In this paper, it is intended to repeal the process of the emergence of the Standard Oil Trust from 1870 to 1882 and to find out the source of its monopolistic power from a viewpoint of "concentration of production". This process can be divided into three stages in terms of the degree of "vertical combination", to which responded the extent of "horizontal combination" and the forms of combination (pool, trust, etc.). The first stage can be characterized by the vertical combination of railroads-refineries. Standard received rebates from railroad companies. It enabled Standard to merger most of Cleveland refineries, and then, in turn, the conquest of Cleveland, that is horizontal combination, enable Standard to receive more rebates easly. Moreover, in 1872 Standard organized a pool, the Petroleum Refiners' Association to control and stabilize the refining department. The second stage can be characterized by the vertical combination of gathering pipelines-railroads-refineries. Standard entered into the pipeline department to strengthen its bargaining power with railroads, to raise its position in the refining department and then to embark on merger (horizontal combination) of refineries all over the country. After all, Standard obtained the control of substantially all gathering pipeline, and then, by 1879, it controlled from 90 to 95 per cent of the refining department. In 1879 Standard organized a trust to hold acquired assets uniformly, which had been held by individual trustees. The third and final stage can be characterized by the vertical combination of gathering pipelines-trunk pipelines-refineries. The control of trunk pipelines, a revolutionary innovation of pipeline, extremely changed the quality of Standard's control over the petroleum industry. This made the competition not only within but also without the industry impossible, because it gave Standard an extremely high entry barrier. It meant the accomplishment of Standard's monopolistic domination over the petroleum industry. Moreover, this vertical combination made it necessary for Standard to control and administrate all assets rationally. For accomplishing this purpose, first of all, it was required to centralize the authority of management into the top management. To do this, the trust of 1879'was reorganized to the Standard Oil Trust in 1882.
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