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John D. Rockefeller
Transcript of John D. Rockefeller
Background and Exposure to business
Born on July 8th 1839 in Richford, New York
At the age of 16 he started his first job as assistant bookkeeper at Hewlett & Tuttle
Soon ventured out and became a merchant in hay, meats, grain and other goods
In the first year of business grossed 450,000 dollars
1863 he opened his first refinery
Started Standard Oil
Soon gained a system of pipelines to transport the oil.
How money was made and net worth
Positive contributions to USA
Rockefeller brought money and jobs to the nation
Americans worked at oil refineries and pump stations.
All the money being made and spent helped stimulate the economy.
This made America more of a powerful nation because of its oil empire.
Negative contributions of USA
By the early 1800s, states began to enact antimonoply legislation.
Following the Sherman Antitrust Act, the company faced legal issues in 1890.
End of Career
Due to the declaration from the supreme court of Ohio in 1892, the company ended in 1899.
The US also declared the company to be illegal and ordered the company to end in 1911.
Despite the break-up in 1911, there are Standard Oil's operations outside of the U.S., controlled by the Standard Oil Company of New York (Vacuum Oil Company).
They kept there overseas companies after the breakup.
Meanwhile, Rockefeller had enough money to fund charities that made important contributions in the philanthropic field.
Rockefeller found a way to control not only the oil but the movement of oil.
He grew his company to a Net worth 55 million
The company owned train cars and dug forests to get fuel.
"John D. Rockefeller: An Ironic Success." American History. ABC-Clio. Web. 10 Sept 2013
"John D. Rockefeller: Biography." Bio. True Story. Web. 10 Sept 2013
"John D. Rockefeller in The Gilded Age. Web. 10 Sept 2013
"Standard Oil Trust." United States History. Web. 12 Sept 2013