Word: spelman
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Between 1865, the year after he married Laura Spelman, a Cleveland schoolteacher, and 1872, he evolved and put into prompt practice the basic principle on which Standard Oil achieved its power- buy out competitors at pistol point or destroy them if they refuse to sell. Monopoly of oil was his objective almost from the start. The pistol he used was the secret rebate, the notorious device by which a shipper got a refund on his railroad freight, enabling him to undersell competitors. Rockefeller carried this one step further by bludgeoning the railroads into giving him not only a rebate...
Rockefeller in his lifetime gave away no less than $530,000,000. The Baptist Church was the most consistent beneficiary, but the biggest sums went to the Rockefeller Foundation ($182,000,000), the General Education Board ($129,000,000), the Laura Spelman Rockefeller Memorial ($73,000,000), the Rockefeller Institute for Medical Research ($59,000,000) and the University of Chicago...
...Rockefeller-financed amalgam of three old Negro schools (coeducational Atlanta University, Spelman College for women, Morehouse for men), the new University of Atlanta is one of the proudest centres of Negro education in the U.S. With 1,300 students, $2,000,000 worth of sound buildings and a $7,000,000 endowment fund, Atlanta has had everything but a president since pioneering Dr. John Hope died last year. Last week this want was filled by the election of 37-year-old Dean Rufus Early Clement of Louisville's Municipal College for Negroes...
...sheep horns, plaster relief maps, Indian blankets, rock specimens, framed photographs, stuffed animals, miners' picks and other objects assembled during the past 20 years, the Yosemite National Park Museum owes its present attractive two-story stone building to a $75,000 grant in 1924 from the Laura Spelman Rockefeller Foundation. Besides the necessary offices for park naturalists, guides and officials, sheep horns and blankets have filled most of the rest of the available space, yet by order of Secretary of the Interior Harold Ickes, the museum must now find room for these 198 paintings, most of the life work...
...will be used to retire an issue of 5% preferred stock of a subsidiary called Standard Oil Export Corp. (TIME, May 18). Only $30,000,000 worth of Standard's new bonds were offered to the public, the rest having been bought by various Rockefeller interests including the Spelman Fund, the Rockefeller Foundation and the China Medical Board. But the most notable fact about this notable financing was that Standard borrowed the money at the lowest interest rate ever paid for long-term funds by any industrial corporation in the U.S. -little more than...