On Gates' advice, Rockefeller became one of the first great benefactors of medical science. 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. [67] By 1880, according to the New York World, Standard Oil was "the most cruel, impudent, pitiless, and grasping monopoly that ever fastened upon a country". [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. 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. [44] In the kerosene industry, the company replaced the old distribution system with its own vertical system. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. "[34] He was particularly adept at calculating transportation costs, which served him well later in his career. [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). [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. In less than four months in 1872, in what was later known as "The Cleveland Conquest" or "The Cleveland Massacre," Standard Oil absorbed 22 of its 26 Cleveland competitors. 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. 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. 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 My life has been one long, happy holiday; John D. Rockefellers Standard Oil Company acquiredpipelinesand terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. [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. 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). He said later, "Her judgment was always better than mine. In 1870 Rockefeller established the Standard Oil Company. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. Rockefeller liked the Ormond Beach area so much that after four seasons at the hotel, he bought an estate in Ormond Beach called The Casements. [citation needed], Rockefeller created the Rockefeller Foundation in 1913[119] to continue and expand the scope of the work of the Sanitary Commission,[114] which was closed in 1915. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. If we absorb them, it surely will bring up another. 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. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to Rockefellers benefactions during his lifetime totaled more than $500 million. In the early 1880s, Rockefeller created one of his most important innovations. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. [96] When testifying on the Ludlow Massacre, and asked what action he would have taken as Director, John D. Rockefeller Jr. stated, "I would have taken no action. A. D. John. A devout Baptist, Rockefeller turned his attention increasingly during the 1890s to charities and benevolence; after 1897 he devoted himself completely to philanthropy. [48], Undeterred, though vilified for the first time by the press, Rockefeller continued with his self-reinforcing cycle of buying the least efficient competing refiners, improving the efficiency of his operations, pressing for discounts on oil shipments, undercutting his competition, making secret deals, raising investment pools, and buying rivals out. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. Likewise, it became one of the largest shippers of oil and kerosene in the country. The price of the refined oil in 1863 was around $13 a barrel, with a profit margin of around $5 to $8 a barrel. Rockefeller retained his nominal title as president until 1911 and he kept his stock. Many people were impacted in a negative way and his business tactics were not always ethical. But they had never played fair, and that ruined their greatness for me." She also put up with his philandering and his double life, which included bigamy. [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. [35] Rockefeller received $16 a month for his three-month apprenticeship. 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. Seldom has history produced such a contradictory figure. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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 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]. Economic historian Robert Whaples warns against ignoring the secrets of his business success: [R]elentless cost cutting and efficiency improvements, boldness in betting on the long-term prospects of the industry while others were willing to take quick profits, and impressive abilities to spot and reward talent, delegate tasks, and manage a growing empire. While every effort has been made to follow citation style rules, there may be some discrepancies. 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. 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. 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). Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. During the next decade, kerosene became commonly available to the working and middle classes. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. [9] His fortune was mainly used to create the modern systematic approach of targeted philanthropy through the creation of foundations that had a major effect on medicine, education, and scientific research. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. [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. Rockefeller envisioned pipelines as an alternative transport system for oil and began a campaign to build and acquire them. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. 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. Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. 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. 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. 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. He had an elder sister named Lucy and four younger siblings: William Jr., Mary, and twins Franklin (Frank) and Frances. 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. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. 186365 Rockefeller builds his first oil refinery, near Cleveland. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents.
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