.. vol. 13 227). Rockefeller was a careful planner and wanted to waste as little as possible. Rockefeller changed the thinking in businesses because he was a first to own all the materials to run a large business. Soon Standard began refining crude oil, moving westward and it began foreign markets in Europe, Asia and Latin America and at this point it was almost a monopoly (J.D.R. Encyclopedia of World Biography vol.
13 227). Rockefeller was becoming so powerful and around this time many rumors about how he ran his business started to come out and he got a reputation as being a cold-hearted money lover, which was actually pretty accurate. Andrew Carnegie was a John Rockefeller of steel, just not as ruthless. He and Rockefeller made a deal in 1896 that Rockefeller wouldn’t go near the steel industry if Carnegie wouldn’t go near the oil industry (J.D.R. Encyclopedia of World Biography vol. 13 227).
This insured each other that they would each have basically no competition. They would also be able to price their products at whatever cost they wanted. When the Standard Trust was formed it was generously valued at $70,000,000 but it was really worth $200,000,000 (J.D.R. J.D.R. Page n.p.). Rockefeller was richer than he had ever imagined.
Around this time he began to give money to charities. Rockefeller gave away a total of over half a billion dollars to different charities (J.D.R. Tycoons and Entrepreneurs 213). Rockefeller’s competitors became very angered when from 1877-1878 non-Standard companies paid $1.44 per barrel of oil and Standard paid $0.80 per barrel, which drove out his competitors (J.D.R. J.D.R. Page n.p.). Rockefeller had such control over the oil industry that he got oil for a much lower price than other companies making it possible for him to be able to charge a lower price and run out his competition.
Rockefeller was in the process of creating a monopoly and being the only company refining oil. Rockefeller created the Sanitary Commission that helped raise an interest in public health, especially in the south where Hookworm Disease was a problem (Rockefeller Family and Associates n.p.). He wanted to keep the public healthy and despite what many people thought, Rockefeller did care about other people. By the time he died he had given the University of Chicago more than $80 million, as well as founding it (J.D.R. Encyclopedia Britannica n.p.). Even though Rockefeller gave away most of his fortune to charities and other causes, many people didn’t like him saying he: ..schemed with railroads to get favorable shipping rates, secretly bought out some rivals and acquired others simply to shut them down in order to rein in the supply of oil. Whenever a competitor emerged to threaten Standard Oil, Rockefeller slashed prices specifically to cripple the financial prospects of the upstart. (Teresa McUsic n.p.).
Most of his competitors would say these things about him in order to draw attention to what he was doing and try to get the U.S. government to take a stand in the big companies. Rockefeller’s virtual monopoly of oil refining caused state and then Congress to establish anti-monopoly laws to break up his control (J.D.R. Tycoons and Entrepreneurs 212). Rockefeller had a very big impact on his society mostly with the way big corporations are run with new laws and restrictions being enforced on them. In 1902 Rockefeller established the General Education Board and his son John D. Rockefeller Jr.
..planned the construction of Rockefeller Center in New York City and donated the land upon which the United Nations building now stands. (J.D.R. and J.D.R. Jr. Encyclopedia of World Biography vol. 13 226-228).
Many companies still operate out the buildings in Rockefeller Center including much of NBC. Using the General Education Board Rockefeller was able to help get many schools in different parts of the country. Rockefeller and his son also created Rockefeller Institute for Medical Research in 1901, renamed Rockefeller University in New York, and he founded the University of Chicago in 1892 (J.D.R. Tycoons and Entrepreneurs 213). These universities greatly help in the study of the human body and finding cures for many illnesses or diseases. He also founded Spellman College and after Standard Oil was ordered to break up, its smaller companies eventually became Mobil Oil, Amoco, Chevron, Exxon, Chesebrough-Pond’s, Pennzoil and Union Tank Car Company (Roger Draper n.p.).
Many of these companies still exist today, which shows how great Rockefeller’s empire was. Rockefeller’s contributions to America are still recognizable today. The Rockefeller Foundation was made to promote well-being of mankind throughout the world., and the institutions that he founded are important establishments to philanthropy, science, medicine and public health (Rockefeller Family and Associates n.p.). Rockefeller also gave money to Yale, Harvard, Columbia, Brown, Spellman, Bryn, Mawr, Wellesly, Vassar, YMCAs, YWCAs, Palisades Interstate Park Commission; San Francisco Earthquake victims; Anti-Saloon League; Rockefeller parks in Cleveland and missionary organizations (Rockefeller Family and Associates n.p.). Everyone has used or been connected to one of the charities he donated to or one of the companies that Rockefeller’s Standard Oil split into.
Rockefeller in a way shaped the American industry and set a good example of what giving is. John D. Rockefeller greatly changed American industry .His monopoly was the beginning of a very corrupt time yet he was able to do some good with all the money that he earned and help the people by funding colleges and research institutes that discovered cures for the common people. Rockefeller became very generous with his money, becoming very involved in philanthropy in his old age and when he died he was worth $26 million and one share of Standard Oil valued at $43.94. Rockefeller is a good example of a rags to riches story of someone who worked hard their whole life and never gave up on what he wanted. Bibliography Bibliography Bill, Bell. Titan, by Ron Chernow; Random ($30). (Originated from New York Daily News).
Knight/Tribune News Service27 May 1998: p527K2422. Byers, Paula K., ed. Encyclopedia of World Biography.18 vols. Detroit: Gale Publishing, 1998. Draper, Roger.
Titan The Life of John D. Rockefeller, Sr. (book review). Find Articles. 5 October 1998. 3pp.
25 October 2000. MacMillian Profiles. Rockefeller, John D. MacMillian Profiles: Tycoons and Entrepreneurs. New York: Simon and Schuster, 1998.211-213.
McUsic, Teresa, Biography describes hardball of monopoly building, dismantling. (Originated from p527K2463. Knight Ridder Newspapers). Knight-Ridder/ Tribune News Service 27 May 1998: p527K2463. Rockefeller Family and Associates.
John D. Rockefeller. September 1997. Rockefeller Archive Center. 23 October 2000 HYPERLINK http://www.rockefeller.edu/archive.ctr/jdrsrbio.ht ml www.rockefeller.edu/archive.ctr/jdrsrbio.html . Rockefeller, John D.
Encyclopedia Britannica 1991 ed.