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The success of the careers of john d rockefeller and andrew carnegie

Rockefeller and Andrew Carnegie were all very wealthy Americans who have had this term used to describe them. The term can trace its origins back to medieval times.

At the time, Geram lords would charge a toll to any ship which sailed on the Rhine. These lords charged this toll simply because they could and they offered no goods or service in return, the money simply went to make them richer. This pejorative name was given to many American industrialists and businessmen who were believed to only be interested in lining their pockets and cared little, if at all, for the average working man. Morgan An expert at industrial reorganization and an American financier, John Pierpont Morgan was a very prominent figure in the world before World War I.

Among his many achievements, he reorganized many major railroads as well as consolidated General Electric, U. Steel and International Harvester. His post-college career began as an accountant for Duncan, Sherman and Company.

Morgan's father owned a banking company in New York City, and J. He became a member of Dabney, Morgan and Company in 1864 and remained there until 1871, at which time he became a partner of Drexel, Morgan and Company. This business soon became the main source of U.

In 1895, the company was reorganized and became known as J. The business became one of the world's most powerful banking institutions. Morgan had a lot of connections throughout the world, and was able to provide capital to quickly growing U. In 1885 he was involved in his first railroad reorganization and helped to arrange an agreement between the Pennsylvania Railroad and the New York Central Railroad. He wanted to minimize a rate war and competition between different railroads. Morgan reorganized another two major railroads in 1886 in order to stabilize their financial base.

He became a board of director member for numerous railroads.

When the financial panic hit in 1893, Morgan helped resurrect leading railroads including: Again he wanted to stabilize rates and discourage competition in the East. Morgan was able to gain control of a lot of the stock from the railroads which he had reorganized. This made him one of the most powerful railroad magnates in the world.

By 1902 he controlled 5,000 miles of railroad.

Financier's Fortune in Oil Amassed in Industrial Era of 'Rugged Individualism'

He formed a syndicate during the depression that resupplied the United States government's gold reserve which had become depleted.

Next came industrial consolidations that reshaped the corporate structure of the American manufacturing sector. He financed the Federal Steel Company in 1898 and merged it with Carnegie Steel Company as well as other steel companies in 1901.

United States Steel Corporation was the result of the mergers and became the first billion-dollar corporation in the world. A merger of numerous leading agricultural equipment manufacturers in 1902 led to the formation of International Harvester Company. Next came the formation of the International Merchant Marine which was comprised of transatlantic shipping lines.

In 1907 when the stock market panic hit, he led a group of bankers who took huge government deposits and determined how best to utilize the money for financial relief.

This helped to preserve the solvency of banks and corporations and helped to avoid a financial collapse. Having finished with industrial reorganization, Morgan proceeded to gain control of numerous leading banks and insurance companies. This led to some distrust by the federal government and hostility from reformers and muckrakers throughout the U.

Morgan died on March 31, 1913 in Rome, Italy. An informative article regarding J. Morgan which focuses on his business ventures throughout his life. The article provides a brief overview of the life of J. An excellent article regarding the history of J. The article mentions Morgan, Rockefeller and Carnegie and discusses oil, steel, electricity and government regulations.

The article provides a brief but good biography of Morgan and offers a book for purchase on the man. Rockefeller also donated large amounts of money to charities and churches. His father frequently traveled so he was raised mainly by his mother, who taught him to work hard, save money and donate to charities. Rockefeller attended high school in Cleveland, Ohio and left in 1855. He attended a six-month business course at Felsom Mercantile College.

It was a small company that produced shippers and commission merchants. Rockefeller was an assistant bookkeeper. He impressed his bosses at the company by arranging difficult transportation deals involving the movement of freight via lake boats, canals and railroads.

He soon began to trade for his account. In 1859 he began business on his own, forming a partnership with Maurice Clark who was a neighbor. In 1863 Rockefeller became part of the oil business. At only 24 years of age, Rockefeller leveraged the business and then expanded it.

In 1866 Rockefeller's brother William joined the business and managed the New York City office as well as dealt with exporting. Jennings and Henry M.

Robber Barons or Pioneers in American Business?

By 1872 the Standard Oil Company had taken control of almost all Cleveland refining firms. In 1896 Rockefeller changed course and replaced his leadership of the daily business of Standard Oil with a focus on philanthropy. From the middle of the 1890's until his death in 1937 his activities revolved around philanthropy.

He had always donated money to his church and other charities, but he now decided to hire Reverend Frederick T. Gates to assist in the management of his philanthropy.

In 1897 Rockefeller's son, John D. These institutions involved areas such as science, public health and medicine and still exist today. Rockefeller lived a long life and died on May 23, 1937 at 97 years of age. He is buried in Cleveland, Ohio. The website offers good information on the entire history of John D. The article discusses the history of the Standard Oil Company. Engines of Our Ingenuity-Carnegie and Rockefeller: The article explains how the two famous men became wealthy and then created and donated money to different charities John D.

The article provides information on not just John D.

Rockefeller but also his family. The article focuses on Rockefeller's life in regard to the city of Cleveland. History of the Rockefeller University: The article discusses how and why Rockefeller University came into being. The article lists many notable American philanthropists and some of their donations including Rockefeller and Carnegie. Andrew Carnegie Helping to create the steel industry, amassing great wealth and later proceeding to give much of his money away was the life of Andrew Carnegie.

Born on November 25, 1835 in Dunfermline, Fife, Scotland, Carnegie was part of an impoverished family. They moved to the United States when he was 13 years old, and got a job as a bobbin boy in a cotton factory in Pittsburgh, Pennsylvania. He next was able to get a job tending a steam engine. The following year he worked as a messenger boy for the local telegraph office. In 1851 he moved up to the position of a telegraph operator.

In 1853 he was able to attain a job for the Pennsylvania Railroad. He became the personal assistant and telegrapher for Thomas Scott who was a top official for the railroad.

  1. Rockefeller also donated large amounts of money to charities and churches.
  2. Tarbell wrote a book, "The History of the Standard Oil Company," in which she attacked the business methods and financial operations with which Mr.
  3. For example, do you notice differences in job classifications and wages that bear little resemblance to real skill differences?

He learned a great deal about business and the railroad industry from this job. In only three years he was promoted to superintendent of the Pittsburgh Division of the railroad. His wealth also grew through investments that paid off while working for the railroad, especially in the area of oil.

In 1865 he left the railroad and found employment with the Keystone Bridge Company.

  • His father had intended to send him to college, but could not afford to do so;
  • The political clout of the oil companies ensured that the legislation was not enacted.

Eventually he became fascinated with the steel industry and focused on a new steel refining process that Englishman Henry Bessemer utilized to convert large batches of iron into steel. He put a lot of money in the process, borrowed heavily and built a new steel plant in the Pittsburgh area. He proceeded to build steel plants over the years throughout the United States. The key to Carnegie's success in the steel industry is that he owned everything necessary for the various parts of the process.

For example, he owned the materials, railroads, ships, and even coal fields. He had ownership over all aspects of the manufacturing process. Carnegie Steel Corporation became one of the largest business of its kind by 1889. The business would not be without problems though. Carnegie preached for workers to have rights to unionize and to be able to protect their jobs, but he didn't practice what he preached. In 1892 the company wanted to lower the wages of the plant workers in Homestead, Pennsylvania.

The workers already worked long hours for little pay. The employee's refusal to work began what was referred to as the Homestead Strike of 1892.

  • A mystery in Mr;
  • Did these leaders retard or promote the growth of material wealth and the advance of social progress?
  • Recently, the large oil companies have begun diversifying into other energy fields; and in the last few years there has been a trend toward greater concentration of oil resources as oil companies have bought other oil companies to get large reserves of oil without risky investments in exploration;
  • Again he wanted to stabilize rates and discourage competition in the East.

The company hired guards to break up the union and intimidate strikers which erupted in violence. Many people were killed during the conflict.