Please refer to the appropriate style manual or other sources if you have any questions. John D. Rockefeller was an American business magnate and philanthropist. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. John D 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. [39] Rockefeller went steadily ahead in business from there, making money each year of his career. [28] John did his share of the regular household chores and earned extra money raising turkeys, selling potatoes and candy, and eventually lending small sums of money to neighbors. John D. Rockefeller [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. 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. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. 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. John D. Rockefeller Biography: John D. Rockefeller 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. Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. John D 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. 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. WebHow did John Rockefeller gain his wealth? Let us know if you have suggestions to improve this article (requires login). ROCKEFELLER In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [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. His philosophy of giving was founded upon biblical principles. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. Throughout his life, Bill was notorious for conducting schemes. 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." In less than four months in 1872, in what was later known as "The Cleveland Conquest" or "The Cleveland Massacre," Standard Oil absorbed 22 of its 26 Cleveland competitors. John D He quickly found success as it became the largest refinery in the area, and [46] In this environment of a wasteful boom, the partners switched from foodstuffs to oil, building an oil refinery in 1863 in "The Flats", then Cleveland's burgeoning industrial area. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. JOHN D ROCKEFELLER Money making was considered by him a "God-given gift".[101]. John D. Rockefeller [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. John D Much of his giving was church-related. Corrections? John D. Rockefeller and His Enemies Between John and William Jr.'s births, Bill and Nancy had another daughter Cornelia. 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. 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." Rockefellers benefactions during his lifetime totaled more than $500 million. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. 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. John D. Rockefeller | Timeline [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. 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. John Davison Rockefeller Sr. (July 8, 1839 May 23, 1937) was an American business magnate and philanthropist. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. John D. Rockefeller, Jr While every effort has been made to follow citation style rules, there may be some discrepancies. His hair never grew back, but other health complaints subsided as he lightened his workload. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. John D. Rockefeller She also put up with his philandering and his double life, which included bigamy. May 15, 1911 | Supreme Court Orders Standard Oil to Be Broken Up John D Within two years it is the largest refinery in the area. [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. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. 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. If we absorb them, it surely will bring up another. [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. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. 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. 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. [47], While other refineries would keep the 60% of oil product that became kerosene, but dump the other 40% in rivers and massive sludge piles,[48] Rockefeller used the gasoline to fuel the refinery, and sold the rest as lubricating oil, petroleum jelly and paraffin wax, and other by-products. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. [94][95] Costs to both mine operators and the union were high. Articles from Britannica Encyclopedias for elementary and high school students. 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". 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. Standard Oil was the first great business trust in the United States. 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). Within two years it is the largest refinery in the area. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. Rockefeller's charitable giving began with his first job as a clerk at age 16, when he gave six percent of his earnings to charity, as recorded in his personal ledger. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . John D Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. He complained that he could not stay asleep most nights. He wrote and published his memoirs beginning in 1908. JOHN D ROCKEFELLER [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. A deal brokered by Henry Clay Frick exchanged Standard's iron interests for U.S. Steel stock and gave Rockefeller and his son membership on the company's board of directors. ROCKEFELLER 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. [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. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. Bill once bragged, "I cheat my boys every chance I get. He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. "John D. Rockefeller: Oil Baron and Philanthropist." 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. In 1879, the New York State Legislature's Hepburn Committee investigations into "alleged abuses" committed by the railroads uncovered the fact that Standard Oil was receiving substantial freight rebates on all of the oil it was transporting by railroad and was crushing Standard's competitors thereby. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . [33] He worked long hours and delighted, as he later recalled, in "all the methods and systems of the office. 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. did John D [55], Part of this scheme was the announcement of sharply increased freight charges. 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. 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. John D John D. Rockefeller Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. John D Likewise, it became one of the largest shippers of oil and kerosene in the country. [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. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. John D. Rockefeller 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. 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. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. [42] As he said, "God gave me money", and he did not apologize for it. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. "[105], Rockefeller and his advisers invented the conditional grant, which required the recipient to "root the institution in the affections of as many people as possible who, as contributors, become personally concerned, and thereafter may be counted on to give to the institution their watchful interest and cooperation".[106]. The Paris Rothschilds jumped into the fray providing financing. Strikebreakers (called "scabs") were threatened and sometimes attacked. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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). John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. His business hurt many of his workers and many other small businesses with the monopoly that he created. American business magnate and philanthropist (18391937), For other people named John D. Rockefeller, see, Business partnership and Civil War service, Strike of 191314 and the Ludlow Massacre. John D. Rockefeller Was the Richest Person To Ever Live 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 would describe the University of Chicago as "the best investment I ever made." John D Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. "[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. Did Rockefeller That is, two years after the dissolution of Standard Oil. 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. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. [101] Later in his life, Rockefeller recalled: "It was at this moment, that the financial plan of my life was formed". He ran it until 1897 and remained its largest shareholder. 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. [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. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. 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. Tycoon John D. Rockefeller Couldn't Hide His May 15, 1911 | Supreme Court Orders Standard Oil to Be Broken Up [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. It was not meteor-like, but accomplished over a quarter of a century by courageous venturing in a field so risky that most large capitalists avoided it, by arduous labors, and by more sagacious and farsighted planning than had been applied to any other American industry. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. They write new content and verify and edit content received from contributors. 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. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. 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). [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. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. 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. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. John D. Rockefeller, Jr [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. John D. Rockefeller, Jr We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. did john d rockefeller [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. [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. Tycoon John D. Rockefeller Couldn't Hide His His business hurt many of his workers and many other small businesses with the monopoly that he created. Great-grandson John Davison "Jay" Rockefeller IV served from 1985 until 2015 as a Democratic Senator from West Virginia after serving as governor of West Virginia,[100] and another Winthrop served as lieutenant governor of Arkansas for a decade. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". But it is the assertion that the Standard magnates gained their wealth by appropriating "the property of others" that most challenges our attention. 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. 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. He admitted that he had made no attempt to bring the militiamen to justice. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 187072 Within two years it is the largest refinery in the area. "[101], Rockefeller would support Baptist missionary activity, fund universities, and heavily engage in religious activities at his Cleveland, Ohio, church. 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. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. 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. 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. It added its own pipelines, tank cars, and home delivery network. John D. Rockefeller was an American business magnate and philanthropist. We correct them as soon as they come to our knowledge. [18] Religion was a guiding force throughout his life and he believed it to be the source of his success. [71], The company's vast American empire included 20,000 domestic wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees. John D [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. John D. Rockefeller Rather than try to influence the price of crude oil directly, Standard Oil had been exercising indirect control by altering oil storage charges to suit market conditions. 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. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. "[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. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. He made possible the founding of the University of Chicago and endowed major philanthropic institutions. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. [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. David Rockefeller 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. [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. John D. Rockefeller Grandchildren Abigail Aldrich "Abby" Rockefeller and John Davison Rockefeller III became philanthropists.

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