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. 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. [citation needed] 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. Later in life he turned his attention to charity. [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. 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". 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." 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]. It endowed Johns Hopkins School of Hygiene and Public Health,[114] the first of its kind. John D. Rockefeller was an American business magnate and philanthropist. In 1867, Henry Morrison Flagler became a partner, and the firm of Rockefeller, Andrews & Flagler was established. [citation needed], His mother was deeply religious and disciplined, and had a major influence on him in religious matters. [115] In keeping with the historic missions of the Baptists, it was especially active in supporting black schools in the South. [27] As Rockefeller's wealth grew, so did his giving, primarily to educational and public health causes, but also for basic science and the arts. In 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. John D. Rockefeller, Jr Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. 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. 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. 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. 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. Rockefeller family John D. Rockefeller Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. John Jr.'s youngest son David Rockefeller was a leading New York banker, serving for over 20 years as CEO of Chase Manhattan (now part of JPMorgan Chase). In full retirement at age 63, Rockefeller earned over $58million in investments in 1902. Grandchildren Abigail Aldrich "Abby" Rockefeller and John Davison Rockefeller III became philanthropists. Rockefeller family Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. Rockefeller prevailed and the railroad sold its oil interests to Standard. He said later, "Her judgment was always better than mine. May 15, 1911 | Supreme Court Orders Standard Oil to Be Broken Up Tycoon John D. Rockefeller Couldn't Hide His [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. In 1870 Rockefeller established the Standard Oil Company. 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. Strikebreakers (called "scabs") were threatened and sometimes attacked. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to He came to associate the church with charity. But by 1932, Rockefeller felt disillusioned by prohibition because of its failure to discourage drinking and alcoholism. [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. [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. Within two years it is the largest refinery in the area. The capital expenditures for a refinery at that time were small around $1,000 to $1,500 and requiring only a few men to operate. 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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Facts About John D. Rockefeller 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. For these reasons, Rockefeller and other heads of monopolistic companies were called robber barons by their critics. 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). [5] His personal wealth was estimated in 1913 at $900million, which was almost 3% of the US GDP of $39.1billion that year. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. 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. 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. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. [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). 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. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. 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. It added its own pipelines, tank cars, and home delivery network. 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. [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. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. [116] It claims a connection to 23 Nobel laureates. He followed his father's advice to "trade dishes for platters" and always get the better part of any deal. 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. [59] Standard was growing horizontally and vertically. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [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. "John D. Rockefeller: Oil Baron and Philanthropist." Osgood left the company in 1904 and devoted his efforts to operating competing coal and coke operations. WebJohn D. Rockefeller. Nine trustees, including Rockefeller, ran the 41 companies in the trust. 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.
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