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.

Monopoly

Standard Oil gradually gained virtual control of oil production in America. Its business methods, which brought immense wealth to the ownership and possibly lower prices for consumers, were widely and severely criticized. Its growth increased further in 1882, when separate companies were organized in each state; and in later years, as the first great American trust, the Standard Oil Company was hotly attacked during the anti-trust movement, especially after the publication of the 1904 book The History of the Standard Oil Company, by Ida Tarbell, whose father had been driven out of business by Rockefeller's business arrangement with the South Improvement Company.

Related Topics:
1882 - 1904 - Ida Tarbell - South Improvement Company

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Rockefeller himself retired from active business in 1895, though he retained his title as president until 1911. At one time he had large iron interests, including mines and ore-carrying ships, on Lake Superior. He sold those to U.S. Steel. He also played a key role in the Chase Manhattan Bank, as did some of his descendents. By 1901, he was worth about $900 million and is believed to have been the world's richest man at the time. His net worth when adjusted for inflation would put him in the top twenty modern-day billionaires; however, when adjusted for the size of the United States economy in his day, his net worth would dwarf that of any of today's billionaires. In 2001, it was estimated that in contemporary money Rockefeller would be worth $200 billion.

Related Topics:
1895 - Iron - Mine - Lake Superior - U.S. Steel - Chase Manhattan - 1901 - 2001

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On May 15, 1911, the Supreme Court of the United States held that Standard Oil, which held 64% market share, was a monopoly and ordered it to be broken up, resulting in the creation of approximately 37 new companies and Rockefeller owned a piece of all of them. most of today's oil companies was born out of the Standard Oil Trust. Standard of California became Chevron. Standard of Ohio became Exxon. Standard of New york became Mobil and Continental oil became Conoco.

Related Topics:
May 15 - 1911 - Supreme Court of the United States

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