William Rockefeller Jr.
William Avery Rockefeller Jr. | |
|---|---|
| Born | Template:Birth date Richford, New York, U.S. |
| Died | June 24, 1922 (aged 81) Rockwood Hall, Westchester County, New York, U.S. |
| Occupation(s) | Entrepreneur, financier |
| Known for | Co-founder of Standard Oil; significant ownership in Anaconda Copper |
| Spouse | Almira Geraldine Goodsell (m. 1864) |
| Children | 6, including William Goodsell Rockefeller and John D. Rockefeller II |
William Avery Rockefeller Jr. (May 31, 1841 – June 24, 1922) was a prominent American entrepreneur and financier, recognized as a co-founder of Standard Oil alongside his brother John D. Rockefeller. He also possessed a significant ownership interest in Anaconda Copper, which ranked as the fourth-largest corporation worldwide by the late 1920s. Starting his professional journey at age sixteen as a clerk, he joined his brother’s enterprise, Rockefeller, Andrews & Flagler, in 1867. This company eventually transformed into Standard Oil prior to its dissolution by the Supreme Court in 1911. In 1899, he collaborated with Standard Oil executive Henry H. Rogers and Marcus Daly, founder of Anaconda Copper, to establish the Amalgamated Copper Mining Company, which was later renamed Anaconda Copper.
Married to Almira Geraldine Goodsell in 1864, the couple had six children together. At his passing in 1922, Rockefeller’s gross estate was valued at $102 million before liabilities and taxes were deducted. He played a pivotal role in solidifying the Rockefeller family’s reputation as a dominant American business dynasty.
Early years
William Avery Rockefeller Jr. was born in Richford, New York as the middle son of con artist William Avery Rockefeller Sr. and Eliza Davison. His siblings included older brother John D. Rockefeller, sisters Lucy and Mary, and twins Franklin (Frank) and Frances—the latter of whom died in childhood. Additionally, he had two older half-sisters from his father’s extramarital relationship. The family moved to Strongsville, Ohio in 1853. During his education, he was notably influenced by teacher Rufus Osgood Mason, whom he later referred to as "A Rockefeller Patron."
Business career
At sixteen years old, Rockefeller began working as a clerk for a miller located in Cleveland, Ohio. Two years afterward, he became part of his brother’s produce commission firm, Clark and Rockefeller, which subsequently supplied goods to the Union Army during the Civil War.
Oil business
Rockefeller exhibited considerable business skill early on. In 1867, following the formation of Rockefeller, Andrews & Flagler by John D., William was invited to oversee the company’s export operations based in New York. That same year saw the creation of William Rockefeller and Co., a subsidiary under Rockefeller and Andrews. By 1870, this enterprise developed into what became known as Standard Oil. The company was ultimately dismantled by the United States Supreme Court in 1911.
Copper mining
In 1899, William Rockefeller joined forces with Standard Oil executive Henry H. Rogers and Marcus Daly—the founder of Anaconda Copper Company—to form the Amalgamated Copper Mining Company, with ambitions to control the copper market. Daly assumed the presidency while Rogers served as vice-president. Together with Rockefeller and Rogers orchestrated a transaction that generated $36 million in profit: they purchased Anaconda Properties from Daly for $39 million using funds held by National City Bank (which was managed by associates of Rockefeller). Subsequently, they established Amalgamated Copper Mining Company with nominal directors and assigned it a valuation of $75 million.
Amalgamated acquired Anaconda through issuing $75 million in capital stock specifically for this deal. They secured a $39 million loan from the bank using Amalgamated itself as collateral to repay Daly and then sold $75 million worth of Amalgamated stock on the public market. After settling the bank loan, they realized a cash profit totaling $36 million.
Following Daly’s death in 1900, banker John Dennis Ryan assumed control over Amalgamated’s operations in Montana. The company proceeded to acquire two major competitors and gained ownership over all mines located in Butte, Montana. Renamed Anaconda in 1915, by the late 1920s it had grown into the world’s fourth-largest corporation.
Between 1912 and 1913, the Pujo Committee conducted investigations into Rockefeller and others for allegedly securing $30 million through manipulating the copper market and controlling Amalgamated Copper stock on the New York Stock Exchange.
When the Mutual Alliance Trust Company launched in New York on June 30, 1902, Rockefeller was among thirteen directors alongside prominent financiers such as Emanuel Lehman.
Personal life
On May 25, 1864, in Fairfield, Connecticut, William Rockefeller wed Almira Geraldine Goodsell (1844–1920). Almira’s sister, Esther Judson Goodsell, was married to Oliver Burr Jennings, one of the original investors in Standard Oil. William and Almira had six offspring: Lewis Edward, Emma (who married Dr. David Hunter McAlpin), William Goodsell Rockefeller (who wed Sarah Elizabeth Stillman), John Davison Rockefeller II, Percy Avery Rockefeller (husband to Isabel Goodrich Stillman), and Ethel Geraldine Rockefeller (who married Marcellus Hartley Dodge Sr.).
William Rockefeller Jr. passed away from pneumonia on June 24, 1922, at Rockwood Hall. His illness began after catching a chill during a car journey with his brother John D. Rockefeller and nephew John D. Rockefeller Jr. to his boyhood residence in Richford, New York. He was laid to rest at Sleepy Hollow Cemetery, New York.
According to The New York Times, his gross estate was valued at $102 million but was diminished to $50 million following the settlement of $30 million in debts and $18.6 million in inheritance and estate taxes.
In his final years, Rockefeller was a frequent attendee of Saint Mary's Episcopal Church located in Scarborough.
Family and descendants
The second son of William and Almira, William Goodsell Rockefeller, married Sarah Elizabeth "Elsie" Stillman, daughter of National City Bank’s president James Jewett Stillman. Their lineage included James Stillman Rockefeller, who became a member of the prestigious Jekyll Island Club, joining ranks with notable business figures such as J. P. Morgan and Joseph Pulitzer.
Residences
In 1886, Rockefeller purchased an estate along the Hudson River in Westchester County from General Lloyd Aspinwall and undertook extensive renovations on the mansion known as Rockwood Hall.
The Rockefeller Cottage on Jekyll Island, Georgia, also referred to as Indian Mound, was originally constructed in 1892 by Gordon McKay. William Rockefeller acquired it in 1905 for use as a winter retreat. The property stayed within the family until 1947 when it was sold to the Jekyll Island Authority. It functioned as a museum between 1950 and 1968 before undergoing restoration; today it operates as a public museum. The cottage is recognized on the National Register of Historic Places under the name Rockefeller Cottage.