The Golden Story of Tycoon Rockefeller

Little John is from New York and was born on July 8, 1839. The child grew up in a strongly believing Protestant family that belonged to Baptists. According to legend, from childhood, John was engaged in speculation and was guided by the principle of surplus value. So, he bought candy for his money, and then resold it to his sisters. He also engaged in breeding turkeys in the yard, which then brought a considerable profit, because they soon came to the table of the neighbors. And at age 13, Rockefeller saved up $ 50 and gave them to a friend farmer in credit at 7.5% per annum. In general, the mother raised the child in the spirit of the Protestant ethic, which demanded a careful attitude to money. After successful graduation, the future billionaire enrolled in accounting courses, for he did not see the point in continuing his education in college. John was looking for a suitable job, and soon he was lucky. He was offered the post of assistant accountant in the trading company Hewwit and Tuttle.


Young John Rockefeller

The career of a young accountant quickly went up - colleagues highly appreciated his talent for counting finances, since John Rockefeller, from his childhood up to a very old age, kept a detailed account of income and expenses exactly to the cent. However, soon Rockefeller was not satisfied that the salary of the post of chief accountant was an order of magnitude lower than that of his predecessor. Pride and resentment did not allow John to accept such an offer. And soon, in 1861, the Civil War began in the USA, where the forces of the North and the South clashed. Rockefeller and here managed to find a great benefit. Even before the war, he, along with Maurice Clark, an entrepreneur from England, organized the Clark and Rochester trading company, which specialized in selling hay, meat, grain and other essential goods. To say that they, as they say, chopped up money, means to say nothing, because they were engaged in the supply of these products to regular units of the army. But soon after the war, they had to occupy another niche in the market. And oil has become a niche.

Rockefeller grew up in a strongly believing Protestant family

John D. Rockefeller noted that the popularity of using kerosene lamps is growing steadily, which stimulated the demand for petroleum products. At this time, he met with a talented chemist Samuel Andrews. It later turns out that he will join Rockefeller and Clark to found the Andrews and Clark oil company. Rockefeller's fortunes grew as fast as the entire oil industry, but Maurice did not dare to invest all his capital there, which led to a quarrel with John. As a result, Rockefeller Sr. bought the firm completely from Clark for $ 72.5000 and devoted himself entirely to the oil business, having established Standard Company on the basis of the old company. Once, Maurice Clark said about his former companion: "John believed only in two things on earth — in Baptist dogma and oil." But it was black gold that brought the magnate a huge fortune.


Share of the company "Standard Oil"

For Standard Oil, a detailed strategic plan was developed. John D. Rockefeller wanted his company ahead of its competitors, because then all of America fought in an oil rush. So, Rockefeller developed a special company charter, according to which the salary came to employees in the form of company shares. John believed that in this way the workers would have more motivation, because the better they work, the higher the share price. In addition, Standard Oil relied on the full cycle of oil refining according to the scheme: production, plant, delivery, sale. And so that this tactic would justify itself, Rockefeller played on the competition between the railway companies, seeking the exclusive conditions of transportation for the company. Thanks to such tricks, the cost of transport services has been significantly reduced, and this, in turn, entails less costs and more profit.

John Rockefeller became the world's first dollar billionaire

The oil tycoon liked to put competitors before a difficult choice: either they go bankrupt or merge with it. The Rockefeller Empire grew rapidly and developed until it became a monopolist in the oil market. Even when there was a sharp turn in the direction of the automotive industry, where gasoline was needed, and not kerosene, John D. Rockefeller was able to switch production to another source of fuel, which made it even richer. In cartoons, his empire was compared to an octopus, wishing to disband its tentacles as far as possible. But the Sherman Act of 1890 destroyed the Rockefeller Empire.

This antitrust bill protected the rights of consumers. It was proposed to crush all the large trusts into smaller ones, and this touched Standard Oil. The decisive blow struck journalist Ida Tarbell, who broke thousands of company documents. In her many years of investigation, placed in the book “The History of Standard Oil”, she openly criticized John Rockefeller for his methods of work. The book attracted a lot of attention, which resulted in a scandal and litigation. And in 1911, the US Supreme Court split the Standard Oil, which controls 90% of the entire national oil market, into 34 enterprises — the empire fell apart.

Rockefellers are one of the richest families in the world.

However, John Rockefeller still had huge savings. Bertie Forbes, compiling a list of the thirty richest Americans in 1918, put the tycoon in first place with a fortune of 1.2 billion dollars. And when Rockefeller passed away, his capital totaled 1.4 billion, which is equal to about 200 billion, if transferred to current prices. The enterprises of the Standard Oil family turned out to be tenacious, many of them grew into real giants of the oil market. For example, corporations such as Chevron Texaco, Amoco, Exxon Mobil have grown exclusively thanks to Rockefeller's brainchild. It can be said that John D. Rockefeller formed the entire architecture of the world oil market, at least the American one.


John the elder Rockefeller with his son

The Rockefeller family is one of the richest in the world. His descendants deserve a separate description. Take, for example, Rockefeller’s only son, John Junior. Few people know that it was he who sponsored the construction of the UN headquarters in New York and that thanks to his investments the Empire State Building was built. The grandson of John, Sr. David, with a fortune of $ 3 billion, has stepped over the threshold of a hundred years, and his brother Nelson Rockefeller managed to be the governor of New York and even the vice-president of the United States.

State Rockefeller Art. estimated at 1.4 billion dollars

Rockefellers, following family traditions, are actively involved in charity. One time, the Museum of Modern Art in New York received as a charitable contribution $ 100 million, like Rockefeller University. The dynasty also collaborates with other super-rich families, and one of them is the Rothschilds. They recently pooled their assets and most likely became the richest people on earth.

Watch the video: John D. Rockefeller A Short Bio of the 1st Billionaire - Visit my Channel for more videos (December 2019).

Loading...

Popular Categories