what did john d rockefeller do

He truly believed in the biblical principle found in Luke 6:38, "Give, and it will be given to you. [19][20], Rockefeller was the second child born in Richford, New York, to con artist William A. Rockefeller Sr. and Eliza Davison. 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). Both sides purchased substantial arms and ammunition. [97], Against long-circulating speculations that his family has French roots, genealogists proved the German origin of Rockefeller and traced them back to the early 17th century. "I wanted to go in the army and do my part," Rockefeller said. As a percentage of the United States' GDP, no other American fortuneincluding those of Bill Gates or Sam Waltonwould even come close. Rockefeller said, "It was the day that determined my career. 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. Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. 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. Rockefellers benefactions during his lifetime totaled more than $500 million. Rockefeller prevailed and the railroad sold its oil interests to Standard. Standard Oil was the first great business trust in the United States. [120] He gave $182million to the foundation,[107] which focused on public health, medical training, and the arts. Public hostility toward monopolies, of which Standard was the best known, caused some countries to enact anti-monopoly laws. John D. Rockefeller, in full John Davison Rockefeller, (born July 8, 1839, Richford, New York, U.S.died May 23, 1937, Ormond Beach, Florida), American industrialist and philanthropist, founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. 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. [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". 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. In the end it turned out that the individual segments of the company were worth more than the entire company was when it was one entitythe sum of the parts were worth more than the wholeas shares of these doubled and tripled in value in their early years. [125] Through this, he supported work in the social studies; this was later absorbed into the Rockefeller Foundation. [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. Pennsylvania revoked the cartel's charter, and non-preferential rates were restored for the time being. In 1884, Rockefeller provided major funding for Atlanta Baptist Female Seminary in Atlanta for African-American women, which became Spelman College. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. On April 20, 1914, a general fire-fight occurred between strikers and troops, which was antagonized by the troops and mine guards. John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the worlds wealthiest men and a major philanthropist. He quickly found success as it became the largest refinery in the area, and 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. The oil fortunes of 1894 were not larger than steel fortunes, banking fortunes, and railroad fortunes made in similar periods. "[43] At that time, the Federal government was subsidizing oil prices, driving the price up from $.35 a barrel in 1862 to as high as $13.75. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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. 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 Paris Rothschilds jumped into the fray providing financing. 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. WebHow did John Rockefeller gain his wealth? There was no one to take my place. 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. By then the trust still had a 70% market share of the refined oil market but only 14% of the U.S. crude oil supply. Born in upstate New York, Rockefeller entered the oil business by investing in a Cleveland, Ohio refinery in 1863. [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. Today known as Spelman College, the school is an all women Historically Black College or University in Atlanta, Georgia, named after Laura's family. Much of Rockefeller's duties involved negotiating with barge canal owners, ship captains, and freight agents. A Baptist preacher once encouraged him to "make as much money as he could, and then give away as much as he could". Under the protection of the National Guard, some miners returned to work and some strikebreakers, imported from the eastern coalfields, joined them as Guard troops protecting their movements. [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. Rockefeller was an American business magnate and philanthropist. A deal brokered by Henry Clay Frick exchanged Standard's iron interests for U.S. Steel stock and gave Rockefeller and his son membership on the company's board of directors. He felt at ease and righteous following Methodist preacher John Wesley's dictum, "gain all you can, save all you can, and give all you can. 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 about John D. Rockefeller's historic-preservation of early American history at Williamsburg. In 1870 Rockefeller established the Standard Oil Company. [29] He later stated, "From the beginning, I was trained to work, to save, and to give. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. It changed its name to Rockefeller University in 1965, after expanding its mission to include graduate education. His company and business practices came under criticism, particularly in the writings of author Ida Tarbell . Pratt's son, Charles Millard Pratt, became secretary of Standard Oil. WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. His contemporaries described him as reserved, earnest, religious, methodical, and discreet. [84] Although her work prompted a huge backlash against the company, Tarbell stated she was surprised at its magnitude. 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. 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. [50], In 1866, William Rockefeller Jr., John's brother, built another refinery in Cleveland and brought John into the partnership. 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). His business hurt many of his workers and many other small businesses with the monopoly that he created. [24], Eliza was a homemaker and a devout Baptist who struggled to maintain a semblance of stability at home, as Bill was frequently gone for extended periods. 187072 187072 After the war, he donated land for the United Nations headquarters, a gift that figured prominently in the decision to [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. It drew masses to various Protestant churchesespecially Baptist onesand urged believers to follow such ideals as hard work, prayer, and good deeds to build "the Kingdom of God on Earth." 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. Few miners actually belonged to the union or participated in the strike call, but the majority honored it. Clark initiated the idea of the partnership and offered $2,000 towards the goal. In 1877, Standard clashed with Thomas A. Scott, the president of the Pennsylvania Railroad, Standard's chief hauler. 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. He quickly found success as it became the largest refinery in the area, and John D. Rockefeller was an American business magnate and philanthropist. [3][4] Rockefeller was born into a large family in Upstate New York that moved several times before eventually settling in Cleveland. We were in a new business, and if I had not stayed it must have stoppedand with so many dependent on it. [70] The public and the press were immediately suspicious of this new legal entity, and other businesses seized upon the idea and emulated it, further inflaming public sentiment. Then he took a ten-week business course at Folsom's Commercial College, where he studied bookkeeping. 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." WebBy 1858, Rockefeller had more responsibilities at Hewitt & Tuttle. Rockefellers benefactions during his lifetime totaled more than $500 million. In 1902, an audit showed Rockefeller was worth about $200millioncompared to the total national GDP of $24billion then. 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. [86], In 1902, facing cash flow problems, John Cleveland Osgood turned to George Jay Gould, a principal stockholder of the Denver and Rio Grande, for a loan. In 1853, his family moved to Strongsville, Ohio, and he attended Cleveland's Central High School, the first high school in Cleveland and the first free public high school west of the Alleghenies. They had four daughters and one son together. By 1882 Standard Oil had a near monopoly on the oil business in the United States. 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 1892 the Ohio Supreme Court held that the Standard Oil Trust was a monopoly in violation of an Ohio law prohibiting monopolies. In 1972 Congress honored his contributions by creating a memorial parkway between Yellowstone and Grand Teton national parks, which bears his name. I was early taught to work as well as play, He was buried in Lake View Cemetery in Cleveland.[136]. WebHow did John Rockefeller gain his wealth? If they refused his offer, he told them he would run them into bankruptcy and then cheaply buy up their assets at auction. Within two years it was the largest refinery in the area, and thereafter Rockefeller devoted himself exclusively to the oil business. [108] John and Laura donated money and supported the Atlanta Baptist Female Seminary whose mission was in line with their faith based beliefs. [45], A market existed for the refined oil in the form of kerosene. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents. [76], Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. 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. 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. Tar was used for paving, naphtha shipped to gas plants. Much of his giving was church-related. Rockefeller attended Baptist churches every Sunday; when traveling he would often attend services at African-American Baptist congregations, leaving a substantial donation. Grandson Laurance Spelman Rockefeller became a conservationist. [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. Sensing the commercial potential of the expanding oil production in western Pennsylvania in the early 1860s, he built his first oil refinery, near Cleveland, in 1863. Money making was considered by him a "God-given gift".[101]. Rockefeller had entered the raucous oil business during the Civil War, when oil often sold for a dollar a gallon. To critics Rockefeller replied, "In a business so large as ours some things are likely to be done which we cannot approve. The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws. [41] While his brother Frank fought in the Civil War, Rockefeller tended his business and hired substitute soldiers. However, he did not intend to eliminate competition entirely. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. Within two years it is the largest refinery in the area. [110] The foundation helped in World War I war relief,[122] and it employed William Lyon Mackenzie King of Canada to study industrial relations. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. Before 1870, oil light was only for the wealthy, provided by expensive whale oil. In the early 1880s, Rockefeller created one of his most important innovations. Many people were impacted in a negative way and his business tactics were not always ethical. Within two years it is the largest refinery in the area. WebJohn D. Rockefeller. I only know he conceived the idea. [58] Eventually, even his former antagonists, Pratt and Rogers, saw the futility of continuing to compete against Standard Oil; in 1874, they made a secret agreement with Rockefeller to be acquired. WebTwo things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. A good measure, pressed down, shaken together and running over, will be poured into your lap. [98][99], The name Rockenfeller refers to the now-abandoned village of Rockenfeld in the district of Neuwied. His philosophy of giving was founded upon biblical principles. While every effort has been made to follow citation style rules, there may be some discrepancies. 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. Standard's most potent weapons against competitors were underselling, differential pricing, and secret transportation rebates. Grandchildren Abigail Aldrich "Abby" Rockefeller and John Davison Rockefeller III became philanthropists. [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. There was destitution in the coalfields. 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. This campaign used a combination of politics and science, along with collaboration between healthcare workers and government officials to accomplish its goals. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. His final year provided him $58 a month. He also had a deep love of music and dreamed of it as a possible career. Great-grandson John Davison "Jay" Rockefeller IV served from 1985 until 2015 as a Democratic Senator from West Virginia after serving as governor of West Virginia,[100] and another Winthrop served as lieutenant governor of Arkansas for a decade. "[84] He began a publicity campaign to put his company and himself in a better light. [51][52] Rockefeller, Andrews & Flagler was the predecessor of the Standard Oil Company. Throughout his life, Bill was notorious for conducting schemes. [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. The companies' combined net worth rose fivefold and Rockefeller's personal wealth jumped to $900million. [39] Rockefeller went steadily ahead in business from there, making money each year of his career. "[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. 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. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy. During his first year, he received $31 a month, which was increased to $50 a month. 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). A. D. John. John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. A. D. John. 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. He said later, "Her judgment was always better than mine. Learn about John D. Rockefeller's historic-preservation of early American history at Williamsburg. 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. 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. [72] Despite the formation of the trust and its perceived immunity from all competition, by the 1880s Standard Oil had passed its peak of power over the world oil market. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. But they had never played fair, and that ruined their greatness for me." American industrialist and philanthropist [17941877]. "[34] He was particularly adept at calculating transportation costs, which served him well later in his career. Those practices enabled the company to negotiate withrailroadsfor favoured rates on its shipments of oil. Despite personal threats and constant pleas for charity, Rockefeller took the new elevated train to his downtown office daily. [107] His wife Laura Spelman Rockefeller, was dedicated to civil rights and equality for women. WebJohn D. Rockefeller was the richest man of his time but, used his wealth to improve our country. 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." Hostile critics often portrayed Rockefeller as a villain with a suite of bad traitsruthless, unscrupulous and greedyand as a bully who connived his cruel path to dominance. 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. Mr. Rockefeller financed the construction of museums in Mesa Verde, Grand Canyon, and Yellowstone national parks. He admitted that he had made no attempt to bring the militiamen to justice. From the different reports and the different historians opinions, I feel that Rockefeller and his business negatively impacted society. 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. "[143] By the time of his death in 1937, Rockefeller's remaining fortune, largely tied up in permanent family trusts, was estimated at $1.4billion, while the total national GDP was $92billion. He ran it until 1897 and remained its largest shareholder. Rockefeller retained his nominal title as president until 1911 and he kept his stock. In these negotiations, he learned that posted transportation rates that were believed to be fixed could be altered depending on conditions and timing of freight and through the use of rebates to preferred shippers. American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. [6][full citation needed] That was his peak net worth, and amounts to US$24.7billion (in 2021 dollars; inflation-adjusted). [108] John Rockefeller was impressed by the vision of the school and removed the debt from the school. He was advised primarily by Frederick Taylor Gates[103] after 1891,[104] and, after 1897, also by his son. During church service, his mother would urge him to contribute his few pennies to the congregation. The commercial oil business was then in its infancy. [117] He founded the Rockefeller Sanitary Commission in 1909,[114] an organization that eventually eradicated the hookworm disease,[118] which had long plagued rural areas of the American South. Likewise, it became one of the largest shippers of oil and kerosene in the country. 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.