Without her keen advice, I would be a poor man."[40]. [citation needed], In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (18391915), daughter of Harvey Buell Spelman and Lucy Henry. Rockefeller later commented:[53]. [59] Standard was growing horizontally and vertically. Standard Oil adapted by developing a European presence, expanding into natural gas production in the U.S., and then producing gasoline for automobiles, which until then had been considered a waste product. 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). They thus established the first major U.S. trust and set a pattern of organization for other monopolies. 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). [39] Rockefeller went steadily ahead in business from there, making money each year of his career. He instinctively realized that orderliness would only proceed from centralized control of large aggregations of plant and capital, with the one aim of an orderly flow of products from the producer to the consumer. 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). Many people were impacted in a negative way and his business tactics were not always ethical. He ran it until 1897 and remained its largest shareholder. [127], Rockefeller supported the passage of the 18th Amendment, which banned alcohol in the United States. The oldest existing building on Spelman's campus, Rockefeller Hall, is named after him. 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. 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. WebJohn D. Rockefeller. [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. [87], Rockefeller, who had rarely sold shares, held over 25% of Standard's stock at the time of the breakup. 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. He came to associate the church with charity. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. Money making was considered by him a "God-given gift".[101]. By 1901 he began wearing toupes and by 1902, his mustache disappeared. It endowed Johns Hopkins School of Hygiene and Public Health,[114] the first of its kind. It added its own pipelines, tank cars, and home delivery network. John D. Rockefeller was remembered for his wealth and for the aggressive competitive practices of the Standard Oil Company. [citation needed] He was buried in Lake View Cemetery in Cleveland.[136]. Seldom has history produced such a contradictory figure. But they had never played fair, and that ruined their greatness for me." 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. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. He paid towards the freedom of two slaves[102] and donated to a Roman Catholic orphanage. 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. One of Flagler's guests at the Ormond Hotel was his former business partner John D. Rockefeller, who first stayed at the hotel in 1914. His final year provided him $58 a month. 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. August 2, 1896 An article documents Rockefellers life and his rise to wealth, from poverty to possessing millions of dollars. [53], On January 10, 1870, Rockefeller abolished the partnership of Rockefeller, Andrews & Flagler,[54] forming Standard Oil of Ohio. [44] This created an oil-drilling glut, with thousands of speculators attempting to make their fortunes. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. Many people were impacted in a negative way and his business tactics were not always ethical. [88] He and all of the other stockholders received proportionate shares in each of the 34 companies. Rogers, in particular, became one of Rockefeller's key men in the formation of the Standard Oil Trust. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". "[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. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. Continuing to apply his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio. In February 1914, a substantial portion of the troops were withdrawn, but a large contingent remained at Ludlow. [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. This incident brought unwanted national attention to Colorado. I only know he conceived the idea. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. 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. The price of the refined oil in 1863 was around $13 a barrel, with a profit margin of around $5 to $8 a barrel. 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." "[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]. [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. Much of his giving was church-related. In 1899 these companies were brought back together in a holding company, Standard Oil Company (New Jersey), which existed until 1911, when the U.S. Supreme Court declared it in violation of the Sherman Antitrust Act and therefore illegal. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. They include politicians and writers, some of whom served Rockefeller's interests, and some of whom built their careers by fighting Rockefeller and the "robber barons". He bought a residence in 1884 on 54th Street near the mansions of other magnates such as William Henry Vanderbilt. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. [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. 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. 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. [14][15][16] He was a devout Northern Baptist and supported many church-based institutions. John D Rockefeller was a businessman who emerged as one of the men with largest fortune in history. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. With the help of funds from the Rockefeller Foundation, relief programs were organized by the Colorado Committee on Unemployment and Relief. In the early 1880s, Rockefeller created one of his most important innovations. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . 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. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. This was probably the greatest amount of wealth that any private citizen had ever been able to accumulate by his own efforts. [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. It acquired pipelines and terminal facilities, purchased competing refineries in other cities, and vigorously sought to expand its markets in the United States and abroad. He said later, "Her judgment was always better than mine. That orderly, economic, efficient flow is what we now, many years later, call 'vertical integration' I do not know whether Mr. Rockefeller ever used the word 'integration'. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. Tar was used for paving, naphtha shipped to gas plants. ", Rockefeller was an abolitionist who voted for President Abraham Lincoln and supported the then-new Republican Party. 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. [65] Despite improving the quality and availability of kerosene products while greatly reducing their cost to the public (the price of kerosene dropped by nearly 80% over the life of the company), Standard Oil's business practices created intense controversy. She documented the company's espionage, price wars, heavy-handed marketing tactics, and courtroom evasions. Rockefeller was the eldest son and second of six children born to traveling physician and snake-oil salesman William (Big Bill) Avery Rockefeller and Eliza Davison Rockefeller. Our editors will review what youve submitted and determine whether to revise the article. The commercial oil business was then in its infancy. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. 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. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. Rockefeller revolutionized the petroleum industry and, through corporate and technological innovations, was instrumental in both widely disseminating and drastically reducing the production cost of oil. 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. [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). [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. Due to reduced demand for coal, resulting from an economic downturn, many of CF&I's coal mines never reopened and many men were thrown out of work. 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. He moved with his family to Moravia, New York, and, in 1851, to Oswego, New York, where he attended Oswego Academy. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. He admitted that he had made no attempt to bring the militiamen to justice. His image is an amalgam of all of these experiences and the many ways he was viewed by his contemporaries. 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]. He gave money to the Union cause, as did many rich Northerners who avoided combat. Rockefeller's operative, Lamont Montgomery Bowers,[93] remained in the background. In 1870 Rockefeller established the Standard Oil Company. [66], The firm was attacked by journalists and politicians throughout its existence, in part for these monopolistic methods, giving momentum to the antitrust movement. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. Omissions? In 1867, Henry Morrison Flagler became a partner, and the firm of Rockefeller, Andrews & Flagler was established. 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. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. He complained that he could not stay asleep most nights. Clark initiated the idea of the partnership and offered $2,000 towards the goal. What were John D. Rockefellers accomplishments? 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. US Gross Domestic Product 19131939 Stuck on Stupid: U.S. Economy. Rockefellers benefactions during his lifetime totaled more than $500 million. He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. [126], Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went. 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." In 1870 Rockefeller established the Standard Oil Company. WebJohn D. Rockefeller. 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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. 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. "John D. Rockefeller: Oil Baron and Philanthropist." [citation needed], Rockefeller, aged 86, wrote the following words to sum up his life:[144]. His father was of English and German descent, while his mother was of Ulster Scot descent. [25][c] Eliza was thrifty by nature and by necessity, and she taught her son that "willful waste makes woeful want". He has been widely considered the wealthiest American of all time[1][2] and the richest person in modern history. For with the measure you use, it will be measured to you. In 1870 Rockefeller and a few associates, a group that included American financier Henry M. Flagler, incorporated the Standard Oil Company (Ohio). John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. A state agency created by Governor Carlson, offered work to unemployed miners building roads and doing other useful projects. 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.