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John D. Rockefeller

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Bailey Hatchett

on 17 February 2014

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Transcript of John D. Rockefeller

John D. Rockefeller
"John D. Rockefeller." Wikipedia. Wikimedia Foundation, 25 Jan. 2014. Web. 29 Jan. 2014.
Anonymous. "John D. Rockefeller." History.com. A&E Television Networks, n.d. Web. 31 Jan. 2014.
"John D. Rockefeller." History.com. A&E Television Networks, n.d. Web. 01 Feb. 2014.
"Standard Oil Company and Trust (American Corporation)." Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 01 Feb. 2014.
"Steve Jobs." Wikipedia. Wikimedia Foundation, 02 Jan. 2014. Web. 01 Feb. 2014.
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"Worth of the Wealthiest Person in the US." Worth of the Wealthiest Person in the US. Ed. Glenn Elert. The Physics Factbook, 2007. Web. 31 Jan. 2014.
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Modern Day Example
Steve Jobs is a modern day example. He was a co-founder of Apple Inc. He was also chef executive of Pixar Animation studios. He became a member of the board of directors of The Walt Disney Company. In a summary he was an American entreprenuer, marketer, and inventor. Steve Jobs was diagnosed with a pancreas tumor in 2003. 8 years later, Jobs died from the tumor. His works are still being carried out to to this day and will be for a long time.
What Philanthropies Was He Involved In?
Robber Barron or Captain of Industry
John d. Rockefeller was a Caption of the Industry. He became very wealthy from the Standard Oil Company. He was influenced by acts of philanthropy. Standard Oil controlled the majority of pipelines. In 1870, he owned the largest amount of refineries in Cleveland. These refineries and related facilities became the property of the new Standard Company.
How Did He Change This Business?
By the 1880s, The Standard Oil Company controleed 90% of the refineries and pipelines. Critics accused him of predatory pricing. They also accused him of colluding with railroads to eliminate his competitors. In 1911, Standard Oil was found the U.S. Supreme Court, in violation of anit-trust laws. The company was ordered to dissolve. John D. Rockefeller was almost forced into retirement.
Good vs Bad Things He Did
John D. Rockefeller did many good things in his life as well as some bad ones. In his lifetime he donated over $500 million to various philanthropic causes. It depends on your opinion of him, if you loved what he did and how he did it then you don't really see any bad things he did. However if you don't like the way he did things then he did a lot of bad things. For example he almost put a monopoly on the industry and all extents of it. By putting that monopoly on the industry he may have ruined business and put people out of work. Overall John D. Rockefeller did both good and bad things. The bad things were done with a reason, all of them were in his mind going to help him make more money and further his business. The good things were done out of things he believed in and things he thought were good.
Rise To The Top
John D. Rockefeller was a very fortunate man and at the time of his death he was worth around $1.4 billion, which in todays money is around $190 billion. John D. Rockefeller made his way to the top through tons of hard work and buying out all of the oil competitors. He started from a small business with his brother William and 4 other men including a chemist and a silent partner in Ohio. As soon as gasoline and kerosene grew in importance to the American culture Rockefeller's business skyrocketed. Pretty soon Rockefeller became Americas first man to be worth more than a billion dollars. Some people have even called him the richest man in history but that all depends on inflation and prices changing over the years. Rockefeller's business didn't start out making him tons of money but, using his prior selling experience and advice from his con artist father he was able to make a huge name for himself in American history.
What Was His Business?
John D. Rockefeller is most famous for his work in the standard oil business. In June 1870 he had started a Standard Oil Refinery in Ohio and soon became the most profitable refiner in Ohio. His oil soon became one of the largest oil shippers in the country. Rockefeller had a process that he referred back to every time, when dealing with competitors. Eventually within four months of 1872 he had bought out and controlled 22 of the 26 oil refineries in Cleveland, today it is known as the "Cleveland Conquest" or the "Cleveland Massacre." Before he got there with his standard oil the firm of Rockefeller, Andrews and Flagler had to be established, and in 1868 it was an at the time it only owned 2 of Cleveland's refineries. His business soon completely took over the oil industry through horizontal integration. Standard oil even replaced the old distribution system of kerosene with its own new vertical system. However his business took a few blows when in 1879 he was charged with monopolizing the oil trade in Pennsylvania which started a trend in other states and he was soon being charge with similar accusations. After very stressful times for him, he died in 1937 of arteriosclerosis in Florida after his business was forced to "dissolve" in 1911.
Early Life
John D. Rockefeller was born to parents William "Bill" Rockefeller and Eliza Davidson in Richford, New York on July 8th 1839, he was the second of six children. His family moved to Strongsville where he took a 10 week course on business at Folsom Commercial College. He started selling things young and followed his dads advice of "trade dishes for platters". He first sold potatoes, and candy, raised turkeys, and even lent small amounts of money to neighbors for a profit. At 16 he got his very first real job as a bookeeper at a commission firm called "Hewitt and Tuttle". His first life dreams were to live to be 100 and to make $100,000. It has been said that he once also wanted to pursue a music career.
By: Bailey Hatchett, Lydia Mitchell 6th period
Who is this man? What is he famous for?
John D. Rockefeller was a very generous man, ever since his first paycheck he has been donating money to various causes he believed in. Before anything else he believed his, Baptist, church and during his life he donated a lot of time and money to churches and Baptist organizations. Rockefeller was a firm believer in the Efficiency Movement. In 1884 he funded an African-American womens college which is known today as Spelman college, as well as other Baptist colleges such as Denison University. He also provided money for the American Baptist Missionaries foreign mission board which helped to establish the first American college and the first Baptist college in Asia. In 1903 he founded a General Education Board which helped bring education to people everywhere of every race and gender. As you can tell he was very vested in education as he also provided money for other universities like Yale, Harvard, Columbia, Brown, Bryn Mawr, Wellesley and Vassar, he also helped to grow the education of medicine in the US. Overall John D. Rockefeller was very generous with his fortune and believed in many different causes.
John D. Rockefeller was a wealthy man due to the Standard Oil Company. In 1863, Rockefeller joined Marric B. Clark and Samuel Andrews in Cleveland, Ohio, in the Standard Oil Company. In1865, Rockefeller bought out Clark. The company was left with Rockefeller and Andrews running it. 2 years later, they invited Henry M. Flagler to join as a partner. The business began booming, growing bigger and bigger.
Rockefeller and his company The
Standard Oil Company.
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