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Sep 15, 2022 · The first, Rockefeller & Andrews, consolidated the triumvirate’s refining capacity in Cleveland by adding William’s new “Standard Works” to the older Excelsior refinery. The second, Rockefeller & Company, established the refining company’s presence in New York City . This is the remarkable step.
Oct 10, 2024 · The company’s origins date to 1863, when Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business. In 1865 Rockefeller bought out Clark, and two years later he invited Henry M. Flaglerto join as a partner in the venture. By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest ...
- The Standard Oil Company
- Philanthropy
- The University of Chicago
- Corporate Philanthropy
- The Rockefeller Institute For Medical Research
- The General Education Board
- Rockefeller Sanitary Commission
- The Rockefeller Foundation
- Other Rockefeller Philanthropic Support
- Family Life
JDR’s stake in the oil industry increased as the industry itself expanded, spurred by the rapidly spreading use of kerosene for lighting. In 1870 he organized The Standard Oil Company with his brother William, Andrews, Henry M. Flagler, Steven V. Harkness, and others. It had a capital of $1 million. By 1872 Standard Oil had purchased nearly all the...
JDR was 57 years old in 1896 when he decided that others should take over the daily leadership of Standard Oil. He now focused his efforts on philanthropy, giving away the bulk of his fortune in ways designed to do the most good as determined by careful study, experience, and the help of expert advisers. From the time he began earning money as a ch...
As his wealth grew in 1880s, JDR came to favor a cooperative and conditional system of giving in which he would support a project if others interested in it also provided substantial financial support. Thus he participated in the founding of the University of Chicago with the American Baptist Education Society by offering $600,000 of the first $1 m...
JDR recognized the difficulties of wisely applying great funds to human welfare, and he helped to define the method of scientific, efficient, corporate philanthropy. To help manage his philanthropy, he hired the Rev. Frederick T. Gates, whose work with the American Baptist Education Society and the University of Chicago inspired JDR’s confidence. W...
In 1901 JDR founded the Rockefeller Institute for Medical Research (now The Rockefeller University) for the purpose of discovering the causes, manner of prevention, and the cure of disease. A few of the noted achievements of its scientists are the serum treatment of spinal meningitis and of pneumonia; knowledge of the cause and manner of infection ...
In 1902 JDR established the General Education Board (GEB) for the “promotion of education within the United States without the distinction of race, sex or creed.” Between 1902 and 1965, the GEB distributed $325 million to improve education at all levels, with emphasis upon higher education, including medical schools. In the south, where there was s...
In 1909 JDR combined his special interest in the U.S. south with his interest in public health to create the Rockefeller Sanitary Commission for the Eradication of Hookworm Disease. Its purposse was to fund a cooperative movement to cure and prevent hookworm disease, which was especially devastating in the southern states. The commission launched a...
In 1913 JDR established the Rockefeller Foundation to “promote the well-being of mankind throughout the world.” In keeping with this broad commitment, the foundation has given important global assistance to public health, medical education, improved food production, scientific advancement, social research, and the arts. The foundation’s Internation...
In addition to creating several corporate philanthropies, JDR continued to make personal donations to the following: theological schools; the Palisades Interstate Park Commission; victims of the 1906 San Francisco earthquake; the Anti-Saloon League; Baptist missionary organizations; various YMCAs and YWCAs; parks in Cleveland; and colleges and univ...
John D. Rockefeller married Laura C. Spelman, a teacher, on September 8, 1864, in Cleveland. They had five children: Bessie, Alice, Alta, Edith, and John Jr., who inherited much of the family fortune and continued his father’s philanthropic work. In the 1870s, JDR began to make business trips to New York, and soon he started bringing his family for...
Standard Oil is the common name for a corporate trust in the petroleum industry that existed from 1882 to 1911. The origins of the trust lay in the operations of the Standard Oil Company (Ohio), which had been founded in 1870 by John D. Rockefeller. The trust was born on January 2, 1882, when a group of 41 investors signed the Standard Oil ...
Sep 13, 2024 · In 1870, Rockefeller joined in the oil business, along with his brother William, Samuel Andrews, Henry M. Flagler, and Stephen V. Harkness. Their business, the Standard Oil Company of Ohio, focused on oil refining, which had less variable costs than oil exploration and drilling. Rockefeller’s contemporaries often commented on his fixation ...
By 1870, the firm of Rockefeller, Andrews, and Flagler was, thanks to Rockefeller’s vision, a super-efficient refining machine, generating more than fifteen hundred barrels a day 38 — more than most refineries could produce in a week — at lower cost than anyone else. And in that year, the firm became the Standard Oil Company of Ohio — a joint-stock company, of the type used by ...
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May 29, 2018 · In 1882 Rockefeller and his associates established the first trust in the United States, which consolidated all of the company's assets under the New York Company, in which Rockefeller was the major shareholder. The 30 companies in the trust controlled 80 percent of the refineries and 90 percent of the oil pipelines in the country.
