I was willing that they should combine and grow as big and wealthy as they could, but only by legitimate means. They write new content and verify and edit content received from contributors. [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. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. [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. In 1901, he founded the Rockefeller Institute for Medical Research[114] in New York City. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. 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." In 1870 Rockefeller established the Standard Oil Company. But by 1932, Rockefeller felt disillusioned by prohibition because of its failure to discourage drinking and alcoholism. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. He was an excellent debater and expressed himself precisely. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. [117] He founded the Rockefeller Sanitary Commission in 1909,[114] an organization that eventually eradicated the hookworm disease,[118] which had long plagued rural areas of the American South. He quickly found success as it became the largest refinery in the area, and [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. 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. 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. Articles from Britannica Encyclopedias for elementary and high school students. 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). His company and business practices came under criticism, particularly in the writings of author Ida Tarbell. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. There was destitution in the coalfields. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. "[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. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. 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. 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. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. John D. Rockefeller was an American business magnate and philanthropist. Pennzoil and Chevron have remained separate companies. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. 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. He quickly found success as it became the largest refinery in the area, and "[101], Rockefeller would support Baptist missionary activity, fund universities, and heavily engage in religious activities at his Cleveland, Ohio, church. John D. Rockefeller was an American business magnate and philanthropist. In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. 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'. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [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. Many people were impacted in a negative way and his business tactics were not always ethical. 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. He also gave a grant to the American Baptist Missionaries foreign mission board, the American Baptist Foreign Mission Society in establishing Central Philippine University, the first Baptist and second American university in Asia, in 1905 in the heavily Catholic Philippines. 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. He even gave dimes as a playful gesture to wealthy men, such as tire mogul Harvey Firestone. 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. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. 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). American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 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. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. But they had never played fair, and that ruined their greatness for me." [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". 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." 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. 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. This incident brought unwanted national attention to Colorado. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. Corrections? The union was forced to discontinue strike benefits in February 1915. 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. [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. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. Within two years it is the largest refinery in the area. [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. Money making was considered by him a "God-given gift".[101]. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. 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]. Within two years it is the largest refinery in the area. Strikebreakers (called "scabs") were threatened and sometimes attacked. [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. The Paris Rothschilds jumped into the fray providing financing. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. [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. 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. 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". Rockefeller said, "It was the day that determined my career. 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. 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. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. During his first year, he received $31 a month, which was increased to $50 a month. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. Clark initiated the idea of the partnership and offered $2,000 towards the goal. Without her keen advice, I would be a poor man."[40]. 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. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. 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. [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. [96] When testifying on the Ludlow Massacre, and asked what action he would have taken as Director, John D. Rockefeller Jr. stated, "I would have taken no action. [94] Rockefeller denied any responsibility and minimized the seriousness of the event. [9] His fortune was mainly used to create the modern systematic approach of targeted philanthropy through the creation of foundations that had a major effect on medicine, education, and scientific research. [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. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. As a result, Rockefeller and his associates owned dozens of separate corporations, each of which operated in just one state; the management of the whole enterprise was rather unwieldy. In 1870 Rockefeller established the Standard Oil Company. 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. Rockefeller then ordered the issuance of certificates against oil stored in its pipelines. He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. We correct them as soon as they come to our knowledge. That fact enabled the company to negotiate with railroads for favoured rates on its shipments of oil. However, he did not intend to eliminate competition entirely. For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. [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. He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. Rockefeller was also given the duties of collecting debts when Hewitt instructed him to do so. 186365 Rockefeller builds his first oil refinery, near Cleveland. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. 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. 187072 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. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In the aftermath of that battle, the Commonwealth of Pennsylvania indicted Rockefeller in 1879 on charges of monopolizing the oil trade, starting an avalanche of similar court proceedings in other states and making a national issue of Standard Oil's business practices. [31] He was a well-behaved, serious, and studious boy despite his father's absences and frequent family moves. In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . [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. 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. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. 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. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. Grandson Laurance Spelman Rockefeller became a conservationist. Between John and William Jr.'s births, Bill and Nancy had another daughter Cornelia. He was buried in Lake View Cemetery in Cleveland.[136]. 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. 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. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. 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. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. 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. [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. 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. [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. However, his mother was more influential in his upbringing and beyond, while he distanced himself further and further from his father as his life progressed. [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 admitted that he had made no attempt to bring the militiamen to justice. He came to associate the church with charity. And God was good to me everyday. He adhered to total abstinence from alcohol and tobacco throughout his life. [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. While every effort has been made to follow citation style rules, there may be some discrepancies. If we absorb them, it surely will bring up another. Barrels that cost $2.50 each ended up only $0.96 when Rockefeller bought the wood and had them built for himself. Rockefellers benefactions during his lifetime totaled more than $500 million. [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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. Omissions? [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. In the aftermath, Rockefeller's control over the oil industry was somewhat reduced, but over the next 10 years the breakup proved immensely profitable for him. She also put up with his philandering and his double life, which included bigamy. "[72] Over time, foreign competition and new finds abroad eroded his dominance. 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. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. Fourth son Winthrop Aldrich Rockefeller served as Republican Governor of Arkansas. [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. [42] As he said, "God gave me money", and he did not apologize for it. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. [75] Additional fields were discovered in Burma and Java. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Alternate titles: John Davison Rockefeller. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. Full of work and full of play [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.
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