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. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. Rockefeller family [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. [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. [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. [128], Henry Morrison Flagler, one of the co-founders of Standard Oil along with Rockefeller, bought the Ormond Hotel in 1890, located in Ormond Beach, Florida, two years after it opened. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. His final year provided him $58 a month. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. 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. John D. Rockefeller His business hurt many of his workers and many other small businesses with the monopoly that he created. John D. Rockefeller He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. 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. A state agency created by Governor Carlson, offered work to unemployed miners building roads and doing other useful projects. JOHN D ROCKEFELLER Facts About John D. Rockefeller 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). 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. 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." 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. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. On this Wikipedia the language links are at the top of the page across from the article title. [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 oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. John D 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. [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. [101] Later in his life, Rockefeller recalled: "It was at this moment, that the financial plan of my life was formed". Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. [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. 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. [35] Rockefeller received $16 a month for his three-month apprenticeship. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. [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. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. Please refer to the appropriate style manual or other sources if you have any questions. John D 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]. He quickly found success as it became the largest refinery in the area, and [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. [89] Gould, via Frederick Taylor Gates, Rockefeller's financial adviser, brought John D. Rockefeller in to help finance the loan. ROCKEFELLER John D "[30], When he was a boy, his family moved to Moravia, New York, and to Owego, New York, in 1851, where he attended Owego Academy. 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. [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. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. John D. Rockefeller and His Enemies [94] Rockefeller denied any responsibility and minimized the seriousness of the event. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. 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]. "[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. [46] In this environment of a wasteful boom, the partners switched from foodstuffs to oil, building an oil refinery in 1863 in "The Flats", then Cleveland's burgeoning industrial area. His personal wealth was 900million in 1913 worth 23.5 billion dollars adjusted for inflation in 2020. In 1870 Rockefeller established the Standard Oil Company. Alternate titles: John Davison Rockefeller. John D. Rockefeller Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. The price of the refined oil in 1863 was around $13 a barrel, with a profit margin of around $5 to $8 a barrel. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [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. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. Rockefeller then ordered the issuance of certificates against oil stored in its pipelines. Strikebreakers (called "scabs") were threatened and sometimes attacked. [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. He complained that he could not stay asleep most nights. In the same letter, Rockefeller writes that he has "always stood for whatever measure seemed at the time to give promise of promoting temperance." David Rockefeller His hair never grew back, but other health complaints subsided as he lightened his workload. [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 Ohio businessman John D. Rockefeller entered the oil industry in the 1860s and in 1870, and founded Standard Oil with some other business partners. Rockefeller said, "It was the day that determined my career. 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. John Jr.'s youngest son David Rockefeller was a leading New York banker, serving for over 20 years as CEO of Chase Manhattan (now part of JPMorgan Chase). 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." John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. 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. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. 186365 Rockefeller builds his first oil refinery, near Cleveland. Tarbell's father had been driven out of the oil business during the "South Improvement Company" affair. John D. Rockefeller Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. [33] He worked long hours and delighted, as he later recalled, in "all the methods and systems of the office. 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. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. His father was of English and German descent, while his mother was of Ulster Scot descent. I only know he conceived the idea. [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. 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. John D Did Rockefeller [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. John D. Rockefeller | Timeline In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. 186365 Rockefeller builds his first oil refinery, near Cleveland. [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. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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 [6][full citation needed] That was his peak net worth, and amounts to US$24.7billion (in 2021 dollars; inflation-adjusted). He gave money to the Union cause, as did many rich Northerners who avoided combat. 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. [59] Standard was growing horizontally and vertically. 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. In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. Many people were impacted in a negative way and his business tactics were not always ethical. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. John D 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. 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. 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. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. 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. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. There was destitution in the coalfields. 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." [121] It also built the Peking Union Medical College in China into a notable institution. John D. Rockefeller | Timeline John D. Rockefeller and His Enemies [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. John D. Rockefeller In 1870 Rockefeller established the Standard Oil Company. 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). John D. Rockefeller, Jr Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. He ran it until 1897 and remained its largest shareholder. [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. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. 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.

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