Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-11-19

said,
Did you continue in the refinery
business >"
| Yes"
Did your business increase?'
yes" said MT Rockefeller. 1T in
lcreased steadily"
What developments or change in
the company later took place.
| "Well, in 1866 there was a change.
The firm was William Rockefeller &
Co. The Rockefeller was William,
| my brother, and the company was
! Rockefeller q Andrews"
| Mr. Rockefeller said the refinery of
this company was in Cleveland and
| that afterward another company un-
der the name of William Rockefeller
& co. was organized in New York, The
same firm members that composed the
! Cleveland company made up the New
York company.
Asked what had been the course Of
! tho oil business up to the time he or
ganzed in Ohio Mr.. Rockefeller re-
| piled.
I'VE had had a steady growth and
increase from the organization of the
| first firm in 1860 or 1862 until that
| time"
Mr.. Rockefeller said that every
member Of the firm devoted his entire
time and attention to promoting the
companys growth. and none Of them
had any other business.
Mr.. Rockefeller said the company
did a refining and warehouse business
and that his brother, William Rookie
feller, took up his residence in New
York to develop the business here ard
to save expenses.
when did the next change take
place."
In 1867 all the properties of
Rockefeller & Andrews, William
Rockefeller & Co, and Rockefeller &
CO.. We're taken over under the firm
name of Rockefeller, Andrews and
Faglcr Mr Flagler was a man of
large business experience and was a
valuable addition to the firm. A large
amount of capital was put into the
firm. The company engaged in the
refining of oil which was sold i'm this
country and abroad"
what was the next change"
Il think that three years later, in
1870, the Standard Oil company of
ohio, organized with a capital Of
$1000.000. and we enlisted much cap
ital from the company The first field
for the production of crude oil was
Nenango county, in the western part
of Pennsylvania" said Mr. Rockefel-
Ter.
He looked to Ohio to obtain the
crude oil, and the refining plants of
the company We're at Cleveland, Pitts
burg, Parkersburg, Baltimore and
New York
What had been the course of the
development of the industry at that
time"
There had been rapid development
in the cleansing and refining Of oil"
The business of refining oil was
profitable and as a result he said, |
many rcfineries were built People
turned to this business of refining oil
who were not necessarily the best
trained business men. The standard |
OH company put up all the refineries
possible.
Was MIR. Andrews a practical re-
finer"
That was the reason he was given
a part in the business" said Mr. |
Rockefeller. He was a practical re-
finer of oil and it gave him an excel
lent opportunity to associate himself
i'm the business in this way"
In answer 10 a question, Mr.. Rookie |
feller said that Cleveland was the best
distributing point to obtain the domes- |
tic trade. It's disadvantage was that |
they had long haul to the seaboard |
for the export trade.
What was the comparative size of |
your refinery to others at that time,
in 1902"
Il believe It was the largest in the
country at that time. The company |
was capitalized at $1,O0O,0OO."
Was that considered a large capi-
asked Attorney Milburn.
Yes" replied Mr.. Rockefeller. we
thought it YER large. as we started !
in 1860 with $4,000"
Mr. Rockefeller said they made
many Improvements in the business
one thing they did was to manufac-
ture their own barrels at a saving Of
a half. He said the saving on the
barrels represented a large saving to
the company. and represented one Of
the innovations developed i'm the com
pany
The things that we used from time
to time we were enabled to produce at
prices lower than that which we pre-
Nously paid as our capital increased.
said Mr.. Rockefeller.
Let me ask you about the house
which you established here. said Mr..
Yes that was an advantage was
the reply. 1t gave us an opportunity
to learn OF the foreign markets and
the export trade We were constantly
IN need of increasing capital as our
business developed and in New York
We were enabled to secure larger sums
OF money at lower rates than in the
west We were always able TO obtain
large sums Of money. and ! am thank
full 10 say we always had good credit
We always kept our covenants and
paid our bills our ability To- secure
large loans was of great advantage
to us Thus we extended our facili-
ties with New York bankers. with
whom We kept our deposits. and we
got our money at tho chepost rates
IN the cheapest money market in the
world"
Through the Acquaintance made BY
William Rockefeller with wealthy
men in New York. connections were
formed enabling the company 20 bor-