"Vend"" was able to maintain its monopoly due to trade union assistance, and material advantages (primarily coal geography). During the early 20th century, as a result of comparable monopolistic practices in the Australian coastal shipping business, the Vend developed as an informal and illegal collusion between the steamship owners and the coal industry, eventually resulting in the High Court case Adelaide Steamship Co. Ltd v. R. & AG. Standard Oil was an American oil producing, transporting, refining, and marketing company. Established in 1870, it became the largest oil refiner in the world. John D. Rockefeller was a founder, chairman and"
"J. Paul Getty Jean Paul Getty (; December 15, 1892 – June 6, 1976), known widely as J. Paul Getty, was a British American petrol-industrialist, and the patriarch of the Getty family. He founded the Getty Oil Company, and in 1957 ""Fortune"" magazine named him the richest living American, while the 1966 ""Guinness Book of Records"" named him as the world's richest private citizen, worth an estimated $1.2 billion (approximately $ billion in 2018). At his death, he was worth more than $6 billion (approximately $ billion in 2018). A book published in 1996 ranked him as the 67th richest"
"John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history. Rockefeller was born into a large family in upstate New York and was shaped by his con man father and religious mother. His family moved several times before eventually settling in Cleveland, Ohio. Rockefeller became an assistant bookkeeper at age 16 and went into a business partnership with Maurice B. Clark and his brothers at 20. After buying them"
"New York and Ohio. Standard Oil also had the highest capitalization, totaling $26,000,000 (U.S). The history of American oil refining begins with Henry Morrison Flagler, and his business associate and friend, John D. Rockefeller, as they built the biggest, most prosperous and monopolizing oil empire of their time: Standard Oil. Standard Oil had the same principal owners that Rockefeller, Andrews and Flagler had, give or take a few business associates: one of whom was Rockefeller's brother, William. Standard Oil monopolized quickly and took America by storm. Although Standard Oil was a partnership, Flagler was credited p as the brain behind"
"Rockefeller family The Rockefeller family () is an American industrial, political, and banking family that owns one of the world's largest fortunes. The fortune was initially made in the US petroleum industry during the late 19th and early 20th centuries by John D. Rockefeller and his brother William Rockefeller, primarily through Standard Oil. The family is also known for its long association with, and control of, Chase Manhattan Bank. They are considered to be one of the most powerful families, if not the most powerful family, in the history of the United States. One of the founding members of the"
"Rockefeller family The Rockefeller family () is an American industrial, political, and banking family that owns one of the world's largest fortunes. The fortune was initially made in the US petroleum industry during the late 19th and early 20th centuries by John D. Rockefeller and his brother William Rockefeller, primarily through Standard Oil. The family is also known for its long association with, and control of, Chase Manhattan Bank. They are considered to be one of the most powerful families, if not the most powerful family, in the history of the United States. One of the founding members of the"
"the Academy Award for Best Supporting Actor for the performance. The kidnapping is also dramatized in the first season of the American anthology drama series ""Trust"", in which Getty is portrayed by Donald Sutherland. J. Paul Getty Jean Paul Getty (; December 15, 1892 – June 6, 1976), known widely as J. Paul Getty, was a British American petrol-industrialist, and the patriarch of the Getty family. He founded the Getty Oil Company, and in 1957 ""Fortune"" magazine named him the richest living American, while the 1966 ""Guinness Book of Records"" named him as the world's richest private citizen, worth an"
"at his peak. Oil was used throughout the country as a light source until the introduction of electricity, and as a fuel after the invention of the automobile. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. Standard Oil was the first great business trust in the United States. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy, along with other key industrialists such as steel magnate Andrew Carnegie. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell. The Supreme Court ruled in"
"1911 that Standard Oil must be dismantled for violation of federal anti-trust laws. It was broken up into 34 separate entities which included companies that became ExxonMobil, Chevron Corporation, and others—some of which still have the highest level of revenue in the world. Individual pieces of the company were worth more than the whole, as shares of these doubled and tripled in value in their early years, and Rockefeller became the country's first billionaire with a fortune worth nearly 2% of the national economy. His peak net worth was estimated at US$ (in dollars; inflation-adjusted) in 1913. Rockefeller spent the"
"an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. ""Trust-busting"" critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses. Rockefeller ran the company as its chairman, until his retirement in 1897. He remained the major shareholder, and in 1911, with the dissolution of the Standard Oil trust into 34 smaller companies, Rockefeller became the richest man in the world, as the initial income of these individual enterprises proved to be much bigger than that of a single"
"86, penned the following words to sum up his life: John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history. Rockefeller was born into a large family in upstate New York and was shaped by his con man father and religious mother. His family moved several times before eventually settling in Cleveland, Ohio. Rockefeller became an assistant bookkeeper at age 16 and went into a business partnership with Maurice"
"the social value of wealth in contemporary America."" Daniel K Ludwig, a self made billionaire, was the first #1 individual to make the Forbes 400 ""Richest Americans"" list. Even though Ludwig was one of the wealthiest men of his day, with operations spanning 23 countries,[1] his name was little known. His fortune did not come from an inheritance, but from hard work and a thinking that was way ahead of his time... Inherited wealth may help explain why many Americans who have become rich may have had a ""substantial head start"". In September 2012, according to the Institute for Policy"
"""Los Angeles Times"" Mericos Hector Whittier, oil industry pioneer; land developer William Wrigley Jr., chewing gum magnate A.P. Giannini, founder of Bank of Italy (later Bank of America) Edgar Rice Burroughs, adventure and science fiction author Robert A. Millikan, experimental physicist; recipient of the Nobel Prize; longtime president of California Institute of Technology Admiral C.C. Bloch, commander of 14th Naval District during Dec. 7, 1941 attack on Pearl Harbor George Pepperdine, founded Western Auto Supply; philanthropist; endowed George Pepperdine College (later Pepperdine University) Jesse Louis Lasky, created first permanent feature film company in what would become Hollywood; a founder of"
"The First Tycoon The First Tycoon: The Epic Life of Cornelius Vanderbilt is a 2009 biography of Cornelius Vanderbilt, a 19th-century American industrialist and philanthropist who built his fortune in the shipping and railroad industries, becoming one of the wealthiest Americans in the history of the U.S. It was written by American biographer T. J. Stiles. The book was honored with the 2009 National Book Award for Nonfiction and the 2010 Pulitzer Prize for Biography or Autobiography. Stiles spent seven years researching and studying the life and worldwide influence of Cornelius Vanderbilt, the patriarch of the Vanderbilt dynasty who made"
"crude oil in the country. By 1884, 86 oil refineries were operating in Cleveland, the home of Standard Oil, making it the ""oil capital of the world"", while producing the world's first billionaire, John D. Rockefeller. Herbert H. Dow founded the Dow Chemical Company in Cleveland in 1895, today the world's second largest chemical manufacturer. In 1898 Frank Seiberling named his rubber company after the first person to vulcanize rubber, Charles Goodyear, which today is known as Goodyear Tire and Rubber Company. Seeing the need to replace steel-rimmed carriage tires with rubber, Harvey Firestone started Firestone Tire and Rubber Company"
"process. The first billion-dollar corporation was United States Steel, formed by financier J. P. Morgan in 1901, who purchased and consolidated steel firms built by Andrew Carnegie and others. Increased mechanization of industry and improvements to worker efficiency, increased the productivity of factories while undercutting the need for skilled labor. Mechanical innovations such as batch and continuous processing began to become much more prominent in factories. This mechanization made some factories an assemblage of unskilled laborers performing simple and repetitive tasks under the direction of skilled foremen and engineers. In some cases, the advancement of such mechanization substituted for low-skilled"
"Andrew Carnegie Andrew Carnegie ( , but commonly or ; November 25, 1835August 11, 1919) was a Scottish-American industrialist, business magnate, and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and is often identified as one of the richest people (and richest Americans) in history. He became a leading philanthropist in the United States and in the British Empire. During the last 18 years of his life, he gave away about $350 million to charities, foundations, and universitiesalmost 90 percent of his fortune. His 1889 article proclaiming ""The Gospel of Wealth"" called on"
"as well as newspaper publishing. Their dominance was known as the Second Industrial Revolution, the Gilded Age, or the Robber Baron Era. Examples of well-known business magnates in the western world include historical figures such as oilman John D. Rockefeller, automobile pioneer Henry Ford, shipping and railroad veterans Aristotle Onassis, Cornelius Vanderbilt, Jay Gould, and James J. Hill, steel innovator Andrew Carnegie, newspaper publisher William Randolph Hearst, retail merchant Sam Walton, and banker J. P. Morgan. Contemporary industrial tycoons include e-commerce entrepreneur Jeff Bezos, real estate developer Donald Trump, investor Warren Buffett, computer programmer Bill Gates, technology innovator Steve Jobs,"
"received various awards and honors, including: Charles Koch Charles de Ganahl Koch (; born November 1, 1935) is an American businessman, political donor and philanthropist. As of June 2018, he was ranked as the 8th-richest person in the world, with an estimated net worth of $50.7 billion. Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his brother David Koch serves as executive vice president. Charles and David each own 42% of the conglomerate. The brothers inherited the business from their father, Fred C. Koch, then expanded the business. Originally involved exclusively in oil"
"Charles Koch Charles de Ganahl Koch (; born November 1, 1935) is an American businessman, political donor and philanthropist. As of June 2018, he was ranked as the 8th-richest person in the world, with an estimated net worth of $50.7 billion. Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his brother David Koch serves as executive vice president. Charles and David each own 42% of the conglomerate. The brothers inherited the business from their father, Fred C. Koch, then expanded the business. Originally involved exclusively in oil refining and chemicals, Koch Industries now"
"John D. Rockefeller became the world's first confirmed U.S. dollar billionaire in 1916, and still holds the title of history's wealthiest individual. As of 2018, there are over 2,200 U.S. dollar billionaires worldwide, with a combined wealth of over , up from in 2017. According to a 2017 Oxfam report, the top eight richest billionaires own as much combined wealth as ""half the human race"". According to the ""Forbes"" report released in March 2017, there are currently 2,043 U.S. dollar billionaires worldwide, from 66 countries, with a combined net worth of $7.67 trillion, which is more than the combined GDP"
"John Washington Steele John Washington Steele (born in Sheakleyville, Pennsylvania, 1843; died in Fort Crook, Nebraska, in December, 1920), also known as Coal Oil Johnny, was one of the first oil millionaires acquiring their wealth from the oil discovered in Pennsylvania in the mid-19th century. In 1864, soon after wealth came to him through inheritance from the McClintocks' oil, the orphan John Steele left the farm which he had inherited from his foster or adoptive family, the McClintocks, and began a lavish and picturesque life, rapidly spending his way through his fortune. He was often seen in Philadelphia riding in"
"pipeline and the world's first oil tanker. The Paris Rothschilds jumped into the fray providing financing. Additional fields were discovered in Burma and Java. Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. Standard Oil adapted by developing a European presence, expanding into natural gas production in the U.S., and then producing gasoline for automobiles, which until then had been considered a waste product. Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. He bought a"
"and American industry. As the owner of the Ford Motor Company, he became one of the richest and best-known people in the world. He is credited with ""Fordism"": mass production of inexpensive goods coupled with high wages for workers. Ford had a global vision, with consumerism as the key to peace. His intense commitment to systematically lowering costs resulted in many technical and business innovations, including a franchise system that put dealerships throughout most of North America and in major cities on six continents. Ford left most of his vast wealth to the Ford Foundation and arranged for his family"
"the first millionaire in America. Bazil Gordon Bazil Gordon emigrated from Scotland to America, settling in Falmouth, Virginia in 1786 where he opened a small store. Gordon grew his business, exporting large amounts of tobacco from plantations along the Rappahannock River to England. He is believed to be America's first millionaire. In 1768, Bazil Gordon was born at Lochdougan, Kelton Parish, Scotland. He was the born to Samuel Gordon and Nicholas Brown, the daughter to John Brown; he was Samuel's youngest son. In circa 1783, Gordon, along with two of his brothers: Samuel and Alexander; his nephew (also called Samuel)"
"first billion-dollar company in the world, having an authorized capitalization of $1.4 billion, which was much larger than any other industrial firm and comparable in size to the largest railroads. U.S. Steel aimed to achieve greater economies of scale, reduce transportation and resource costs, expand product lines, and improve distribution. It was also planned to allow the United States to compete globally with the United Kingdom and Germany. Schwab and others claimed that U.S. Steel's size would allow the company to be more aggressive and effective in pursuing distant international markets (""globalization""). U.S. Steel was regarded as a monopoly by"
"behind China, Germany and India by the number of billionaires. Self-made billionaires made up the largest number of people on the list with 1,191 positions (over 65 percent) while just 230 (under 13 percent) have wealth through inheritance. The number of billionaires who inherited a portion but are still working to increase their fortunes is 405. Bill Gates was named the richest man in the world by ""Forbes""<nowiki>'</nowiki>s annual list of the world's billionaires. This was the 16th time that the founder of Microsoft claimed the top spot. Carlos Slim came in second for the second consecutive time. Warren Buffett"
"was a very prominent tobacco manufacturer, industrialist, banker, businessman, and real estate tycoon, for whom the term ""millionaire"" was first used in America for his father's obituary in 1843. His grandfather, Pierre Abraham Lorillard (1742–1776), was the founder of the P. Lorillard and Company, which provided the family fortune. Through his sister Dorothea Anne Lorillard (1798–1866), who married John David Wolfe (1792–1872), a real estate developer, Lorillard III was the uncle of philanthropist Catharine Lorillard Wolfe (1828–1887). Another sister, Eleanora Eliza Lorillard (1801–1843), was married to William Augustus Spencer (1792–1854), son of Ambrose Spencer and brother of John Canfield Spencer."
"Bissell invested heavily in the surrounding region and ended up becoming a wealthy businessman. The company's agent, Edwin Drake, is sometimes credited with the ""discovery"" of oil. George Bissell (industrialist) George Henry Bissell (November 8, 1821 – November 19, 1884) is often considered the father of the American oil industry. He was born in Hanover, New Hampshire, the son of Isaac Bissell and Nancy Wemple. In 1853 he observed by chance the primitive oil-gathering industry in western Pennsylvania, although his interest in what was then known as ""rock oil"" had been piqued by seeing samples while a student at Dartmouth"
"new factories, and contributed to the creation of an ethnically diverse industrial [[working class]] which produced the wealth owned by rising super-rich [[Robber baron (industrialist)|industrialists and financiers called the ""robber barons""]]. An example is the company of [[John D. Rockefeller]], who was an important figure in shaping the new oil industry. Using highly effective tactics and aggressive practices, later widely criticized, [[Standard Oil]] absorbed or destroyed most of its competition. The creation of a modern industrial economy took place. With the creation of a [[Infrastructure|transportation and communication infrastructure]], the [[corporation]] became the dominant form of business organization and a [[Management|managerial"
"Kerosene replaced whale oil and candles for lighting homes. John D. Rockefeller founded Standard Oil Company and monopolized the oil industry, which mostly produced kerosene before the automobile created a demand for gasoline in the 20th century. According to historian Henry Adams the system of railroads needed: The impact can be examined through five aspects: shipping, finance, management, careers, and popular reaction. First they provided a highly efficient network for shipping freight and passengers across a large national market. The result was a transforming impact on most sectors of the economy including manufacturing, retail and wholesale, agriculture, and finance. The"
"competitors, allowing the conglomerates to raise prices to high levels. In 1890, Congress had passed the Sherman Anti-Trust Act, but it was not until the Theodore Roosevelt administration (1901–09) that serious efforts were made to break up or control the trusts. The dominant force in the oil industry was Standard Oil, controlled by John D. Rockefeller. Modern-day ExxonMobil, Atlantic Richfield, Chevron, Sohio, Amoco and Continental Oil all trace their ancestry to various parts of Standard Oil. In March 1906, Commissioner of Corporations James Rudolph Garfield submitted a report to President Roosevelt, alleging large-scale rebating in Standard Oil shipments. Federal prosecutors"
"an ""unreasonable"" monopoly under the Sherman Antitrust Act, Section II. It ordered Standard to break up into 34 independent companies with different boards of directors, the biggest two of the companies were Standard Oil of New Jersey (which became Exxon) and Standard Oil of New York (which became Mobil). Standard's president, John D. Rockefeller, had long since retired from any management role. But, as he owned a quarter of the shares of the resultant companies, and those share values mostly doubled, he emerged from the dissolution as the richest man in the world. The dissolution had actually propelled Rockefeller's personal"