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Likewise, it became one of the largest shippers of oil and kerosene in the country. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. [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. However, he did not intend to eliminate competition entirely. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. What was John D. Rockefeller remembered for? She also put up with his philandering and his double life, which included bigamy. "[49] He was well-positioned to take advantage of postwar prosperity and the great expansion westward fostered by the growth of railroads and an oil-fueled economy. [27] As Rockefeller's wealth grew, so did his giving, primarily to educational and public health causes, but also for basic science and the arts. [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. He also had a deep love of music and dreamed of it as a possible career. 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]. 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. I dropped the worry on the way 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. [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. Early in his life, he regularly went with his siblings and mother Eliza to the local Baptist churchthe Erie Street Baptist Church (later the Euclid Avenue Baptist Church)an independent Baptist church which eventually came to associate with the Northern Baptist Convention (19071950; modern American Baptist Churches USA). 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. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to 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." [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. 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. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. [70] The public and the press were immediately suspicious of this new legal entity, and other businesses seized upon the idea and emulated it, further inflaming public sentiment. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. While every effort has been made to follow citation style rules, there may be some discrepancies. 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. [83] WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. [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 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. 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. We correct them as soon as they come to our knowledge. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. 2001. The Paris Rothschilds jumped into the fray providing financing. I only know he conceived the idea. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. Clark initiated the idea of the partnership and offered $2,000 towards the goal. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. [citation needed], By the end of the American Civil War, Cleveland was one of the five main refining centers in the U.S. (besides Pittsburgh, Pennsylvania, New York, and the region in northwestern Pennsylvania where most of the oil originated). "[101], Rockefeller would support Baptist missionary activity, fund universities, and heavily engage in religious activities at his Cleveland, Ohio, church. 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). WebHow did John Rockefeller gain his wealth? [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. Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. [18] Religion was a guiding force throughout his life and he believed it to be the source of his success. 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. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. WebJohn D. Rockefeller. The cartel offered preferential treatment as a high-volume shipper, which included not just steep discounts/rebates of up to 50% for their product but rebates for the shipment of competing products. 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. [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 1901, he founded the Rockefeller Institute for Medical Research[114] in New York City. His business hurt many of his workers and many other small businesses with the monopoly that he created. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. 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. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Much of his giving was church-related. 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. American industrialist and philanthropist [17941877]. 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. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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. WebJohn D. Rockefeller. During his first year, he received $31 a month, which was increased to $50 a month. [31] He was a well-behaved, serious, and studious boy despite his father's absences and frequent family moves. [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. [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. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. 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 evaded the decision by dissolving the trust and transferring its properties to companies in other states, with interlocking directorates so that the same nine men controlled the operations of the affiliated companies. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. [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. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. 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. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. [101] Later in his life, Rockefeller recalled: "It was at this moment, that the financial plan of my life was formed". He quickly found success as it became the largest refinery in the area, and John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [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. A major New York refiner, Charles Pratt and Company, headed by Charles Pratt and Henry H. Rogers, led the opposition to this plan, and railroads soon backed off. "[43] At that time, the Federal government was subsidizing oil prices, driving the price up from $.35 a barrel in 1862 to as high as $13.75. He supported the incorporation of repealing the 18th amendment into the Republican party platform. He ran it until 1897 and remained its largest shareholder. Strikebreakers (called "scabs") were threatened and sometimes attacked. Both sides purchased substantial arms and ammunition. [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. 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. 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. In the same letter, Rockefeller writes that he has "always stood for whatever measure seemed at the time to give promise of promoting temperance." [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. 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. "[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. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. Nine trustees, including Rockefeller, ran the 41 companies in the trust. Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. That is, two years after the dissolution of Standard Oil. [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. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. Most failed, but those who struck oil did not even need to be efficient. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Rockefeller was also considered a supporter of capitalism based on a perspective of social Darwinism, and he was quoted often as saying, "The growth of a large business is merely a survival of the fittest". [81] Amid the frenetic expansion, Rockefeller began to think of retirement. Omissions? [133] [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. His final year provided him $58 a month. The commercial oil business was then in its infancy. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. [35] Rockefeller received $16 a month for his three-month apprenticeship. There was destitution in the coalfields. 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]. Rockefeller said, "It was the day that determined my career. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. [citation needed], Pratt and Rogers became Rockefeller's partners. Many people were impacted in a negative way and his business tactics were not always ethical. 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. WebJohn D. Rockefeller. 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. 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 companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. 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. 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 Even with the high costs of freight transportation and a government levy during the Civil War (the government levied a tax of twenty cents a gallon on refined oil), profits on the refined product were large. [140], Rockefeller is largely remembered simply for the raw size of his wealth. Rockefeller prevailed and the railroad sold its oil interests to Standard. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Rockefeller retained his nominal title as president until 1911 and he kept his stock. 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]. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. But by 1932, Rockefeller felt disillusioned by prohibition because of its failure to discourage drinking and alcoholism. 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. 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 was an excellent debater and expressed himself precisely. Corrections? [45], A market existed for the refined oil in the form of kerosene. [79], In the 1890s, Rockefeller expanded into iron ore and ore transportation, forcing a collision with steel magnate Andrew Carnegie, and their competition became a major subject of the newspapers and cartoonists. 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 In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. During church service, his mother would urge him to contribute his few pennies to the congregation. He wrote and published his memoirs beginning in 1908. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. A. D. John. A. D. John. 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. Whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed. 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. 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. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio.