Members of The South Fork are sued, unsuccessfully. But Carnegie feels responsible and donates millions to rebuild Johnstown. Despite Rockefeller still being worth three times more than Carnegie, the Scotsman donates ever increasing amounts of his fortune.
Between 1866 and 1874, the couple had five children: Elizabeth (Bessie), Alice (who died in infancy), Alta, Edith, and John D. Rockefeller, Jr. With the family growing, Rockefeller bought a large house on Euclid Avenue in Cleveland, which became known as “Millionaire’s Row.”
Robber Baron Vs. Captain of Industry? John D. Rockefeller was the guiding force behind the creation of the Standard Oil Company, which grew to dominate the oil industry. This company was one of the first big trusts in the United States, thus much controversy and opposition arose regarding business strategies and its organization. John D. Rockefeller was also one of the United States first major philanthropists, establishing numerous important foundations and donating close to $600 million
Rockefeller introduced techniques that totally reshaped the . In the mid-19th century, the chief demand was for kerosene. In the refining process, there are many by-products when is converted to . What others saw as waste, Rockefeller saw as gold. He sold one byproduct paraffin to candlemakers and another byproduct petroleum jelly to medical supply companies. He even sold off other "waste" as paving materials for roads. He shipped so many goods that railroad companies drooled over the prospect of getting his business.
created several products of superior quality, creating a stable market out of chaos, and pioneered in significant administrative and technological innovations. Through his Standard Oil Company he paved the way, along with several other industrial capitalists, for America to become the greatest of industrial nations. John D. Rockefeller should not be regarded as an uncaring, destructive robber baron; but be appreciated for his great contributions to our society as an efficient businessman, industrialist, and philanthropist.
It didn’t take long for John D. Rockefeller to develop a reputation as an astute businessman: hardworking, thorough, precise, composed, and adverse to risk-taking. Meticulous in every detail, especially with finances (he even kept detailed ledgers of his personal expenditures from the time he was 16), Rockefeller was able to save $1000 in four years from his bookkeeping job.
Young John Rockefeller entered the workforce on the bottom rung of the ladder as a clerk in a Cleveland shipping firm. Always thrifty, he saved enough money to start his own business in produce sales. When the Civil War came, the demand for his goods increased dramatically, and Rockefeller found himself amassing a small fortune.
Another four years later, Rockefeller and Clark expanded into the regionally booming oil refinery business with a new partner, chemist Samuel Andrews, who had built a refinery but knew little about business and the transporting of goods.
As the business continued to succeed, the enterprise was incorporated as the Standard Oil Company on January 10, 1870 with John D. Rockefeller as its president.
Rockefeller was born in 1839 in Moravia, a small town in western New York. His father practiced herbal medicine, professing to cure patients with remedies he had created from plants in the area. John's mother instilled a devout Baptist faith in the boy, a belief system he took to his grave. After being graduated from high school in 1855, the family sent him to a Cleveland business school.
Vanderbilt homes in on Eastern Ohio, the Middle East of its day, and begins negotiations with a struggling oil man, John D Rockefeller. Vanderbilt wants the exclusive contract to transport his kerosene so his freight’s always full.
Initially, the deal suits Vanderbilt. But Rockefeller’s rise is meteoric enough to make Vanderbilt ally himself with railroad rivals. He hopes to control the Ohio oilman who seeks lower and lower rates for transportation.
Then, in 1877, in the depths of the economic depression, and holding the largest fortune in the US, Vanderbilt dies, aged 82. He leaves his $100m empire to his son William. And he leaves a template for the other robber barons to follow.
Andrew Carnegie, the most contradictory of the robber barons: he supported workers’ rights, but destroyed unions; and when he acquired the largest fortune in US history, he tried to give it away.
Tarbell, new this first hand
Her father was completely bankrupted by Standard Oil, and they lost almost everything
•To destroy opposing companies, he would raise prices in areas with no competition
•He could then lower the prices radically in areas with competition
Destroying others •Rockefeller believed that constant competition wasted money and effort • Headed by Rockefeller, Standard Oil controlled 90 percent of the oil reserves pumped in the United States, and yet the public was completely unaware of this until investigations into the company began Rockefeller became the first American billionaire using these cut throat and secretive tactics For the final proof he is a robber baron, one needs to look no further than the fact that the government eventually had to step in, and close down Standard Oil, the company Rockefller worked so hard to create Conclusion By definition, a Captain of Industry is someone whose means of gaining wealth, also contributed positively to the country If Rockefeller were a Captain of Industry, then why did the public view him so poorly?