Patience:<\/p>\n
All the while, John Rockefeller, with the dogged patience
\nthat would defeat scores of embattled competitors, waited
\ndeterminedly in the wings. …<\/p>\n
Rockefeller succeeded because he believed in the longterm
\nprospects of the business and never treated it as a mirage that
\nwould soon fade.<\/p>\n
Thrift:<\/p>\n
Again, like Weber’s ideal capitalist, “he avoids ostentation and
\nunnecessary expenditure, as well as conscious enjoyment of his
\npower, and is embarrassed by the outward signs of the social
\nrecognition which he receives.”<\/p>\n
By avoiding talk of money as unbecoming, Rockefeller concealed
\nfrom his children the magnitude of his fortune. When Bessie [daughter]
\nenrolled at Vassar in the mid-1880s … she went on a shopping
\nexpedition with some classmates to purchase a Christmas present
\nfor a favorite teacher. At a Manhattan store, they found the
\nperfect gift: a $100 desk. Since Bessie and her companions
\nhad only $75, they asked the merchant if he could wait a few
\ndays for the remaining $25. He agreed to do so if a New York
\nbusinessman would vouch for them. “My father is in business,”
\nBessie offered meekly. “He will vouch for us.” Who is your
\nfather? asked the man. “His name is Mr. Rockefeller,” she
\nsaid. “John D. Rockefeller; he is in the oil business.”
\nThe merchant gasped. “John D. Rockefeller your father!” When
\nhe agreed to ship the furniture, Bessie imagined he had merely
\nchanged his mind to please them.<\/p>\n
Dislike of show-offs:<\/p>\n
Rockefeller and Morgan were antithetical types, offering a
\nvivid contrast between the ascetic and the sybarite, the Roundhead
\nand the Vavalier. As the chieftain of the Anglo-American
\nfinancial establishment, the wellborn Morgan, expensively
\neducated in America and Europe, was a consummate insider in
\nthe business world. … Blustery and theatrical, Morgan was
\nimpetuous and hot-blooded… At his headquarters at 23 Wall
\nStreet, he often seemed harried, ruling by brilliant snap
\njudgements. Fond of luxury, Morgan inhabited the world of the
\nultrarich, with their gargantuan cigars, fine port, and
\noversized steam yachts.<\/p>\n
For Rockefeller, Morgan embodied all the sins of pride, luxury,
\nand arrogance. When they first met … they took an instant
\ndislike to each other.<\/p>\n
[Rockefeller’s] retirement was equally remarkable for its
\nomissions. For instance, he lacked the wanderlust that infected
\nother rich men, such as J.P. Morgan, in their later years. He
\nnever collected art or exploited his wealth to broaden his
\nconnections or cultivate fancy people. … He showed no interest
\nin old-money clubs, parties, or organizations. … When someone
\nexpressed surprise to Rockefeller that he had not gotten a
\nbig head, he replied, “Only fools get swelled up over money.”
\nComfortable with himself, he needed no outward validation of
\nwhat he had accomplished. We can criticize him for lack of
\nimagination, but not for weakness.<\/p>\n
True philanthropy (as opposed to self aggrandization in the guise of philanthropy):<\/p>\n
Before Rockefeller came along, rich benefactors had tended
\nto promote pet institutions (symphony orchestras, art museums,
\nor schools) or to bequeath buildings (hospitals, dormatories,
\norphanages) that bore their names and attested to their
\nmagnanimity. Rockefeller’s philanthropy was more oriented
\ntoward the creation of knowledge, and if it seemed more
\nimpersonal, it was also far more pervasive in its effect.<\/p>\n","protected":false},"excerpt":{"rendered":"