On the morning of May 23, 1937, the “World Oil King,” John D. Rockefeller, passed away peacefully in his sleep with a serene and composed expression on his face.
By his pillow, his family found a peculiar photograph — a class photo from his elementary school days, in which he was conspicuously absent. What did this photograph, cherished until the end of his life, signify? The fragments of time reflected that on that day, the impoverished young Rockefeller finally had the chance to take a graduation photo. He squeezed in among his classmates, smiling and standing as straight as he could, eagerly awaiting the happy moment. However, due to his shabby and worn-out clothes, the teacher asked him to step aside just before the shutter clicked. Thus, this unfortunate, regretful, and humiliating photograph was left behind.
The boy absent from the photo buried his shame deep in his heart and wrote down two major life goals: to earn US$100,000 and to live to 100 years old. He clearly surpassed the first goal, and although he passed away two months before his 98th birthday, falling short of the second goal by two years and two months, he seemed content with his life’s achievements.
The same boy who was absent from the photo founded Standard Oil at the age of 31. At its peak, it monopolized 90 percent of the U.S. oil market, with a total wealth equivalent of over US$340 billion today. Time is a magician; who could have predicted that the boy who quietly walked out of the frame would later become the first billionaire in the 19th century, creating a legendary life story?
Starting with US$7
John D. Rockefeller was born on July 8, 1839, in a small town along the Hudson River in New York State, to a poor family. From a young age, he received business training from his father, such as bookkeeping and quick payments, and inherited his mother’s virtues of thrift and diligence. He helped his parents with household chores, sold potatoes and turkeys, and even learned to lend money to neighbors to earn interest.
At 16, Rockefeller took US$7 and left home. But he did not feel destitute or pitiful. He worked as an accountant at a general merchandise company and applied to be a salesperson. Using his skills to mix his towels with the store’s towels, he earned US$800 in “huge” profits.
He boldly made his first investment in real estate. Simultaneously, he began acting as a middleman, borrowing money from his father, mother, and brother to buy and sell pork and lard.
In 1858, his father lent the 19-year-old Rockefeller US$1,000, but demanded high interest and early repayment even when his son’s income was meager. His father, eager for his son’s success, wanted to train his repayment ability and adaptability. He even resorted to fraudulent means to defeat his son in business, teaching him that in the business world, there are no familial ties, and one can trust no one but oneself.
Rockefeller integrated this ruthless business quality into his character while growing into a decisive and independent person.
In August 1859, the oil industry was born in the United States and the world. An oil boom arose in Pennsylvania. Rockefeller, after inspecting the muddy oil fields with a rifle on his back, decided not to invest in oil production, but keenly sensed the risks and profitability in refining.
Indeed, after the American Civil War broke out, the demand for oil surged. In 1863, Rockefeller and his partners invested in their first refinery in Cleveland. In 1870, they founded Standard Oil Company. At that time, kerosene products varied in quality, with some containing high gasoline content, making them prone to catching fire when used for lighting. Their kerosene had strict quality requirements and quickly became a famous brand.
The business acumen he displayed was unparalleled. He believed in “correct numbers as money,” calculating the cost per gallon of gasoline to three decimal places and controlling costs to achieve low-profit, high-volume sales. By 1878, Standard Oil controlled over 90 percent of the U.S. annual production of 36 million barrels, gradually lowering the price of gasoline from 88 cents per gallon to 5 cents. His creed was: “We are refining oil for the poor, and we must provide them with affordable kerosene.”
His critics accused him of ruthless exploitation and unscrupulous methods, but objectively, he also greatly benefited the public.
‘God gave me wealth’
Rockefeller boldly expanded his business, dominating the market through price competition, bribing politicians, threatening railroad operators, cutting off competitors’ essential supplies (such as tank cars, barrels, and pipelines), and acquiring bankrupt companies.
Despite this, speculative behavior led to thin profits in the refining industry. Determined to “turn competition into cooperation,” Rockefeller merged all refineries into a massive consortium to curb blind competition in the industry. This was a genius, forward-thinking decision. The Rockefeller-style “civil and military strategies,” including mergers, acquisitions, and monopolistic tactics, effectively eliminated competitors, achieving large-scale monopolies. This period was known as the “Cleveland Massacre.”
He not only defeated competitors in business, but also excelled at winning them over. After a competitor was defeated, Rockefeller often proposed reconciliation, offering generous prices to acquire their capital, sometimes in cash, sometimes in stock. If the opponent refused, he would seize their assets at auction prices after they went bankrupt. This naked temptation of profit led most opponents to compromise peacefully. Those who chose cash made a small fortune, while those who chose Standard Oil stock became major shareholders with even better prospects.
In 1870, two competitors from the “Cleveland Massacre,” Charles Pratt and Henry Rogers, later joined Standard Oil and became long-term major partners. Another competitor, John D. Archbold, who agreed to cooperate in 1875, is the best example. After joining, he was promoted by Rockefeller, eventually becoming vice president and the company’s second-in-command.
Rockefeller’s monopolistic tactics were invincible. He recruited or absorbed weaker industry players, incorporating them under his umbrella, allowing them to avoid brutal competition. Ultimately, after merging the entire industry, they could focus on serving consumers rather than competing with each other. Therefore, he believed his monopoly was beneficial to both the industry and consumers.
Rockefeller prided himself on being an “Angel of Mercy.” In a speech at Brown University, he said: “For the American Beauty rose to bloom, it must sacrifice the surrounding buds.”
Thus, within just 20 years, Standard Oil Company grew and expanded, becoming the largest oil producer in the U.S., monopolizing 95 percent of refining capacity, 90 percent of transportation capacity, and 25 percent of crude oil production. This monopoly on the U.S. oil industry lasted until 1911.
He believed that “God gave me wealth” and never had any negative thoughts about how he acquired it. He remained optimistic and confident throughout his life.
God’s steward
Early on, at a funeral, Rockefeller heard a pastor say: “Earn money justly, spend money wisely!” He silently noted it down and kept it in his heart. At 86, he wrote a short poem summarizing his life: “I was taught from a young age to both work and play. My life has been a long, happy holiday; fully engaged in work, thoroughly enjoying fun. I have laid down all my worries on this journey, and God has blessed me every day.” He firmly believed that God wanted His people to earn money and donate wealth, a principle he practiced throughout his life.
In a 1962 interview with Time magazine, Rockefeller’s son, John D. Rockefeller Jr., said: “The Rockefeller family’s wealth belongs to God; we are merely stewards.”
In the last 40 years of his life, Rockefeller devoted himself to philanthropy, mainly in education and medicine. He founded the Rockefeller Institute for Medical Research, contributing significantly by establishing the Johns Hopkins School of Public Health, Harvard School of Public Health, Denison University, Peking Union Medical College, eradicating hookworm and yellow fever in North America, sponsoring Hideyo Noguchi’s syphilis research, and funding Alexander Fleming’s penicillin research. He also paid special attention to the African American community, investing heavily in improving their education.
Rockefeller’s unprecedented philanthropy was unmatched. By the time the Rockefeller Foundation was established in 1919, his donations had equaled Andrew Carnegie’s lifetime contributions of US$180 million, and his son directly donated US$547 million from the family, making Rockefeller the greatest philanthropist in American history. The Rockefeller Foundation made significant international contributions, including combating hunger, controlling population, promoting health, resolving international conflicts, and improving education in developing countries.
In 1889, Americans awarded Rockefeller the title of the richest man. As America’s richest man and God’s “steward,” Rockefeller demanded that every penny be spent meaningfully. Even in philanthropy, his principle was to help others while preserving their dignity, a practice he consistently followed. The Rockefeller family’s philanthropic principles influenced many American tycoons, becoming a guiding philosophy for successful business people.
A life of contradictions and legacy
Rockefeller’s life was tumultuous and controversial. The first half was a long and contentious business journey, while the second half was dedicated to philanthropy. His image in people’s minds is complex, shrouded in mystery and myth. Many of his past competitors were driven to bankruptcy, but many also profited significantly by selling their assets to him (or acquiring Standard Oil shares), with some even becoming wealthy.
Rockefeller firmly believed his life’s purpose was “to earn as much money as possible, save as much as possible, and donate as much as possible.” He became an unprecedentedly wealthy man, but lived a disciplined, frugal life, never smoking or drinking, and remained faithful to his wife from their marriage at 25 until his death.
Rockefeller believed that thrift was a virtue. From day one, he began keeping accounts, a habit he maintained throughout his life. His ledger revealed that the billionaire spent only US$2 a day, and one entry read: “late for dinner, pay wife $0.25.”
Rockefeller’s life was a blend of praise and criticism. Biographer Allan Nevins concluded: “Rockefeller’s immense wealth did not come from others’ poverty. He did not advance by destroying everything like a meteor but through a quarter-century of bold ventures in a new, risky field where many capitalists dared not tread. His wealth, compared to other tycoons of his time, was the least tainted.”
Biographer Ron Chernow described Rockefeller: “His good side was exceptionally good, but his bad side was very bad. Few figures in history have been so complex.”
In the 1830s, business giants like Andrew Carnegie, Jay Gould, and J.P. Morgan emerged, shining like stars on the historical stage. What set Rockefeller apart was his unwavering belief in standing with God, viewing his money-making ability as a gift from God, and believing that the wealth he earned must be shared with society. For over a century, Rockefeller’s views on money have profoundly influenced the U.S. and the world, gradually evolving into a commercial spirit and philanthropic philosophy, inspiring future generations to bravely pursue wealth while appreciating God’s gifts and giving back to others.
It is often said that wealth and fame are like smoke, coming and going with life. Everyone has something they treasure deeply beyond money, whether it’s a photo, a memory, a book, or a gift. Rockefeller’s legendary life accumulated immense wealth, most of which he gave back to society, helping countless impoverished people. When he passed away, only the cherished, regretful photo accompanied him by his pillow. So what did Rockefeller’s heavy soul take with him? Perhaps we can find another revelation in a letter he wrote to his son.
Rockefeller once told his son: “Those who have never experienced misfortune are indeed unfortunate.”
He also said: “Rather than living in the gloomy mood of neither victory nor defeat, becoming a coward who knows neither joy nor sorrow, it is better to risk failure and boldly challenge your goals!”
Perhaps this was the driving force behind the boy who was absent from the photo throughout his life.
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