Data Bases • Custom Term Papers • Free Term Papers • Free Research Papers • Free Essays • Free Book Reports • Plagiarism? Links • Top 100 Term Paper Sites • Top 25 Essay Sites • Top 50 Essay Sites • Search 97,000 Papers @ DirectEssays.com • Search 101,000 Papers @ ExampleEssays.com • Search 90,000 Papers @ MegaEssays.com Free Essays • Term Paper Sites • Chuck III's Free Essays • Free College Essays • TermPaperSites.com • My Term Papers • Get Free Essays • Essay World • Planet Papers	Search Lots of Essays Back to Subjects - Business Rockefeller Rockefeller John Davison Rockefeller, a U.S industrialist was the founder of the infamous Standard Oil Company, through which he dominated the U.S oil industry in the late 19th century and early 20th century and created the first major business trust in the United States of America. His business trust made him the world first billionaire .he also created a lot of controversies and opposition because of his business practices and form of organization especially from the US government. Together being a billionaire Rockefeller was one of the first major philanthropists in the U.S establishing several important foundations and donating a total of $540million to charitable purposes.. Rockefeller was born on 8th July 1839 on a farm at Richford, in Tioga County, New York. He was second of the six children of William A. and Eliza (Davison) Rockefeller. The family lived in modest circumstances. The family moved to Owergo, New York and then headed west to Ohio in 1853. The Rockefeller’s bought a house in Strongville , Moravia near Cleveland. John entered Central High School in Cleveland where he rented a room in the city and joined the Erie Street Baptist church; he was very active in its affairs and became a trustee of the church at the age of 21. Rockefeller left high school in 1855 in order to take up a business course at Folsom Mercantile College. After completing the six month course in three months and after looking for a job for six weeks he landed a job as an assistant bookkeeper with Hewitt & Turtle , a small firm of commission merchants and produce shippers .He was not paid his salary for three moths when Hewitt gave him $50 ($3.57a week) and told him that his salary will be increased to $25 a month. A few months later he attained the position of the cashier and bookeeper . In 1859, with $1000 he had saved and another $1000 borrowed from his father at a rate 10% per annum, he formed a partnership in the commission business with a British Immigrant, Maurice B. Clark . At the same time the first oil well was sunk at Titusville in western Pennsylvania, giving rise to the petroleum industry. Cleveland soon became a major refining center for this booming industry, and in 1863 Rockefeller and Clark decided to enter the oil business as refiners. They entered a new a partner, Samuel Andrews who had some experience in the refineing business, they built and operated an oil refinery under a new company of Andrews, Clark & Co. The firm continued the commission business but a disagreement in among the partners who were five then over the business management led to decision to sell the refinery to the highest bidder. Rockefeller bought it for $72,000, sold out his other interests and together with Andrews formed Rockefeller & Andrews. Rockefeller ‘s stake in the oil industry increased as the oil industry itself expanded, spurred by the rapidly spreading use of kerosine for lighting. In 1870 Rockefeller decided to form the Standard Oil Company along with his brother William, Andrews, Henry M. Flagler , S.V Harkness, and others. The company had a capital of $1 Million .By 1872 Standard Oil had purchased and thus controlled nearly all the refining firm in cleveland in addition to two in New York city area. It did not take time for the company o start refining 29,000 barrels of crude oil and had it’s own cooper shop manufactring wooden barrels. The company also owned storage tanks with a capacity of several hundred thousand barrels of oil, warehouses for refined oil, and manufactring plants for glue and paints. The Standard Oil Company prospered during the 1880’s and all it’s properties were dissolved to form the Standard Oil Trust, the first major business trust in the United States. It now had an initial capital of $70 million and had forty two certificate holders, owners, or owners, in the trust After 10 year of the trust running the trust was dissolved by a court decision in Ohio. The companies that made up the trust later joined to form the Standard Oil Company (New Jersey) the reason being that that state law in New Jersey allowed a parent company to own stock of other companies. By now Standard Oil Company owned three quaters of the American oil industry Bibliography: rockefeller archives Word Count: 725
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