ies
in refining oil, and did not realize at that time that the whole oil
industry would soon be swamped by so many men rushing into it. But I
was full of hope, and I had already arranged to get financial
accommodation to an amount that I supposed would easily pay for the
plant and good-will. I was willing to give up the other firm of Clark
& Rockefeller, and readily settled that later--my old partner, Mr.
Clark, taking over the business.

The bidding began, I think, at $500 premium. I bid a thousand; they
bid two thousand; and so on, little by little, the price went up.
Neither side was willing to stop bidding, and the amount gradually
rose until it reached $50,000, which was much more than we supposed
the concern to be worth. Finally, it advanced to $60,000, and by slow
stages to $70,000, and I almost feared for my ability to buy the
business and have the money to pay for it. At last the other side bid
$72,000. Without hesitation I said $72,500. Mr. Clark then said:

"I'll go no higher, John; the business is yours."

"Shall I give you a check for it now?" I suggested.

"No," Mr. Clark said, "I'm glad to trust you for it; settle at your
convenience."

The firm of Rockefeller & Andrews was then established, and this was
really my start in the oil trade. It was my most important business
for about forty years until, at the age of about fifty-six, I retired.

The story of the early history of the oil trade is too well known to
bear repeating in detail. The cleansing of crude petroleum was a
simple and easy process, and at first the profits were very large.
Naturally, all sorts of people went into it: the butcher, the baker,
and the candlestick-maker began to refine oil, and it was only a short
time before more of the finished product was put on the market than
could possibly be consumed. The price went down and down until the
trade was threatened with ruin. It seemed absolutely necessary to
extend the market for oil by exporting to foreign countries, which
required a long and most difficult development; and also to greatly
improve the processes of refining so that oil could be made and sold
cheaply, yet with a profit, and to use as by-products all of the
materials which in the less-efficient plants were lost or thrown away.

These were the problems which confronted us almost at the outset, and
this great depression led to consultations with our neighbors and
friends in the business in the effort to bring some order