A tight-fisted businessman turned philanthropist

Unbelievable but true. A much hated businessman during his time who turned out to be one of the wealthiest known person in recent history – is today revered and best remembered as one of the biggest philanthropist. Donating to various educational, religious and scientific causes more than US$550 million during his lifetime.

The businessman-philanthropist I am referring to is John D. Rockefeller, an American industrialist who founded the Standard Oil, a company that at one time, controlled some ninety (90%) percent of US refineries and pipelines.

Rockefeller, born on July 8, 1839, died at the age of 97 (2 months short of 98) on May 23, 1937. At a young age, he already engaged in entrepreneurial ventures. At age 7, he raised a flock of turkeys and later sold the flock of turkeys at a profit. He also sold potatoes and candies. At about the same time, he started saving coins, accumulated US$50 in three (3) years. Then lent the US$50 to a neighboring farmer at seven percent interest. At age sixteen (16), he worked as a four-dollars-a-week bookkeeper. At age nineteen (19), he had his first company in partnership with a male friend and already made a profit of $4000 in the first year. He was proficient in mathematics and accounting. Rockefeller was a genius for organization and method.

Born of German parents who migrated to the US, Rockefeller is the second of six (6) children. While his father was fun-loving and worldly in his lifestyle, Rockefeller was formal, reserved and serious in his dealings with others. He did not drink or smoke too. Rockefeller’s attitude to money was solely influenced by the thrift conscious teachings of his mother. Throughout his life, he followed strictly his mother’s rule that “Woeful waste makes woeful want.”

After about forty (40) years of doing business, after accumulating much wealth and being the subject of criticism and envy for his business schemes, Rockefeller’s health deteriorated. He suffered from insomnia and due to his stomach problem, his diet consisted of only milk and crackers – and he also lost all his hair. At this point in his life, the doctor advised Rockefeller to slow down, to change his image, (many people hated him for his controversial business practices like engaging in price fixing, bribing and other unfair business practices) – and to give to charity. It was the suggestion to give to charity that appealed most to Rockefeller. While Rockefeller (a Baptist by religion) was already giving to the Baptist Church enormous donations, he decided to give more generous donations to charity when his health was deteriorating. The doctor told him that changing his image from a shrewd businessman to a philanthropist will also soften the public image towards him. And so… the grandiose plan of Rockefeller for great philanthropic assistance to mankind went full blast.

At the time of his death, the hatred towards Rockefeller by journalists, politicians and businessmen was amazingly transformed to great respect and admiration due to his lavish, generous and non-stop donations to charity causes.

Today, the world remembers Rockefeller for funding and founding the University of Chicago, Rockefeller University (formerly Rockefeller Institute of Medical Research) and the Rockefeller Foundation (this foundation has been engaging in several projects in different countries up to this day). Many of us Filipinos, however, remember Rockefeller for funding the Central Philippine University Republic (CPU) in Jaro, Iloilo (founded in 1905 as the Jaro Industrial School). This donation was made possible through the intercession of Baptist Missionaries. One may ask: How did this happen? Rockefeller, a devoted Northern Baptist gave a grant to the American Baptist Foreign Mission Society, affiliated with the American Baptist Church “for the purposed of establishing schools that will train ministers and other Christian workers and for the boys in the Philippines.” This task was given to William O. Valentine who met a nurse Ina Jan Van Allen. After their marriage in US, they were assigned by the American Baptist Foreign Mission Society to establish mission schools in the Philippines. CPU started as a Bible School in the home of the Valentines in Jaro, Iloilo. Today, CPU is considered as the oldest student governing body in South East Asia.

And so my dear readers – Filipinos especially the Ilongos will always remember John D. Rockefeller the great philanthropist!

Have a joyful day!