J.D. Rockefeller By: Michaela Swink Early Life • Born- July 8, 1839 in Richford, New York • Second of six children • His father owned farm property and traded in many goods, including lumber and patent medicines (traveling salesman) • Stay at home mom • Received unusually good education for the time period Early Life Cnt. • His mother was very religious and very disciplined. She taught John to work, to save, and to give to charities • In school, John was very good at math • Found work as a produce clerk at age 16 • Formed a partnership at age 19 Early Business • Formed a partnership with a neighbor, Maurice Clark. Each man put up $2000 and formed Clark & Rockefeller • They were commission merchants in grain, hay, meats, and miscellaneous goods. • The commission merchant business was very competitive and Clark & Rockefeller’s success was due in large part to Rockefeller’s natural business abilities Big Business • During the Civil War Rockefeller branched out into oil refining with Samuel Andrews • Within two years Rockefeller became senior partner; Clark was bought out, and the firm Rockefeller and Andrews became Cleveland's largest refinery • Rockefeller survived the bitter competition in the oil industry. • The Standard Oil Company was formed by Rockefeller, his brother, and Andrews • Standard Oil controlled one-tenth of American refining, the competition remained • By 1879 he was refining 90 percent of American oil Big Business Cnt. • Standard Oil was stationed in Cleveland, Ohio • Built his business around horizontal integrationbuying all like-minded businesses • He used secret rebates in order to cheaply transport his oil which was later broken up by the Antitrust Act in 1892 • Rockefeller understood that the only way to make profits consistently in oil refining was to make the business as large as possible and to utilize all their "waste" products. Philanthropist • When he retired he established and gave money towards universities and education • The University of Chicago was his first major philanthropic creation • He also helped set up many foundations • When he died, he had given most of his weath to his son • Through Rockefeller's foundation, more wealth has been dispersed than Rockefeller personally earned during his lifetime [Political Cartoon] With a globe in hand and a crown on his head, Rockefeller is pictured as king of the world and in complete control because of his Standard Oil. The lamp in his hand signifies the oil that was produced for people to light up their homes. By sitting on top of the oil barrel, Rockefeller is depicted as crushing all the other companies with his powerful monopoly. Being on top of what he controls also shows the monopoly in Standard Oil. Work Cited • • • • • "American Experience The Rockefellers People & Events." PBS: Public Broadcasting Service. Web. 03 Feb. 2012. <http://www.pbs.org/wgbh/amex/rockefellers/peopleevents/p_rock_jsr.htm "J.D. Rockefeller: From Oil Baron To Billionaire." Investopedia – The Web’s Largest Investing Resource. Web. 03 Feb. 2012. <http://www.investopedia.com/articles/economics/08/jd-rockefeller.asp>. "John D Rockefeller Biography - Facts, Birthday, Life Story - Biography.com.“ Famous Biographies & TV Shows - Biography.com. Web. 03 Feb. 2012. <http://www.biography.com/people/john-d-rockefeller-9461341>. "John D. Rockefeller Biography - Life, Family, Childhood, Children, Wife, School, Mother, Young, Information, Born." Encyclopedia of World Biography. Web. 03 Feb. 2012. <http://www.notablebiographies.com/Pu-Ro/Rockefeller John-D.html>. "V FOR VINDICATED." WELCOME ULTRAGODS! (and SLAVES). Web. 03 Feb. 2012. <http://www.ultragod.com/vindicated.html>.