[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. [57] While competitors may have been unhappy, Rockefeller's efforts did bring American consumers cheaper kerosene and other oil by-products. Within two years it is the largest refinery in the area. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. 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." Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. 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. "[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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [75] Additional fields were discovered in Burma and Java. John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. 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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. "I wanted to go in the army and do my part," Rockefeller said. 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. [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. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. He complained that he could not stay asleep most nights. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. Under the protection of the National Guard, some miners returned to work and some strikebreakers, imported from the eastern coalfields, joined them as Guard troops protecting their movements. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. [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. 186365 Rockefeller builds his first oil refinery, near Cleveland. He made possible the founding of the University of Chicago in 1892, and by the time of his deathfrom a heart attack in 1937, shortly before his 98th birthdayhe had given it some $35 million. Furthermore, Rockefeller gained enormous influence over the railroad industry which transported his oil around the country. 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. Pennzoil and Chevron have remained separate companies. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. He supported the incorporation of repealing the 18th amendment into the Republican party platform. 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. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. Bowers was relieved of duty and Wellborn restored to control in 1915, then industrial relations improved. 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. [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. 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. [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. He admitted that he had made no attempt to bring the militiamen to justice. [70] The public and the press were immediately suspicious of this new legal entity, and other businesses seized upon the idea and emulated it, further inflaming public sentiment. [77] In 1887, Congress created the Interstate Commerce Commission which was tasked with enforcing equal rates for all railroad freight, but by then Standard depended more on pipeline transport. 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. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. 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. All the fortune that I have made has not served to compensate me for the anxiety of that period. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. [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. 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 is reported to be the wealthiest man in America with about $150,000,000 and an income of $25,000 per day. 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 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). [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. [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. In the same letter, Rockefeller writes that he has "always stood for whatever measure seemed at the time to give promise of promoting temperance." Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 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. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. American industrialist and philanthropist [17941877]. 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]. 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. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. [94][95] Costs to both mine operators and the union were high. [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. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [33] He worked long hours and delighted, as he later recalled, in "all the methods and systems of the office. 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." He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. [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. His business hurt many of his workers and many other small businesses with the monopoly that he created. 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. [citation needed] The study, an excerpt of which was published in The Atlantic,[13] had been undertaken by the Carnegie Foundation for the Advancement of Teaching. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. In 1882, Rockefeller's lawyers created an innovative form of corporation to centralize their holdings, giving birth to the Standard Oil Trust. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to 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. 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. [55], Part of this scheme was the announcement of sharply increased freight charges. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. 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. A. D. John. 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. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. 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. Much of his giving was church-related. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. Both sides purchased substantial arms and ammunition. Most failed, but those who struck oil did not even need to be efficient. 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. [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. [116] It claims a connection to 23 Nobel laureates. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. He would describe the University of Chicago as "the best investment I ever made." WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. Seldom has history produced such a contradictory figure. [13], Rockefeller was also the founder of the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines. He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. However, he did not intend to eliminate competition entirely. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. In 1870 Rockefeller established the Standard Oil Company. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. [35] Rockefeller received $16 a month for his three-month apprenticeship. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Articles from Britannica Encyclopedias for elementary and high school students. He was an excellent debater and expressed himself precisely. John D. Rockefeller was an American business magnate and philanthropist. [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. Between John and William Jr.'s births, Bill and Nancy had another daughter Cornelia. [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. Rockefeller had a long and controversial career in the oil industry followed by a long career in philanthropy. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Bill once bragged, "I cheat my boys every chance I get. 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. But it is the assertion that the Standard magnates gained their wealth by appropriating "the property of others" that most challenges our attention. [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. 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. 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. [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. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. Let us know if you have suggestions to improve this article (requires login). [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. A major New York refiner, Charles Pratt and Company, headed by Charles Pratt and Henry H. Rogers, led the opposition to this plan, and railroads soon backed off. 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. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. 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]. He adhered to total abstinence from alcohol and tobacco throughout his life. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [115] Rockefeller also provided financial support to such established eastern institutions as Yale, Harvard, Columbia, Brown, Bryn Mawr, Wellesley and Vassar. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. There was no one to take my place. [6][full citation needed] That was his peak net worth, and amounts to US$24.7billion (in 2021 dollars; inflation-adjusted). John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. Rockefeller's charitable giving began with his first job as a clerk at age 16, when he gave six percent of his earnings to charity, as recorded in his personal ledger. WebJohn D. Rockefeller. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. [citation needed], Pratt and Rogers became Rockefeller's partners. Today known as Spelman College, the school is an all women Historically Black College or University in Atlanta, Georgia, named after Laura's family. [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. 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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. And God was good to me everyday. In 1870 Rockefeller established the Standard Oil Company. The price of the refined oil in 1863 was around $13 a barrel, with a profit margin of around $5 to $8 a barrel. 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. He even gave dimes as a playful gesture to wealthy men, such as tire mogul Harvey Firestone. [27] His church was later affiliated with the Northern Baptist Convention, which formed from American Baptists in the North with ties to their historic missions to establish schools and colleges for freedmen in the South after the American Civil War.