Walter C. Teagle
Encyclopedia
Walter Clark Teagle was responsible for leading Standard Oil
to the forefront of the oil industry and significantly expanding the company's presence in the petrochemical
field.
's former partners in Standard Oil
. Teagle's father, John Teagle, headed Scofield, Shurmer and Teagle, Standard Oil
's competitor in Cleveland. Teagle entered Cornell University
with the class of 1900, but graduated early in 1899 with a B.S. in chemistry. As a student, Teagle was said to have "managed everything," serving as manager for two publications, the football team, class politics, and as chair of the committees for class promenades and cotillions. He was a member of the Quill and Dagger
society and Alpha Delta Phi
.
After graduation, Teagle remained involved in Cornell University, serving as a trustee from 1924 to 1954 and donating funds for the Teagle Hall athletic building. In 1923, Cornell announced that Teagle was their highest salaried alumnus. He served as vice president of the Cornell Club of New York and on a variety of committees.
Teagle married twice, to Edith Murray on October 3, 1903, and after her death, to Rowena Lee in 1910. In 1962, he died at the age of 83 in Connecticut
after a long illness.
The Teague family is Cornish
, originating in Cornwall
, United Kingdom, the name meaning "fair/beautiful" in the Cornish language
.
bought out the Teagle family refinery, and placed Teagle in charge. Two years later, he joined the export committee of Standard Oil of New Jersey, traveling around the world for the next seven and a half years. He became a director of Standard Oil
in 1910, and a vice president shortly thereafter. During this time, he acquired operations in Venezuela
and Iran
. At the age of 39, Teagle became the youngest president of Standard Oil
of New Jersey, then known as Esso, for S. O. of NJ, and since 1972, known as Exxon
. He served as president (1917-1937) and chairman (1937-1942) of the company. Under his leadership, Standard Oil became the world's largest oil producer, increasing market share from 2% to 11.5%. He helped pioneer worker representation on refinery councils and the eight-hour workday.
and was inducted into the Automotive Hall of Fame
in 1974 for his work at Standard Oil
in expanding research and development of petroleum-based products, leading to fuel refinements and diverse petrochemical uses such as in cosmetics and food preservatives. He appears on the cover of the December 9, 1929 issue of Time Magazine. He was also selected as one of the 100 Most Notable Cornellians and inducted into the Cornell University
Athletic Hall of Fame.
movement and on the National Labor Board
during its brief tenure from 1933 to 1934, helping handle labor disputes. He was appointed to President Roosevelt's National Defense Mediation Board and National War Labor Board
. He was also on the national Business Advisory Council and a director of the National Foreign Trade Council
and Federal Reserve Bank
.
In 1944, he established The Teagle Foundation "to advance the well-being and general good of mankind throughout the world." At Teagle's request, the foundation's directors always include an individual appointed by Cornell University
and an individual appointed by ExxonMobil
.
during World War II
through his involvement with German chemical company IG Farben
. As a director of IG Farben's American subsidiary, he allied Standard Oil with the German company and conducted research jointly. Standard Oil supplied information to IG Farben on how to manufacture tetraethyl lead and synthetic rubber
, both critical resources to the war effort. Because Teagle sold patent rights for synthetic rubber, Standard Oil delayed American industrial readiness by not producing rubber without German permission. Faced with a Justice Department
investigation, Teagle convinced President Roosevelt that a suit would hurt the war effort, instead choosing to pay an out-of-court fine. The result was a fall in public favor for Standard Oil and the resignation of Teagle in 1942.
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
to the forefront of the oil industry and significantly expanding the company's presence in the petrochemical
Petrochemical
Petrochemicals are chemical products derived from petroleum. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane....
field.
Biography
Born in Ohio into a wealthy oil family, Teagle was the grandson of Maurice B. Clark, one of John D. RockefellerJohn D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...
's former partners in Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
. Teagle's father, John Teagle, headed Scofield, Shurmer and Teagle, Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
's competitor in Cleveland. Teagle entered Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
with the class of 1900, but graduated early in 1899 with a B.S. in chemistry. As a student, Teagle was said to have "managed everything," serving as manager for two publications, the football team, class politics, and as chair of the committees for class promenades and cotillions. He was a member of the Quill and Dagger
Quill and Dagger
Quill and Dagger is a senior honor society at Cornell University. It is often recognized as one of the most prominent collegiate societies of its type, along with Skull and Bones of Yale University...
society and Alpha Delta Phi
Alpha Delta Phi
Alpha Delta Phi is a Greek-letter social college fraternity and the fourth-oldest continuous Greek-letter fraternity in the United States and Canada. Alpha Delta Phi was founded on October 29, 1832 by Samuel Eells at Hamilton College and includes former U.S. Presidents, Chief Justices of the U.S....
.
After graduation, Teagle remained involved in Cornell University, serving as a trustee from 1924 to 1954 and donating funds for the Teagle Hall athletic building. In 1923, Cornell announced that Teagle was their highest salaried alumnus. He served as vice president of the Cornell Club of New York and on a variety of committees.
Teagle married twice, to Edith Murray on October 3, 1903, and after her death, to Rowena Lee in 1910. In 1962, he died at the age of 83 in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
after a long illness.
The Teague family is Cornish
Cornish people
The Cornish are a people associated with Cornwall, a county and Duchy in the south-west of the United Kingdom that is seen in some respects as distinct from England, having more in common with the other Celtic parts of the United Kingdom such as Wales, as well as with other Celtic nations in Europe...
, originating in Cornwall
Cornwall
Cornwall is a unitary authority and ceremonial county of England, within the United Kingdom. It is bordered to the north and west by the Celtic Sea, to the south by the English Channel, and to the east by the county of Devon, over the River Tamar. Cornwall has a population of , and covers an area of...
, United Kingdom, the name meaning "fair/beautiful" in the Cornish language
Cornish language
Cornish is a Brythonic Celtic language and a recognised minority language of the United Kingdom. Along with Welsh and Breton, it is directly descended from the ancient British language spoken throughout much of Britain before the English language came to dominate...
.
Oil career
In 1901, Standard OilStandard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
bought out the Teagle family refinery, and placed Teagle in charge. Two years later, he joined the export committee of Standard Oil of New Jersey, traveling around the world for the next seven and a half years. He became a director of Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
in 1910, and a vice president shortly thereafter. During this time, he acquired operations in Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
and Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
. At the age of 39, Teagle became the youngest president of Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
of New Jersey, then known as Esso, for S. O. of NJ, and since 1972, known as Exxon
Exxon
Exxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil. From 1972 to 1999, Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard....
. He served as president (1917-1937) and chairman (1937-1942) of the company. Under his leadership, Standard Oil became the world's largest oil producer, increasing market share from 2% to 11.5%. He helped pioneer worker representation on refinery councils and the eight-hour workday.
Honors
Teagle was selected as one of 20th Century Great American Business Leaders by Harvard Business SchoolHarvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
and was inducted into the Automotive Hall of Fame
Automotive Hall of Fame
The Automotive Hall of Fame is an American museum and hall of fame covering automotive innovations.-Location:Located in the metro Detroit suburb of Dearborn, Michigan, the museum shares a parking lot with The Henry Ford.-External links:*...
in 1974 for his work at Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
in expanding research and development of petroleum-based products, leading to fuel refinements and diverse petrochemical uses such as in cosmetics and food preservatives. He appears on the cover of the December 9, 1929 issue of Time Magazine. He was also selected as one of the 100 Most Notable Cornellians and inducted into the Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
Athletic Hall of Fame.
Other positions
Teagle was very active in labor, business, and trade organizations and councils. He served as head of President Hoover's job sharingJob sharing
Job sharing is an employment arrangement where typically two people are retained on a part-time or reduced-time basis to perform a job normally fulfilled by one person working full-time. Compensation is apportioned between the workers, thus leading to a net reduction in per-employee income...
movement and on the National Labor Board
National Labor Board
The National Labor Board was an independent agency of the United States Government established on August 5, 1933 to handle labor disputes arising under the National Industrial Recovery Act .-Establishment, structure and procedures:...
during its brief tenure from 1933 to 1934, helping handle labor disputes. He was appointed to President Roosevelt's National Defense Mediation Board and National War Labor Board
National War Labor Board
The National War Labor Board was a federal agency created in April 1918 by President Woodrow Wilson. It was composed of twelve representatives from business and labor, and co-chaired by Former President William Howard Taft. Its purpose was to arbitrate disputes between workers and employers in...
. He was also on the national Business Advisory Council and a director of the National Foreign Trade Council
National Foreign Trade Council
Founded in 1914, the National Foreign Trade Council is the oldest and largest trade association advocating an open, rules-based international trade system. It serves hundreds of member companies in activities encompassing international trade policy, international tax policy, human resources, and...
and Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
.
In 1944, he established The Teagle Foundation "to advance the well-being and general good of mankind throughout the world." At Teagle's request, the foundation's directors always include an individual appointed by Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
and an individual appointed by ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
.
Controversies
Teagle has been accused of contributing to Nazi GermanyNazi Germany
Nazi Germany , also known as the Third Reich , but officially called German Reich from 1933 to 1943 and Greater German Reich from 26 June 1943 onward, is the name commonly used to refer to the state of Germany from 1933 to 1945, when it was a totalitarian dictatorship ruled by...
during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
through his involvement with German chemical company IG Farben
IG Farben
I.G. Farbenindustrie AG was a German chemical industry conglomerate. Its name is taken from Interessen-Gemeinschaft Farbenindustrie AG . The company was formed in 1925 from a number of major companies that had been working together closely since World War I...
. As a director of IG Farben's American subsidiary, he allied Standard Oil with the German company and conducted research jointly. Standard Oil supplied information to IG Farben on how to manufacture tetraethyl lead and synthetic rubber
Synthetic rubber
Synthetic rubber is is any type of artificial elastomer, invariably a polymer. An elastomer is a material with the mechanical property that it can undergo much more elastic deformation under stress than most materials and still return to its previous size without permanent deformation...
, both critical resources to the war effort. Because Teagle sold patent rights for synthetic rubber, Standard Oil delayed American industrial readiness by not producing rubber without German permission. Faced with a Justice Department
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
investigation, Teagle convinced President Roosevelt that a suit would hurt the war effort, instead choosing to pay an out-of-court fine. The result was a fall in public favor for Standard Oil and the resignation of Teagle in 1942.