jan 1, 1867 - Incorporation of Rockefeller, Andrews & Flagler in 1867

Description:

Rockefeller, Andrews & Flagler was a business concern formed in 1867 in Cleveland, Ohio which was a predecessor of the Standard Oil Company. The principals and namesakes were John D. Rockefeller, William Rockefeller, Samuel Andrews, and Henry M. Flagler. Flagler’s step-brother Stephen V. Harkness made substantial investments, but was a silent partner and did not take an active role in running the business but he was actually the second largest stockholder next to JD Rockefeller.[1]

By 1868, Rockefeller, Andrews & Flagler was the largest petroleum refiner in the world. The partners are credited with recognizing the importance of utilizing and marketing all of the by-products of the refining process, and gaining market and pricing control through shipping rates. Their failed South Improvement Company scheme in 1871 in secret collusion with the Pennsylvania Railroad led independent producers to revolt in western Pennsylvania in early 1872 and earned Rockefeller, the highest profile partner, much bad public opinion.

However, the partners deployed other more successfully calculated and forceful approaches, which included buying out the competition and the formation of the various Standard Oil companies. By 1879, the Standard Oil Company did about 90 percent of the oil refining in the United States.

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How it started:

Needing capital for his new venture, Rockefeller approached Flagler in 1867. Flagler obtained $100,000 (equivalent of $1.7 million in 2016) from family member Stephen V. Harkness on the condition that Flagler be made a partner. The Rockefeller, Andrews & Flagler partnership was formed with Flagler in control of Harkness' interest.[7] The partnership eventually grew into the Standard Oil Corporation. It was Flagler's idea to use the rebate system to strengthen the firm's position against competitors and the transporting enterprises alike. Flagler was in a special position to make those deals due to his connections as a grain merchant. Though the refunds issued amounted to no more than fifteen cents on the dollar, they put Standard Oil in position to undercut other oil refineries.[8] By 1872, it led the American oil refining industry, producing 10,000 barrels per day (1,600 m3/d). The Flagler family moved to New York in 1877 since New York was becoming the center of commerce in the US. In 1885, Standard Oil moved its corporate headquarters to New York City to the iconic 26 Broadway location.[citation needed]

https://en.wikipedia.org/wiki/Henry_Flagler

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