They write new content and verify and edit content received from contributors. In total Rockefeller donated about $530million. 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. [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. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. Pratt's son, Charles Millard Pratt, became secretary of 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. 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. 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." [138], Biographer Ron Chernow wrote of Rockefeller:[139], What makes him problematicand why he continues to inspire ambivalent reactionsis that his good side was every bit as good as his bad side was bad. He bought a residence in 1884 on 54th Street near the mansions of other magnates such as William Henry Vanderbilt. 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. [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. 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. 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". He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. 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. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [80] He went on a massive buying spree acquiring leases for crude oil production in Ohio, Indiana, and West Virginia, as the original Pennsylvania oil fields began to play out. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. This touched off a firestorm of protest from independent oil well owners, including boycotts and vandalism, which led to the discovery of Standard Oil's part in the deal. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. [94] Rockefeller denied any responsibility and minimized the seriousness of the event. He wrote and published his memoirs beginning in 1908. He complained that he could not stay asleep most nights. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. [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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. His final year provided him $58 a month. Udo Hielscher: Historische amerikanische Aktien, p. 68 74, Laughlin, Rosemary. Both sides purchased substantial arms and ammunition. Rockefeller later commented:[53]. 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. 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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. 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. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. WebJohn D. Rockefeller. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. However, he did not intend to eliminate competition entirely. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. [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. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. On this Wikipedia the language links are at the top of the page across from the article title. 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. [140], Rockefeller is largely remembered simply for the raw size of his wealth. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [17] For advice, he relied closely on his wife Laura Spelman Rockefeller with whom he had five children. [62] The railroad, seeing Standard's incursion into the transportation and pipeline fields, struck back and formed a subsidiary to buy and build oil refineries and pipelines. Much of his giving was church-related. [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. 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. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. "But it was simply out of the question. 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. WebHow did John Rockefeller gain his wealth? Strikebreakers (called "scabs") were threatened and sometimes attacked. In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. [116] It claims a connection to 23 Nobel laureates. In the early 1880s, Rockefeller created one of his most important innovations. [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. John D. Rockefeller was an American business magnate and philanthropist. 187072 [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. "[101], Rockefeller would support Baptist missionary activity, fund universities, and heavily engage in religious activities at his Cleveland, Ohio, church. Rockefellers benefactions during his lifetime totaled more than $500 million. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. 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. The aggressive competitive practices of Standard Oil, which many regarded as ruthless, and the growing public hostility toward monopolies, of which Standard was the best-known, caused some industrialized states to enact antimonopoly laws and led to the passage by the U.S. Congress of the Sherman Antitrust Act in 1890 (see also antitrust law). He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. But it is the assertion that the Standard magnates gained their wealth by appropriating "the property of others" that most challenges our attention. Articles from Britannica Encyclopedias for elementary and high school students. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. Please refer to the appropriate style manual or other sources if you have any questions. In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. [71] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. 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. 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 [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. Flagler expanded it to accommodate 600 guests and the hotel soon became one in a series of Gilded Age hotels catering to passengers aboard Flagler's Florida East Coast Railway. 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. Standard's most potent weapons against competitors were underselling, differential pricing, and secret transportation rebates. While every effort has been made to follow citation style rules, there may be some discrepancies. 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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. [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. 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. [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. [117] He founded the Rockefeller Sanitary Commission in 1909,[114] an organization that eventually eradicated the hookworm disease,[118] which had long plagued rural areas of the American South. 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. 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. 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. It supplied kerosene by tank cars that brought the fuel to local markets, and tank wagons then delivered to retail customers, thus bypassing the existing network of wholesale jobbers. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. Rockefeller retained his nominal title as president until 1911 and he kept his stock. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. 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]. It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. 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. 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. 186365 Rockefeller builds his first oil refinery, near Cleveland. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. In 1882, Rockefeller's lawyers created an innovative form of corporation to centralize their holdings, giving birth to the Standard Oil Trust. [141], His wealth continued to grow significantly (in line with U.S. economic growth) as the demand for gasoline soared, eventually reaching about $900million on the eve of the First World War, including significant interests in banking, shipping, mining, railroads, and other industries. [86], In 1902, facing cash flow problems, John Cleveland Osgood turned to George Jay Gould, a principal stockholder of the Denver and Rio Grande, for a loan. 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. That is, two years after the dissolution of Standard Oil. 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. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. He supported the incorporation of repealing the 18th amendment into the Republican party platform. 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." [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. 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. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. [33] He worked long hours and delighted, as he later recalled, in "all the methods and systems of the office. 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. The commercial oil business was then in its infancy.
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