President Thomas's little joke / Ehrhart., Political Cartoon
Summary
Illustration shows a vignette cartoon with at center a group of six men, among them John D. Rockefeller and E.B. Thomas, warming themselves by a stove labeled "Standard Oil"; the vignette at bottom left shows Andrew Carnegie burning "U.S. Steel Bonds" and Charles Schwab attempting to burn "Steel Common" stocks, on the right is Chauncey Depew burning speeches; on the middle left is a tramp resting against a haystack in the warm sun, on the right is William Jennings Bryan generating hot air while speaking to a group of farmers; and on the top left is a family burning the furniture in a fireplace, and on the right is E.B. Thomas sitting in front of a fireplace where a lump of "Radium" is warming the room.
Illus. in: Puck, v. 55, no. 1425 (1904 June 22), centerfold.
Copyright 1904 by Keppler & Schwarzmann.
In 1862, John D. Rockefeller, a resident of Cleveland Ohio, joined with two partners to establish an oil-refining company. The men purchased oil wells in Titusville, Pennsylvania, and constructed a well near Cleveland. In 1865, Rockefeller bought out one of the partners' interest in the company, creating Rockefeller & Andrews Oil Company. In this year alone, the business earned approximately 200,000 dollars. While Rockefeller reaped extensive wealth in 1865, the oil industry was just beginning to grow. Most people only used oil for lighting. The market was limited. Prices fluctuated dramatically, as oil production waxed and waned during this period. To try and stabilize oil prices Rockefeller and Samuel Andrews, his partner, approached O.H. Payne, owner of the largest oil refinery in Cleveland. They proposed that the three men unite their companies together. By having a single oil company operating in northeastern Ohio, this company could hopefully fix prices and avoid the tremendous swings as production sometimes increased or dwindled. The company organizers convinced numerous other Cleveland firms to join with them. In other cases, they bought out the companies or drove them out of business by selling their oil for a much cheaper price than their competitors could. In 1870, Rockefeller united these companies together as the Standard Oil Company.
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