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. If we absorb them, it surely will bring up another. They write new content and verify and edit content received from contributors. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. 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. 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. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. 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. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. WebHow did John Rockefeller gain his wealth? Pennzoil and Chevron have remained separate companies. [124], Rockefeller's fourth main philanthropy, the Laura Spelman Rockefeller Memorial Foundation, was created in 1918. [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. [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. [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. 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). August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. 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. His business hurt many of his workers and many other small businesses with the monopoly that he created. 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. 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. [55], Part of this scheme was the announcement of sharply increased freight charges. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. He supported the incorporation of repealing the 18th amendment into the Republican party platform. American industrialist and philanthropist [17941877]. "[105], Rockefeller and his advisers invented the conditional grant, which required the recipient to "root the institution in the affections of as many people as possible who, as contributors, become personally concerned, and thereafter may be counted on to give to the institution their watchful interest and cooperation".[106]. By 1882 Standard Oil had a near monopoly on the oil business in the United States. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. Corrections? The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the trading of oil futures. [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. [citation needed], Pratt and Rogers became Rockefeller's partners. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. On Gates' advice, Rockefeller became one of the first great benefactors of medical science. In the aftermath of that battle, the Commonwealth of Pennsylvania indicted Rockefeller in 1879 on charges of monopolizing the oil trade, starting an avalanche of similar court proceedings in other states and making a national issue of Standard Oil's business practices. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. 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. [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. 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. Many people were impacted in a negative way and his business tactics were not always ethical. All the fortune that I have made has not served to compensate me for the anxiety of that period. In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. 187072 [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. 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. 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." The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. [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. 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. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. 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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. 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. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. 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. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. He believed that measure to be prohibition, as he and his father donated 350,000 to "all branches of the Anti-Saloon League, Federal and State." Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. There was no one to take my place. 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. 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 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). Most failed, but those who struck oil did not even need to be efficient. [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. "John D. Rockefeller: Oil Baron and Philanthropist." [94], The casualties suffered at Ludlow mobilized public opinion against the Rockefellers and the coal industry. 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. [82], Upon his ascent to the presidency, Theodore Roosevelt initiated dozens of suits under the Sherman Antitrust Act and coaxed reforms out of Congress. [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. "[84] He began a publicity campaign to put his company and himself in a better light. Bill once bragged, "I cheat my boys every chance I get. 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. [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. He was a faithful congregant of the Erie Street Baptist Mission Church, taught Sunday school, and served as a trustee, clerk, and occasional janitor. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. Grandson Laurance Spelman Rockefeller became a conservationist. 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". [83] Both sides purchased substantial arms and ammunition. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. 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. Fourth son Winthrop Aldrich Rockefeller served as Republican Governor of Arkansas. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. 186365 Rockefeller builds his first oil refinery, near Cleveland. John D. Rockefeller was born in Richford, New York, then part of the Burned-over district, a New York state region that became the site of an evangelical revival known as the Second Great Awakening. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. Rockefeller had only $800 saved up at the time and so borrowed $1,000 from his father, "Big Bill" Rockefeller, at 10 percent interest. [47], While other refineries would keep the 60% of oil product that became kerosene, but dump the other 40% in rivers and massive sludge piles,[48] Rockefeller used the gasoline to fuel the refinery, and sold the rest as lubricating oil, petroleum jelly and paraffin wax, and other by-products. On this Wikipedia the language links are at the top of the page across from the article title. 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. My life has been one long, happy holiday; His father was of English and German descent, while his mother was of Ulster Scot descent. 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. 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]. 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. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. Articles from Britannica Encyclopedias for elementary and high school students. 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. 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. 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. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. 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. 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. A state agency created by Governor Carlson, offered work to unemployed miners building roads and doing other useful projects. [citation needed], Rockefeller, aged 86, wrote the following words to sum up his life:[144]. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. He was an excellent debater and expressed himself precisely. His philosophy of giving was founded upon biblical principles. 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. 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. 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. It endowed Johns Hopkins School of Hygiene and Public Health,[114] the first of its kind. John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. 2001. [94][95] Costs to both mine operators and the union were high. 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. Our editors will review what youve submitted and determine whether to revise the article. "[22] Unshackled by conventional morality, he led a vagabond existence and returned to his family infrequently. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [69] The "trust" was a corporation of corporations, and the entity's size and wealth drew much attention. He borrowed heavily, reinvested profits, adapted rapidly to changing markets, and fielded observers to track the quickly expanding industry. [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. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. Rockefeller called her "Miss Tarbarrel" in private but held back in public saying only, "not a word about that misguided woman. Within two years it is the largest refinery in the area. 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. Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. [59] Standard was growing horizontally and vertically. He and Carnegie gave form and impetus through their charities to the work of Abraham Flexner, who in his essay "Medical Education in America" emphatically endowed empiricism as the basis for the US medical system of the 20th century. 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). [75] Additional fields were discovered in Burma and Java. Early in his life, he regularly went with his siblings and mother Eliza to the local Baptist churchthe Erie Street Baptist Church (later the Euclid Avenue Baptist Church)an independent Baptist church which eventually came to associate with the Northern Baptist Convention (19071950; modern American Baptist Churches USA). [94] Rockefeller denied any responsibility and minimized the seriousness of the event. Later in life he turned his attention to charity. [116] It claims a connection to 23 Nobel laureates. She also put up with his philandering and his double life, which included bigamy. 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. 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.