They would blow holes in the ground and gather up the oil as they could, often leading to creeks and rivers flowing with wasted oil in the place of water. WebHow did John Rockefeller gain his wealth? 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. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. Rockefeller had a long and controversial career in the oil industry followed by a long career in philanthropy. The Spelman Family, Rockefeller's in-laws, along with John Rockefeller were ardent abolitionists before the Civil War and were dedicated to supporting the Underground Railroad. I dropped the worry on the way Even more critical, the invention of the light bulb gradually began to erode the dominance of kerosene for illumination. "I wanted to go in the army and do my part," Rockefeller said. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. [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. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. Corrections? American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 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. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. 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. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. Seldom has history produced such a contradictory figure. [45], A market existed for the refined oil in the form of kerosene. My life has been one long, happy holiday; From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. [123], In the 1920s, the Rockefeller Foundation funded a hookworm eradication campaign through the International Health Division. Within two years it is the largest refinery in the area. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. Standard's most potent weapons against competitors were underselling, differential pricing, and secret transportation rebates. 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. His final year provided him $58 a month. [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. 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. 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. 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. "[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. 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. 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. Although it always had hundreds of competitors, Standard Oil gradually gained dominance of oil refining and sales as market share in the United States through horizontal integration, ending up with about 90% of the US market. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. 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. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. In 1870 Rockefeller established 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. Rockefellers benefactions during his lifetime totaled more than $500 million. [35] Rockefeller received $16 a month for his three-month apprenticeship. 186365 Rockefeller builds his first oil refinery, near Cleveland. 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. There was destitution in the coalfields. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. 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. He quickly found success as it became the largest refinery in the area, and They write new content and verify and edit content received from contributors. Rockefeller founded the Standard Oil Company in 1870. Grandson Laurance Spelman Rockefeller became a conservationist. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. 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 Tarbell's father had been driven out of the oil business during the "South Improvement Company" affair. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [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. [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. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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. She also put up with his philandering and his double life, which included bigamy. [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. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [76], Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. 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. 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]. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. His father was of English and German descent, while his mother was of Ulster Scot descent. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. 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). 186365 Rockefeller builds his first oil refinery, near Cleveland. Many people were impacted in a negative way and his business tactics were not always ethical. Rockefeller said, "It was the day that determined my career. 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. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. 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. [92], The strike, called in September 1913 by the United Mine Workers, over the issue of union representation, was against coal mine operators in Huerfano and Las Animas counties of southern Colorado, where the majority of CF&I's coal and coke production was located. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. In total Rockefeller donated about $530million. 186365 Rockefeller builds his first oil refinery, near Cleveland. 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. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. Throughout his life, Bill was notorious for conducting schemes. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. They thus established the first major U.S. trust and set a pattern of organization for other monopolies. Great-grandson John Davison "Jay" Rockefeller IV served from 1985 until 2015 as a Democratic Senator from West Virginia after serving as governor of West Virginia,[100] and another Winthrop served as lieutenant governor of Arkansas for a decade. Without her keen advice, I would be a poor man."[40]. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. 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. For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. Instead of using his father's method of presence to collect debts, Rockefeller relied on a persistent pestering approach. His business hurt many of his workers and many other small businesses with the monopoly that he created. WebHow did John Rockefeller gain his wealth? It added its own pipelines, tank cars, and home delivery network. 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. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. I want to make 'em sharp." 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. When the Civil War was nearing a close and with the prospect of those war-time profits ending, Clark & Rockefeller looked toward the refining of crude oil. WebHow did John Rockefeller gain his wealth? Updates? A deal brokered by Henry Clay Frick exchanged Standard's iron interests for U.S. Steel stock and gave Rockefeller and his son membership on the company's board of directors. Rockefeller prevailed and the railroad sold its oil interests to Standard. In 1882, Rockefeller's lawyers created an innovative form of corporation to centralize their holdings, giving birth to the Standard Oil Trust. Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. He gave money to the Union cause, as did many rich Northerners who avoided combat. The Rockefeller wealth, distributed as it was through a system of foundations and trusts, continued to fund family philanthropic, commercial, and, eventually, political aspirations throughout the 20th century. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. Alternate titles: John Davison Rockefeller. [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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. 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. 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. 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. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. The railroads competed fiercely for traffic and, in an attempt to create a cartel to control freight rates, formed the South Improvement Company offering special deals to bulk customers like Standard Oil, outside the main oil centers. He quickly found success as it became the largest refinery in the area, and Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [84] Although her work prompted a huge backlash against the company, Tarbell stated she was surprised at its magnitude. On this Wikipedia the language links are at the top of the page across from the article title. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. What was John D. Rockefeller remembered for? For many of his competitors, Rockefeller had merely to show them his books so they could see what they were up against and then make them a decent offer. His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. His hair never grew back, but other health complaints subsided as he lightened his workload. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [121] It also built the Peking Union Medical College in China into a notable institution. 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. 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 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). [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. American industrialist and philanthropist [17941877]. He came to associate the church with charity. The United States Commission on Industrial Relations conducted extensive hearings, singling out John D. Rockefeller Jr. and the Rockefellers' relationship with Bowers for special attention. 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. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. 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. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. Tar was used for paving, naphtha shipped to gas plants. WebJohn D. Rockefeller. By 1901 he began wearing toupes and by 1902, his mustache disappeared. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. By 1882 Standard Oil had a near monopoly on the oil business in the United States. [129][130] It would be Rockefeller's winter home during the latter part of his life. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. [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. 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. 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. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. [85], Rockefeller and his son continued to consolidate their oil interests as best they could until New Jersey, in 1909, changed its incorporation laws to effectively allow a re-creation of the trust in the form of a single holding company. 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." They had four daughters and one son together. At last in 1911, the Supreme Court of the United States found Standard Oil Company of New Jersey in violation of the Sherman Antitrust Act. "[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. [75] Additional fields were discovered in Burma and Java. [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. 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. 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. [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).