Industrial Tycoons

John D. Rockefeller (1839-1937)

• The founder of Standard Oil that was established in 1870
• Became one of the worlds wealthiest man
• Became a major philanthropist
• He entered the oil business by investing in a Cleveland, Ohio refinery
• By the late 1880's he controlled 90% of U.S. refineries and pipelines

Rockefeller cont...

• Critics accused Rockefeller of engaging in unethical practices
• He did this is order to gain a monopoly of the oil business
• In 1911, the U.S. Supreme Court found Standard Oil in violation of anti-trust laws
• Throughout his life he donated more then $500 million dollars
• Retired from day to day work for Standard Oil in the mid 1890's

Andrew Carnegie (1835-1919)

• An american industrialist who received his fortune in the steel industry
• Began to have his eye on money as Cornelius Vanderbilt's assistant
• Made his first fortune by the time he was in his 30's
• In 1870 he became a dominant force in the steel industry

CARNEGIE CONT...

• He formed Carnegie Steel Company in 1892
• He and his general manager used unethical ways when employees went on strike
• He sold his company to John Morgan in 1901 for $480
• As a philanthropist he gave away $350 million
• Carnegie Hall was a $1.1 million gift to him

CORNELIUS VANDERBILT (1794-1877)

• Shipping and railroad tycoon and self-mad multi-millionare
• One of the wealthiest americans of the 19th century
• Started his career as one of the largest steamship operators
• He was given the public nickname the Commodore

VANDERBILT CONT...

• In the 1860's he shifted his focus to the railroad industry
• He controlled railway operating lines betweem Chicago and New York
• Established an interregional railroad system
• The only substantial philanthropist donation he made was in 1873 to the Vanderbilt University
• When he died he was worth $100 million dollars