That is, two years after the dissolution of Standard Oil. John D. Rockefeller and his son, John D. Rockefeller, Jr. 186365 Rockefeller builds his first oil refinery, near Cleveland. Many people were impacted in a negative way and his business tactics were not always ethical. We have abundant evidence that Rockefeller's consistent policy was to offer fair terms to competitors and to buy them out, for cash, stock, or both, at fair appraisals; we have the statement of one impartial historian that Rockefeller was decidedly "more humane toward competitors" than Carnegie; we have the conclusion of another that his wealth was "the least tainted of all the great fortunes of his day."[137]. WebRockefeller revolutionized the petroleum industry and, through corporate and technological innovations, was instrumental in both widely disseminating and drastically reducing the production cost of oil. [133] John D The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the trading of oil futures. [81] Amid the frenetic expansion, Rockefeller began to think of retirement. The University of Chicago has long accorded John D. Rockefeller the official designation of "Founder," and that accolade may offer some historical compensation to Rockefeller's more conventional and hostile sobriquet of "robber baron." The family relocated to Strongsville, a town near Cleveland, Ohio, in 1853, and six years laterafter attending and later dropping out of Clevelands Central High School, taking a single business class at Folsom Mercantile College, and working as a bookkeeperRockefeller established his first enterprise, a commission business dealing in hay, grain, meats, and other goods. John D. had spent a lifetime trying to bury the truth about a relative whose actions threatened the entire empire he had worked so hard to build. John D. Rockefeller Was the Richest Person To Ever Live [76], Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. I would have deplored the necessity which compelled the officers of the company to resort to such measures to supplement the State forces to maintain law and order." [78] More threatening to Standard's power was the Sherman Antitrust Act of 1890, originally used to control unions, but later central to the breakup of the Standard Oil trust. Even with the high costs of freight transportation and a government levy during the Civil War (the government levied a tax of twenty cents a gallon on refined oil), profits on the refined product were large.
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