John D. Rockefeller was founder the Standard Oil Company becoming the one of the world’s richest man. He was born in Richford, New York on July 8, 1839 and when he was 16 he moved to Cleveland with his family. There he found his first real office job as an assistant bookkeeper with commission dealers and produce shippers, Hewlett & Tuttle. Rockefeller worked there for four years, until he decided to go off on his own with another business partner in the same type of business making a profit of $450,000 in the business’ first year.
Several years later, Rockefeller sensed an opportunity in the oil business turning into the opening of his first factory in 1863 outside of Cleveland: the first of the Standard Oil Company. |
John D. Rockefeller in his later years, and a few words about America.
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In just a few short years, the Standard Oil Company had almost complete control of the region’s oil plants. Later, he expanded his oil business to the east and by the 1880’s Rockefeller dominated the oil industry throughout the country and the Standard Oil Company was worth $55 million.
Rockefeller established a system of pipelines to transport oil and in 1882 organized the Standard Oil Trust: a model for the formation of other kinds of monopolies. In 1895, Rockefeller retired and focused on more charitable causes to help make the Standard Oil Company look less like a monopoly after much criticism in the late 1800’s. Then in 1911, the Standard Oil Company was found to be in violation of the Sherman Antitrust Act and was ordered to disband. Before Rockefeller’s death on May 23, 1937, he had given more than $530 million to an assortment of causes. Some of his money helped improve the education of America. Rockefeller’s donations helped pay for the foundation of the University of Chicago, the Rockefeller University and the Rockefeller Foundation. |