"Mr. Rockefeller"
Monopolist John D. Rockefeller was known by the American public to be a ruthless monopolist and eventually a philanthropist. He would some day generate the largest personal fortune of his time. Rockefeller was not born into his wealth. Humble beginnings took place in Richford, New York as he was born the second of six in 1839.
After moving with his family to Cleveland at the age of 16 he had taken a serious thought to the importance of work and he dropped out of high school to find a job and support the family. He was in no search for something small, but he began with a job as a clerk in a commission house. At about the age of 18 his ambition had taken him to start his own commodities trading company in partnership with Maurice Clark which dealt with hay, grain, meat, and other household goods. About one year later large deposits of oil were discovered in Western Pennsylvania. News of this discovery had Rockefellor's attention. The potential he saw in a new method of refining crude petroleum was enough to make him sell his original business and invest in oil refining.
In 1870 Standard Oil had been founded by John D. Rockefeller. He set up his first oil refinery in 1863 near Cleveland right beside a new rail line connecting that area right to the source of the oil. Within two years it was the largest refinery in the area, producing kerosene--a new cheap fuel for lamps. To cut transportation costs he often arranged for cheap shipments by railroad and in return he guaranteed his business to that railroad. Within one year he had already begun to put competitors out of business. Standard Oil prospered because of Rockefellor's ingenious economic operations. He began to buy out his competitors and after just two years he controlled almost all oil refineries in Cleveland. 95% of all the oil refineries in the United States were managed by Rockefeller in 1877. The stock and its affiliates of Standard Oil were placed in the first American "trust" in 1882 with 9 trustees including Rockefeller himself. This was a way to manage and organize the life of the monopoly. The word "trust" had started to be associated with monopolies which were the subject of hatred in those days. Public hostility grew especially towards Mr. Rockefeller. One might have called him a very greedy man simply because he became so wealthy. Actually from his early days as a book clerk he had been donating money to his church and other charities. He later began to donate to education and public health. Into the 1890's Rockefeller's company had virtually no competition so he could adjust prices to whatever he wanted. Meanwhile, he had long been evading anti-trust and anti-monopoly legislature through their large loopholes. Only in 1911 was the industrial juggernaut that was the Standard Oil Trust dissolved after help from president Theodore Roosevelt and the Supreme court. It was declared to be a violation of the Sherman Anti-Trust Act. The rising popularity in automobiles allowed for new enterprise and income, however. But in the coming years Rockefeller looked to settle into his retirement. He had taken up donating massive amounts of money to education and founding colleges. John D. Rockefeller's embracement of philanthropy transformed his image in the public eye into a genial old man. His life was filled with hard work and hard earned fortune. He lived up to his ideals until he died in 1937.
Word Count: 583
Sources:
Monopolist John D. Rockefeller was known by the American public to be a ruthless monopolist and eventually a philanthropist. He would some day generate the largest personal fortune of his time. Rockefeller was not born into his wealth. Humble beginnings took place in Richford, New York as he was born the second of six in 1839.
After moving with his family to Cleveland at the age of 16 he had taken a serious thought to the importance of work and he dropped out of high school to find a job and support the family. He was in no search for something small, but he began with a job as a clerk in a commission house. At about the age of 18 his ambition had taken him to start his own commodities trading company in partnership with Maurice Clark which dealt with hay, grain, meat, and other household goods. About one year later large deposits of oil were discovered in Western Pennsylvania. News of this discovery had Rockefellor's attention. The potential he saw in a new method of refining crude petroleum was enough to make him sell his original business and invest in oil refining.
In 1870 Standard Oil had been founded by John D. Rockefeller. He set up his first oil refinery in 1863 near Cleveland right beside a new rail line connecting that area right to the source of the oil. Within two years it was the largest refinery in the area, producing kerosene--a new cheap fuel for lamps. To cut transportation costs he often arranged for cheap shipments by railroad and in return he guaranteed his business to that railroad. Within one year he had already begun to put competitors out of business. Standard Oil prospered because of Rockefellor's ingenious economic operations. He began to buy out his competitors and after just two years he controlled almost all oil refineries in Cleveland. 95% of all the oil refineries in the United States were managed by Rockefeller in 1877. The stock and its affiliates of Standard Oil were placed in the first American "trust" in 1882 with 9 trustees including Rockefeller himself. This was a way to manage and organize the life of the monopoly. The word "trust" had started to be associated with monopolies which were the subject of hatred in those days. Public hostility grew especially towards Mr. Rockefeller. One might have called him a very greedy man simply because he became so wealthy. Actually from his early days as a book clerk he had been donating money to his church and other charities. He later began to donate to education and public health. Into the 1890's Rockefeller's company had virtually no competition so he could adjust prices to whatever he wanted. Meanwhile, he had long been evading anti-trust and anti-monopoly legislature through their large loopholes. Only in 1911 was the industrial juggernaut that was the Standard Oil Trust dissolved after help from president Theodore Roosevelt and the Supreme court. It was declared to be a violation of the Sherman Anti-Trust Act. The rising popularity in automobiles allowed for new enterprise and income, however. But in the coming years Rockefeller looked to settle into his retirement. He had taken up donating massive amounts of money to education and founding colleges. John D. Rockefeller's embracement of philanthropy transformed his image in the public eye into a genial old man. His life was filled with hard work and hard earned fortune. He lived up to his ideals until he died in 1937.
Word Count: 583
Sources:
"John D Rockefeller Biography - Facts, Birthday, Life Story - Biography.com." Famous Biographies & TV Shows - Biography.com. 2011. Web. 05 Jan. 2012. http://www.biography.com/people/john-d-rockefeller-9461341?page=2.
"John D. Rockefeller." Spartacus Educational. Web. 05 Jan. 2012. http://www.spartacus.schoolnet.co.uk/USArockefeller.htm.
"John D. Rockefeller - A Short Biography - YouTube." YouTube - Broadcast Yourself. 25 Aug. 2007. Web. 05 Jan. 2012. <http://www.youtube.com/watch?v=_y7XbLri4ZE>.
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