187072 His father was of English and German descent, while his mother was of Ulster Scot descent. 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. 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). [140], Rockefeller is largely remembered simply for the raw size of his wealth. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. Fourth son Winthrop Aldrich Rockefeller served as Republican Governor of Arkansas. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. [86] The court ruled that the trust originated in illegal monopoly practices and ordered it to be broken up into 34 new companies. For with the measure you use, it will be measured to you. By 1882 Standard Oil had a near monopoly on the oil business in the United States. Whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed. 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. On this Wikipedia the language links are at the top of the page across from the article title. 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). [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. 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. 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. [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. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Most failed, but those who struck oil did not even need to be efficient. 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. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. John Davison Rockefeller Sr. (July 8, 1839 May 23, 1937) was an American business magnate and philanthropist. [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. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. He gave money to the Union cause, as did many rich Northerners who avoided combat. In 1870 Rockefeller established the Standard Oil Company. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. [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. Then he took a ten-week business course at Folsom's Commercial College, where he studied bookkeeping. Our editors will review what youve submitted and determine whether to revise the article. 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. 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. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. The Paris Rothschilds jumped into the fray providing financing. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. [84] Although her work prompted a huge backlash against the company, Tarbell stated she was surprised at its magnitude. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. [citation needed] His final year provided him $58 a month. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. "[48], Instead of wanting to eliminate them, Rockefeller saw himself as the industry's savior, "an angel of mercy" absorbing the weak and making the industry as a whole stronger, more efficient, and more competitive. [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. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. [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. In 1870 Rockefeller established the Standard Oil Company. 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. 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. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. 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. "I never had an animus against their size and wealth, never objected to their corporate form. Alternate titles: John Davison Rockefeller. 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. 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. I was willing that they should combine and grow as big and wealthy as they could, but only by legitimate means. John D. Rockefeller and his son, John D. Rockefeller, Jr. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. There was destitution in the coalfields. John D. Rockefeller was an American business magnate and philanthropist. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. [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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. He wrote and published his memoirs beginning in 1908. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. What were John D. Rockefellers accomplishments? "[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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. 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. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. [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. Full of work and full of play 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. 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. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. 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. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. He complained that he could not stay asleep most nights. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. [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. "[72] Over time, foreign competition and new finds abroad eroded his dominance. 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. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. 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. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. He was buried in Lake View Cemetery in Cleveland.[136]. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 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). He quickly found success as it became the largest refinery in the area, and [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. 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." During his first year, he received $31 a month, which was increased to $50 a month. 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. It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. [55], Part of this scheme was the announcement of sharply increased freight charges. 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. I dropped the worry on the way Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. Rockefeller retained his nominal title as president until 1911 and he kept his stock. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Standard Oil was the first great business trust in the United States. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. Rockefeller had a long and controversial career in the oil industry followed by a long career in philanthropy. [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. [35] Rockefeller received $16 a month for his three-month apprenticeship. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. Many people were impacted in a negative way and his business tactics were not always ethical. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. A good measure, pressed down, shaken together and running over, will be poured into your lap. 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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [27] His church was later affiliated with the Northern Baptist Convention, which formed from American Baptists in the North with ties to their historic missions to establish schools and colleges for freedmen in the South after the American Civil War. 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. In the end it turned out that the individual segments of the company were worth more than the entire company was when it was one entitythe sum of the parts were worth more than the wholeas shares of these doubled and tripled in value in their early years. By the time he was twenty, his charity exceeded ten percent of his income. But it is the assertion that the Standard magnates gained their wealth by appropriating "the property of others" that most challenges our attention. Rockefeller was the eldest son and second of six children born to traveling physician and snake-oil salesman William (Big Bill) Avery Rockefeller and Eliza Davison Rockefeller. 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. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. 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. 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. 187072 John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. 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. [citation needed], Pratt and Rogers became Rockefeller's partners. 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. 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. [10] His foundations pioneered developments in medical research and were instrumental in the near-eradication of hookworm[11] and yellow fever[12] in the United States. [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. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. 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. 2001. [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. Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. Early in his life, he regularly went with his siblings and mother Eliza to the local Baptist churchthe Erie Street Baptist Church (later the Euclid Avenue Baptist Church)an independent Baptist church which eventually came to associate with the Northern Baptist Convention (19071950; modern American Baptist Churches USA). Bill once bragged, "I cheat my boys every chance I get. [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. 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. [94][95] Costs to both mine operators and the union were high. 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." 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. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. 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. [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. For many of his competitors, Rockefeller had merely to show them his books so they could see what they were up against and then make them a decent offer. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. [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. During the next decade, kerosene became commonly available to the working and middle classes. He supported the incorporation of repealing the 18th amendment into the Republican party platform. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. [116] It claims a connection to 23 Nobel laureates. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. [133] 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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. But by 1932, Rockefeller felt disillusioned by prohibition because of its failure to discourage drinking and alcoholism. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. [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. [75] Additional fields were discovered in Burma and Java. 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. His business hurt many of his workers and many other small businesses with the monopoly that he created.
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