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Standard Oil Part I
Acquired
The Birth of Standard Oil and the Trust Strategy
In 1870, Flagler led the abolition of an old partnership and consolidated assets into the Standard Oil Company of Ohio with a capital of $1 million, a massive amount for the time. To circumvent interstate commerce laws, they devised the Trust strategy. By creating a trust, they could control companies across the country without technically owning them. The trustees would navigate the companies and designate profits to individual shareholders of Standard Oil, bypassing legal boundaries. The trustees themselves, including Rockefeller, forwent salaries and focused on dividends and enterprise value appreciation, a groundbreaking concept at the time, incentivizing others to value equity as a primary source of income.
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