186365 Rockefeller builds his first oil refinery, near Cleveland. Strikebreakers (called "scabs") were threatened and sometimes attacked. WebJohn D. Rockefeller. 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." Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. There was no one to take my place. 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. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. It supplied kerosene by tank cars that brought the fuel to local markets, and tank wagons then delivered to retail customers, thus bypassing the existing network of wholesale jobbers. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. The Rockefeller wealth, distributed as it was through a system of foundations and trusts, continued to fund family philanthropic, commercial, and, eventually, political aspirations throughout the 20th century. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to They write new content and verify and edit content received from contributors. [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. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. He was buried in Lake View Cemetery in Cleveland.[136]. Udo Hielscher: Historische amerikanische Aktien, p. 68 74, Laughlin, Rosemary. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. His final year provided him $58 a month. [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. 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. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. "[84] He began a publicity campaign to put his company and himself in a better light. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Updates? [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. It kept oil prices low to stave off competitors, made its products affordable to the average household, and, to increase market penetration, sometimes sold below cost. Sensing the commercial potential of the expanding oil production in western Pennsylvania in the early 1860s, he built his first oil refinery, near Cleveland, in 1863. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. [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. 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. [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. 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. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. [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 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. [83] From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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]. He was an excellent debater and expressed himself precisely. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [129][130] It would be Rockefeller's winter home during the latter part of his life. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. 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]. John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. Money making was considered by him a "God-given gift".[101]. She also put up with his philandering and his double life, which included bigamy. During his first year, he received $31 a month, which was increased to $50 a month. American industrialist and philanthropist [17941877]. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. 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). [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. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. "[101], Rockefeller would support Baptist missionary activity, fund universities, and heavily engage in religious activities at his Cleveland, Ohio, church. In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). He believed that measure to be prohibition, as he and his father donated 350,000 to "all branches of the Anti-Saloon League, Federal and State." [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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. [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. John D. Rockefeller and his son, John D. Rockefeller, Jr. Under the protection of the National Guard, some miners returned to work and some strikebreakers, imported from the eastern coalfields, joined them as Guard troops protecting their movements. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. By then the trust still had a 70% market share of the refined oil market but only 14% of the U.S. crude oil supply. [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. In 1870 Rockefeller established the Standard Oil Company. Full of work and full of play A. D. John. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. 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. "[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]. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. Tar was used for paving, naphtha shipped to gas plants. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. He felt at ease and righteous following Methodist preacher John Wesley's dictum, "gain all you can, save all you can, and give all you can. A. D. John. I dropped the worry on the way A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. [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. 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. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. All the fortune that I have made has not served to compensate me for the anxiety of that period. [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. [36], As a youth, Rockefeller reportedly said that his two great ambitions were to make $100,000 (equivalent to $2.91million[37] in 2021 dollars) and to live 100 years. Rockefellers benefactions during his lifetime totaled more than $500 million. 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. 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. 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. He instinctively realized that orderliness would only proceed from centralized control of large aggregations of plant and capital, with the one aim of an orderly flow of products from the producer to the consumer. 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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. WebJohn D. Rockefeller. 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). [citation needed] Much of his giving was church-related. [40] In their first and second years of business, Clark & Rockefeller netted $4,400 (on nearly half a million dollars in business) and $17,000 worth of profit, respectively, and their profits soared with the outbreak of the American Civil War when the Union Army called for massive amounts of food and supplies. Standard Oils questionable ethics were also taken to task by American journalist Ida Tarbell in her 19-part expos and commentary called The History of the Standard Oil Company, which was released in installments by McClures Magazine between 1902 and 1904. Rockefeller had a long and controversial career in the oil industry followed by a long career in philanthropy. Without her keen advice, I would be a poor man."[40]. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. Most failed, but those who struck oil did not even need to be efficient. 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. Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. [citation needed] The study, an excerpt of which was published in The Atlantic,[13] had been undertaken by the Carnegie Foundation for the Advancement of Teaching. Clark initiated the idea of the partnership and offered $2,000 towards the goal. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. [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. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. [142] According to his New York Times obituary, "it was estimated after Mr. Rockefeller retired from business that he had accumulated close to $1,500,000,000 out of the earnings of the Standard Oil trust and out of his other investments. 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. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. In the same letter, Rockefeller writes that he has "always stood for whatever measure seemed at the time to give promise of promoting temperance." Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. John Davison Rockefeller Sr. (July 8, 1839 May 23, 1937) was an American business magnate and philanthropist. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. [59] Standard was growing horizontally and vertically. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. [citation needed], Rockefeller created the Rockefeller Foundation in 1913[119] to continue and expand the scope of the work of the Sanitary Commission,[114] which was closed in 1915. In 1881 Rockefeller and his associates placed the stock of Standard of Ohio and its affiliates in other states under the control of a board of nine trustees, with Rockefeller at the head. He would describe the University of Chicago as "the best investment I ever made." 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 [116] It claims a connection to 23 Nobel laureates. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. 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. 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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. By the time he was twenty, his charity exceeded ten percent of his income. [55], Part of this scheme was the announcement of sharply increased freight charges. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. That orderly, economic, efficient flow is what we now, many years later, call 'vertical integration' I do not know whether Mr. Rockefeller ever used the word 'integration'. 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. [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. Standard Oil was the first great business trust in the United States. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". 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 image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. I was early taught to work as well as play, John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. [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. This incident brought unwanted national attention to Colorado. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. [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. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. 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.

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