[3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. Rockefeller prevailed and the railroad sold its oil interests to Standard. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. John D. Rockefeller Was the Richest Person To Ever Live [citation needed], Pratt and Rogers became Rockefeller's partners. [76], Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. It was broken up into 34 separate entities, which included companies that became ExxonMobil, Chevron Corporation, and otherssome of which still have the highest level of revenue in the world. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. John D. Rockefeller John D [13], Rockefeller was also the founder of the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines. 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. Rockefellers benefactions during his lifetime totaled more than $500 million. "[30], When he was a boy, his family moved to Moravia, New York, and to Owego, New York, in 1851, where he attended Owego Academy. Rockefeller finally gave up his dream of controlling all the world's oil refining; he admitted later, "We realized that public sentiment would be against us if we actually refined all the oil. 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. [citation needed] The study, an excerpt of which was published in The Atlantic,[13] had been undertaken by the Carnegie Foundation for the Advancement of Teaching. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. What was John D. Rockefeller remembered for? 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. During his first year, he received $31 a month, which was increased to $50 a month. In 1882, Rockefeller's lawyers created an innovative form of corporation to centralize their holdings, giving birth to the Standard Oil Trust. JOHN D ROCKEFELLER John D 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. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. John D John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. [77] In 1887, Congress created the Interstate Commerce Commission which was tasked with enforcing equal rates for all railroad freight, but by then Standard depended more on pipeline transport. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. 187072 [72] Despite the formation of the trust and its perceived immunity from all competition, by the 1880s Standard Oil had passed its peak of power over the world oil market. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. 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. 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." [116] It claims a connection to 23 Nobel laureates. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. Then he took a ten-week business course at Folsom's Commercial College, where he studied bookkeeping. [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. 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. Rockefellers benefactions during his lifetime totaled more than $500 million. In the early 1880s, Rockefeller created one of his most important innovations. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . That orderly, economic, efficient flow is what we now, many years later, call 'vertical integration' I do not know whether Mr. Rockefeller ever used the word 'integration'. John D From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. One of the most effective attacks on Rockefeller and his firm was the 1904 publication of The History of the Standard Oil Company, by Ida Tarbell, a leading muckraker. WebJohn D. Rockefeller. JOHN D ROCKEFELLER It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. She also put up with his philandering and his double life, which included bigamy. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. [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. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [86], In 1902, facing cash flow problems, John Cleveland Osgood turned to George Jay Gould, a principal stockholder of the Denver and Rio Grande, for a loan. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. Many people were impacted in a negative way and his business tactics were not always ethical. 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. Both sides purchased substantial arms and ammunition. 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. They had four daughters and one son together. [21] William Sr. was first a lumberman and then a traveling salesman who identified himself as a "botanic physician" who sold elixirs, described by locals as "Big Bill" and "Devil Bill. John D. Rockefeller For with the measure you use, it will be measured to you. The railroads competed fiercely for traffic and, in an attempt to create a cartel to control freight rates, formed the South Improvement Company offering special deals to bulk customers like Standard Oil, outside the main oil centers. John D [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [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. [59] Standard was growing horizontally and vertically. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. Money making was considered by him a "God-given gift".[101]. Let us know if you have suggestions to improve this article (requires login). In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. Tycoon John D. Rockefeller Couldn't Hide His David Rockefeller [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Sensing the commercial potential of the expanding oil production in western Pennsylvania in the early 1860s, he built his first oil refinery, near Cleveland, in 1863. One of Flagler's guests at the Ormond Hotel was his former business partner John D. Rockefeller, who first stayed at the hotel in 1914. Although it always had hundreds of competitors, Standard Oil gradually gained dominance of oil refining and sales as market share in the United States through horizontal integration, ending up with about 90% of the US market. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [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. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. [23] In between the births of Lucy and John, Bill and his mistress and housekeeper Nancy Brown had a daughter named Clorinda who died young. [35] Rockefeller received $16 a month for his three-month apprenticeship. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. John D. Rockefeller Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. Rockefeller founded the Standard Oil Company in 1870. However, he did not intend to eliminate competition entirely. Today known as Spelman College, the school is an all women Historically Black College or University in Atlanta, Georgia, named after Laura's family. 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. John D. Rockefeller Was the Richest Person To Ever Live Learn the history behind Byron Benson's building the world's first oil pipeline (1879), defeating John D. Rockefeller and the Standard Oil Company, This article was most recently revised and updated by, https://www.britannica.com/biography/John-D-Rockefeller, PBS - American Experience - Biography of John D. Rockefeller, Senior, Ohio History Central - Biography of John D. Rockefeller, United States History - Biography of John D. Rockefeller. Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. John D His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. Control was passed from the Iowa Group[91] to Gould and Rockefeller interests in 1903 with Gould in control and Rockefeller and Gates representing a minority interests. John D Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. During the next decade, kerosene became commonly available to the working and middle classes. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By then the trust still had a 70% market share of the refined oil market but only 14% of the U.S. crude oil supply. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. WebHow did John Rockefeller gain his wealth? [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". For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. [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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 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. 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. Within two years it is the largest refinery in the area. Tar was used for paving, naphtha shipped to gas plants. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to JOHN D ROCKEFELLER Seldom has history produced such a contradictory figure. The daily management of the trust was turned over to John Dustin Archbold and Rockefeller bought a new estate, Pocantico Hills, north of New York City, turning more time to leisure activities including the new sports of bicycling and golf. [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. John D. Rockefeller August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. By the time he was twenty, his charity exceeded ten percent of his income. [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. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [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. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. [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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 186365 Rockefeller builds his first oil refinery, near Cleveland. Many people were impacted in a negative way and his business tactics were not always ethical. It added its own pipelines, tank cars, and home delivery network. John Davison Rockefeller Sr. (July 8, 1839 May 23, 1937) was an American business magnate and philanthropist. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. John D. Rockefeller and His Enemies A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. John D. Rockefeller Rockefeller believed in the Efficiency Movement, arguing that: "To help an inefficient, ill-located, unnecessary school is a waste it is highly probable that enough money has been squandered on unwise educational projects to have built up a national system of higher education adequate to our needs, if the money had been properly directed to that end. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. Standard Oil was the first great business trust in the United States. 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. 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. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. John D. Rockefeller was an American business magnate and philanthropist. 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 But it is the assertion that the Standard magnates gained their wealth by appropriating "the property of others" that most challenges our attention.

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