The Men Who Built America Essay

1269 Words Dec 27th, 2013 6 Pages
Much credit was given to six men, for creating the foundation of America. The first 4

were Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, and J.P. Morgan. Through

shipping and trains, oil and its development, steel and construction, and corporate finance,

these men constructed the foundation of our country. Through their careers, these men saw

much change during prosperous times that effected business then and ultimately in the long

run.

Cornelius Vanderbilt was an American industrialist and philanthropist. His claim to

fame and fortune was through shipping and railroads, becoming one of the richest men in

American history. Vanderbilt took an interest in railroads in the 1850's
…show more content…
Andrew Carnegie was an industrialist who led the expansion of the steel industry in America. He made his fortune in the steel industry, controlling the most iron and steel

operations ever owned by any individual in America. In the 1880's, his steel company was

the largest manufacturer in the world of pig iron, steel rails, and coke. The company had the

capacity to produce about 2,000 tons of pig metal per day. In 1892, he launched the

Carnegie Steel Company which was combined of Homestead Steel Works and a line of lake

steamships which he bought in 1888. In all, by 1889, Carnegie's empire consisted of Edgar

Thomson Steel Works, The Lucy Furnaces, Pittsburgh Bessemer Steel Works, the Union Iron

Mills, the Keystone Bridge Works, the Union Mill, Hartman Steel Works, the Frick Coke

company and the Scotia ore mines. In 1901, Carnegie was 91 and considering retirement.

He made all the necessary preparations to his end and made negotiations with J.P. Morgan

to sell his company. March 2, 1901, the United States Steel Corporation was formed and

was the first corporation in the world with a market capitalization over $1 billion (History.com).

While Andrew Carnegie was building his steel empire, he realized that in order to

exceed production, he would have to make some changes. In 1892, labor declared a
Open Document