John D. Rockefeller, born in Richford, New York. Spent 10 week at Folsom’s Commercial College, were he excelled in math. At age 16, he got a job as an assistant bookkeeper with Hewitt & Tuttle. By the age of 20, he went into business for himself, forming a partnership with a neighbor, Maurice Clark. Clark & Rockefeller’s success was due in large part of Rockefeller’s natural business abilities. He was not a gambler, he was a planner.
Early 1860’s Rockefeller realized the future of the commission merchant in Cleveland was limited. He saw he chance in 1863---Oil.
1865 at the age of 24, Rockefeller bought out Clark and gained complete control of the business. In 1866 partnered with his brother, Wm Rockefeller, they built another refinery in Cleveland--Standard Works. Opened an office in New York to handle export business, which became larger than domestic business.
Jan 10, 1870 Standard Oil Company of Ohio was created by John D Rockefeller. 1871 Rockefeller formulated his plan for consolidating all oil firms into 1 great organization, his aim was to eliminate excess capacity and price cutting. April 1872 Rockefeller had bought up and/or merged with almost all the refineries in Cleveland, only to care in plan through out his life. By 1879 Standard Oil did about 90% of the refining in the US, almost 70% being exported overseas. Rockefeller had 1 competitor andhe tried to buy,was unsuccessful in doing so. Rockefeller died in 1937.He set the standard for Philanthropy.
Contributed by Angela Wilson
Reference http://www.pbs.org/wgbh/amex/rockefellers/peopleevents/p_rock_jsr.htm
