Biography of John Rockefeller

John Davison Rockefeller headed the company Standard Oil and was one of the richest people in the world. Being a philanthropist and a pious man, he spent his fortune on charity. Founded a charitable organization – the Rockefeller Foundation.

Early years

John Davison Rockefeller is an American entrepreneur who has earned his fortune by starting from scratch. He founded the company Standard Oil, which took the leading position in the American economy and made its founder the richest man in the world.

Rockefeller was born on July 8, 1839, in Richford, New York, and when he was 16 he moved with his family to Cleveland. He was not afraid of hard work, and, as a teenager at the age of 16, sought work for various small firms. His first job was as assistant accountant in a small company Hewitt & Tuttle, engaged in wholesale trade and sold vegetables for export.

At the age of 20, Rockefeller, who excelled at his work, decided to start his business with another business partner, engaged in the wholesale trade of hay, meat and other goods. Rockefeller was very attentive and thoughtful, tried to avoid unnecessary risks in every possible way, but in the early 1860s he noticed that there was an opportunity to open an oil business because of the increased demand for oil. And in 1863 he opened his first oil refinery near Cleveland. Less than 10 years later, Rockefeller, the founder of Standard Oil, almost completely controlled all refineries in the country.

Standard Oil

When the oil business moved east to Pennsylvania, Rockefeller followed him. By the beginning of the 1880s. he held a dominant position in the oil business throughout the country, and the net worth of his company was $ 55 million. The leading position of Standard is due to the fact that it was closely connected with almost every side of the business. Under the leadership of Rockefeller, the company... created its own pipeline system for transportation of products. She had her own wagons for transportation, and she also bought thousands of hectares of wood for fuel.

In 1882, Rockefeller founded the group Standard Oil Trust – a trust company, which will serve as a model for the creation of other types of monopolies. Naturally, Rockefeller was appointed the head of this company.
But while Rockefeller’s power and wealth grew, his reputation in society deteriorated. In the early 1800s, the state began to enforce antitrust laws, paving the way for the Sherman Act, which came into force in 1890.

In 1895, 56-year-old Rockefeller departs from the daily participation in the affairs of the company Standard Oil and focuses on charitable activities. But the new leadership has done little to suppress the attacks on Rockefeller and his business.

In 1904, Aida Tarbell wrote “The History of Standard Oil,” a book full of condemnation, where she told the story of the ruthless conduct of business in Standard Oil. In 1911, the corporation, under the influence of Sherman’s antitrust law, was disbanded.

The following years

John Davison Rockefeller has invested a lot of money in charity. In total, he donated $ 530 million in various areas. His money helped found the University of Chicago, also known as the Rockefeller Medical Institute in New York, and as the Rockefeller Foundation.

His wife Laura and Rockefeller had five children, including their daughter Alice, who died in infancy.
Rockefeller died on May 23, 1937, in Ormond Beach, Florida. However, his legacy lives to this day: Rockefeller is considered one of the leading businessmen in America, the achievements of which have influenced the formation of the nation as it is today.

Quotations

“Do not be afraid to give up good, to achieve even more.”

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Biography of John Rockefeller