John D. Rockefeller, Sr.
| John D. Rockefeller | |
|---|---|
John D. Rockefeller in 1885
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| Born |
John Davison Rockefeller July 8, 1839 Richford, New York, U.S. |
| Died | May 23, 1937 (aged 97) The Casements, Ormond Beach, Florida, U.S. |
| Resting place |
Lake View Cemetery, Cleveland, Ohio, U.S. 41°30′40″N 81°35′28″W / 41.511°N 81.591°W |
| Occupation | Oil industry business magnate and philanthropist |
| Known for |
Founding and leading the Standard Oil Company Founding the University of Chicago, Rockefeller University, Central Philippine University, General Education Board and Rockefeller Foundation |
| Net worth | US$392 billion (in 2016 dollars; inflation-adjusted) in 1913, according to Forbes (1.5% to 2% of the United States economy; or approximately 1/65th to 1/50th of its GDP) |
| Political party | Republican |
| Spouse(s) |
Laura Celestia Spelman (m. 1864–1915; her death) |
| Children | Elizabeth, Alice, Alta, Edith, and John Jr. |
| Parent(s) |
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| Relatives | Rockefeller family |
Founding and leading the Standard Oil Company
John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American oil industry business magnate and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history.
Born into a large family in upstate New York, he was shaped by his con man father and religious mother. His family moved several times before eventually settling in Cleveland, Ohio. Rockefeller became an assistant bookkeeper at the age of 16, and went into a business partnership with Maurice B. Clark and his brothers at 20. After buying them out, he and his brother William founded Rockefeller & Andrews with Samuel Andrews. Instead of drilling for oil, he concentrated on refining. In 1867, Henry Flagler entered the partnership. The Rockefeller, Andrews & Flagler company grew by incorporating local refineries. Rockefeller formally founded the Standard Oil Company, Inc. in 1870 as an Ohio partnership with his brother, Henry Flagler, Jabez A. Bostwick, Samuel Andrews, and a silent partner, Stephen V. Harkness. He ran it until 1897. As kerosene and gasoline grew in importance, Rockefeller's wealth soared and he became the richest person in the country, controlling 90% of all oil in the United States at his peak. Oil was used throughout the country as a light source until the introduction of electricity and as a fuel after the invention of automobile. Furthermore, Rockefeller gained enormous influence over the railroad industry, which transported his oil around the country. Standard Oil was the first great business trust in the United States. Rockefeller revolutionized the petroleum industry, and along with other key contemporary industrialists such as steel magnate Andrew Carnegie, defined the structure of modern philanthropy.
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Wikipedia