Home » John D. Rockefeller: Billionaire Investor and Oil Baron (Part 1)

John D. Rockefeller: Billionaire Investor and Oil Baron (Part 1)

investment-guru - John D. Rockefeller: Billionaire Investor and Oil Baron (Part 1)

John D. Rockefeller (1839 — 1937) is an American entrepreneur and multi-millionaire, a man whose name has become a symbol of wealth. He was hard-working, highly motivated and devout, for which partners called him “deacon”.

The wives of his companies’ workers scared children with his name: “Do not cry, otherwise Rockefeller will take you!” The paradox was that the richest man in the world was most proud of his impeccable morality.

investment-guru - John D. Rockefeller: Billionaire Investor and Oil Baron (Part 1)

John Davison Rockefeller was born in New York on July 8, 1839. He was brought up mainly by his mother, a fanatical Baptist. “Since his young age she and the priest have inoculated me that it is necessary to work and to save,” — later recalled Rockefeller.

Doing business was a part of family upbringing. Even in early childhood, John bought a pound of chocolates, divided them into small piles and sold out to his own sister at a premium. Young Rockefeller had retentive memory, iron grip and unshakable serenity: playing checks, he tormented his opponents thinking about each move for half an hour. John D. Rockefeller’s severe face with dry skin and his eyes without boyish shine really frightened others.

Rockefeller never finished school. At the age of 16, completing three-month accounting courses, he began to look for a job in Cleveland, where his family was living. After six weeks of searching, he took a position of assistant accountant at a trading company “Hewitt and Tuttle”. At first, he was paid $ 17 a month, and then — $ 25.

investment-guru - John D. Rockefeller: Billionaire Investor and Oil Baron (Part 1)

Standard Oil Refinery No. 1 in Cleveland, Ohio, 1897

Receiving it, John felt a sense of guilt, finding his salary excessively inflated. In order not to waste a penny, thrifty Rockefeller bought a small ledger on the first salary, where he recorded all the expenses, and carefully kept it all his life. But this was his first and last employment. At the age of 18 John D. Rockefeller became a junior partner of Maurice Clark, a businessman.

The American Civil War of 1861–1865 helped a new company to buoy. Warring armies generously paid for all the needed things, and partners supplied them with flour, salt and pork. By the end of the war oil deposits were discovered in Pennsylvania, not far from Cleveland, and the city appeared at the center of the oil fever. By 1864 Clark and Rockefeller had already dealt with the Pennsylvania oil. A year later, Rockefeller decided to concentrate only on the oil business, but Clarke was against. Then John bought out its partner’s stake for $ 72,500 and focused on oil.

To be continued to the Part 2.

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