Carnegie, Rockefeller, Morgan, Vanderbilt, & Ford Men Who Built America Carnegie, Rockefeller, Morgan, Vanderbilt, & Ford

Vanderbilt Known as the Commodore, for his massive role in the railroad industry Starting off as a steamboat industry man, he switched from river boats to ocean going vessels When the California Gold Rush hit, Vanderbilt turned his attention to the railroads He quickly started buying as many railroads as possible to control the industry He eventually purchased most all lines that led to New York City, the mecca of commerce

Vanderbilt In competition with the Erie railroad, Vanderbilt found himself trying to buy all the stock so he could become the majority owner, however, Jay Gould and James Frisk had other ideas In order to make money they “watered down” the stocks by issuing more stocks than legally allowed He would also find shipping opportunities with Rockefeller who was starting to produce refined oil, kerosene, a very common oil for lamps

Rockefeller Co-Founder of Standard Oil Started out as a small time oil refiner creating roughly 30 barrels today but things were about to change After striking a deal to ship with Vanderbilt, to ship 60 barrels a day, which he currently could not do, Rockefeller found investors to buy into his company to make it bigger Rockefeller who was a devote religious man who believed God would guide the way

Rockefeller He would continue to buy up oil refiners until he owned roughly 90% of all oil in the United States Rockefeller would constantly tangle with railroad tycoons over price and shipping Eventually Rockefeller would take matters into his own hands and cut out the railroads altogether and create a pipeline to transport his oil Rockefeller was a bigger believer in Social Darwinism In 1911 Standard Oil would be found in violation of the Sherman Antitrust Act which stated that monopolies like Rockefellers were illegal, the business would be broken down into 34 companies

Carnegie Carnegie started out as a telegrapher who had various investments some of those in railroads While working his way he would work for the railroads but eventually left the railroads for prospects in steel Around 1885 he started Carnegie Steel Company, where he worked to make steel cheaper and mass produce it He used an adaptation of the Bessemer process to make his steel

Carnegie In order to show the public the strength of steel his invested heavily in Eads bridge in St. Louis While the people were still skeptical he chose one stunt to prove them wrong In 1901 Carnegie was looking to retire and he would sell his company to J.P. Morgan for $480 Million or $13.6 Billion today Carnegie would maintain another $225 Million in what was now called US Steel Corporation

Morgan Morgan started in the banking industry for his fathers company in 1857 Later moving to the United States he made a great deal of money during the Civil War by buying defective rifles at $3.50 each and reselling them for $22 A great deal of his money came from buying failing businesses and reorganizing them so they became profitable In 1900 Morgan set his eyes on the steel industry and Carnegie Steel Company

Morgan Morgan bought Carnegie Steel and a number of other companies, including railroad, coal and other businesses With Morgan running US Steel, they began to look outside the United States to compete on a global level With the mass of Morgans companies he became readily recognized as a monopoly Because US Steel was not unionized it came under heavy attack from Unions they would eventually Unionize in the 1930s