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John D. Rockefeller
Transcript of John D. Rockefeller
John D. Rockefeller found work as an office clerk at a Cleveland commission firm that bought, sold and shipped grain, coal and other commodities. In 1859, Rockefeller and a partner established their own commission firm.In 1863, Rockefeller and several partners entered the booming new oil industry by investing in a Cleveland refinery.
John D. Rockefeller & Standard Oil
Standard Oil Conspiracy
Standard Oil gradually gained almost complete control of oil refining and marketing in the United States through horizontal integration. In the kerosene industry, Standard Oil replaced the old distribution system with its own vertical system.
Standard Oil Success
Standard Oil had gained an aura of invincibility, always prevailing against competitors, critics, and political enemies. It had become the richest, biggest, most feared business in the world, seemingly immune to the boom and bust of the business cycle, consistently racking up profits year after year.[
Illness and Death
In his 50s Rockefeller suffered from moderate depression and digestive troubles and, during a stressful period in the 1890s, developed alopecia, a condition that causes the loss of some or all body hair. By 1901 he did not have a hair on his body, and he began wearing wigs.
Rockefeller died of arteriosclerosis on May 23, 1937, less than two months shy of his 98th birthday, at The Casements, his home in Ormond Beach, Florida. He was buried in Lake View Cemetery in Cleveland.
Standard Oil Company
By the early 1800's, Rockefeller dominated the oil business throughout the country and his company had a net worth of $55 million. Under Rockefeller's leadership, the company established a system of pipelines to transport its product. It owned train cars, and scooped up thousands of acres of forest for fuel.
Rockefeller, who had rarely sold shares, held over 25% of Standard’s stock at the time of the breakup. He, as well as all stockholders, received proportionate shares in each of the 34 companies. In the aftermath, Rockefeller’s control over the oil industry was somewhat reduced but over the next 10 years, the breakup also proved immensely profitable for him. The companies’ combined net worth rose fivefold and Rockefeller’s personal wealth jumped to $900 million
John D. Rockefeller
John Davison Rockefeller was born on July 8, 1839, in Richford, New York. In 1853, the Rockefeller family moved to the Cleveland, Ohio, area, where John attended high school then briefly studied bookkeeping at a commercial college.He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company.