Olive oil is the oil consisting of a blend of refined olive oil and virgin olive oils fit for consumption as they are. Encyclopedia.com. In 1899, however, the company renamed its New Jersey firm Standard Oil Company (New Jersey) and incorporated it as a holding company. If an internal link led you here, you may wish to change the link to point directly to the intended article. ." Roughly 1/3 of the world's primary energy comes from this primary fuel.Chemically, oil is composed mainly out of carbon and hydrogen with other trace elements. Olive oil is the oil consisting of a blend of refined olive oil and virgin olive oils fit for consumption as they are. In the locution “matters of fact”, facts are taken to be what is contingently the case, or that of which we may have empirical or a posteriori knowledge. They held the stocks and properties for the exclusive use and benefit of Standard Oil's stockholders and distributed dividends in specified proportions. Stillwater, MN: Motorbooks International, 1996. In the early 1970s, when the company moved into new offices on East Randolph Drive near Chicago's lakefront, Standard Indiana … Gale Encyclopedia of U.S. Economic History. In 1870, the company was renamed Standard Oil Company, after which Rockefeller decided to buy up all the other competition and form them into one large company. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. In 1882 the Standard Oil Company and affiliated companies that were engaged in producing, refining, and marketing oil were combined in the Standard Oil Trust, created by the Standard Oil Trust Agreement signed by nine trustees, including Rockefeller. Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States. Oil, God and Gold: The Story of ARAMCO and the Saudi Kings. And because it branched out from its original concentration on refining into the drilling of crude oil and the sale of petroleum products, it also became a "vertical monopoly.". https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/standard-oil-company, "Standard Oil Company al. (January 12, 2021). Dictionary of American History. STANDARD OIL COMPANY, an Ohio corporation, was incorporated on 10 January 1870 with a capital of $1 million, the original stockholders being John D. Rockefeller, with 2,667 shares; William Rockefeller, with 1,333 shares; Henry M. Flagler, with 1,333 shares; Samuel Andrews, with 1,333 shares; Stephen V. Harkness, with 1,334 shares; O. Standard Oil Company was incorporated in Ohio in 1870, but the company’s origins date to 1863, when John D. Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business. Adelman, M. A. However, some companies that were part of the trust persisted and, over time, merged with others and became part of such well-known companies as Exxon Mobil Corporation, BP PLC, and Chevron Corporation. Fax: (218) 21 333-1930 The total of the trust certificates was therefore $70 million, considerably less than the actual value of the properties. The Paradox of Plenty: Oil Booms and Petro-States. Before Tidewater, Standard Oil had made good profits refining oil in Cleveland and other points and shipping it by rail. In effect this new corporate structure authorized a board of trustees to manage the properties of corporations joining the trust on behalf of their stockholders. In order to accomplish this restructuring, the company needed to institute more centralized administrative machinery. Standard Oil accumulated $830 million in profits from 1899 to 1911. . Within two years the Ohio Supreme Court ordered the trust to divest itself of Standard Oil of Ohio declaring in its ruling that “Monopolies have always been regarded as contrary to the spirit and policy of the common law.... A society in which a few men are the employers and the great body are merely employees or servants, is not the most desirable in a republic.” Standard Oil responded by shifting the core holding company to Standard Oil of New Jersey (in that state laws governing business combinations were looser) and restructuring and enlarging its other companies.