John D. Rockefeller

John Davison Rockefeller (July 8, 1839 – May 23, 1937) was an American capitalist most known for his role in the early petroleum industry and the founding of Standard Oil (ExxonMobil is the largest of its descendants). Through a number of widely-criticized business tactics, Rockefeller built Standard Oil into the largest oil refining business in the world, and was for a time himself the richest man in the United States. Much of this wealth was then given away, resulting in his legacy as a great philanthropist.

Early years

John Davidson Rockefeller was born in Richford, New York, the second of the six children to William Avery Rockefeller (November 13, 1810 - May 11, 1906) and his wife Eliza Davison (September 12, 1813 - March 28, 1889). When he was a boy, his family moved to Moravia and later to Owego, New York. In 1853 his family moved to Cleveland, Ohio, where the family bought a house in Strongsville, near Cleveland, and John entered Central High School in Cleveland. While he was a student he rented a room in the city and joined the Erie Street Baptist Church, which later became the Euclid Avenue Baptist Church. Active in its affairs, he became a trustee of the church at the age of 21.

Related Topics:
Richford, New York - William Avery Rockefeller - November 13 - 1810 - May 11 - 1906 - September 12 - 1813 - March 28 - 1889 - Cleveland, Ohio - Euclid Avenue

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He left high school in 1855 to take a business course at Folsom Mercantile College. He completed the six month course in three months, and after looking for a job for six weeks, he was employed as assistant bookkeeper by Hewitt & Tuttle, a small firm of commision merchants and produce shippers. Rockefeller was not paid until after he had worked there three months, when Hewitt gave him $50 (3.57 a week) and told him that his salary was being increased to $25 a month. A few months later he became the cashier and bookkeeper.

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In 1858 he went into the produce commission business. His firm, Clark & Rockefeller, invested in an oil refinery in 1862, and in 1865 Rockefeller sold out his share to his partner Clark, paid $72,500 for a larger share in another refinery, and formed the partnership of Rockefeller & Andrews.

Related Topics:
1862 - 1865

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At about the same time Rockefeller's brother, William, started another refinery. In 1867 Rockefeller & Andrews absorbed this business, and Henry M. Flagler joined the partnership. In 1870 the two Rockefellers, Flagler, Andrews, and a refiner named Stephen V. Harkness formed the Standard Oil Company, with John D. Rockefeller as president.

Related Topics:
William - 1867 - Henry M. Flagler - 1870 - Stephen V. Harkness - Standard Oil

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