Standard Oil

John Davison Rockefeller, Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He was a co-founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry, and along with other key contemporary industrialists such as Andrew Carnegie, defined the structure of modern philanthropy. In 1870, he co-founded Standard Oil Company and actively ran it until he officially retired in 1897.[1]

Rockefeller founded Standard Oil as an Ohio partnership with his brother William along with Henry Flagler, Jabez A. Bostwick, chemist Samuel Andrews, and a silent partner, Stephen V. Harkness. As kerosene and gasoline grew in importance, Rockefeller's wealth soared and he became the world's richest man and the first American worth more than a billion dollars.[a] Adjusting for inflation, he is often regarded as the richest person in history.[2][3][4][5]

Rockefeller spent the last 40 years of his life in retirement at his estate, Kykuit, in Westchester County, New York. His fortune was mainly used to create the modern systematic approach of targeted philanthropy. He was able to do this through the creation of foundations that had a major effect on medicine, education and scientific research.[6] His foundations pioneered the development of medical research and were instrumental in the eradication of hookworm and yellow fever.

Rockefeller was also the founder of both the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines. He was a devoted Northern Baptist and supported many church-based institutions. Rockefeller adhered to total abstinence from alcohol and tobacco throughout his life.[7] He was a faithful congregant of the Erie Street Baptist Mission Church, where he taught Sunday school, and served as a trustee, clerk, and occasional janitor.[8][9] Religion was a guiding force throughout his life, and Rockefeller believed it to be the source of his success. On the other hand, Rockefeller was also considered a supporter of capitalism based in a perspective of social darwinism, and is often quoted saying "The growth of a large business is merely a survival of the fittest".[10][11]

Contents [hide]

1 Early life

2 Pre-Standard Oil career

2.1 As a bookkeeper

2.2 Business partnership

2.3 Beginning in the oil business

3 Standard Oil

3.1 Founding and early growth

3.2 Monopoly

4 Philanthropy

5 Marriage and family

5.1 A well kept secret

6 Illnesses and death

7 Legacy

8 See also

9 Notes

10 References

11 Bibliography

12 External links

Early life

Rockefeller was the second of six children and eldest son born in Richford, New York, to con artist William Avery "Bill" Rockefeller (November 13, 1810 — May 11, 1906) and Eliza Davison (September 12, 1813 — March 28, 1889). His siblings were Lucy (1838—1878), William Jr. (1841—1922), Mary (1843—1925), and twins Franklin (Frank) (1845—1917) and Frances (1845—1847). His father was of English and German descent while his mother was of Scots-Irish descent. Bill was first a lumberman and then a traveling salesman who identified himself as a "botanic physician" and sold elixirs. The locals referred to the mysterious but fun-loving man as "Big Bill" and "Devil Bill."[12] He was a sworn foe of conventional morality who had opted for a vagabond existence and who returned to his family infrequently. Throughout his life, Bill became notorious for shady schemes.[13] In between the births of Lucy and John, Bill and his mistress/housekeeper Nancy Brown had a daughter named Clorinda (c. 1838—?, died young). Between John and William Jr.'s births, Bill and Nancy had another daughter, Cornelia (c. 1840—?).[14]

Eliza, a homemaker and devout Baptist, struggled to maintain a semblance of stability at home, as Bill was frequently gone for extended periods. She also put up with his philandering and his double life, which included bigamy.[15] Thrifty by nature and necessity, she taught her son that "willful waste makes woeful want."[16] Young Rockefeller did his share of the regular household chores

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