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Left to right: Walter C. Teagle, former President, Standard Oil Company of New Jersey; Charles v. McLaughlin, Undersecretary of Labor; Frank P. Graham, University of North Carolina President; Sidney Hillman, Associate Director General representing the Office of Production Management (OPM); Clarence A Dykstra, Chairman; Daniel Tracy, Second Assistant Secretary of Labor; William H. Davis, Vice-Chairman, new Mediation Board, formerly Chairman, New York State Mediation Board; Philip Murray, CIO (Congress of Induatrial Orgamizations) President; Thomas Kennedy, Secretary-Treasurer, United Mine Workers (UMW); George M. Harrison, grand president, Brotherhood of Railway and Steamship Clerks; George Meany, general secretary of the AFL (American Federation of Labor)
Summary
Picryl description: Public domain image of a political campaign, politician, meeting, 1930s, mid-20th-century United States, free to use, no copyright restrictions.
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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