William Rockefeller
Encyclopedia
William Avery Rockefeller, Jr. (May 31, 1841 - June 24, 1922), American financier, was a co-founder with his older brother John D. Rockefeller
of the prominent United States
Rockefeller family
. He was the son of William Avery Rockefeller, Sr.
and Eliza (Davison) Rockefeller.
, and in 1853 his family moved to Strongsville, Ohio
. As a young pupil in public school, he was inspired and motivated by his teacher-mentor, Rufus Osgood Mason
, whom Rockefeller later named "A Rockefeller Patron".
business by starting a refinery. In 1867, his older brother (John D. Rockefeller
)'s partnership of Rockefeller & Andrews absorbed this refinery. In 1870, that company became Standard Oil
.
William was considered far more personable and receptive man to work with than his more conservative older brother. However, he was very adept in business matters. Rockefeller served as the company's New York
representative until 1911 when Standard Oil of New Jersey was split up by the United States Supreme Court. He also had interests in copper, railways, and public utilities, and built up the National City Bank of New York, now part of Citigroup
.
In the late 1890s, Rockefeller joined fellow Standard Oil principal Henry H. Rogers
in forming the Amalgamated Copper Mining Company, a holding company that intended to control the copper industry. Rockefeller, along with Henry Rogers, devised a deceptive scheme which made them a profit of $36 million. First, they purchased Anaconda Properties from Marcus Daly
for $39 million, with the understanding that the check was to be deposited in the bank and remain there for a definite time (National City Bank was run by Rockefeller's friends). Rogers and Rockefeller then set up a paper organization
known as the Amalgamated Copper Mining Company, with their own clerks as dummy directors, saying the company was worth $75 million.
They then had the Amalgamated Copper Company buy Anaconda from them for $75 million in capital stock, which was conveniently printed for the purpose. Then, they borrowed $39 million from the bank using Amalgamated Copper as collateral. They paid back Daly for Anaconda and sold $75 million worth of stock in Amalgamated Copper to the public. They paid back the bank's $39 million and had a profit of $36 million in cash. So, by deceiving Daly, the bank, and the public, Rockefeller and Rogers had made Amalgamated Copper a $36 million profit before the company was even operating.
With help from banker John D. Ryan
, Amalgamated acquired two large competitors, and soon controlled all the mines of Butte, Montana
, later becoming Anaconda Copper Company, fourth largest company in the world by the late 1920s.
from General Lloyd Aspinwall, and turned it into an ostentatious mansion named "Rockwood Hall". The property was subsequently located within the Rockefeller family
estate of "Pocantico", in Westchester County, New York (see Kykuit
).
He married Almira Geraldine Goodsell in 1864. Her sister, Esther Judson Goodsell, was married to Oliver Burr Jennings
, who became one of the original stockholders of Standard Oil. Their son William Goodsell Rockefeller
married Elsie Stillman, daughter of National City Bank president James Stillman
, and they were the parents of James Stillman Rockefeller
.
He died on June 24, 1922 in Tarrytown, New York
. He was interred in the Sleepy Hollow Cemetery
, Sleepy Hollow, New York
.
The New York Times, in discussing a trust he set up for his born and yet-to-be born great-grandchildren, states that "The original William left a gross estate of $102,000,000, which was reduced to $50,000,000 principally by $30,000,000 of debts and $18,600,000 of inheritance and estate taxes."(New York Times, August 5, 1937, page 1 "Estate of William Rockefeller Increasing $1,000,000 a Year")
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...
of the prominent United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Rockefeller family
Rockefeller family
The Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th...
. He was the son of William Avery Rockefeller, Sr.
William Avery Rockefeller
William Avery Rockefeller, Sr. was the father of American oil tycoon and billionaire, John Davison Rockefeller and William Rockefeller , who both founded the Standard Oil company....
and Eliza (Davison) Rockefeller.
Youth, education
Rockefeller was born in Richford, New YorkRichford, New York
Richford is a town in Tioga County, New York, United States. The population was 1,170 at the 2000 census. The town is named after Ezekial Rich, an early settler and benefactor of the town....
, and in 1853 his family moved to Strongsville, Ohio
Strongsville, Ohio
As of the census of 2000, there were 43,858 people, 16,209 households, and 12,383 families residing in the city. The population density was 1,779.6 people per square mile . There were 16,863 housing units at an average density of 684.2 per square mile...
. As a young pupil in public school, he was inspired and motivated by his teacher-mentor, Rufus Osgood Mason
Rufus Osgood Mason
Rufus Osgood Mason was a physician, surgeon, teacher, and an early researcher in parapsychology and hypnotherapy...
, whom Rockefeller later named "A Rockefeller Patron".
Business career
In 1865, he entered the oilPetroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
business by starting a refinery. In 1867, his older brother (John D. Rockefeller
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...
)'s partnership of Rockefeller & Andrews absorbed this refinery. In 1870, that company became Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
.
William was considered far more personable and receptive man to work with than his more conservative older brother. However, he was very adept in business matters. Rockefeller served as the company's New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
representative until 1911 when Standard Oil of New Jersey was split up by the United States Supreme Court. He also had interests in copper, railways, and public utilities, and built up the National City Bank of New York, now part of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
.
In the late 1890s, Rockefeller joined fellow Standard Oil principal Henry H. Rogers
Henry H. Rogers
Henry Huttleston Rogers was a United States capitalist, businessman, industrialist, financier, and philanthropist. He made his fortune in the oil refinery business, becoming a leader at Standard Oil....
in forming the Amalgamated Copper Mining Company, a holding company that intended to control the copper industry. Rockefeller, along with Henry Rogers, devised a deceptive scheme which made them a profit of $36 million. First, they purchased Anaconda Properties from Marcus Daly
Marcus Daly
Marcus Daly redirects here, see also Marcus Daly Marcus Daly was an Irish-born American businessman known as one of the three "Copper Kings" of Butte, Montana, United States.- Early life:...
for $39 million, with the understanding that the check was to be deposited in the bank and remain there for a definite time (National City Bank was run by Rockefeller's friends). Rogers and Rockefeller then set up a paper organization
Paper organization
A paper organization is any group which exists more in theory than reality. The term "paper organization" is used in two different contexts, that of the military and that of the labor movement.-Military:...
known as the Amalgamated Copper Mining Company, with their own clerks as dummy directors, saying the company was worth $75 million.
They then had the Amalgamated Copper Company buy Anaconda from them for $75 million in capital stock, which was conveniently printed for the purpose. Then, they borrowed $39 million from the bank using Amalgamated Copper as collateral. They paid back Daly for Anaconda and sold $75 million worth of stock in Amalgamated Copper to the public. They paid back the bank's $39 million and had a profit of $36 million in cash. So, by deceiving Daly, the bank, and the public, Rockefeller and Rogers had made Amalgamated Copper a $36 million profit before the company was even operating.
With help from banker John D. Ryan
John D. Ryan (mining)
John Dennis Ryan was an American industrialist and copper mining magnate. President of Anaconda Copper Mining Company and creator of Montana Power Company.-Biography:...
, Amalgamated acquired two large competitors, and soon controlled all the mines of Butte, Montana
Butte, Montana
Butte is a city in Montana and the county seat of Silver Bow County, United States. In 1977, the city and county governments consolidated to form the sole entity of Butte-Silver Bow. As of the 2010 census, Butte's population was 34,200...
, later becoming Anaconda Copper Company, fourth largest company in the world by the late 1920s.
Home, family
In 1886, Rockefeller bought property along the Hudson RiverHudson River
The Hudson is a river that flows from north to south through eastern New York. The highest official source is at Lake Tear of the Clouds, on the slopes of Mount Marcy in the Adirondack Mountains. The river itself officially begins in Henderson Lake in Newcomb, New York...
from General Lloyd Aspinwall, and turned it into an ostentatious mansion named "Rockwood Hall". The property was subsequently located within the Rockefeller family
Rockefeller family
The Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th...
estate of "Pocantico", in Westchester County, New York (see Kykuit
Kykuit
Kykuit , also known as John D. Rockefeller Estate, is a 40-room National Trust house in Westchester County, New York, built by the oil businessman, philanthropist and founder of the prominent Rockefeller family, John D. Rockefeller, and his son, John D...
).
He married Almira Geraldine Goodsell in 1864. Her sister, Esther Judson Goodsell, was married to Oliver Burr Jennings
Oliver Burr Jennings
Oliver Burr Jennings was an American businessman and one of the original stockholders in Standard Oil.-Early life and family:...
, who became one of the original stockholders of Standard Oil. Their son William Goodsell Rockefeller
William Goodsell Rockefeller
William Goodsell Rockefeller was a director of the Consolidated Textile Company.-Biography:He was the third child of Standard Oil co-founder William Rockefeller and his wife, Almira Geraldine Goodsell...
married Elsie Stillman, daughter of National City Bank president James Stillman
James Stillman
James Jewett Stillman was an American businessman who invested in land, banking, and railroads in New York, Texas, and Mexico.-Biography:...
, and they were the parents of James Stillman Rockefeller
James Stillman Rockefeller
James Stillman Rockefeller was a member of the prominent U.S. Rockefeller family.-Personal life:A paternal grandson of William Rockefeller, his maternal grandfather James Stillman and uncle James Alexander Stillman served as president of the National City Bank of New York, now Citibank...
.
He died on June 24, 1922 in Tarrytown, New York
Tarrytown, New York
Tarrytown is a village in the town of Greenburgh in Westchester County, New York, United States. It is located on the eastern bank of the Hudson River, about north of midtown Manhattan in New York City, and is served by a stop on the Metro-North Hudson Line...
. He was interred in the Sleepy Hollow Cemetery
Sleepy Hollow Cemetery
Sleepy Hollow Cemetery in Sleepy Hollow, New York is the resting place of numerous famous figures, including Washington Irving, whose story "The Legend of Sleepy Hollow" is set in the adjacent Old Dutch Burying Ground. Incorporated in 1849 as Tarrytown Cemetery, it posthumously honored Irving's...
, Sleepy Hollow, New York
Sleepy Hollow, New York
Sleepy Hollow is a village in the town of Mount Pleasant in Westchester County, New York, United States. It is located on the eastern bank of the Hudson River, about north of midtown Manhattan in New York City, and is served by the Philipse Manor stop on the Metro-North Hudson Line.Originally...
.
The New York Times, in discussing a trust he set up for his born and yet-to-be born great-grandchildren, states that "The original William left a gross estate of $102,000,000, which was reduced to $50,000,000 principally by $30,000,000 of debts and $18,600,000 of inheritance and estate taxes."(New York Times, August 5, 1937, page 1 "Estate of William Rockefeller Increasing $1,000,000 a Year")
Children
- Lewis Edward Rockefeller (1865–1866)
- Emma Rockefeller McAlpin (1868–1934) married Dr. David Hunter McAlpin
- William Goodsell RockefellerWilliam Goodsell RockefellerWilliam Goodsell Rockefeller was a director of the Consolidated Textile Company.-Biography:He was the third child of Standard Oil co-founder William Rockefeller and his wife, Almira Geraldine Goodsell...
(1870–1922) - John Davison Rockefeller II (1872–1877)
- Percy Avery RockefellerPercy Avery RockefellerPercy Avery Rockefeller was founder and vice president of Owenoke Corporation. He was a board director of Air Reduction Company, American International Corporation, Atlantic Fruit Company, Anaconda Copper Mining Company, Bethlehem Steel Corporation, Bowman Biltmore Hotels Company, Cuba Company,...
(1878–1934) - Geraldine Rockefeller DodgeGeraldine Rockefeller DodgeEthel Geraldine Rockefeller Dodge was the youngest child of Almira Geraldine Goodsell and William Avery Rockefeller, Jr., the Standard Oil tycoon. Giralda Farms was the name given to her New Jersey country estate, stables, and kennels. Her residence was a revival of Medieval Spanish Gothic...
(1882–1973) married Marcellus Dodge