John D. Rockefeller, Sr., 1839-1937
Entity Type:
Individual
Identifier:
ENT.000003651
Biography:
John Davison Rockefeller was a wealthy American business tycoon, philanthropist, and founder of Standard Oil.
Rockefeller was born on July 8, 1839 in New York. His father, William Avery Rockefeller, was a snake-oil salesman who sold treatments which he claimed would cure serious illnesses. His mother, Eliza Davison, was a devout Baptist who instilled in her children a strong work ethic.
At the age of sixteen on September 26, 1855, Rockefeller got his first job as an assistant bookkeeper with Hew & Tuttle. His employers were immediately impressed with his work and began giving him greater responsibilities. In 1859, Rockefeller decided to open his own business and partnered with Maurice Clark to form the produce commission business, Clark & Rockefeller. They sold hay, grain, and other goods and over the next several years, yielded large profits.
In 1870, he partnered with his brother and several others to form Standard Oil. In 1870, Standard Oil accounted for 10% of the nation’s oil industry. By 1882, the company had grown and became the Standard Oil Trust. By the 1890s, Standard Oil controlled more than three quarters of the US oil market. On May 15, 1911 the United States Supreme Court declared Standard Oil in violation of the Sherman Anti-Trust Act and ordered its dissolution.
Rockefeller was also a philanthropist who donated hundreds of millions of dollars. He helped found the University of Chicago, the Rockefeller Institute for Medical Research, and the Rockefeller Foundation. He died on May 23, 1937.