![]() In 1896 Rockefeller was worth about $200 million. By 1890 Rockefeller's had swollen into an immense monopoly which could fix its own prices and terms of business because it had no competitors. His competitors were given the choice of being swallowed up by Standard Oil or being crushed. ![]() Rockefeller now bought out Samuel Andrews for a million dollars and turned his attentions to controlling the oil industry throughout the United States. Eventually Standard Oil monopolized oil refining in Cleveland. Within a year four of his thirty competitors were out of business. The cost of his oil was reduced and his sales increased dramatically. In return the transport prices were reduced to 35 cents and $1.30. Rockefeller negotiated an exclusive deal with the railway company where he guaranteed sixty car-loads a day. One of the business problems that Rockefeller encountered was the high cost of transporting his oil to his Cleveland refineries (40 cents a barrel) and the refined oil to New York ($2 a barrel). Rockefeller sold his original business and invested it in a new company he set up with Andrews called Standard Oil. In 1862 Rockefeller heard that Samuel Andrews had developed a better and cheaper way of refining crude petroleum. Rockefeller's company was fairly successful but did not bring him the wealth he desired. The company, Clark & Rockefeller Produce and Commission, sold farm implements, fertilizers and household goods. Determined to work for himself, Rockefeller saved all the money he could and in 1850 went into business with a young Englishman, Maurice Clark. He attended the Cleveland Central High School and at 16 he became a clerk in a commission house. John Davidson Rockefeller was born in Richford, New York on 8th July 1839.
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