\u77f3\u6cb9\u6545\u4e8b<\/p>\n\n\n\n
\u77f3\u6cb9\u7684\u6545\u4e8b\u4e5f\u975e\u5e38\u6709\u8da3\uff0c\u4e00\u6761\u662f\u516c\u53f8\u7ebf\uff0c\u4ece\u6807\u51c6\u77f3\u6cb9\u5230\u58f3\u724c\u3001\u5230\u57c3\u514b\u68ee\u3001\u7f8e\u5b5a\u7b49\u8bf8\u591a\u5bb6\u3002\u5de8\u5934\u7684\u51fa\u73b0\u5176\u5b9e\u662f\u5e02\u573a\u6076\u6027\u7ade\u4e89\u4e4b\u540e\u5e02\u573a\u96c6\u4e2d\u548c\u5408\u5e76\u7684\u7ed3\u679c\uff0c\u6700\u7279\u522b\u7684\u5c31\u662f\u6d1b\u514b\u83f2\u52d2\u7684\u679c\u65ad\u6301\u7eed\u6536\u8d2d\u3002\u4e00\u6761\u662f\u6280\u672f\u7ebf\uff0c\u4ece\u91c7\u6398\uff0c\u5230\u63d0\u70bc\u7164\u6cb9\u3001\u91cd\u6cb9\uff0c\u628a\u5e9f\u7269\u6c7d\u6cb9\u518d\u5229\u7528\u7684\u8fc7\u7a0b\u3002\u7164\u6cb9\u4e00\u51fa\u73b0\u5c31\u9646\u7eed\u6dd8\u6c70\u4e86\u9cb8\u6cb9\u3001\u7164\u57fa\u7164\u6cb9\uff1b\u6d77\u519b\u7684\u52a8\u529b\u7cfb\u7edf\u4ece\u71c3\u7164\u673a\u7ec4\u5230\u91cd\u6cb9\u673a\u7ec4\u3001\u5230\u6c7d\u6cb9\u673a\u7ec4\u7684\u53d8\u5316\u3002<\/p>\n\n\n\n
By Monday, when Drake returned to the site, he was welcomed by all manner of receptacles filled with the same liquid. A hand pump was attached and Drake was able to do exactly what his critics had said was impossible: to pump oil directly out of the ground. The area had begun the journey to its eventual christening as Oil Creek.<\/p>\n\n\n\n
1859\u5e74\uff0c\u7b2c\u4e00\u6876\u77f3\u6cb9\u7684\u53d1\u73b0\u3002\u628a\u77f3\u6cb9\u6cf5\u51fa\u5730\u9762\u4e5f\u4e00\u5ea6\u662f\u6ca1\u4eba\u6562\u4fe1\u7684\u4e8b\u60c5\u3002<\/p>\n\n\n\n
Inevitably, given such a surge in supply, in the short-term prices dropped precipitously. These prices drove many producers into bankruptcy, but those who survived would become rich. While the low prices caused difficulties for the producers, they also made kerosene derived from rock oil highly competitive, driving out coal oil, whale oil and other illuminants. <\/p>\n\n\n\n
\u77f3\u6cb9\u7684\u82f1\u6587\u771f\u662fRock Oil\uff0c\u597d\u786c\u7684\u7ffb\u8bd1\u3002\u77f3\u6cb9\u53d1\u73b0\u4e4b\u540e\u5e26\u6765\u7684\u5e76\u4e0d\u662f\u8d22\u5bcc\uff0c\u800c\u662f\u9a6c\u4e0a\u7684\u4f9b\u7ed9\u8fc7\u5269\u548c\u4ef7\u683c\u66b4\u8dcc\uff0c\u8ba9\u8bb8\u591a\u4eba\u7684\u8d22\u5bcc\u5316\u4e3a\u4e4c\u6709\u3002\u4f46\u66b4\u8dcc\u4e5f\u6709\u5176\u597d\u5904\uff0c\u8ba9\u4ece\u77f3\u6cb9\u4e2d\u63d0\u70bc\u51fa\u6765\u7684\u7164\u6cb9\u6781\u5177\u7ade\u4e89\u529b\uff0c\u6d88\u706d\u4e86\u9cb8\u6cb9\u548c\u7164\u70ad\u63d0\u70bc\u7684\u7164\u6cb9\u3002<\/p>\n\n\n\n
In 1866 oil prices fell to a low of $2.40 a barrel. Producers in Oil Creek reacted in time-honored fashion to the damaging price decline caused by overproduction, and sought to reduce output.<\/p>\n\n\n\n
The mechanism for achieving this was a cartel arrangement which allocated production limits among members, thus providing greater stability and rising prices. Unfortunately for the producers, the law of capture and the relatively low barriers to entry created a market structure so fragmented that cooperation in production could never be sustained.<\/p>\n\n\n\n
\u77f3\u6cb9\u5361\u7279\u5c14\u7684\u5f62\u6210\u5c45\u7136\u4e0d\u662f\u4e3a\u4e86\u5784\u65ad\u5229\u6da6\uff0c\u800c\u662f\u4e3a\u4e86\u6d3b\u4e0b\u53bb\u3002\u591a\u4e48\u6709\u610f\u601d\u7684\u5386\u53f2\u4e8b\u5b9e\u3002\u4e3a\u4e86\u6d3b\u4e0b\u53bb\uff0c\u5927\u5bb6\u5f00\u59cb\u534f\u8bae\u9650\u4ea7\u6765\u7ef4\u6301\u4ef7\u683c\uff0c\u53ef\u60dc\u5f53\u5e74\u7684\u77f3\u6cb9\u95e8\u69db\u592a\u4f4e\u3001\u5e02\u573a\u592a\u5206\u6563\uff0c\u8fd9\u79cd\u5408\u4f5c\u65e0\u6cd5\u6301\u7eed\u3002<\/p>\n\n\n\n
Faced with the volatile prices of crude oil, Rockefeller quickly determined to concentrate on the marginally less\u00a0voltaic refining business.<\/p>\n\n\n\n
\u6d1b\u514b\u83f2\u52d2\u5f53\u5e74\u4e5f\u662f\u53d7\u4e0d\u4e86\u6cb9\u4ef7\u7684\u5927\u5e45\u6ce2\u52a8\u624d\u5f00\u59cb\u8fdb\u5165\u6ce2\u52a8\u6ca1\u90a3\u4e48\u5927\u7684\u77f3\u6cb9\u52a0\u5de5\u4e1a\u3002<\/p>\n\n\n\n
William Rockefeller\u2019s functions to appraise his brother\u2019s buyers of price movements in New York to help protect them from such fluctuations. His other important function was to secure additional lines of credit on Wall Street, a vital feature for an enterprise in an industry so prone to boom and bust.<\/p>\n\n\n\n
\u94b1\u888b\u5b50\u5c31\u662f\u547d\u6839\u5b50\u3002\u6d1b\u514b\u83f2\u52d2\u5144\u5f1f\u4e24\u4e2a\uff0c\u4e00\u4e2a\u641e\u4e1a\u52a1\uff0c\u4e00\u4e2a\u5728\u7ebd\u7ea6\u641e\u878d\u8d44\uff0c\u7edd\u914d\u3002\u6210\u529f\u679c\u7136\u90fd\u4e0d\u662f\u5076\u7136\u7684\u3002<\/p>\n\n\n\n
Flagler soon negotiated a rebate deal with the railroads that was to cement the future of the venture.<\/p>\n\n\n\n
But for Rockefeller and Flagler, it was the opportunity that eventually allowed them to dominate the industry. The key was their understanding that the threat they faced as refiners and suppliers of goods to be transported was no greater than the threat the transporters faced themselves from rival routes. Recognising this, they were able to turn the situation to their advantage and negotiate a deal with Jay Gould which provided them with a majority shareholding in the Allegheny Transportation Company, the first pipeline out of Oil Creek. As a result, they were able to ship oil on the Erie rail system at a 75% discount to their competitors. They then used the negotiating power this gave them to arrange a 30% discount with\u00a0Vanderbilt\u2019s railroad, the New York Central System.<\/p>\n\n\n\n
\u6d1b\u514b\u83f2\u52d2\u4e5f\u9700\u8981Flagler\u8fd9\u6837\u5173\u952e\u7684\u5408\u4f19\u4eba\u624d\u80fd\u6210\u5c31\u81ea\u5df1\u3002\u5206\u6790\u6e05\u695a\u94c1\u8def\u4eec\u9762\u4e34\u7684\u5de8\u5927\u7ade\u4e89\u538b\u529b\uff0c\u53ef\u4ee5\u62ff\u4e0b75%\u7684\u8fd0\u8d39\u6298\u6263\u8fdb\u800c\u78be\u538b\u540c\u884c\uff0c\u5f62\u6210\u5de8\u5927\u4f18\u52bf\u3002\u6709\u65f6\u5019\uff0c\u80fd\u591f\u6d1e\u7a7f\u4e8b\u5b9e\u5c31\u6781\u4e3a\u5173\u952e\u3002<\/p>\n\n\n\n
There were physical as well as commercial risks to face, too, in the shape of frequent fires involving waste products in the refining process, which poured into adjoining rivers and were frequently ignited by passing ships. The waste product would in time come to be known as gasoline, a product that was to have an even greater economic value than kerosene.<\/p>\n\n\n\n
\u4eca\u5929\u719f\u6089\u7684\u6c7d\u6cb9\uff0c\u5c45\u7136\u662f\u5f53\u5e74\u77f3\u6cb9\u5316\u5de5\u7684\u5e9f\u6599\u3002<\/p>\n\n\n\n
Crude oil was in overproduction and it was estimated that refining capacity was three times the market\u2019s requirements. As a consequence, the price of kerosene halved. The relatively low cost of entry and the lure of high profits and a quick return on investment produced a fragmented and oversupplied business. In 1870 Rockefeller estimated that 90% of refineries were making losses. Despite his initial deals with the railroads, Rockefeller was still faced with an industry structure that militated against stability.<\/p>\n\n\n\n
\u6d1b\u514b\u83f2\u52d2\u9762\u4e34\u7684\u73af\u5883\u4e5f\u771f\u662f\u4e0d\u5bb9\u6613\uff0c\u7b80\u76f4\u662f\u591a\u5c11\u6b21\u6b7b\u91cc\u9003\u751f\u7684\u611f\u89c9\uff1a\u5f53\u65f6\u539f\u6cb9\u8fc7\u5269\uff0c\u70bc\u5316\u4ea7\u80fd\u4e09\u500d\u8fc7\u5269\uff0c\u4e2d\u7aef\u4ea7\u54c1\u7164\u6cb9\u7684\u4ef7\u683c\u8170\u65a9\u3002\u60f3\u51b2\u8fdb\u6765\u8d5a\u5feb\u94b1\u7684\u88ab\u7eb7\u7eb7\u641e\u6b7b\u300290%\u7684\u70bc\u5316\u90fd\u662f\u4e8f\u635f\u7684\u3002\u5176\u5b9e1870\u5e74\u6807\u51c6\u77f3\u6cb9\u6210\u7acb\uff0c\u7acb\u9a6c\u9762\u5bf9\u7684\u5c31\u662f1873\u5e74\u524d\u540e\u7684\u5927\u7ecf\u6d4e\u5371\u673a\u3002<\/p>\n\n\n\n
1872 The market for kerosene continued to deteriorate and prices dropped a further 25%, causing some competitors to declare bankruptcy. Standard Oil, however, managed to remain profitable and declare dividends while at the same time expanding and strengthening its position through discreet purchases of refineries and related businesses.<\/p>\n\n\n\n
\u5e02\u573a\u7ee7\u7eed\u6076\u5316\uff0c\u4ef7\u683c\u518d\u8dcc25%\uff0c\u540c\u884c\u5927\u91cf\u7834\u4ea7\u3002\u53ea\u6709\u6807\u51c6\u77f3\u6cb9\u80fd\u4fdd\u6301\u5229\u6da6\uff0c\u8fd8\u6301\u7eed\u5206\u7ea2\uff0c\u540c\u65f6\u4e0d\u65ad\u6536\u8d2d\u6269\u5f20\u3002\u8fd9\u4e48\u6076\u52a3\u7684\u5e02\u573a\u73af\u5883\u4e0b\u80fd\u591f\u6709\u80fd\u529b\u6301\u7eed\u6269\u5f20\uff0c\u771f\u662f\u96be\u5f97\u7684\u5929\u624d\u548c\u80c6\u91cf\uff0c\u66f4\u96be\u5f97\u7684\u662f\u80fd\u529b\u3002\u6240\u4ee5\u5e76\u8d2d\u5176\u5b9e\u4e0d\u662f\u4e00\u4ef6\u7b80\u5355\u7684\u4e8b\u60c5\uff0c\u8981\u5bfb\u6c42\u65f6\u673a\uff0c\u8981\u5728\u65f6\u673a\u6210\u719f\u65f6\u6562\u4e8e\u4e0b\u624b\u3002\u592a\u96be\u4e86\u3002\u6709\u94b1\u5c31\u53bb\u5e76\u8d2d\uff0c\u7eaf\u7cb9\u662f\u535a\u50bb\u3002<\/p>\n\n\n\n
The incentive to pump oil and take a \u2018free ride\u2019 on the cartel\u2019s restricted production and higher prices was too great to be ignored. The so-called \u2018Treaty of Titusville\u2019, signed in New York in December 1872, survived only until January 1873. This was to be Rockefeller\u2019s last attempt at \u2018voluntary\u2019 restraint\u3002<\/p>\n\n\n\n
\u81ea\u613f\u9650\u4ea7\u662f\u65e0\u6cd5\u8fbe\u6210\u4e00\u81f4\u7684\uff0c\u8fd9\u662f\u4eba\u6027\u3002\u6d1b\u514b\u83f2\u52d21873\u5e74\u5c31\u770b\u6e05\u695a\u4e86\u8fd9\u4e00\u70b9\uff0c\u6ca1\u6709\u82b1\u592a\u591a\u65f6\u95f4\u3002<\/p>\n\n\n\n
This took place in September 1873 and was an early indicator of financial troubles, including widespread insolvency, defaults on railroad bonds, liquidation of banks and the temporary closure of the stock exchange. Over the next six years the US economy fell into a slump, with huge unemployment and wage deflation of almost 25%.<\/p>\n\n\n\n
In the refining industry, with the crude oil price down to 48 cents a barrel (below the cost of water in some areas), Rockefeller\u2019s access to cash made him unstoppable.<\/p>\n\n\n\n
2.4\u5c31\u591f\u4f4e\u4e86\uff0c\u8fd8\u80fd\u518d\u8dcc80%\u4e5f\u662f\u7edd\u4e86\uff0c\u8dcc\u52300.48\u7f8e\u5143\/\u6876\u3002\u8fd9\u79cd\u4ef7\u683c\u4e0b\u8fd8\u80fd\u4ece\u94f6\u884c\u83b7\u5f97\u4fe1\u8d37\uff0c\u6301\u7eed\u6536\u8d2d\uff0c\u624d\u662f\u771f\u6b63\u7684\u6210\u529f\u70b9\u3002<\/p>\n\n\n\n
Standard Oil\u2019s reach was long, but it was not long enough to break the political and financial support for Shell in Britain.<\/p>\n\n\n\n
\u6807\u51c6\u77f3\u6cb9\u548c\u58f3\u724c\u4e4b\u95f4\u7684\u7ade\u4e89\uff0c\u5b9e\u9645\u662f\u5546\u4e1a\u89e6\u78b0\u4e0d\u4e86\u653f\u6cbb\u548c\u91d1\u878d\uff0c\u5546\u4e1a\u4e0a\u6781\u5176\u5e38\u89c1\uff0c\u5546\u4e1a\u6709\u5176\u81ea\u8eab\u7684\u8fb9\u754c\u3002<\/p>\n\n\n\n
Shell had an agreement with the Rothchilds to access crude oil supply from the Russian Empire, and this was then refined and shipped to Asia. Initially its principal competitor had been Standard Oil, but increasingly Royal Dutch had eaten into its Asian market and profitability.Royal Dutch was also worried because its oilfields in Sumatra appeared to be running dry.<\/p>\n\n\n\n
\u58f3\u724c\u7684\u8d77\u5bb6\uff0c\u662f\u548c\u7f57\u65af\u67f4\u5c14\u5fb7\u52fe\u642d\u597d\u80fd\u4ece\u4fc4\u56fd\u8fdb\u53e3\u539f\u6cb9\uff0c\u7136\u540e\u51fa\u53e3\u5230\u4e9a\u6d32\u3002\u5bf9\u624b\u662f\u6807\u51c6\u77f3\u6cb9\u548c\u7687\u5bb6\u8377\u5170\u3002<\/p>\n\n\n\n
Eventually, in late 1901, Standard Oil offered to take over Shell at a price of $40m ($2.7bn). However, Marcus\u2019s pride and nationalistic bent prevented him from accepting the offer. To have done so would have ended his control of the company and passed it into the hands of an American competitor. Instead he negotiated with Henri Deterding of Royal Dutch, and the result was an organisation managed by Deterding, but which was to be an equal partnership between the two companies, including the Rothschilds as partners. The new entity was to be named British Dutch.<\/p>\n\n\n\n
\u8f9b\u4e11\u6761\u7ea6\u7684\u5f53\u5e74\uff0c\u6807\u51c6\u77f3\u6cb9\u5dee\u70b9\u5c31\u6536\u8d2d\u4e86\u58f3\u724c\uff0c\u53d6\u800c\u4ee3\u4e4b\u7684\u662f\u58f3\u724c\u548c\u8377\u5170\u7687\u5bb6\u5408\u5e76\u6210\u4e86\u82f1\u56fd\u8377\u5170\u77f3\u6cb9\uff0c\u4eca\u5929\u7684\u58f3\u724c\u3002<\/p>\n\n\n\n
Shell had had high hopes of recruiting Britain\u2019s Royal Navy as a substantial customer, as the trend seemed to be moving towards using oil-powered engines for ships. However, these hopes were dashed when the Navy elected to continue with coal as its propulsion fuel.<\/p>\n\n\n\n
\u58f3\u724c\u5f53\u5e74\u7ade\u4e89\u82f1\u56fd\u6d77\u519b\u7684\u8ba2\u5355\uff0c\u6b63\u8d76\u4e0a\u6d77\u519b\u519b\u8230\u52a8\u529b\u6362\u6210\u91cd\u6cb9\u9a71\u52a8\u3002\u6ca1\u60f3\u5230\u7684\u662f\u6d77\u519b\u8fd8\u662f\u7ee7\u7eed\u7528\u7164\u4e86\u3002\u5546\u4e1a\u4e0a\u8fd9\u6837\u7684\u6545\u4e8b\u5176\u5b9e\u6bcf\u5929\u90fd\u5728\u4e0a\u6f14\uff0c\u8d8b\u52bf\u9762\u524d\u5176\u5b9e\u5e76\u4e0d\u662f\u5927\u5bb6\u90fd\u8981\u7b2c\u4e00\u65f6\u95f4\u4e0a\u8239\u7684\u3002<\/p>\n\n\n\n
By the early 1900s, Standard Oil had lost its virtual monopoly of global oil. In Asia and Europe it had to contend with Shell and Royal Dutch, and in its own backyard new competitors had sprung up with the discoveries outside Pennsylvania.<\/p>\n\n\n\n
\u4e09\u5341\u5e74\u540e\u76841900\u5e74\uff0c\u6807\u51c6\u77f3\u6cb9\u5df2\u7ecf\u5784\u65ad\u4e0d\u5728\u4e86\uff0c\u6b27\u6d32\u4e9a\u6d32\u6709\u58f3\u724c\u3001\u8377\u5170\u77f3\u6cb9\uff1b\u7f8e\u56fd\u4e5f\u6709\u5bbe\u5dde\u4e4b\u5916\u7684\u5bf9\u624b\u4e86\u3002<\/p>\n\n\n\n
Its structure, effectively a holding company with operating subsidiaries, was a model subsequently adopted by most major corporations. At the time in America, such a structure ran foul of the state-based legislative framework and it came repeatedly under attack as a consequence. <\/p>\n\n\n\n
\u6807\u51c6\u77f3\u6cb9\u7684\u67b6\u6784\u6539\u6210\u4e86\u63a7\u80a1\u67b6\u6784\uff0c\u4e0b\u9762\u5b50\u516c\u53f8\u4e3a\u8fd0\u8425\u5b9e\u4f53\u3002\u8fd9\u79cd\u7ed3\u6784\u540e\u6765\u666e\u904d\u88ab\u4f7f\u7528\u3002<\/p>\n\n\n\n
The implied price-earnings multiple was between eight and ten times the following year\u2019s earnings. The price at which private trades took place in the stock implied a secure dividend yield of 7%.<\/p>\n\n\n\n
1900\u5e74\u524d\u540e\u7684P\/E\u6c34\u5e73\u5c31\u662f\u6b21\u5e74\u5229\u6da6\u76848-10\u500d\uff0c7%\u7684\u5206\u7ea2\u6c34\u5e73\u3002<\/p>\n\n\n\n
Standard Oil was given six months from 21 June 1911 to complete the dissolution process.<\/p>\n\n\n\n
The company was subdivided, largely according to its geographic operating units. The original holding company became Standard Oil of New Jersey (Exxon) and was by some distance the largest single entity, accounting for over 40% of the assets of the trust. The next largest operation was Standard Oil of New York (Mobil), with approximately 10%. Other companies included: Standard Oil of California (Chevron), Standard Oil of Ohio (Sohio, which later became a division of BP, subsequently BP Amoco), Standard Oil of Indiana (Amoco), Continental Oil (Conoco) and Atlantic Oil (ARCO). The stock market listing of these companies, though, was not to take place until after World War I.<\/p>\n\n\n\n
\u8f9b\u4ea5\u9769\u547d\u7684\u5f53\u5e74\u6807\u51c6\u77f3\u6cb9\u8fdb\u884c\u4e86\u5206\u62c6\uff0c\u4e5f\u662f\u516c\u53f8\u6210\u7acb\u56db\u5341\u5e74\u540e\u7684\u4e8b\u60c5\u4e86\uff0c\u5206\u51fa\u6765\u57c3\u514b\u68ee\u536040%\u3001\u7f8e\u5b5a10%\u3001\u96ea\u4f5b\u9f99\u3001BP Amoco\u3001Conoco\u3001ARCO\u516d\u4e03\u5bb6\u3002\u6240\u4ee5\u540e\u6765\u57c3\u514b\u68ee\u7f8e\u5b5a\u4e00\u5408\u5e76\uff0c\u53c8\u662f\u5927\u5de8\u5934\u4e86\u3002<\/p>\n\n\n\n
The concern over the economic benefits of the breakup neglected the changing demand characteristics associated with the automobile and oil-powered shipping, particularly on the military side. <\/p>\n\n\n\n
Net income for Standard Oil of California was ten times higher in 1920 than it was in 1911 and even if this figure was abnormally high, the growth rate was certainly not much less than 30% comparable per annum. Unocal\u2019s stock note by contrast has roughly half that level. What is more, the growth in net income of Standard Oil had not been achieved at the expense of a weakened balance sheet or shareholder dilution. The Standard Oil shareholder had been rewarded with a consistently high cash dividend and frequent stock distributions. At the end of the period, therefore, the net assets of Standard Oil were more than two and a half times those of Unocal. It might have been a growing history, but there were very different returns to be earned by different companies. Those who doubted the ability of Standard Oil subsidiaries when out from under the umbrella of the trust were proved definitively wrong.<\/p>\n\n\n\n
\u62c6\u5206\u5b8c\u6210\u540e\u768410\u5e74\uff0c\u57c3\u514b\u68ee\u516c\u53f8\u7684\u5229\u6da6\u589e\u957f\u4e8610\u500d\uff0c\u5e74\u589e\u957f\u63a5\u8fd130%\u3002\u62c6\u5206\u5e76\u6ca1\u6709\u6539\u53d8\u6d1b\u514b\u83f2\u52d2\u7684\u5b9e\u529b\u3002<\/p>\n\n\n\n
Knowledge of the chemistry of rock oil was new, however, and it led to the creation of an entire new industry. This industry operated in a largely unregulated environment and for an extended period was characterised by price volatility and excess supply\u3002<\/p>\n\n\n\n
\u76d1\u7ba1\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u662f\u597d\u4e8b\uff0c\u77f3\u6cb9\u4e00\u5f00\u59cb\u7684\u5f00\u91c7\u6ca1\u6709\u76d1\u7ba1\uff0c\u624d\u51fa\u73b0\u4e86\u5de8\u5927\u7684\u6ce2\u52a8\u548c\u8fc7\u91cf\u4f9b\u7ed9\u3002<\/p>\n\n\n\n
The power of the trust came not from control of production but from the strength of its negotiating position with the providers of distribution\u3002<\/p>\n\n\n\n
\u6d1b\u514b\u83f2\u52d2\u7684\u5784\u65ad\uff0c\u5176\u5784\u65ad\u529b\u7684\u6765\u6e90\u5e76\u4e0d\u662f\u63a7\u5236\u4e86\u4ea7\u80fd\uff0c\u800c\u662f\u80fd\u548c\u4e0a\u4e0b\u6e38\u6709\u5f88\u5f3a\u7684\u8c08\u5224\u529b\uff0c\u8fd9\u4e2a\u7ed3\u679c\u8fd8\u662f\u5f88\u5403\u60ca\u7684\u3002<\/p>\n\n\n\n
The extended survival of AT&T as a single entity, by contrast, rested upon the company\u2019s awareness that its future was dependent upon arriving at an accommodation with the authorities.<\/p>\n\n\n\n
\u6807\u51c6\u77f3\u6cb9\u8fd8\u662f\u6ca1\u6709\u50cfAT&T\u5f53\u5e74\u628a\u672a\u6765\u770b\u7684\u90a3\u4e48\u900f\uff0c\u80fd\u901a\u8fc7\u548c\u653f\u5e9c\u7684\u59a5\u534f\u4fdd\u6301\u72ec\u7acb\u3002<\/p>\n\n\n\n
Not only did Standard Oil became a giant company in the oil industry, the recycling of its profits made it one of the largest financial concerns in the world and at the same time propelled its bank, which ultimately became Citibank, into the upper leagues of financial institutions.<\/p>\n\n\n\n
\u6807\u51c6\u77f3\u6cb9\u7684\u6210\u529f\u6ca1\u60f3\u5230\u8fd8\u5e26\u51fa\u4e86\u4e00\u5bb6\u5de8\u5927\u7684\u94f6\u884c\uff1a\u82b1\u65d7\u3002\u8fd9\u7b49\u5386\u53f2\u6545\u4e8b\u771f\u662f\u6781\u5176\u7cbe\u5f69\u3002<\/p>\n\n\n\n
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