[107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. 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. 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. 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. Did Rockefeller 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. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. "[72] Over time, foreign competition and new finds abroad eroded his dominance. 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. Rockefeller [29] He later stated, "From the beginning, I was trained to work, to save, and to give. Biography: John D. Rockefeller [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. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. Did Rockefeller Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. John D August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. John D He would describe the University of Chicago as "the best investment I ever made." Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [75] Additional fields were discovered in Burma and Java. [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. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. 187072 There was destitution in the coalfields. Facts About John D. Rockefeller Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. [45], A market existed for the refined oil in the form of kerosene. His hair never grew back, but other health complaints subsided as he lightened his workload. 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. John D. Rockefeller | Timeline [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. John D John D "[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]. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. For with the measure you use, it will be measured to you. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. 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. Facts About John D. Rockefeller Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. John D. Rockefeller and His Enemies 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. Tycoon John D. Rockefeller Couldn't Hide His Biography: John D. Rockefeller John D. Rockefeller 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). Within two years it is the largest refinery in the area. 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." Udo Hielscher: Historische amerikanische Aktien, p. 68 74, Laughlin, Rosemary. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. Within two years it is the largest refinery in the area. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. Rockefeller later commented:[53]. Burton Folsom Jr. has noted: [H]e sometimes gave tens of thousands of dollars to Christian groups, while, at the same time, he was trying to borrow over a million dollars to expand his business. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. John D. Rockefeller In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. 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. 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. [citation needed] May 15, 1911 | Supreme Court Orders Standard Oil to Be Broken Up 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. 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 WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. Tycoon John D. Rockefeller Couldn't Hide His "[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. [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. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. John D. Rockefeller [59] Standard was growing horizontally and vertically. Due to reduced demand for coal, resulting from an economic downturn, many of CF&I's coal mines never reopened and many men were thrown out of work. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. John D. Rockefeller 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. John D. Rockefeller and His Enemies Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. ROCKEFELLER American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [70] The public and the press were immediately suspicious of this new legal entity, and other businesses seized upon the idea and emulated it, further inflaming public sentiment. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. Learn the history behind Byron Benson's building the world's first oil pipeline (1879), defeating John D. Rockefeller and the Standard Oil Company, This article was most recently revised and updated by, https://www.britannica.com/biography/John-D-Rockefeller, PBS - American Experience - Biography of John D. Rockefeller, Senior, Ohio History Central - Biography of John D. Rockefeller, United States History - Biography of John D. Rockefeller. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. [58] Eventually, even his former antagonists, Pratt and Rogers, saw the futility of continuing to compete against Standard Oil; in 1874, they made a secret agreement with Rockefeller to be acquired. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. 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. [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. In 1882, Rockefeller's lawyers created an innovative form of corporation to centralize their holdings, giving birth to the Standard Oil Trust. 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. 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. Updates? He quickly found success as it became the largest refinery in the area, and "[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. He ran it until 1897 and remained its largest shareholder. Standard Oil was the first great business trust in the United States. In the early 1880s, Rockefeller created one of his most important innovations. did John D David Rockefeller Let us know if you have suggestions to improve this article (requires login). On Gates' advice, Rockefeller became one of the first great benefactors of medical science. Many people were impacted in a negative way and his business tactics were not always ethical. did John D In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). He and Carnegie gave form and impetus through their charities to the work of Abraham Flexner, who in his essay "Medical Education in America" emphatically endowed empiricism as the basis for the US medical system of the 20th century. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. During his first year, he received $31 a month, which was increased to $50 a month. [48], Undeterred, though vilified for the first time by the press, Rockefeller continued with his self-reinforcing cycle of buying the least efficient competing refiners, improving the efficiency of his operations, pressing for discounts on oil shipments, undercutting his competition, making secret deals, raising investment pools, and buying rivals out. Barrels that cost $2.50 each ended up only $0.96 when Rockefeller bought the wood and had them built for himself. 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. 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. 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. [116] It claims a connection to 23 Nobel laureates. John D. Rockefeller, Jr John D. Rockefeller and his son, John D. Rockefeller, Jr. Nine trustees, including Rockefeller, ran the 41 companies in the trust. Grandchildren Abigail Aldrich "Abby" Rockefeller and John Davison Rockefeller III became philanthropists. 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). Rockefeller prevailed and the railroad sold its oil interests to Standard. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. [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. What was John D. Rockefeller remembered for? Did Rockefeller In 1853, his family moved to Strongsville, Ohio, and he attended Cleveland's Central High School, the first high school in Cleveland and the first free public high school west of the Alleghenies. [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. John 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. I was early taught to work as well as play, [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. Without her keen advice, I would be a poor man."[40]. John D. Rockefeller, Jr 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. 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. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. [64] Rockefeller was under great strain during the 1870s and 1880s when he was carrying out his plan of consolidation and integration and being attacked by the press. Within two years it is the largest refinery in the area. [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. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. It drew masses to various Protestant churchesespecially Baptist onesand urged believers to follow such ideals as hard work, prayer, and good deeds to build "the Kingdom of God on Earth." "[30], When he was a boy, his family moved to Moravia, New York, and to Owego, New York, in 1851, where he attended Owego Academy. John D. Rockefeller ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. [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. Later in life he turned his attention to charity. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. [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. Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. John D. Rockefeller | Timeline Pennzoil and Chevron have remained separate companies. In 1870 Rockefeller established the Standard Oil Company. Rockefellers benefactions during his lifetime totaled more than $500 million. The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the trading of oil futures. They write new content and verify and edit content received from contributors. I only know he conceived the idea. As he grew rich, his donations became more generous, especially to his church in Cleveland; nevertheless, it was demolished in 1925, and replaced with another building.[101]. 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. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. 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 wanted to go in the army and do my part," Rockefeller said. 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. John D 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. Grandson Laurance Spelman Rockefeller became a conservationist. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. In total Rockefeller donated about $530million. 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. 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. [42] As he said, "God gave me money", and he did not apologize for it. He quickly found success as it became the largest refinery in the area, and WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [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. [101] Later in his life, Rockefeller recalled: "It was at this moment, that the financial plan of my life was formed". John D Many people were impacted in a negative way and his business tactics were not always ethical. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. Rockefeller retained his nominal title as president until 1911 and he kept his stock. [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. However, he did not intend to eliminate competition entirely. He supported the incorporation of repealing the 18th amendment into the Republican party platform. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. It changed its name to Rockefeller University in 1965, after expanding its mission to include graduate education. He made possible the founding of the University of Chicago and endowed major philanthropic institutions. Rockefeller founded the Standard Oil Company in 1870. 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. [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". John D. Rockefeller was an American business magnate and philanthropist.
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