16. Buying the competition was as easy as opening his books
As Rockefeller’s power and wealth grew, he developed a negotiating style which was little more than intimidation. Often he would simply open Standard Oil’s books to a competitor, giving them a clear impression of the power the smaller company was up against. The next step was simply to threaten to bankrupt them if they refused to sell, with Rockefeller then acquiring them anyway by purchasing them at the ensuing bankruptcy auction, for pennies on the dollar. His ability to intimidate and his reputation within the industry for ruthlessness served him well during such “negotiations”, and he drew deep satisfaction from using such tactics acquiring companies which had opposed his attempt to create a railroad cartel which favored his company over the competition.