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[41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. Within two years it is the largest refinery in the area. Corrections? 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. In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. 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. 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. 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. [138], Biographer Ron Chernow wrote of Rockefeller:[139], What makes him problematicand why he continues to inspire ambivalent reactionsis that his good side was every bit as good as his bad side was bad. His final year provided him $58 a month. [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. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. 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. Rockefeller prevailed and the railroad sold its oil interests to Standard. She also put up with his philandering and his double life, which included bigamy. He even gave dimes as a playful gesture to wealthy men, such as tire mogul Harvey Firestone. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. Nine trustees, including Rockefeller, ran the 41 companies in the trust. 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. [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. [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. Rockefeller retained his nominal title as president until 1911 and he kept his stock. [74] Robert Nobel had established his own refining enterprise in the abundant and cheaper Russian oil fields, including the region's first pipeline and the world's first oil tanker. 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." 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. [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. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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." From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. 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. By the end of the 1870s, Standard was refining over 90% of the oil in the U.S.[60] Rockefeller had already become a millionaire ($1million is equivalent to $28million[37] in 2021 dollars).[61]. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. 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. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. 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. 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 business hurt many of his workers and many other small businesses with the monopoly that he created. 186365 Rockefeller builds his first oil refinery, near Cleveland. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. [42] As he said, "God gave me money", and he did not apologize for it. 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. 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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [121] It also built the Peking Union Medical College in China into a notable institution. 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. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. 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. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. 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. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. "[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. We correct them as soon as they come to our knowledge. [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. Rockefeller founded the Standard Oil Company in 1870. The union was forced to discontinue strike benefits in February 1915. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". They would blow holes in the ground and gather up the oil as they could, often leading to creeks and rivers flowing with wasted oil in the place of water. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. Grandson Laurance Spelman Rockefeller became a conservationist. [35] Rockefeller received $16 a month for his three-month apprenticeship. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. 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. A state agency created by Governor Carlson, offered work to unemployed miners building roads and doing other useful projects. 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). WebAfter dropping out of high school, taking one business class at Folsom Mercantile College, and working as a bookkeeper, Rockefeller establishes his first business, which supplies goods such as hay, grain, and meats. He made possible the founding of the University of Chicago and endowed major philanthropic institutions. Whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed. Our editors will review what youve submitted and determine whether to revise the article. "[84] He began a publicity campaign to put his company and himself in a better light. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [citation needed], Pratt and Rogers became Rockefeller's partners. [140], Rockefeller is largely remembered simply for the raw size of his wealth. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. [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. 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. 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." Money making was considered by him a "God-given gift".[101]. Omissions? [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. 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. [1] According to some methods of wealth calculation, Rockefeller's net worth over the last decades of his life would easily place him as the wealthiest known person in recent history. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. 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. They had four daughters and one son together. I dropped the worry on the way 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. 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. He admitted that he had made no attempt to bring the militiamen to justice. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. [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. 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. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. John D. Rockefeller was an American business magnate and philanthropist. 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. [72] Despite the formation of the trust and its perceived immunity from all competition, by the 1880s Standard Oil had passed its peak of power over the world oil market. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. Clark initiated the idea of the partnership and offered $2,000 towards the goal. I want to make 'em sharp." By the time he was twenty, his charity exceeded ten percent of his income. 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. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. 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 He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. What was John D. Rockefeller remembered for? He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. The daily management of the trust was turned over to John Dustin Archbold and Rockefeller bought a new estate, Pocantico Hills, north of New York City, turning more time to leisure activities including the new sports of bicycling and golf. 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. 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. In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. 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. 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. 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. The commercial oil business was then in its infancy. "I never had an animus against their size and wealth, never objected to their corporate form. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [citation needed], Rockefeller, aged 86, wrote the following words to sum up his life:[144]. The capital expenditures for a refinery at that time were small around $1,000 to $1,500 and requiring only a few men to operate. Seldom has history produced such a contradictory figure. [45], A market existed for the refined oil in the form of kerosene. 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. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. While every effort has been made to follow citation style rules, there may be some discrepancies. John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Alternate titles: John Davison Rockefeller. 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. He was buried in Lake View Cemetery in Cleveland.[136]. Standard's most potent weapons against competitors were underselling, differential pricing, and secret transportation rebates. Economic historian Robert Whaples warns against ignoring the secrets of his business success: [R]elentless cost cutting and efficiency improvements, boldness in betting on the long-term prospects of the industry while others were willing to take quick profits, and impressive abilities to spot and reward talent, delegate tasks, and manage a growing empire. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. In 1867, Henry Morrison Flagler became a partner, and the firm of Rockefeller, Andrews & Flagler was established. 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. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. 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. 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. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. 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. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. Articles from Britannica Encyclopedias for elementary and high school students. WebJohn D. Rockefeller. They write new content and verify and edit content received from contributors. [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. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. [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. Most failed, but those who struck oil did not even need to be efficient. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. It added its own pipelines, tank cars, and home delivery network. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. His business hurt many of his workers and many other small businesses with the monopoly that he created. [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". In 1870 Rockefeller established the Standard Oil Company. [129][130] It would be Rockefeller's winter home during the latter part of his life. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. "[34] He was particularly adept at calculating transportation costs, which served him well later in his career. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company.