However, he did not intend to eliminate competition entirely. [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. "But it was simply out of the question. By 1882 Standard Oil had a near monopoly on the oil business in the United States. [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. 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. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. 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). [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. Rockefeller revolutionized the petroleum industry and, through corporate and technological innovations, was instrumental in both widely disseminating and drastically reducing the production cost of oil. WebHow did John Rockefeller gain his wealth? Within two years it is the largest refinery in the area. Likewise, it became one of the largest shippers of oil and kerosene in the country. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Rockefeller's wealth soared as kerosene and gasoline grew in importance, and he became the richest person in the country, controlling 90% of all oil in the United States at his peak. 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". 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. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. [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. [96] When testifying on the Ludlow Massacre, and asked what action he would have taken as Director, John D. Rockefeller Jr. stated, "I would have taken no action. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. [45], A market existed for the refined oil in the form of kerosene. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. If we absorb them, it surely will bring up another. [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. [75] Additional fields were discovered in Burma and Java. A. D. John. [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. 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 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. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [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. "[34] He was particularly adept at calculating transportation costs, which served him well later in his career. He also gave a grant to the American Baptist Missionaries foreign mission board, the American Baptist Foreign Mission Society in establishing Central Philippine University, the first Baptist and second American university in Asia, in 1905 in the heavily Catholic Philippines. All the fortune that I have made has not served to compensate me for the anxiety of that period. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. [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. [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. 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. 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. 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. 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]. Omissions? [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. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. The union was forced to discontinue strike benefits in February 1915. Nine trustees, including Rockefeller, ran the 41 companies in the trust. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. 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. He quickly found success as it became the largest refinery in the area, and 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. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. He quickly found success as it became the largest refinery in the area, and If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. [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. [55], Part of this scheme was the announcement of sharply increased freight charges. 186365 Rockefeller builds his first oil refinery, near Cleveland. 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. 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. [83] American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Later in life he turned his attention to charity. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. [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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to By 1901 he began wearing toupes and by 1902, his mustache disappeared. 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. He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. "[43] At that time, the Federal government was subsidizing oil prices, driving the price up from $.35 a barrel in 1862 to as high as $13.75. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. 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. His business hurt many of his workers and many other small businesses with the monopoly that he created. Full of work and full of play [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. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. [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". They include politicians and writers, some of whom served Rockefeller's interests, and some of whom built their careers by fighting Rockefeller and the "robber barons". My life has been one long, happy holiday; The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. 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). 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. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. Alternate titles: John Davison Rockefeller. His business hurt many of his workers and many other small businesses with the monopoly that he created. John D. Rockefeller and his son, John D. Rockefeller, Jr. Rockefeller gave $80million to the University of Chicago[111] under William Rainey Harper, turning a small Baptist college into a world-class institution by 1900. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. "I never had an animus against their size and wealth, never objected to their corporate form. 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. [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. Seldom has history produced such a contradictory figure. 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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. 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. The family relocated to Strongsville, a town near Cleveland, Ohio, in 1853, and six years laterafter attending and later dropping out of Clevelands Central High School, taking a single business class at Folsom Mercantile College, and working as a bookkeeperRockefeller established his first enterprise, a commission business dealing in hay, grain, meats, and other goods. 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. [84] Although her work prompted a huge backlash against the company, Tarbell stated she was surprised at its magnitude. [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. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. In 1870 Rockefeller established the Standard Oil Company. 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. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. Tar was used for paving, naphtha shipped to gas plants. 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. [32], In September 1855, when Rockefeller was sixteen, he got his first job as an assistant bookkeeper working for a small produce commission firm in Cleveland called Hewitt & Tuttle. [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. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. They write new content and verify and edit content received from contributors. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. 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. Pennzoil and Chevron have remained separate companies. What was John D. Rockefeller remembered for? [citation needed], Rockefeller, aged 86, wrote the following words to sum up his life:[144]. We correct them as soon as they come to our knowledge. 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. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. Articles from Britannica Encyclopedias for elementary and high school students. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. I dropped the worry on the way "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. [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. 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. It changed its name to Rockefeller University in 1965, after expanding its mission to include graduate education. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. WebJohn D. Rockefeller. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. 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. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. "[49] He was well-positioned to take advantage of postwar prosperity and the great expansion westward fostered by the growth of railroads and an oil-fueled economy. He wrote and published his memoirs beginning in 1908. During the next decade, kerosene became commonly available to the working and middle classes. 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. In 1901, U.S. Steel, then controlled by J. Pierpont Morgan, having bought Andrew Carnegie's steel assets, offered to buy Standard's iron interests as well. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. In the early 1880s, Rockefeller created one of his most important innovations. The commercial oil business was then in its infancy. They had four daughters and one son together. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. I, 1879)", "Militia slaughters strikers at Ludlow, Colorado", "Laura Spelman Rockefeller Memorial Foundation", "Text of Rockefeller's Letter to Dr. Butler", "John D. Rockefeller Sr. and family timeline", "John D Rockefeller:Infinitely Ruthless, Profoundly Charitable", "The Richest Man In History: Rockefeller is Born", "Financier's Fortune in Oil Amassed in Industrial Era of 'Rugged Individualism', "Toward a 'Universal Heritage': Education and the Development of Rockefeller Philanthropy, 18841913", Standard Oil Co. of New Jersey v. United States, Standard Oil Co. v. United States (Standard Stations), https://en.wikipedia.org/w/index.php?title=John_D._Rockefeller&oldid=1138196481, American businesspeople in the oil industry, Wikipedia articles needing page number citations from February 2021, Articles with incomplete citations from February 2021, Short description is different from Wikidata, Wikipedia indefinitely semi-protected pages, All Wikipedia articles written in American English, Articles with incomplete citations from May 2021, Wikipedia articles needing page number citations from January 2023, Articles with unsourced statements from October 2016, Articles with unsourced statements from May 2021, Articles with unsourced statements from December 2017, Articles with unsourced statements from September 2016, Articles with unsourced statements from November 2016, Articles with unsourced statements from December 2020, Articles with unsourced statements from April 2020, Pages using Sister project links with wikidata namespace mismatch, Pages using Sister project links with hidden wikidata, Creative Commons Attribution-ShareAlike License 3.0, Alice Rockefeller (July 14, 1869 August 20, 1870), Public Diary of John D. Rockefeller, now found in the Cleveland Western Historical Society, This page was last edited on 8 February 2023, at 14:21.
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