Because of Rockefellers emphasis on economical operations, Standard prospered and began to buy out its competitors until, by 1872, it controlled nearly all the refineries in Cleveland. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. WebROCKEFELLER, JOHN D. (8 July 1839-23 May 1937), industrialist and philanthropist, rose from his position as an assistant bookkeeper for a Cleveland commission merchant to become one of the wealthiest men in the U.S. through his efforts in developing the STANDARD OIL CO. Born on a farm near Richford, NY. John D. Rockefeller, in full John Davison Rockefeller, (born July 8, 1839, Richford, New York, U.S.died May 23, 1937, Ormond Beach, Florida), American industrialist and philanthropist, founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. All the fortune that I have made has not served to compensate me for the anxiety of that period. [55], Part of this scheme was the announcement of sharply increased freight charges. "John D. Rockefeller: Oil Baron and Philanthropist." From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. Standard Oil was the first great business trust in the United States. In 1853, his family moved to Strongsville, Ohio, and he attended Cleveland's Central High School, the first high school in Cleveland and the first free public high school west of the Alleghenies. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. Hostile critics often portrayed Rockefeller as a villain with a suite of bad traitsruthless, unscrupulous and greedyand as a bully who connived his cruel path to dominance. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. These contemporaries include his former competitors, many of whom were driven to ruin, but many others of whom sold out at a profit (or a profitable stake in Standard Oil, as Rockefeller often offered his shares as payment for a business), and quite a few of whom became very wealthy as managers as well as owners in Standard Oil. Sold by his heirs in 1939,[131] it was purchased by the city in 1974 and now serves as a cultural center and is the community's best-known historical structure. In 1901, he founded the Rockefeller Institute for Medical Research[114] in New York City. 187072 In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. By the time he was twenty, his charity exceeded ten percent of his income. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. [24], Eliza was a homemaker and a devout Baptist who struggled to maintain a semblance of stability at home, as Bill was frequently gone for extended periods. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. John D. had spent a lifetime trying to bury the truth about a relative whose actions threatened the entire empire he had worked so hard to build. In association with his son, John D. Rockefeller, Jr., he created major philanthropic institutions, including the Rockefeller Institute for Medical Research (renamed Rockefeller University) in New York City (1901), the General Education Board (1902), and the Rockefeller Foundation (1913). It acquired pipelines and terminal facilities, purchased competing refineries in other cities, and vigorously sought to expand its markets in the United States and abroad. Webrmond Beach, Fla., May 23.--John D. Rockefeller Sr., who wanted to live until July 9, 1939, when he would have rounded out a century of life, died at 4:05 A.M. here today at The Casements, his Winter home, a little more than two years and a month from his cherished goal. If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. It was not meteor-like, but accomplished over a quarter of a century by courageous venturing in a field so risky that most large capitalists avoided it, by arduous labors, and by more sagacious and farsighted planning than had been applied to any other American industry. "[143] By the time of his death in 1937, Rockefeller's remaining fortune, largely tied up in permanent family trusts, was estimated at $1.4billion, while the total national GDP was $92billion. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. Rockefeller prevailed and the railroad sold its oil interests to Standard. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [85], Rockefeller and his son continued to consolidate their oil interests as best they could until New Jersey, in 1909, changed its incorporation laws to effectively allow a re-creation of the trust in the form of a single holding company. [citation needed] [citation needed], Rockefeller created the Rockefeller Foundation in 1913[119] to continue and expand the scope of the work of the Sanitary Commission,[114] which was closed in 1915. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. [36], As a youth, Rockefeller reportedly said that his two great ambitions were to make $100,000 (equivalent to $2.91million[37] in 2021 dollars) and to live 100 years. Bill once bragged, "I cheat my boys every chance I get. WebIn 1973 Rockefeller founded the Trilateral Commission, a private international organization designed to confront the challenges posed by globalization and to encourage greater cooperation between the United States and its principal allies (Canada, Japan, and the countries of western Europe). A state agency created by Governor Carlson, offered work to unemployed miners building roads and doing other useful projects. In total Rockefeller donated about $530million. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. In 1867, Henry Morrison Flagler became a partner, and the firm of Rockefeller, Andrews & Flagler was established. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. It had become the richest, biggest, most feared business in the world, seemingly immune to the boom and bust of the business cycle, consistently making profits year after year. John Davison Rockefeller Sr. (July 8, 1839 May 23, 1937) was an American business magnate and philanthropist. Updates? In 1901, U.S. Steel, then controlled by J. Pierpont Morgan, having bought Andrew Carnegie's steel assets, offered to buy Standard's iron interests as well. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. Even with the high costs of freight transportation and a government levy during the Civil War (the government levied a tax of twenty cents a gallon on refined oil), profits on the refined product were large. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. He and Carnegie gave form and impetus through their charities to the work of Abraham Flexner, who in his essay "Medical Education in America" emphatically endowed empiricism as the basis for the US medical system of the 20th century. Please refer to the appropriate style manual or other sources if you have any questions. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. 187072 John D. Rockefeller is reported to be the wealthiest man in America with about $150,000,000 and an income of $25,000 per day. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. In these negotiations, he learned that posted transportation rates that were believed to be fixed could be altered depending on conditions and timing of freight and through the use of rebates to preferred shippers. His business hurt many of his workers and many other small businesses with the monopoly that he created. WebJohn D. Rockefeller. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. "But it was simply out of the question. In 1899 these companies were brought back together in a holding company, Standard Oil Company (New Jersey), which existed until 1911, when the U.S. Supreme Court declared it in violation of the Sherman Antitrust Act and therefore illegal. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. On this Wikipedia the language links are at the top of the page across from the article title. In 1870 Rockefeller established the Standard Oil Company. 186365 Rockefeller builds his first oil refinery, near Cleveland. [18] Religion was a guiding force throughout his life and he believed it to be the source of his success. Within two years it is the largest refinery in the area. [141], His wealth continued to grow significantly (in line with U.S. economic growth) as the demand for gasoline soared, eventually reaching about $900million on the eve of the First World War, including significant interests in banking, shipping, mining, railroads, and other industries. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. Due to be drafted to serve the Union in the Civil War in 1863, the 23-year-old Rockefeller did what many men of means had done: He paid for someone to serve in his place. WebIn the 1860s John D. Rockefeller took note of the expansion of oil production in western Pennsylvania and built an oil refinery near Cleveland, Ohio, in 1863. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. [90] Analysis of the company's operations by John D. Rockefeller, Jr. showed a need for substantially more funds which were provided in exchange for acquisition of CF&I's subsidiaries such as the Colorado and Wyoming Railway Company, the Crystal River Railroad Company, and possibly the Rocky Mountain Coal and Iron Company. He believed that measure to be prohibition, as he and his father donated 350,000 to "all branches of the Anti-Saloon League, Federal and State." [80] He went on a massive buying spree acquiring leases for crude oil production in Ohio, Indiana, and West Virginia, as the original Pennsylvania oil fields began to play out. Both sides purchased substantial arms and ammunition. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. In the aftermath of that battle, the Commonwealth of Pennsylvania indicted Rockefeller in 1879 on charges of monopolizing the oil trade, starting an avalanche of similar court proceedings in other states and making a national issue of Standard Oil's business practices. [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. [64] Rockefeller was under great strain during the 1870s and 1880s when he was carrying out his plan of consolidation and integration and being attacked by the press. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [40] In their first and second years of business, Clark & Rockefeller netted $4,400 (on nearly half a million dollars in business) and $17,000 worth of profit, respectively, and their profits soared with the outbreak of the American Civil War when the Union Army called for massive amounts of food and supplies. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. [58] Eventually, even his former antagonists, Pratt and Rogers, saw the futility of continuing to compete against Standard Oil; in 1874, they made a secret agreement with Rockefeller to be acquired. Rather than try to influence the price of crude oil directly, Standard Oil had been exercising indirect control by altering oil storage charges to suit market conditions. They write new content and verify and edit content received from contributors. Omissions? He said later, "Her judgment was always better than mine. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. During the next decade, kerosene became commonly available to the working and middle classes. This touched off a firestorm of protest from independent oil well owners, including boycotts and vandalism, which led to the discovery of Standard Oil's part in the deal. [45], A market existed for the refined oil in the form of kerosene. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. However, he did not intend to eliminate competition entirely. [67] By 1880, according to the New York World, Standard Oil was "the most cruel, impudent, pitiless, and grasping monopoly that ever fastened upon a country". WebThe Rockefeller family (/ r k f l r /) is an American industrial, political, and banking family that owns one of the world's largest fortunes.The fortune was made in the American petroleum industry during the late 19th and early 20th centuries by brothers John D. Rockefeller and William A. Rockefeller Jr., primarily through Standard Oil (the From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. The University of Chicago has long accorded John D. Rockefeller the official designation of "Founder," and that accolade may offer some historical compensation to Rockefeller's more conventional and hostile sobriquet of "robber baron." His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Rockefeller said, "It was the day that determined my career. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. [7][pageneeded][8][b], Rockefeller spent much of the last 40 years of his life in retirement at Kykuit, his estate in Westchester County, New York, defining the structure of modern philanthropy, along with other key industrialists such as steel magnate Andrew Carnegie. Articles from Britannica Encyclopedias for elementary and high school students. Within two years it is the largest refinery in the area. Nine trustees, including Rockefeller, ran the 41 companies in the trust. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. [129][130] It would be Rockefeller's winter home during the latter part of his life. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. Ohio was especially vigorous in applying its state antitrust laws, and finally forced a separation of Standard Oil of Ohio from the rest of the company in 1892, the first step in the dissolution of the trust. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. Many people were impacted in a negative way and his business tactics were not always ethical. They would blow holes in the ground and gather up the oil as they could, often leading to creeks and rivers flowing with wasted oil in the place of water. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. On this day in 1870, Rockefeller incorporated the company that would make him almost inconceivably rich and, in many ways, begin the modern age of oil. Money making was considered by him a "God-given gift".[101]. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. And God was good to me everyday. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. Pennzoil and Chevron have remained separate companies. Corrections? A major New York refiner, Charles Pratt and Company, headed by Charles Pratt and Henry H. Rogers, led the opposition to this plan, and railroads soon backed off. Economic historian Robert Whaples warns against ignoring the secrets of his business success: [R]elentless cost cutting and efficiency improvements, boldness in betting on the long-term prospects of the industry while others were willing to take quick profits, and impressive abilities to spot and reward talent, delegate tasks, and manage a growing empire. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. While traveling the South, he would donate large sums of money to churches belonging to the Southern Baptist Convention, various Black churches, as well as other Christian denominations. [132], In his 50s Rockefeller suffered from moderate depression and digestive troubles; during a stressful period in the 1890s he developed alopecia, the loss of some or all body hair. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. WebHow did John Rockefeller gain his wealth? "[84] He began a publicity campaign to put his company and himself in a better light. In the aftermath, Rockefeller's control over the oil industry was somewhat reduced, but over the next 10 years the breakup proved immensely profitable for him. John D. Rockefeller is reported to be the wealthiest man in America with about $150,000,000 and an income of $25,000 per day. Webrmond Beach, Fla., May 23.--John D. Rockefeller Sr., who wanted to live until July 9, 1939, when he would have rounded out a century of life, died at 4:05 A.M. here today at The Casements, his Winter home, a little more than two years and a month from his cherished goal. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. There was destitution in the coalfields. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. [94] Rockefeller denied any responsibility and minimized the seriousness of the event. [62] The railroad, seeing Standard's incursion into the transportation and pipeline fields, struck back and formed a subsidiary to buy and build oil refineries and pipelines. [70] The public and the press were immediately suspicious of this new legal entity, and other businesses seized upon the idea and emulated it, further inflaming public sentiment. The refinery was directly owned by Andrews, Clark & Company, which was composed of Clark & Rockefeller, chemist Samuel Andrews, and M. B. Clark's two brothers. [6][full citation needed] That was his peak net worth, and amounts to US$24.7billion (in 2021 dollars; inflation-adjusted). In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). The aggressive competitive practices of Standard Oil, which many regarded as ruthless, and the growing public hostility toward monopolies, of which Standard was the best-known, caused some industrialized states to enact antimonopoly laws and led to the passage by the U.S. Congress of the Sherman Antitrust Act in 1890 (see also antitrust law). [84] Although her work prompted a huge backlash against the company, Tarbell stated she was surprised at its magnitude. Most failed, but those who struck oil did not even need to be efficient. His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. For with the measure you use, it will be measured to you. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. I only know he conceived the idea. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Johann Peter Rockenfeller (baptized September 27, 1682, in the Protestant church of Rengsdorf) immigrated in 1723 from Altwied (today a district of Neuwied, Rhineland-Palatinate) with three children to North America and settled down in Germantown, Pennsylvania. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. [78] More threatening to Standard's power was the Sherman Antitrust Act of 1890, originally used to control unions, but later central to the breakup of the Standard Oil trust. He made possible the founding of the University of Chicago and endowed major philanthropic institutions. American industrialist and philanthropist [17941877]. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Our editors will review what youve submitted and determine whether to revise the article. Whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed. Standard Oil adapted by developing a European presence, expanding into natural gas production in the U.S., and then producing gasoline for automobiles, which until then had been considered a waste product. Rockefeller founded the Standard Oil Company in 1870. John D. Rockefeller was an American business magnate and philanthropist. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. 187072 Rockefeller evaded the decision by dissolving the trust and transferring its properties to companies in other states, with interlocking directorates so that the same nine men controlled the operations of the affiliated companies. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. 186365 Rockefeller builds his first oil refinery, near Cleveland. WebJohn D. Rockefeller. He quickly found success as it became the largest refinery in the area, and Webrmond Beach, Fla., May 23.--John D. Rockefeller Sr., who wanted to live until July 9, 1939, when he would have rounded out a century of life, died at 4:05 A.M. here today at The Casements, his Winter home, a little more than two years and a month from his cherished goal.
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