Between John and William Jr.'s births, Bill and Nancy had another daughter Cornelia. They had four daughters and one son together. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Rockefellers benefactions during his lifetime totaled more than $500 million. Rockefeller believed in the Efficiency Movement, arguing that: "To help an inefficient, ill-located, unnecessary school is a waste it is highly probable that enough money has been squandered on unwise educational projects to have built up a national system of higher education adequate to our needs, if the money had been properly directed to that end. A. D. John. 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). Omissions? Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. 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. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. [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. [94][95] Costs to both mine operators and the union were high. Rockefeller was also given the duties of collecting debts when Hewitt instructed him to do so. 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. Rockefeller later commented:[53]. Though he had long maintained a policy of active silence with the press, he decided to make himself more accessible and responded with conciliatory comments such as "capital and labor are both wild forces which require intelligent legislation to hold them in restriction." What was John D. Rockefeller remembered for? [140], Rockefeller is largely remembered simply for the raw size of his wealth. 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. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. Many people were impacted in a negative way and his business tactics were not always ethical. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. There was destitution in the coalfields. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. The commercial oil business was then in its infancy. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. 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. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. Rather than try to influence the price of crude oil directly, Standard Oil had been exercising indirect control by altering oil storage charges to suit market conditions. [121] It also built the Peking Union Medical College in China into a notable institution. The strike was fought vigorously by the coal mine operators association and its steering committee, which included Welborn, president of CF&I, a spokesman for the coal operators. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. His father was of English and German descent, while his mother was of Ulster Scot descent. 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. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. [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. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. 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. Rockefeller finally gave up his dream of controlling all the world's oil refining; he admitted later, "We realized that public sentiment would be against us if we actually refined all the oil. 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. It endowed Johns Hopkins School of Hygiene and Public Health,[114] the first of its kind. 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. 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. 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. 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." [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. 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. [86] The court ruled that the trust originated in illegal monopoly practices and ordered it to be broken up into 34 new companies. 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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. Full of work and full of play [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. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. For with the measure you use, it will be measured to you. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. 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". 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). 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. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. 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. 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). Barrels that cost $2.50 each ended up only $0.96 when Rockefeller bought the wood and had them built for himself. 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]. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. 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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. 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. The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the trading of oil futures. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. [33] He worked long hours and delighted, as he later recalled, in "all the methods and systems of the office. 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. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. He said later, "Her judgment was always better than mine. By 1882 Standard Oil had a near monopoly on the oil business in the United States. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. [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. [97], Against long-circulating speculations that his family has French roots, genealogists proved the German origin of Rockefeller and traced them back to the early 17th century. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [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. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. [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. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. As he grew rich, his donations became more generous, especially to his church in Cleveland; nevertheless, it was demolished in 1925, and replaced with another building.[101]. 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. If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. I dropped the worry on the way "[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. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. However, he did not intend to eliminate competition entirely. [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. I was early taught to work as well as play, Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. [115] Rockefeller also provided financial support to such established eastern institutions as Yale, Harvard, Columbia, Brown, Bryn Mawr, Wellesley and Vassar. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [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. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". These contemporaries include his former competitors, many of whom were driven to ruin, but many others of whom sold out at a profit (or a profitable stake in Standard Oil, as Rockefeller often offered his shares as payment for a business), and quite a few of whom became very wealthy as managers as well as owners in Standard Oil. 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. 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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. [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. 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]. Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 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'. John D. Rockefeller was an American business magnate and philanthropist. 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. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. 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. "[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. [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. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. "John D. Rockefeller: Oil Baron and Philanthropist." Rockefeller prevailed and the railroad sold its oil interests to Standard. He would describe the University of Chicago as "the best investment I ever made." WebJohn D. Rockefeller. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. [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. 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. He wrote and published his memoirs beginning in 1908. It changed its name to Rockefeller University in 1965, after expanding its mission to include graduate education. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. 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. Tar was used for paving, naphtha shipped to gas plants. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. "[68], At that time, many legislatures had made it difficult to incorporate in one state and operate in another. "[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. "[48], Instead of wanting to eliminate them, Rockefeller saw himself as the industry's savior, "an angel of mercy" absorbing the weak and making the industry as a whole stronger, more efficient, and more competitive. The union was forced to discontinue strike benefits in February 1915. By then the trust still had a 70% market share of the refined oil market but only 14% of the U.S. crude oil supply. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. [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 capital expenditures for a refinery at that time were small around $1,000 to $1,500 and requiring only a few men to operate. [6][full citation needed] That was his peak net worth, and amounts to US$24.7billion (in 2021 dollars; inflation-adjusted). 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." Control was passed from the Iowa Group[91] to Gould and Rockefeller interests in 1903 with Gould in control and Rockefeller and Gates representing a minority interests. [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 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). He also had a deep love of music and dreamed of it as a possible career. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. [28] John did his share of the regular household chores and earned extra money raising turkeys, selling potatoes and candy, and eventually lending small sums of money to neighbors. 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. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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." Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. By 1882 Standard Oil had a near monopoly on the oil business in the United States. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry.
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