John D. Rockefeller, born July 8, 1839, was one of the first billionaires ever. Born and raised in Richford, New York, He founded Standard Oil. A company based on transporting, refining, marketing, and producing oil. He Have a Net Worth of $128. John D. Rockefeller died on May 23, 1937 at the age of 97.
How was your early life?
I was the second of six children. My father was a salesman, selling patent medicine, such as Cancer Cures. When I was a boy, my family moved from Richford to Moravia and, in 1851, to Owego, where I attended Owego Academy. In 1853, my family bought a house in Strongsville, a town close to Cleveland, Ohio. In 1902, an audit showed I was worth about $200 million—compared to the total national wealth that year of $101 billion.
What exactly was Standard Oil?
By the end of the Civil War, Cleveland was one of the five main refining centers in the U.S. Eight years later; I started Standard Oil, which was rapidly growing into the most profitable refineries in Cleveland. In 1872, Standard Oil had absorbed 22 of the 26 refineries in Cleveland. If a company denied an offer from me, I would show them how good Standard Oil was and made the threat that if a company didn’t agree, I would run them out of business. Most of them agreed to become a part of Standard Oil.
How did you commit monopoly?
Standard Oil gradually gained control of all the refineries of America. In 1882, Rockefeller's lawyers created an original form of partnership to merge their holdings, giving birth to the Standard Oil Trust. The partnership's size and wealth drew much attention. 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.
What were the effects of your monopoly?
One of the most effective attacks on Rockefeller and his firm was the 1904 publication of The History of the Standard Oil Company, by Ida Tarbell. Tarbell's father had been driven out of the oil business during the South Improvement Company affair. Her book took a huge bite out of Standard Oil. By 1896, I shed all of my policy involvement in the affairs of Standard Oil; however I retained my nominal title as president until 1911; but I kept my stock. Standard Oil was later separated into 34 different companies, including, Conoco, Amoco, Chevron, Exxon Mobil, Sohio
Are you as bad as they say?
No, I gave10% of my paycheck to my church. As my wealth grew, so did my giving, primarily to educational and public health causes, but also for basic science and the arts. In 1884, I provided major funding for a college in Atlanta for black women that became Spelman College, $80 million to the University of Chicago, and many other donations.
How was your early life?
I was the second of six children. My father was a salesman, selling patent medicine, such as Cancer Cures. When I was a boy, my family moved from Richford to Moravia and, in 1851, to Owego, where I attended Owego Academy. In 1853, my family bought a house in Strongsville, a town close to Cleveland, Ohio. In 1902, an audit showed I was worth about $200 million—compared to the total national wealth that year of $101 billion.
What exactly was Standard Oil?
By the end of the Civil War, Cleveland was one of the five main refining centers in the U.S. Eight years later; I started Standard Oil, which was rapidly growing into the most profitable refineries in Cleveland. In 1872, Standard Oil had absorbed 22 of the 26 refineries in Cleveland. If a company denied an offer from me, I would show them how good Standard Oil was and made the threat that if a company didn’t agree, I would run them out of business. Most of them agreed to become a part of Standard Oil.
How did you commit monopoly?
Standard Oil gradually gained control of all the refineries of America. In 1882, Rockefeller's lawyers created an original form of partnership to merge their holdings, giving birth to the Standard Oil Trust. The partnership's size and wealth drew much attention. 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.
What were the effects of your monopoly?
One of the most effective attacks on Rockefeller and his firm was the 1904 publication of The History of the Standard Oil Company, by Ida Tarbell. Tarbell's father had been driven out of the oil business during the South Improvement Company affair. Her book took a huge bite out of Standard Oil. By 1896, I shed all of my policy involvement in the affairs of Standard Oil; however I retained my nominal title as president until 1911; but I kept my stock. Standard Oil was later separated into 34 different companies, including, Conoco, Amoco, Chevron, Exxon Mobil, Sohio
Are you as bad as they say?
No, I gave10% of my paycheck to my church. As my wealth grew, so did my giving, primarily to educational and public health causes, but also for basic science and the arts. In 1884, I provided major funding for a college in Atlanta for black women that became Spelman College, $80 million to the University of Chicago, and many other donations.
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