jd rockefeller
...the Standard Oil Company. Another tactic was to buy up a competing oil company, again secretly. In 1882 the diverse holdings of the various members of Rockefeller’s combination were tied together into the Standard Oil trust. Court action compelled the trust to dissolve 10 years later, but in a few years the Standard Oil Company of New Jersey was chartered as a holding company, with a capitalization of $110 million. In just seven years rose to control a tenth of the entire US oil industry. Rockefeller was also prominent in the affairs of railroads and banks, being second only to J. P. Morgan in the domain of finance. When the United States Steel Corporation was formed, Rockefeller was one of the directors. In 1911 a decision of the U.S. Supreme Court required the holding company to dissolve and its directors to relinquish their control over the numerous subsidiaries. Rockefeller personally ruled over his enormous petroleum business until 1911, when he retired with a fabulous fortune. Intensely religious, Rockefeller had an interest in philanthropy as deep as his interest in business. He gave generously to the Baptist Church, to the YMCA, and to the Anti-Saloon League. He also founded the Univ. of Chicago. The most amazing thing Rockefeller will eventually do is turn over some $500 million for the Rockefeller Institute for Medical Research, founded in New York City and since 1965 known as Rockefeller University. At one time of his retirement he had large iron interests, including mines and ore-carrying ships, on Lake Superior. He sold those to U.S. Steel. By 1901, he was worth about $900 million and is believed to have been the world's richest man at the time. Standard Oil's economies of scale lowered the cost of oil based products so that almost everyone could afford them. Rockefeller married La...