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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 ...
- John D. Rockefeller
John D. Rockefeller (born July 8, 1839, Richford, New York,...
- John D. Rockefeller
- Discovering Crude Oil
- In Search of Ways to Save
- A Boon For Consumers
- Cutting Costs
- The Baku Threat
- “The Standard Oil Family”
- Praise from Others
- “Spiritual Food”
- Seeking Solutions to Social and Medical Problems
The discovery of large quantities of crude oil in northwest Pennsylvania soon changed the lives of millions of Americans. For centuries, people had known of the existence of crude oil scattered about America and the world. They just didn’t know what to do with it. Farmers thought it a nuisance and tried to plow around it; others bottled it and sold...
Rockefeller was constantly looking for ways to save. For example, he built his refineries well and bought no insurance. He also employed his own plumber and almost halved the cost of labor, pipes, and plumbing materials. Coopers charged $2.50 per barrel; Rockefeller cut this to $.96 when he bought his own tracts of white oak timber, his own kilns t...
Some of the oil producers were unhappy, but American consumers were pleased that Rockefeller was selling cheap oil. Before 1870, only the rich could afford whale oil and candles. The rest had to go to bed early to save money. By the 1870s, with the drop in the price of kerosene, middle- and working-class people all over the nation could afford the ...
Bigness was not Rockefeller’s real goal. It was just a means of cutting costs. During the 1870s, the price of kerosene dropped from 26 to eight cents a gallon, and Rockefeller captured about 90 percent of the American market. This percentage remained steady for years. Rockefeller never wanted to oust all of his rivals, just the ones who were wastef...
At first glance, Standard Oil seemed certain to lose. First, the Baku oil was centralized in one small area: this made it economical to drill, refine, and ship from a single location. Second, the Baku oil was more plentiful: its average yield was over 280 barrels per well per day, compared with 4.5 barrels per day from American wells. Third, Baku o...
Rockefeller approached the ideal of the “Standard Oil family” and tried to get each member to work for the good of the whole. As Thomas Wheeler said, “He managed somehow to get everybody interested in saving, in cutting out a detail here and there.” He sometimes joined the men in their work and urged them on. At 6:30 in the morning, there was Rocke...
Not just Rockefeller’s managers, but his fellow entrepreneurs thought he was remarkable. In 1873, the prescient Commodore Vanderbilt said, “That Rockefeller! He will be the richest man in the country.” Twenty years later, Charles Schwab learned of Rockefeller’s versatility when Rockefeller invested almost $40 million in the controversial ore of the...
Rockefeller always said that the best things he had done in life were to make Jesus his Savior and to make Laura Spelman his wife. He prayed daily first thing in the morning and went to church for prayer meetings with his family at least twice a week. He often said he felt most at home in church and in regular need of “spiritual food;” he and his w...
Rockefeller attacked social and medical problems the same way he competed against the Russians—with efficiency and innovation. To get both of these, Rockefeller gave scores of millions of dollars to higher education. The University of Chicago alone got over $35,000,000. Black schools, Southern schools, and Baptist schools also reaped what Rockefell...
John D. Rockefeller (born July 8, 1839, Richford, New York, U.S.—died May 23, 1937, Ormond Beach, Florida) was an American industrialist and philanthropist, founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. He is the major historical figure behind the famed Rockefeller family ...
Sep 13, 2024 · John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist. He garnered both admirers and critics during his lifetime and after his death.
Apr 9, 2010 · John D. Rockefeller: Early Years and Family . John Davison Rockefeller, the son of a traveling salesman, was born on July 8, 1839, in Richford, New York.Industrious even as a boy, the future oil ...
Dec 3, 2016 · The Rise and Fall of Rockefeller. The story of John D. Rockefeller and the Standard Oil trust is one of the most controversial in business history. Book Review. John Rockefeller. Monopoly. Oil. Price. Emil Duhnea. A little over a century ago, the United States found themselves in the grip of a vicious monopoly that not only controlled the ...
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May 15, 2012 · See all Historic Headlines ». On May 15, 1911, the Supreme Court ordered the dissolution of Standard Oil Company, ruling it was in violation of the Sherman Antitrust Act. 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. Mr.
