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[citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. She also put up with his philandering and his double life, which included bigamy. However, he did not intend to eliminate competition entirely. 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. His philosophy of giving was founded upon biblical principles. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. Barrels that cost $2.50 each ended up only $0.96 when Rockefeller bought the wood and had them built for himself. Corrections? 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. He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. Pennzoil and Chevron have remained separate companies. [42] As he said, "God gave me money", and he did not apologize for it. His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. 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). [133] He complained that he could not stay asleep most nights. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to There was no one to take my place. Tar was used for paving, naphtha shipped to gas plants. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. [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. He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. Within two years it is the largest refinery in the area. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . 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." 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. I only know he conceived the idea. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. By the time he was twenty, his charity exceeded ten percent of his income. [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. What were John D. Rockefellers accomplishments? It added its own pipelines, tank cars, and home delivery network. This incident brought unwanted national attention to Colorado. [112][113][16][14][15], Rockefeller's General Education Board, founded in 1903,[114] was established to promote education at all levels everywhere in the country. 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. One of Flagler's guests at the Ormond Hotel was his former business partner John D. Rockefeller, who first stayed at the hotel in 1914. The commercial oil business was then in its infancy. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. 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. 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 was remembered for his wealth and for the aggressive competitive practices 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. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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 [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. [55], Part of this scheme was the announcement of sharply increased freight charges. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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." 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. [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. 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. 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. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. Then he took a ten-week business course at Folsom's Commercial College, where he studied bookkeeping. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". Bill once bragged, "I cheat my boys every chance I get. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. His final year provided him $58 a month. 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. [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. 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. 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. In 1870 Rockefeller established the Standard Oil Company. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. 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 quickly found success as it became the largest refinery in the area, and 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. John D. Rockefeller was an American business magnate and philanthropist. The railroads competed fiercely for traffic and, in an attempt to create a cartel to control freight rates, formed the South Improvement Company offering special deals to bulk customers like Standard Oil, outside the main oil centers. [23] In between the births of Lucy and John, Bill and his mistress and housekeeper Nancy Brown had a daughter named Clorinda who died young. We have abundant evidence that Rockefeller's consistent policy was to offer fair terms to competitors and to buy them out, for cash, stock, or both, at fair appraisals; we have the statement of one impartial historian that Rockefeller was decidedly "more humane toward competitors" than Carnegie; we have the conclusion of another that his wealth was "the least tainted of all the great fortunes of his day."[137]. He even gave dimes as a playful gesture to wealthy men, such as tire mogul Harvey Firestone. In 1870 Rockefeller established the Standard Oil Company. 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. In total Rockefeller donated about $530million. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [116] It claims a connection to 23 Nobel laureates. [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. [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. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. During church service, his mother would urge him to contribute his few pennies to the congregation. In the early 1880s, Rockefeller created one of his most important innovations. 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. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. He supported the incorporation of repealing the 18th amendment into the Republican party platform. 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. His personal wealth was 900million in 1913 worth 23.5 billion dollars adjusted for inflation in 2020. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 187072 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. 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." 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). 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". [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. His business hurt many of his workers and many other small businesses with the monopoly that he created. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". Please refer to the appropriate style manual or other sources if you have any questions. I was willing that they should combine and grow as big and wealthy as they could, but only by legitimate means. Pratt's son, Charles Millard Pratt, became secretary of Standard 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. 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. 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. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. 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. Alternate titles: John Davison Rockefeller. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. Throughout his life, Bill was notorious for conducting schemes. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. [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. [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. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. [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. [45], A market existed for the refined oil in the form of kerosene. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. "[72] Over time, foreign competition and new finds abroad eroded his dominance. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. Whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed. Critics found his writing to be sanitized and disingenuous and thought that statements such as "the underlying, essential element of success in business are to follow the established laws of high-class dealing" seemed to be at odds with his true business methods. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. "[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]. John D. Rockefeller was born in Richford, New York, then part of the Burned-over district, a New York state region that became the site of an evangelical revival known as the Second Great Awakening. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. 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. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. [35] Rockefeller received $16 a month for his three-month apprenticeship. [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. [121] It also built the Peking Union Medical College in China into a notable institution. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. Money making was considered by him a "God-given gift".[101]. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. John D. Rockefeller was an American business magnate and philanthropist. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws.