Topics: Rockefeller family, John D. Rockefeller, Standard Oil Pages: 4 (1621 words) Published: December 9, 2012
John D. Rockefeller
John D. Rockefeller was born July 8, 1839, in Richford, New York. He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company, a dominating force in the American economy that propelled its founder to become the world's richest man. Rockefeller revolutionized the petroleum industry with his oil refinery. One of the wealthiest men of all times also used his wealth to help society. His fortune was mainly used to define the structure of targeted philanthropy through the creation of foundations that had a major effect on education, medicine and scientific research. Son of William Avery Rockefeller and Eliza, John D. Rockefeller moved to Cleveland with his family when he was 16. As a Teenager, he was hired for his first office job as an assistant bookkeeper for Hewlett & Tuttle, commission merchants and produce shippers. “The full salary for his first three months' work was $50 (50 cents a day). From the beginning, he donated about 6% of his earnings to charity, which increased to 10% by the age of twenty, when he tithed to his Baptist church. As a youth, Rockefeller reportedly said that his two great ambitions were to make $100,000 and to live 100 years.” (Chernow, 1998, p. 50) By the age of 20, Rockefeller, who'd prospered at his job, ventured out his own with another business partner, Maurice B. Clark, working as commission merchants in hay, meats, grain and other goods, they raised $4,000 in capital. At the close of the company's first year in business, it had grossed $450,000. Rockefeller went steadily ahead in business from there, making money each year of his career. In 1863, the partnership went on to a different market, they build an oil refinery. “The commercial oil business was in its infancy, and it was there because whale oil had become too expensive for the masses, and a cheaper, general-purpose lighting fuel was needed” (Chernow, 1998, pp. 73–74). Less than a decade later, Rockefeller, founder...
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