Henry morrison flagler railroad

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Henry morrison flagler railroad

Their only son was born in On January 10,the partnership emerged as a joint-stock corporation named Standard Oil and byStandard Oil led the American oil refining industry, producing 10, barrels per day. Five years later Standard Oil was considered the largest and richest industrial company in the world. Within several years, family concerns shifted Flagler's attention away from the business.

Flagler's wife, who had always struggled with health problems, was very ill with tuberculosis. On doctor's orders, the Flaglers visited Jacksonville, Florida for the winter in When Henry Flagler arrived in Jacksonville, Florida, he found the most backward state on the Atlantic coast. Key West was Florida's largest populated city of about 10,; Jacksonville 7,; St.

In the early s, Flagler and Rockefeller created one of their most important innovations. Rather than try to influence the price of crude oil directly, Standard Oil had been exercising indirect control by altering oil storage charges to suit market conditions. Flagler and Rockefeller then decided to issue certificates against oil stored in Standard Oil's pipelines.

These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. The National Petroleum Exchange opened in Manhattan in late to facilitate the oil futures trading. The Paris Rothschilds jumped into the fray providing financing. Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination.

But Standard Oil adapted, developing its own European presence, expanding into natural gas production in the U. Standard Oil moved its headquarters to New York City, at 26 Broadway, and Flagler and Rockefeller became central figures in the city's business community. InCongress created the Interstate Commerce Commissionwhich was tasked with enforcing equal rates for all railroad freight, but by then Standard depended more on pipeline transport.

Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. InU. Steelnow controlled by J. Pierpont Morganhaving bought Andrew Carnegie 's steel assets, offered to buy Standard's iron interests as well. Steel stock and gave Rockefeller and his son membership on the company's board of directors.

One of the most effective attacks on Flagler and Rockefeller and their firm was the publication of The History of the Standard Oil Companyby Ida Tarbella leading muckraker. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom henries morrison flagler railroad. I was willing that they should combine and grow as big and wealthy as they could, but only by legitimate means.

But they had never played fair, and that ruined their henry morrison flagler railroad for me. Flagler and Rockefeller began a publicity campaign to put the company and themselves in a better light. Though Flagler and Rockefeller had long maintained a policy of active silence with the press, they decided to make themselves more accessible and responded with conciliatory comments such as "capital and labor are both wild forces which require intelligent legislation to hold them in restriction.

Flagler and Rockefeller continued to consolidate their oil interests as best they could until New Jersey, inchanged its incorporation laws to effectively allow a re-creation of the trust in the form of a single holding company. Rockefeller retained his nominal title as president until and he kept his stock. When Flagler envisioned successes in the oil industry, he and Rockefeller started building their fortune in refining oil in Cleveland, Ohio.

Cleveland became very well known for oil refining, as, "More and more crude oil was shipped from the oil regions to Cleveland for the refining process because of transportation facilities and the aggressiveness of the refiners there. It was due largely to the efforts of Henry M. Flagler and John D. Henry explained: "We worked night and day, making good oil as cheaply as possible and selling it for all we could get.

Rockefeller p"Standard Oil was born as a big enterprise, it had cut its teeth as a partnership and was now ready to plunge forward into a period of greater expansion and development. It soon was doing one tenth of all the petroleum business in the United States. Besides its two refineries and a barrel plant in Cleveland, it possessed a fleet of tank cars and warehouses in the oil regions as well as warehouses and tanks in New York.

ByStandard Oil had a monopoly over all oil refineries in the United States. In an overall calculation of America's oil refineries' assets and capital, Standard Oil surpassed all. Although Standard Oil was a partnership, Flagler was credited as the brain behind the booming oil refining business. Rockefeller was asked if the Standard Oil company was the result of his thinking, he answered, 'No, sir.

I wish I had the brains to think of it. It was Henry M. He served as a vice president through and was part of ownership until For the first time, Flagler was able to experience the warm, sunny atmosphere of Florida. Two years after his first wife died inhe married again. After their wedding, the couple traveled to Saint Augustine. Flagler found the city charming, but the hotel facilities and transportation systems inadequate.

Franklin W. Smith had just finished building Villa Zorayda and Flagler offered to buy it for his honeymoon. Smith would not sell, but he planted the seed of St. Augustine's and Florida's future in Flagler's mind. Although Flagler remained on the board of directors of Standard Oil, he gave up his day-to-day involvement in the corporation to pursue his interests in Florida.

He returned to St. Augustine in and made Smith an offer. Perhaps fortunately for Smith, he couldn't come up with the funds, [ 47 ] so Flagler began construction of the room Ponce de Leon Hotel by himself, but spent several times his original estimate. Smith helped train the masons on the mixing and pouring techniques he used on Zorayda. Realizing the need for a sound transportation system to support his hotel ventures, Flagler purchased short line railroads in what would later become known as the Florida East Coast Railway.

He used convict leasing — "a method undertaken by the Southern States to replace the economic setup of slavery" [ 49 ] — to modernize the existing railroads, allowing them to accommodate heavier loads and more traffic. He invested with the guidance of Dr. Andrew Anderson, a native of St. After many years of work, it opened on January 10,and was an instant success.

This project sparked Flagler's interest in creating a new "American Riviera. He built a railroad bridge across the St. Johns River to gain access to the southern half of the state and purchased the Hotel Ormond, just north of Daytona. Augustine that Flagler bought from Franklin W. His personal dedication to the state of Florida was demonstrated when he began construction on his private residence, Kirkside, in St.

An immense engineering effort was required to cut through the wilderness and marsh from St. Augustine to Palm Beach. The state provided incentive in the form of 3, acres Flagler originally intended West Palm Beach to be the terminus of his railroad system, but in andsevere freezes hit the area, causing Flagler to reconsider. Sixty miles 97 km south, the area today known as Miami was reportedly unharmed by the freeze.

To further convince Flagler to continue the railroad to Miami, he was offered land in exchange for laying rail tracks from private landowners, the Florida East Coast Canal and Transportation Company, and the Boston and Florida Atlantic Coast Land Company. Such incentive led to the development of Miami, which was an unincorporated area at the time.

Flagler encouraged fruit farming and settlement along his railway line and made many gifts to build hospitals, churches and schools in Florida. Flagler dredged a channel, built streets, instituted the first water and power systems, and financed the city's first newspaper, The Metropolis. When the city was incorporated inits citizens wanted to honor the man responsible for its growth by naming it "Flagler".

He declined the honor, persuading them to use an old Indian name, " Mayaimi ". He became known as the Father of Miami, Florida. Flagler's second wife, the former Ida Alice Shourds, was declared insane [ 52 ] by Flagler's friend Dr. In two years, Standard Oil was leading the U. The doctor suggested they try Florida. The Flagler family tried wintering in Jacksonville, then the only accessible city in the state.

He was charmed by the city and the weather but frustrated by the lack of hotels and transportation. The oil tycoon, with the bushy mustache and hair parted down the middle, left day-to-day operations to Rockefeller and focused on Florida. Inhe began construction on the room Hotel Ponce de Leon hotel in St.