1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
posledela
3 years ago
15

How did the banking industry prove to be a profitable connection for Frank Phillips?

History
1 answer:
OLEGan [10]3 years ago
7 0

Answer:

Career

The bank's president, John Gibson, had considered Phillips an up-and-coming entrepreneur for some time. Shortly after Phillips married Jane Gibson, her father asked Phillips to join him in the bond business. Phillips began selling bonds in the New England states and the Chicago area.[4] .

During a stop in St. Louis en route back to Creston from Chicago in 1903, Phillips encountered C. B. Larabee, an old friend from Iowa. He was serving as a Methodist missionary to the Osage Indians west of Bartlesville in Indian Territory. The area, which is now Osage County, Oklahoma, was rich in oil, and what proved to be a decades-long boom was just getting underway. Later that year, after Phillips and Gibson made two trips to Bartlesville, Phillips and his younger brother L. E. Phillips organized the Anchor Oil & Gas Company with Gibson's assistance.[4]

Anchor opened an office in Bartlesville in 1905, secured a driller and drilled its first wildcat well, the Holland No. 1. The men struck oil on June 23, 1905. The brothers' second and third wells were dry holes, and they had barely enough money left to drill a fourth well, the Anna Anderson Number One.[3] The Anna Anderson, completed September 6, 1905, was a gusher, and the successful well enabled the brothers to raise $100,000 through the sale of stock. The Anna Anderson was the first of 80 consecutive producing wells drilled for the brothers' company.[5]

Also in 1905, Frank and L. E. Phillips formed the Lewcinda Oil Company, with brother Waite. Waite, who preferred to work independently, soon left Lewcinda and formed his own bank and oil company, the Independent Oil & Gas Co. in Tulsa. (In 1930 he merged it with Phillips Petroleum.)

In late 1905, Frank and L.E. formed a bank, Citizens Bank and Trust, in Bartlesville with $50,000 capital. They also acquired a rival bank, the Bartlesville National Bank, and consolidating the two under the latter name. The bank later became the First National Bank of Bartlesville.[4] Phillips still wanted to be a big-time banker. In 1916, he and L.E. decided that the boom-bust instability of the oil business was not for them. They made plans to open a bank in Kansas City that would be the cornerstone of a chain of banks throughout the Midwest. Before those plans could be carried out, the U.S. became involved in World War I.

With the price of oil quickly increasing from 40 cents a barrel to more than $1 a barrel, the brothers decided to consolidate their holdings in a single company, Phillips Petroleum Company. They incorporated on June 13, 1917 under Delaware law. The new company had assets of $3 million, 27 employees and leases throughout Oklahoma and Kansas.[6]

Phillips once said to employees, to whom he was known as "Uncle Frank": "Work hard and demonstrate loyalty, and I'm a great guy to work for. Do neither, and there is no one worse."[7] On another occasion, he said, "I am egotistical. I exercise the 'privilege and prestige of the office.' I'm bombastic, hard to get along with, an easy touch, a farm boy at heart, and conveniently hard of hearing. I'm just a sentimental old man. I'm tough. and I know it. I'm the boss, and don't let anybody try to question it."[8]

Frank Phillips led the company as its president until age 65, when in 1939 he named Kenneth S. "Boots" Adams to succeed him. The company had reported record profits of $24.1 million the previous year. As Phillips turned over the presidency to Adams, he became the company's first chairman of the board, a position he held until he retired at the age of 76 in 1949, a year before his death. Jane Phillips, his wife of 50 years, died in 1948. He died while on a vacation in Atlantic City, New Jersey on August 23, 1950. He was buried beside his wife in the Phillips Family Mausoleum at Woolaroc, Phillips' ranch and country home in Osage County, Oklahoma, southwest of Bartlesville.[3]

Legacy and honors

In 1944, Phillips had given 3,700-acre (15 km2) acres of the 17,000-acre (69 km2) ranch to the Frank Phillips Foundation and sold the remainder.[9]

Frank Phillips College, a community junior college in Borger, Texas, was named after him.[10]

Frank Phillips was inducted into the Oklahoma Hall of Fame in 1930.[11]

In 2008 the former home of Frank and Jane Phillips was added to Oklahoma's National Register of Historic Places[12]

Explanation:

You might be interested in
What caused problems for Native Americans after the Civil War?
nadezda [96]
Their land was taken over, as was their food source, making it hard for them to survive. They did not have the same rights as Americans either until 1924. They were forced to live on reservations. 
6 0
3 years ago
Read 2 more answers
Why do both north and south korea remain in state of heightened military readiness
laila [671]

Answer:

North and South Korea remain in a state of heightened military readiness

Because both countries want to invaded each other.

Explanation:

As a result of the WWII the Korean peninsula was divided along the parallel 38 this division created a communist North Korea and a capitalist South Korea.  

The tension created by this division is the result of a long conflict that actually started when Korea was Invaded by Japan from 1910 until 1945. After this the Soviet Union took control of the North while the United States of America took control of the south. the country.

North Korea and South Korea have their armies ready to engage in case of a military action of either country.

8 0
3 years ago
Read 2 more answers
True or false.
Archy [21]

Answer:

I'm pretty sure the answer is 2.

Explanation:

I hope this answered you question.

7 0
3 years ago
How are "blue notes" created? Do not comment on the this if you are not providing an answer.
vova2212 [387]

Answer:

In jazz and blues, a blue note is a note that—for expressive purposes—is sung or played at a slightly different pitch from standard. ... Typically the alteration is between a quartertone and a semitone, but this varies depending on the musical context.

Explanation:

7 0
2 years ago
Read 2 more answers
What were the three components of the Missouri Compromise?
Alecsey [184]
Missouri admitted as a slave state.Maine admitted as a free state.Slavery disallowed in future territories north of 36°30' except within Missouri itself.
8 0
3 years ago
Read 2 more answers
Other questions:
  • What does the Mayflower Compact say about equality?
    14·1 answer
  • The provisions of the 1898 Treaty of Paris that ended the Spanish American War included granting Cuba’s independence from Spain,
    10·2 answers
  • How might partisanship help to diminish the exercise of congressional power of the presidency?
    9·2 answers
  • Can someone help me write the hook
    6·1 answer
  • The Democrats and the Republicans have been arguing over if and when to start withdrawing troops from Iraq. This is an example o
    13·2 answers
  • Help me pleaseeee
    5·1 answer
  • Question 1 (1 point)
    10·2 answers
  • Prompt President Roosevelt based his conservation movement on the idea that conservation is the application of common sense to c
    7·1 answer
  • HELP PLEASE!! GIVING BRAINLIEST!! If you answer this correctly ill answer some of your questions you have posted! (24pts)
    7·1 answer
  • 70 POINTS
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!