STANDARD OIL
In 1870, when Mr. Rockefeller was thirty-two years old, the business was merged into the Standard Oil Company, starting with a capital of one million dollars. Other pens have written the later story of that great corporation; how it started pipe lines to carry the oil to the seaboard; how it earned millions in by-products which had formerly run to waste; how it covered the markets of the world in its keen search for trade, distancing all competition, and cheapening its own processes so that its dividends in one year, 1899, amounted to $23,000,000 in excess of the fixed dividend upon the whole capital stock. This is the outcome of thirty years’ development. The corporation is now the greatest business combination of modern times, or of any age of the world. Mr. Rockefeller’s annual income from his holdings of Standard Oil stock is estimated at about sixteen millions of dollars.