[89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. Grandchildren Abigail Aldrich "Abby" Rockefeller and John Davison Rockefeller III became philanthropists. Biography Reference Center, EBSCO, United States Department of Labor: Bureau of Labor Statistics historical inflation calculator, United States Commission on Industrial Relations, Carnegie Foundation for the Advancement of Teaching, Johns Hopkins School of Hygiene and Public Health, "John D. Rockefeller: The Richest Man in the World", http://www.usstuckonstupid.com/sos_charts.php#gdp, "Giving It Away, Then and Now The New York Times", Weekly Centralian Link (June 15, 2018) CPU holds Faculty and Staff Conference 2018, "The Philanthropists: John D. Rockefeller Tim Challies", "John D. Rockefeller | Biography, Facts, & Death", "People & Events: John D. Rockefeller Senior, 18391937", "Proceedings of the Special Committee on Railroads, Appointed under a resolution of the Assembly to investigate alleged abuses in the Management of Railroads chartered by the State of New York (Vol. WebHow did John Rockefeller gain his wealth? [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. [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. Clark initiated the idea of the partnership and offered $2,000 towards the goal. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. He gave money to the Union cause, as did many rich Northerners who avoided combat. [55], Part of this scheme was the announcement of sharply increased freight charges. Within two years it is the largest refinery in the area. 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). [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. 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. "[34] He was particularly adept at calculating transportation costs, which served him well later in his career. Money making was considered by him a "God-given gift".[101]. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [81] Amid the frenetic expansion, Rockefeller began to think of retirement. Most failed, but those who struck oil did not even need to be efficient. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [116] It claims a connection to 23 Nobel laureates. [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. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Rockefeller had a long and controversial career in the oil industry followed by a long career in philanthropy. In the early 1880s, Rockefeller created one of his most important innovations. We have abundant evidence that Rockefeller's consistent policy was to offer fair terms to competitors and to buy them out, for cash, stock, or both, at fair appraisals; we have the statement of one impartial historian that Rockefeller was decidedly "more humane toward competitors" than Carnegie; we have the conclusion of another that his wealth was "the least tainted of all the great fortunes of his day."[137]. John Jr.'s youngest son David Rockefeller was a leading New York banker, serving for over 20 years as CEO of Chase Manhattan (now part of JPMorgan Chase). [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. 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. [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). In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. 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. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. His final year provided him $58 a month. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. Though he had long maintained a policy of active silence with the press, he decided to make himself more accessible and responded with conciliatory comments such as "capital and labor are both wild forces which require intelligent legislation to hold them in restriction." [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. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. "I never had an animus against their size and wealth, never objected to their corporate form. Rockefeller was also given the duties of collecting debts when Hewitt instructed him to do so. Standard Oil was the first great business trust in the United States. A. D. John. Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. This incident brought unwanted national attention to Colorado. 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. My life has been one long, happy holiday; [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. [39] Rockefeller went steadily ahead in business from there, making money each year of his career. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. In 1870 Rockefeller established the Standard Oil Company. Articles from Britannica Encyclopedias for elementary and high school students. That is, two years after the dissolution of Standard Oil. Rockefeller liked the Ormond Beach area so much that after four seasons at the hotel, he bought an estate in Ormond Beach called The Casements. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. The commercial oil business was then in its infancy. By 1868, with Rockefeller continuing practices of borrowing and reinvesting profits, controlling costs, and using refineries' waste, the company owned two Cleveland refineries and a marketing subsidiary in New York; it was the largest oil refinery in the world. [citation needed], Rockefeller, aged 86, wrote the following words to sum up his life:[144]. In 1870 Rockefeller established the Standard Oil Company. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. 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). [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". 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). WebJohn D. Rockefeller. 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. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. He made possible the founding of the University of Chicago in 1892, and by the time of his deathfrom a heart attack in 1937, shortly before his 98th birthdayhe had given it some $35 million. 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. All the fortune that I have made has not served to compensate me for the anxiety of that period. A devout Northern Baptist, Rockefeller would read the Bible daily, attend prayer meetings twice a week and even led his own Bible study with his wife. 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. Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. However, his mother was more influential in his upbringing and beyond, while he distanced himself further and further from his father as his life progressed. I want to make 'em sharp." [a] Oil was used throughout the country as a light source until the introduction of electricity, and as a fuel after the invention of the automobile. It added its own pipelines, tank cars, and home delivery network. Udo Hielscher: Historische amerikanische Aktien, p. 68 74, Laughlin, Rosemary. 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. As a result, Rockefeller and his associates owned dozens of separate corporations, each of which operated in just one state; the management of the whole enterprise was rather unwieldy. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. By 1882 Standard Oil had a near monopoly on the oil business in the United States. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. 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. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. 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. [128], Henry Morrison Flagler, one of the co-founders of Standard Oil along with Rockefeller, bought the Ormond Hotel in 1890, located in Ormond Beach, Florida, two years after it opened. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. [97], Against long-circulating speculations that his family has French roots, genealogists proved the German origin of Rockefeller and traced them back to the early 17th century. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. He said later, "Her judgment was always better than mine. Rockefeller later commented:[53]. [134], Rockefeller died of arteriosclerosis on May 23, 1937, less than two months shy of his 98th birthday,[135] at "The Casements", his home in Ormond Beach, Florida. 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. 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). WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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. He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. The capital expenditures for a refinery at that time were small around $1,000 to $1,500 and requiring only a few men to operate. [138], Biographer Ron Chernow wrote of Rockefeller:[139], What makes him problematicand why he continues to inspire ambivalent reactionsis that his good side was every bit as good as his bad side was bad. [74] Robert Nobel had established his own refining enterprise in the abundant and cheaper Russian oil fields, including the region's first pipeline and the world's first oil tanker. "[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. Rockefeller was also considered a supporter of capitalism based on a perspective of social Darwinism, and he was quoted often as saying, "The growth of a large business is merely a survival of the fittest". However, he did not intend to eliminate competition entirely. Later in life he turned his attention to charity. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to Pennzoil and Chevron have remained separate companies. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. [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. [129][130] It would be Rockefeller's winter home during the latter part of his life. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Within two years it is the largest refinery in the area. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. [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. WebHow did John Rockefeller gain his wealth? He would describe the University of Chicago as "the best investment I ever made." These included, among many others, Continental Oil, which became Conoco, now part of ConocoPhillips; Standard of Indiana, which became Amoco, now part of BP; Standard of California, which became Chevron; Standard of New Jersey, which became Esso (and later, Exxon), now part of ExxonMobil; Standard of New York, which became Mobil, now part of ExxonMobil; and Standard of Ohio, which became Sohio, now part of BP. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. "I wanted to go in the army and do my part," Rockefeller said. What was John D. Rockefeller remembered for? [73], Although 85% of world crude production was still coming from Pennsylvania in the 1880s, oil from wells drilled in Russia and Asia began to reach the world market. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of 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." 186365 Rockefeller builds his first oil refinery, near Cleveland. Standard Oils questionable ethics were also taken to task by American journalist Ida Tarbell in her 19-part expos and commentary called The History of the Standard Oil Company, which was released in installments by McClures Magazine between 1902 and 1904. The United States Commission on Industrial Relations conducted extensive hearings, singling out John D. Rockefeller Jr. and the Rockefellers' relationship with Bowers for special attention. In 1870 Rockefeller established the Standard Oil Company. 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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. 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. 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. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. 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. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. A. D. John. [citation needed] In February 1865, in what was later described by oil industry historian Daniel Yergin as a "critical" action, Rockefeller bought out the Clark brothers for $72,500 (equivalent to $1million[37] in 2021 dollars) at auction and established the firm of Rockefeller & Andrews. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. He also had a deep love of music and dreamed of it as a possible career. I dropped the worry on the way [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". 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. 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. I would have deplored the necessity which compelled the officers of the company to resort to such measures to supplement the State forces to maintain law and order." In total Rockefeller donated about $530million. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. He wrote in a letter to Nicholas Murray Butler on June 6, 1932, that his neither Rockefeller nor his parents or his father's father and mother's mother drank alcohol. He was buried in Lake View Cemetery in Cleveland.[136]. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [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. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. He bought a residence in 1884 on 54th Street near the mansions of other magnates such as William Henry Vanderbilt. 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. [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. Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. [133] By the end of the 1870s, Standard was refining over 90% of the oil in the U.S.[60] Rockefeller had already become a millionaire ($1million is equivalent to $28million[37] in 2021 dollars).[61]. The strike was fought vigorously by the coal mine operators association and its steering committee, which included Welborn, president of CF&I, a spokesman for the coal operators. 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 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. [27] As Rockefeller's wealth grew, so did his giving, primarily to educational and public health causes, but also for basic science and the arts. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. 187072 And God was good to me everyday. [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. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. [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. [121] It also built the Peking Union Medical College in China into a notable institution. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. [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. 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.
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