Summary:
Discusses the history and legacy of the American Rockefeller family. Explores their business, politics and philanthropy. Focuses on Nelson A. Rockefeller.
Rockefeller is one of the most famous names in American business, finance, and philanthropy (charity). Three members of the family also became active politics. One of them, Nelson A. Rockefeller, served as governor of New York from 1353 to 1793 and it was vice-president pf the United States from 1374 to 1977.
John Davison Rockefeller (1839-1937), an American businessman, was once the world's richest person. He made his fortune in the oil business and later became famous for his philanthropy.
Many people have criticized the business methods that Rockefeller used in developing his vast industrial empire, but his contributions to the welfare of humanity form an equally important part of his record.
Rockefeller gave away about 550 million US dollars during his lifetime. Most of this money was given to foundations and organizations, including the Rockefeller Foundation, Rockefeller University, the General Education Board, and Laura Spelman Rockefeller Memorial.
Rockefeller, the son of a pedlar, was born in Richmond, near Ithaca, New York. When he was 14 years old, his family moved to Cleveland, Ohio. Rockefeller started work at 16 as a clerk in a small produce firm. He then started formed a partnership in a grain commission house. He used the profits to enter the oil business at 23.
At the time, oil production and refining had little organization. Wide price variations and wasteful practices occurred frequently. Rockefeller set out to make the industry orderly and efficient. He realized that to do this he had to establish centralized control. Fifteen years later, he achieved his goal of having the flow of oil products from producer to consumer controlled by one company - The Standard Oil Company
The Standard Oil Company, which was established in 1870, grew ort of several oil companies owned by Rockefeller, his younger brother William, and some associate. By the end of 1870's, it owned the main refineries in Cleveland, New York City, Pittsburgh, and Philadelphia.
Rockefeller also concentrates on the transportation and distribution of crude petroleum and its refined products. He built tank cars and distributions systems. His dealing with railways involved rebates and other type's privileged treatment. In 1882, Rockefeller organized the Standard Oil Trust. He then controlled almost all United States oil refining and distribution and much of the world's oil trade.
The vastness of Rockefeller's holdings -plus public criticism of his methods - caused the Ohio Company of New Jersey, a holding company, replaced the trust in 1892. The Standard Oil Company of New Jersey, a holding company, replaced trust. In 1911, the Supreme Court of the United States ordered to dissolve.
From 1895 to 1897, Rockefeller gradually retired from active business. By the time, he had started his philanthropic activities. For example, he helped found the University of Chicago in 1890. By 1910, his gifts to that institution totaled 35 million U.S. dollars. Rockefeller spent the rest of his life establishing the foundations through which gave his money to the public.
This is the complete article, containing 480 words
(approx. 2 pages at 300 words per page).
