
In 1870 John and his brother founded the Standard Oil Company in Ohio. -
Oil Production
By 1879 the company was refining 90% of American oil. -
Competition
The first oil pipeline was created by Bryson Benson, which competed with the Standard Oil Company. -
First Trust
Rockefeller and his associates placed the stock of Standard of Ohio and affiliates in other states under the control of a board of nine trustees. (This was the first major U.S. trust.) -
Antitrust Act
U.S. Congress passes the Sherman Antitrust Act hoping to combat monopolies. -
Trusts
Rockefeller placed nine trustees in different states with them owning over 40 corporations. A trust was a new business practice at the time. -
Monopoly
The Ohio Supreme Court rules that the Standard Oil Trust was a monopoly. Rockefeller dissolves the trust and transfers its properties to other companies. -
Philanthropy
Rockefeller focuses more on philanthropy, creating educational and charitable institutions. -
Standard Oil
The companies that made the Standard Oil Trust are brought back together in a holding company. -
Ida Tarbell
Ida Tarbell (a journalist) writes an investigative report on the questionable ethics behind the operation of Standard Oil. -
Illegal Company
The U.S. Supreme Court decides that the Standard Oil Company is in violation to the Sherman Antitrust Act and therefore illegal. -
Death
Rockefeller died in Ormond Beach, Florida.