threads / economy #51

20 newly added in the last 14 days mark read

1. 10 January 1870 new

   John D. Rockefeller founds Standard Oil

   John D. Rockefeller and partners incorporated the Standard Oil Company of Ohio on 10 January 1870. It grew rapidly by controlling refining, transport and distribution.

2. c. 1872 new

   The Cleveland Massacre consolidates refining

   In a few weeks of 1872 Standard Oil bought out most rival Cleveland refiners, an episode later called the Cleveland Massacre. It followed the collapse of the South Improvement Company rebate scheme.

3. c. 1880 new

   Standard Oil controls most US refining

   By around 1880 Standard Oil refined roughly 90 percent of oil in the United States. Its scale gave it decisive power over prices and railroad rates.

4. 2 January 1882 new

   Standard Oil Trust is formed

   In January 1882 the Standard Oil Trust pooled the many Standard companies under a single board of trustees. It became the model for the American business trust and a target of antitrust reformers.

5. 1890 new

   Rockefeller founds the University of Chicago

   John D. Rockefeller provided the founding endowment for the University of Chicago in 1890. It opened to students in 1892 and became a leading research university.

6. 1892 new

   Ohio court orders the Standard Oil Trust dissolved

   The Ohio Supreme Court ruled in 1892 that the Standard Oil Trust violated state law and ordered it broken up. Standard reorganised its holdings, later centring control in a New Jersey holding company.

7. 1899 new

   Standard Oil of New Jersey becomes the holding company

   In 1899 Standard Oil of New Jersey became the central holding company for the group under permissive New Jersey law. This structure held the combine together after the trust was dissolved.

8. 1901 new

   Rockefeller Institute for Medical Research founded

   Rockefeller money founded the Rockefeller Institute for Medical Research in 1901. It became a major centre of biomedical science, later Rockefeller University.

9. 1904 new

   Ida Tarbell publishes The History of the Standard Oil Company

   Journalist Ida Tarbell serialised her investigation of Standard Oil in McClure's Magazine from 1902 and published it as a book in 1904. Her detailed reporting shaped public opinion against the company's methods.

10. 15 May 1911 new

    Supreme Court breaks up Standard Oil

    also in Oil: the industry that fueled the modern world

    On 15 May 1911 the United States Supreme Court ruled that Standard Oil was an illegal monopoly and ordered it split into 34 separate companies. The decision reshaped American antitrust law and the oil industry.

11. 14 May 1913 new

    Rockefeller Foundation is chartered

    also in NGOs, foundations, and soft power

    The Rockefeller Foundation was chartered in New York in May 1913 to promote the well-being of people worldwide. It became one of the most influential philanthropic bodies of the twentieth century.

12. 20 April 1914 new

    Ludlow Massacre

    also in The National Guard: militia, statehood, and the streets, The other badges: private police and federal agencies

    On 20 April 1914 Colorado National Guard troops and camp guards attacked a tent colony of striking coal miners and their families at Ludlow, killing about two dozen people including children. The mine was controlled by the Rockefeller-owned Colorado Fuel and Iron Company, and the deaths drew national outrage.

13. c. 1916 new

    Rockefeller becomes the first US dollar billionaire

    John D. Rockefeller's fortune is generally reckoned to have reached one billion dollars around 1916. He is often described as the richest American in modern history relative to the economy.

14. c. 1933 new

    Rockefeller Center opens in Manhattan

    The Rockefeller Center complex, financed by John D. Rockefeller Jr, began opening its buildings in 1933 during the Great Depression. The full development was completed later in the decade.

15. 23 May 1937 new

    John D. Rockefeller Sr dies

    John D. Rockefeller, founder of Standard Oil, died in May 1937 at the age of 97. He left much of his fortune to philanthropy managed by his family and foundations.

16. November 1958 new

    Nelson Rockefeller elected Governor of New York

    Nelson Rockefeller, grandson of John D. Rockefeller, was elected Governor of New York in November 1958. He served four terms and became a leading figure of the Republican Party.

17. 1969 new

    David Rockefeller leads Chase Manhattan Bank

    David Rockefeller became chairman and chief executive of Chase Manhattan Bank in 1969. He built the bank's global reach and became a prominent voice in international finance and diplomacy.

18. 1973 new

    David Rockefeller founds the Trilateral Commission

    In 1973 David Rockefeller helped create the Trilateral Commission to encourage cooperation among North America, Western Europe and Japan. It brought together political and business leaders from the three regions.

19. 19 December 1974 new

    Nelson Rockefeller becomes Vice President

    Nelson Rockefeller was sworn in as Vice President of the United States under President Gerald Ford in December 1974. He was confirmed under the process for filling a vice presidential vacancy.

20. 20 March 2017 new

    David Rockefeller dies

    David Rockefeller, the last grandchild of John D. Rockefeller, died in March 2017 at the age of 101. He was among the best known bankers and philanthropists of his era.