The Producers who Played a Major Role in Industrial Era in History

Later in the 19th century, America's industrial age expanded across the country and impacted certain economic and social changes. The American Industrialist group played a huge role in sculpting these very changes and led to new innovations. Figures such as J.D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Cornelius Vanderbilt were a few producers who played a major role in this era in history. These men were vital in the American Industrial Age and changed how America operates. Throughout the course of the American Industrialization, power has been the aim taken by many. It drove people to push themselves harder than before to be the greatest. During the Industrial Revolution, there were four people who would become the household names they are today. They risked it all, and even though they did not always succeed, they did not give up. These men were the best at what they did but they did not all stay at the top.

One very important figure of this time is a man named Cornelius Vanderbilt. Vanderbilt was a self-made multi-millionaire who became one of the wealthiest Americans in the entire 19th century. Mr.Cornelius Vanderbilt was a railroad and shipping tycoon, known for owning the New York Central Railroad Station and being a philanthropist. He donated one million to build a college in Nashville Tennessee. Vanderbilt never let anyone get in his way of success. John Harty states “throughout his life, he fought for the principle of free enterprise as guaranteed by the constitution”. Mr.Vanderbilt`s early life consisted of being one of nine children. 

Young Vanderbilt did not enjoy attending school but excelled in sports and working. He had a passion for swimming, climbing, and wrestling, whom few could conquer. Although school lessons were not for him he had a vigorous mind and quickly learned to sail at an early age from watching craft navigate through the New York Harbor. He became interested enough that he told his mother he wanted to run away to become a sailor. During this time he did not have sufficient funds to do such a thing. Later, Mr.Vanderbilt came to an agreement with his mother to work for his family to make money to buy his first vessel. With his first vessel, he was able to make money, carrying passengers. After his first year, Vanderbilt paid back his family the money he was given. In the following year, he then gave his mother one thousand dollars and bought a partial interest in other vessels. This was the start of Vanderbilts plan. The plan was to acquire a small fleet of boats to transport cargo. To support his family, Vanderbilt put together a ferry system, with a good reputation he was able to obtain a contract with six forts around New York. This work was hard, taking one day to supply one fort.

However the profits were good, and his fleet would grow. In 1864, Vanderbilt was able to sell his vessels for three million dollars. Vanderbilt then began to invest in the railroad industry. At age seventy he was worth twenty million dollars. In the year 1862-1863 Vanderbilt started to invest more in Harlem Railroad. As the price increased he continued to buy. The stock was selling for three dollars in 1857, yet in 1860 it sold for seventy-five dollars. He became President of Harlem Railroad and made his son Vice-President. Together they turned the Harlem Railroad around making it a success. With the money made, Vanderbilt began to buy stock of the New York Central. At age 73 he overtook the New York Central station. Also making improvements, such as multiplying the connections. Vanderbilt combined his New York railroads into the New York Central together. Vanderbilt started to add the Canada Southern, Michigan Central, and Great Western, later connecting the route to make a grand total of nine hundred seventy-eight miles long. 

The American philanthropist, Andrew Carnegie, assumed a massive fortune in the steel industry. Early in the 1870s, Carnegie co-founded his first company in Pennsylvania. He eventually created a steel empire, accelerating profits and reducing inefficiencies. In 1892, Carnegie consolidated his primary holdings to create Carnegie Steel Company. Andrew Carnegie was born in Scotland, moving to the United States in 1848, when Carnegie was only thirteen. His family was in poverty and they attempted to regain wealth by working non-stop in factories. Andrew improved his skills at night school, learning double-entry bookkeeping. After four years he worked his way up to the secretary and personal telegrapher to Tom Scott, superintendent of the Pennsylvania Railroads western division. Mr. Carnegie considered himself a champion of the working man. Nevertheless, his reputation was hurt from a labor strike in 1892 at his current homestead. The workers were protesting the wage cuts. This took place while Carnegie was on a vacation in Scotland, therefore the general manager Henry Clay Frick. Mr.Carnegie trusted Mr.Frick to break the Union. Only after five months, the striking end, and the union was defeated. Within the Carnegie Steel Company, the process for extracting steel was rapidly improved. Making people want Carnegie`s steel for themselves. 

The company was bought for four hundred eighty million dollars by a banker names John Pineroot Morgan. This made Andrew Carnegie one of the world`s richest men. Being one of the world’s richest men he devoted his life to philanthropy. Carnegie posted a statement in 1889 declaring that the rich have an obligation to distribute money in ways to promote welfare and happiness. He eventually gave away some three hundred fifty million dollars, which represented a massive amount of wealth. Among the philanthropic activities, he funded more then twenty-five hundred public libraries across the globe. Also attributing several thousand organs to churches worldwide. Adding to it all he funded the Carnegie Hall, a concert hall is New York. In August of 1919, Carnegie died at age eighty- three in Massachusetts. 

One of the most prominent bankers of his time, John Pineroot Morgan financed entire railroads and helped organize major corporations such as General Electric and U.S. Steel. Mr. Morgan`s influence throughout the United States was used to stabilize financial markets during many economic crises. Nevertheless, Morgan was criticized for being to powerful. People thought due to his massive collection of art was an example of him using the nation`s financial system to help himself grow. He was incredibly experienced for he was his father`s predecessor. Morgan set up his own company in 1860. Taking advantage of his father`s business. Robert McColley states “he also took advantage of many opportunities to buy and sell in the booming commercial city of New York¨. He later married Amelia Sturges, not long after she was diagnosed with tuberculosis. Morgan in love dropped everything happening at that time to try and cure her. He was unsuccessful. He later went back to the United States to form a partnership with his cousin, Jim Goodwin. This came to be known as J.P. Morgan and company. Within this company, he would buy firearms from the government in the east during the civil war then sell them to the west making an incredible profit. 

Morgan`s actions were frowned upon by many but he never apologized claiming he was only serving the union. In 1864 he let in a new partner and the company was then known as Dabney, Morgan company. He was a large philanthropist, raising money for the wounded and widowed from the war. He established the Young Men`s Christian Association. Morgan, the investment banker, became involved with the United States railroads due to the fact he was able to manage more miles of tracks them any other company. Most of the time railroads would just connect neighboring cities or connecting cities to rivers or ports. Congress was offering large land grants encouraging the building of transcontinental railroads. Meaning many investors would want to protect their investments, going to investment bankers brought Morgan the interest in railroads he is known for today. Robert McColley expresses “Morgan was involved in the finances of the federal government on four major occasions” one very important occasion helping President Ulysses S. Grant, to refinance the federal debt. J. P. Morgan’s power grew through his trustworthiness and reliability to his associates through hard times. On his death in 1913 he left behind a large legacy and an art collection for millions to enjoy. 

John D. Rockefeller was a major philanthropist, industrialist, and the founder of the Standard Oil Company, which made him one of the wealthiest men in the world. Rockefeller began his involvement with the oil business in 1863, by investing in a refinery in Cleveland, Ohio. Mr.Rockefeller and his partner Samuel Andrews finery was producing twice as much oil as any other finery. Rockefeller proposed more than their competitors because of his lack of tolerance of waste and his growing reputation of as a successful businessman. Judith Trolander adds “These few strong qualities allowed him to borrow large sums of money from bankers and attract partners who brought addition capital to his firm”. Rockefeller started making his own barrels to cut his firm`s dependence on other businesses. He would buy everything he needed instead of buying it from other businesses. When this was not enough he converted his partnership into a joint-stock corporation, the Standard Oil Company of Ohio. During 1980 the company grew, even more, acquiring more oil fields, new refineries, and faster, more efficient refinery methods. At this time, Rockefeller had secured his monopolistic position he had wanted. Throughout this process, Rockefeller became powerful and feared. His wealth at one point in time was a staggering nine hundred million dollars. This put Rockefeller in a dilemma, what to do with this incredible wealth. He invested in the stock market and gained control of the richest iron ore field in the United States. Rockefeller gave an astounding amount of money to hospitals, colleges, and other institutions. He is known for virtually making the University of Chicago, and donating several hundred thousand. His philanthropy was heightened with the creation of the Rockefeller Foundation in 1913, giving away more than half a billion dollars. Rockefeller turned over leadership of the Standard Oil Company in 1897 and died at age ninety-seven in 1937. 

Work Cited 

1. Trolander, Judith Ann. “John D. Rockefeller.” Salem Press Biographical Encyclopedia, 2019. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=cookie,geo,url,ip&geocustid=s8475741&db=ers&AN=88831124&site=eds-live&scope=site.Graybar, Lloyd J. “Andrew Carnegie.” Salem Press Biographical Encyclopedia, 2018. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=cookie,geo,url,ip&geocustid=s8475741&db=ers&AN=88806873&site=eds-live&scope=site.McColley, Robert. “J. P. Morgan.” Salem Press Biographical Encyclopedia, 2018. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=cookie,geo,url,ip&geocustid=s8475741&db=ers&AN=88807168&site=eds-live&scope=site.Harty, John. “Cornelius Vanderbilt.” Salem Press Biographical Encyclopedia, 2018. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&AuthType=cookie,geo,url,ip&geocustid=s8475741&db=ers&AN=88806963&site=eds-live&scope=site.