[120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. Seldom has history produced such a contradictory figure. [112][113][16][14][15], Rockefeller's General Education Board, founded in 1903,[114] was established to promote education at all levels everywhere in the country. While every effort has been made to follow citation style rules, there may be some discrepancies. His hair never grew back, but other health complaints subsided as he lightened his workload. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. 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. There was no one to take my place. [75] Additional fields were discovered in Burma and Java. The Ohio businessman John D. Rockefeller entered the oil industry in the 1860s and in 1870, and founded Standard Oil with some other business partners. [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. "I never had an animus against their size and wealth, never objected to their corporate form. [citation needed], By the end of the American Civil War, Cleveland was one of the five main refining centers in the U.S. (besides Pittsburgh, Pennsylvania, New York, and the region in northwestern Pennsylvania where most of the oil originated). [117] He founded the Rockefeller Sanitary Commission in 1909,[114] an organization that eventually eradicated the hookworm disease,[118] which had long plagued rural areas of the American South. WebJohn D. Rockefeller. In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. A. D. John. 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. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. [38], In 1859, Rockefeller went into the produce commission business with a partner, Maurice B. Clark, and they raised $4,000 ($120,637 in 2021 dollars) in capital. [28] John did his share of the regular household chores and earned extra money raising turkeys, selling potatoes and candy, and eventually lending small sums of money to neighbors. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Grandson Laurance Spelman Rockefeller became a conservationist. Critics found his writing to be sanitized and disingenuous and thought that statements such as "the underlying, essential element of success in business are to follow the established laws of high-class dealing" seemed to be at odds with his true business methods. 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." Philanthropy Roundtable - Biography of John Rockefeller Sr. John D. Rockefeller - Children's Encyclopedia (Ages 8-11), John D. Rockefeller - Student Encyclopedia (Ages 11 and up). Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. Barrels that cost $2.50 each ended up only $0.96 when Rockefeller bought the wood and had them built for himself. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. He wrote and published his memoirs beginning in 1908. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Rockefeller's charitable giving began with his first job as a clerk at age 16, when he gave six percent of his earnings to charity, as recorded in his personal ledger. The Paris Rothschilds jumped into the fray providing financing. [63], Standard countered, held back its shipments, and, with the help of other railroads, started a price war that dramatically reduced freight payments and caused labor unrest. 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. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. In 1881 Rockefeller and his associates placed the stock of Standard of Ohio and its affiliates in other states under the control of a board of nine trustees, with Rockefeller at the head. 186365 Rockefeller builds his first oil refinery, near Cleveland. 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. However, he did not intend to eliminate competition entirely. His father was of English and German descent, while his mother was of Ulster Scot descent. While most refiners dumped oil byproducts into nearby rivers, Rockefeller wisely hired research-and-development men to produce waxes, paving materials, and detergents from the seemingly unmarketable sludge that was discarded. He adhered to total abstinence from alcohol and tobacco throughout his life. [47], While other refineries would keep the 60% of oil product that became kerosene, but dump the other 40% in rivers and massive sludge piles,[48] Rockefeller used the gasoline to fuel the refinery, and sold the rest as lubricating oil, petroleum jelly and paraffin wax, and other by-products. [94][95] Costs to both mine operators and the union were high. He instinctively realized that orderliness would only proceed from centralized control of large aggregations of plant and capital, with the one aim of an orderly flow of products from the producer to the consumer. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. 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." WebAfter dropping out of high school, taking one business class at Folsom Mercantile College, and working as a bookkeeper, Rockefeller establishes his first business, which supplies goods such as hay, grain, and meats. "[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. Without her keen advice, I would be a poor man."[40]. [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. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. 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). John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. The commercial oil business was then in its infancy. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [35] Rockefeller received $16 a month for his three-month apprenticeship. In 1870 Rockefeller established the Standard Oil Company. The price of the refined oil in 1863 was around $13 a barrel, with a profit margin of around $5 to $8 a barrel. [citation needed], Pratt and Rogers became Rockefeller's partners. 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. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. 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. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. WebRockefeller revolutionized the petroleum industry and, through corporate and technological innovations, was instrumental in both widely disseminating and drastically reducing the production cost of oil. Strikebreakers (called "scabs") were threatened and sometimes attacked. 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. Udo Hielscher: Historische amerikanische Aktien, p. 68 74, Laughlin, Rosemary. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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). [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. 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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. Flagler expanded it to accommodate 600 guests and the hotel soon became one in a series of Gilded Age hotels catering to passengers aboard Flagler's Florida East Coast Railway. He bought a residence in 1884 on 54th Street near the mansions of other magnates such as William Henry Vanderbilt. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Omissions? Within two years it is the largest refinery in the area. Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. [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. They write new content and verify and edit content received from contributors. Our editors will review what youve submitted and determine whether to revise the article. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. He admitted that he had made no attempt to bring the militiamen to justice. 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. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. Striking miners were forced to abandon their homes in company towns and lived in tent cities erected by the union, such as the tent city at Ludlow, a railway stop north of Trinidad.[94]. 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. 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. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. [142] According to his New York Times obituary, "it was estimated after Mr. Rockefeller retired from business that he had accumulated close to $1,500,000,000 out of the earnings of the Standard Oil trust and out of his other investments. [83] [92], The strike, called in September 1913 by the United Mine Workers, over the issue of union representation, was against coal mine operators in Huerfano and Las Animas counties of southern Colorado, where the majority of CF&I's coal and coke production was located. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. A. D. John. When the Civil War was nearing a close and with the prospect of those war-time profits ending, Clark & Rockefeller looked toward the refining of crude oil. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. [101] Later in his life, Rockefeller recalled: "It was at this moment, that the financial plan of my life was formed". By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. And God was good to me everyday. 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. Rockefeller then ordered the issuance of certificates against oil stored in its pipelines. [9] His fortune was mainly used to create the modern systematic approach of targeted philanthropy through the creation of foundations that had a major effect on medicine, education, and scientific research. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. At last in 1911, the Supreme Court of the United States found Standard Oil Company of New Jersey in violation of the Sherman Antitrust Act. [65] Despite improving the quality and availability of kerosene products while greatly reducing their cost to the public (the price of kerosene dropped by nearly 80% over the life of the company), Standard Oil's business practices created intense controversy. I dropped the worry on the way John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. [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. A deal brokered by Henry Clay Frick exchanged Standard's iron interests for U.S. Steel stock and gave Rockefeller and his son membership on the company's board of directors. That is, two years after the dissolution of Standard Oil. [86] The court ruled that the trust originated in illegal monopoly practices and ordered it to be broken up into 34 new companies. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. The cartel offered preferential treatment as a high-volume shipper, which included not just steep discounts/rebates of up to 50% for their product but rebates for the shipment of competing products. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. [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. He supported the incorporation of repealing the 18th amendment into the Republican party platform. He came to associate the church with charity. 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. Corrections? The Spelman Family, Rockefeller's in-laws, along with John Rockefeller were ardent abolitionists before the Civil War and were dedicated to supporting the Underground Railroad. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. WebJohn D. Rockefeller. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist.
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