Both sides purchased substantial arms and ammunition. 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. "[72] Over time, foreign competition and new finds abroad eroded his dominance. [45], A market existed for the refined oil in the form of kerosene. [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. It endowed Johns Hopkins School of Hygiene and Public Health,[114] the first of its kind. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 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. 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 Second son Nelson Aldrich Rockefeller was Republican governor of New York and the 41st Vice President of the United States. In the same letter, Rockefeller writes that he has "always stood for whatever measure seemed at the time to give promise of promoting temperance." 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. Coal had previously been used to extract kerosene, but its tedious extraction process and high price prevented broad use. He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. Founded by John D. Rockefeller, Jr. (1839-1937), the Standard Oil Company is one of the world's richest corporations. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. 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. By the time he was twenty, his charity exceeded ten percent of his income. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. The camp was burned, resulting in 15 women and children, who hid in tents at the camp, being burned to death. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. "I wanted to go in the army and do my part," Rockefeller said. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. Many people were impacted in a negative way and his business tactics were not always ethical. [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. 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. In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). WebHow did John Rockefeller gain his wealth? Tar was used for paving, naphtha shipped to gas plants. Rockefellers benefactions during his lifetime totaled more than $500 million. [64] Rockefeller was under great strain during the 1870s and 1880s when he was carrying out his plan of consolidation and integration and being attacked by the press. The cartel offered preferential treatment as a high-volume shipper, which included not just steep discounts/rebates of up to 50% for their product but rebates for the shipment of competing products. He adhered to total abstinence from alcohol and tobacco throughout his life. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. By 1868, with Rockefeller continuing practices of borrowing and reinvesting profits, controlling costs, and using refineries' waste, the company owned two Cleveland refineries and a marketing subsidiary in New York; it was the largest oil refinery in the world. [112][113][16][14][15], Rockefeller's General Education Board, founded in 1903,[114] was established to promote education at all levels everywhere in the country. [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. 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. [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. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. 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). 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. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. 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. [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. Biographer Allan Nevins, answering Rockefeller's enemies, concluded: The rise of the Standard Oil men to great wealth was not from poverty. 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. [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. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. Articles from Britannica Encyclopedias for elementary and high school students. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. 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. Throughout his life, Bill was notorious for conducting schemes. 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. 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." We have abundant evidence that Rockefeller's consistent policy was to offer fair terms to competitors and to buy them out, for cash, stock, or both, at fair appraisals; we have the statement of one impartial historian that Rockefeller was decidedly "more humane toward competitors" than Carnegie; we have the conclusion of another that his wealth was "the least tainted of all the great fortunes of his day."[137]. 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. 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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. His hair never grew back, but other health complaints subsided as he lightened his workload. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. [18] Religion was a guiding force throughout his life and he believed it to be the source of his success. Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. By 1869 there was triple the kerosene refining capacity than needed to supply the market, and the capacity remained in excess for many years. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. He admitted that he had made no attempt to bring the militiamen to justice. Grandson Laurance Spelman Rockefeller became a conservationist. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. "[30], When he was a boy, his family moved to Moravia, New York, and to Owego, New York, in 1851, where he attended Owego Academy. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [44] Likewise, Rockefeller's refineries hired their own plumbers, cutting the cost of pipe-laying in half.
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