Entrepreneur. He was the co-founder and President of Waters-Pierce Oil Company and was known as an oil baron. Born the son of a well-educated doctor from Upstate New York, he married Minnie Finlay, a daughter in a wealthy oil family in St. Louis. Upon his father-in-law John Finlay's death in 1877, he became a partner with William Waters in an oil company. Later, in 1879, his company became a subsidy of John D. Rockefeller's Standard Oil Company. And with this, Pierce was considered one of the four richest men in the country. Besides oil, he was active in the railroad business in Mexico during their revolution and was the chairman of the New York board of the National Railroad of Mexico. He served on the board of a host of companies, including several banks, insurance companies, and two steamship companies in Mexico. Pierce was found guilty of violating anti-trust laws through his relationship with Standard Oil, which resulted in the State of Texas bringing its best-known suit against a corporation for violating its anti-trust law in 1897. The case was taken to the Supreme Court. Early in 1900, the United States Supreme Court upheld the Texas courts' rulings, and Waters-Pierce paid more than $1,700,000 in fines and interest. He is listed as a defendant in several other cases and was found guilty of not appearing in court and fined heavily. In 1913, he purchased his stock of Water-Pierce free and clear from Standard Oil Company. His 1899 oil-on-canvas portrait by Anders Zorn is on display at the National Museum in Stockholm, Sweden. After a sudden decline in health for a week, he died of a heart attack. He married twice and had two sons and two daughters.
Entrepreneur. He was the co-founder and President of Waters-Pierce Oil Company and was known as an oil baron. Born the son of a well-educated doctor from Upstate New York, he married Minnie Finlay, a daughter in a wealthy oil family in St. Louis. Upon his father-in-law John Finlay's death in 1877, he became a partner with William Waters in an oil company. Later, in 1879, his company became a subsidy of John D. Rockefeller's Standard Oil Company. And with this, Pierce was considered one of the four richest men in the country. Besides oil, he was active in the railroad business in Mexico during their revolution and was the chairman of the New York board of the National Railroad of Mexico. He served on the board of a host of companies, including several banks, insurance companies, and two steamship companies in Mexico. Pierce was found guilty of violating anti-trust laws through his relationship with Standard Oil, which resulted in the State of Texas bringing its best-known suit against a corporation for violating its anti-trust law in 1897. The case was taken to the Supreme Court. Early in 1900, the United States Supreme Court upheld the Texas courts' rulings, and Waters-Pierce paid more than $1,700,000 in fines and interest. He is listed as a defendant in several other cases and was found guilty of not appearing in court and fined heavily. In 1913, he purchased his stock of Water-Pierce free and clear from Standard Oil Company. His 1899 oil-on-canvas portrait by Anders Zorn is on display at the National Museum in Stockholm, Sweden. After a sudden decline in health for a week, he died of a heart attack. He married twice and had two sons and two daughters.
Bio by: Linda Davis
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