John D. Rockefeller: The Ultimate Oil Man

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John Davison Rockefeller was born the second of six children to a working class family in Richford, New York, a small community between Ithaca and Binghamton. In 1853, his family moved to a farm in Strongsville, Ohio, near Cleveland. He pursued a public education, but left high school to take business training.

In 1855, Rockefeller found his first job, working as an assistant bookkeeper for less than four dollars a week. He showed a talent for detail and a strong work ethic from the beginning. In 1859, Rockefeller's diligence was rewarded by being made a partner.

In that same year, oil was discovered in not-too-distant Titusville, Pennsylvania, touching off the growth of a new industry driven largely by the demand for kerosene for lighting. Rockefeller was immediately attracted to the oil business, but was repelled by the disorder of the wildcatters.

He finally made his bid in 1863, by creating a refining business with Maurice B. Clark and other partners. Cleveland, with its Great Lakes access, rail service and supply of immigrant labor, emerged early as a refining center. In 1870, Rockefeller teamed with his brother William, Henry M. Flagler, and Samuel Andrews (inventor of an inexpensive means of refining crude oil) to establish the Standard Oil Company.

John D. Rockefeller

Standard Oil and its subsidiaries quickly managed to consolidate the refining business in the Cleveland area and then began to extend their control into Pittsburgh, Philadelphia and New York City. Beginning in the 1870s, Standard Oil employed a number of cutthroat business practices, including:

Standard Oil originally followed the path of horizontal integration, but later in its history it turned toward vertical integration.

In 1882, the Standard Oil Trust was formed, first of the great corporate trusts. However, 10 years later an Ohio Supreme Court decision forced dissolution, resulting in the creation of 20 smaller businesses. The largest segment was reorganized in 1899 as a holding company under the name of the Standard Oil Company of New Jersey, but was dissolved following a U.S. Supreme Court decision in 1911. Rockefeller retired at this point.

Rockefeller had followed other business interests besides oil, especially toward the end of his tenure. He dabbled in banks, railroads, timber, iron fields, and was a director of U.S. Steel. He accumulated assets in the range of $1 billion.

To many observers, Rockefeller appeared to be a man of glaring contradictions. He eagerly crushed his competitors, ruining hundreds in his pursuit of profit. Yet he was a deeply religious man; he became a Baptist, was active in church affairs for many years and was a generous financial supporter throughout. Rockefeller reduced his workload at Standard Oil in the 1890s to direct some of his energies toward philanthropy; after his retirement, he devoted his remaining 26 years to that endeavor. Major Rockefeller charitable ventures included:

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Quotes by John D. Rockefeller: The Ultimate Oil Man.

Regarding Competition
The American Beauty Rose can be produced in the splendor and fragrance which bring cheer to its beholder only by sacrificing the early buds which grow up around it. This is not an evil tendency in business. It is merely the working-out of a law of nature and a law of God.
Address to Brown University students, 1904
Regarding Making Money
I believe the power to make money is a gift of God to be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift I possess, I believe it is my duty to make money and still more money and to use the money I make for the good of my fellow man according to the dictates of my conscience.
Interview with William Hoster

Quotes regarding John D. Rockefeller: The Ultimate Oil Man.

By Will Rogers
Sure must be a great consolation to the poor people who lost their stock in the late crash to know that it has fallen in the hands of Mr. Rockefeller, who will take care of it and see it has a good home and never be allowed to wander around unprotected again. There is one rule that works in every calamity. Be it pestilence, war, or famine, the rich get richer and poor get poorer. The poor even help arrange it.
Diary of America