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In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). [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. John D. Rockefeller [42] As he said, "God gave me money", and he did not apologize for it. 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. 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. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. Rockefeller family In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. However, he did not intend to eliminate competition entirely. [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. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. [116] It claims a connection to 23 Nobel laureates. Johann Peter Rockenfeller (baptized September 27, 1682, in the Protestant church of Rengsdorf) immigrated in 1723 from Altwied (today a district of Neuwied, Rhineland-Palatinate) with three children to North America and settled down in Germantown, Pennsylvania. 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. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. John D. Rockefeller Was the Richest Person To Ever Live Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. His personal wealth was 900million in 1913 worth 23.5 billion dollars adjusted for inflation in 2020. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. 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. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. 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. Nine trustees, including Rockefeller, ran the 41 companies in the trust. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. John D It was broken up into 34 separate entities, which included companies that became ExxonMobil, Chevron Corporation, and otherssome of which still have the highest level of revenue in the world. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Did Rockefeller It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. We correct them as soon as they come to our knowledge. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. What was John D. Rockefeller remembered for? Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. On this Wikipedia the language links are at the top of the page across from the article title. [86] The court ruled that the trust originated in illegal monopoly practices and ordered it to be broken up into 34 new companies. John D. Rockefeller My life has been one long, happy holiday; His General Education Board made a dramatic impact by funding the recommendations of the Flexner Report of 1910. It kept oil prices low to stave off competitors, made its products affordable to the average household, and, to increase market penetration, sometimes sold below cost. [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). From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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). By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. 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 total Rockefeller donated about $530million. Between John and William Jr.'s births, Bill and Nancy had another daughter Cornelia. did 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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 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 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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. 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. She also put up with his philandering and his double life, which included bigamy. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. [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. 2001. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. Many people were impacted in a negative way and his business tactics were not always ethical. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. [109] Rockefeller also gave considerable donations to Denison University[110] and other Baptist colleges. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. 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. Biography: John D. Rockefeller did John D Did Rockefeller That is, two years after the dissolution of Standard Oil. But they had never played fair, and that ruined their greatness for me." Throughout his life, Bill was notorious for conducting schemes. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. [65] Despite improving the quality and availability of kerosene products while greatly reducing their cost to the public (the price of kerosene dropped by nearly 80% over the life of the company), Standard Oil's business practices created intense controversy. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. David Rockefeller Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. John D WebJohn D. Rockefeller. Did Rockefeller I want to make 'em sharp." Rockefeller prevailed and the railroad sold its oil interests to Standard. By 1901 he began wearing toupes and by 1902, his mustache disappeared. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. His final year provided him $58 a month. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . 186365 Rockefeller builds his first oil refinery, near Cleveland. 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 refinery was directly owned by Andrews, Clark & Company, which was composed of Clark & Rockefeller, chemist Samuel Andrews, and M. B. Clark's two brothers. He supported the incorporation of repealing the 18th amendment into the Republican party platform. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. They include politicians and writers, some of whom served Rockefeller's interests, and some of whom built their careers by fighting Rockefeller and the "robber barons". The commercial oil business was then in its infancy. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. He quickly found success as it became the largest refinery in the area, and [24], Eliza was a homemaker and a devout Baptist who struggled to maintain a semblance of stability at home, as Bill was frequently gone for extended periods. 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]. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. [citation needed] [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. Please refer to the appropriate style manual or other sources if you have any questions. [121] It also built the Peking Union Medical College in China into a notable institution. Our editors will review what youve submitted and determine whether to revise the article. [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.
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