jan 10, 1870 - Formation of Standard Oil in 1870
Description:
On 10 January 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[45] forming Standard Oil of Ohio. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. Likewise, it became one of the largest shippers of oil and kerosene in the country. The railroads competed fiercely for traffic and, in an attempt to create a cartel to control freight rates, formed the South Improvement Company offering special deals to bulk customers like Standard Oil, outside the main oil centers. The cartel offered preferential treatment as a high-volume shipper, which included not just steep discounts/rebates of up to 50% for their product but rebates for the shipment of competing products.[46]https://en.wikipedia.org/wiki/Standard_Oil
Added to timeline:
Date:
jan 10, 1870
Now
~ 155 years ago