|
|
|
|
|
|
|
|
America's emergence as a political and military power on the world stage was a direct result of the country's development into a major economic force. More than any other individuals at the turn of the century, Andrew Carnegie and John D. Rockefeller helped to transform America into a world power.
Both men rose from humble beginnings, amassed unfathomable fortunes and then disbursed much of their gains through prolific philanthropic undertakings.
Carnegie, who came to America at the age of 13, began his working life earning $1.20 a week as a mill worker. As he worked his way out of poverty, Carnegie invested virtually every penny he earned. By the time he was 21, his investments were paying him more than three times his salary. Investing in everything from railway cars to oil, Carnegie became wealthy by the age of 40.
He would not begin to amass his huge fortune, though, until he went into the steel business in 1875. The business grew quickly and Carnegie would soon merge several steel companies under the umbrella of Carnegie Steel. When Carnegie sold his interests to J.P. Morgan for $480 million, he instantly became the richest man in the world. Much of the rest of his life would be devoted to contributions to education and world peace.
Like Carnegie, Rockefeller built his fortune from the bottom up, starting his career as a bookkeeping clerk. Only four years later, however, Rockefeller was able to form his own business, the earliest predecessor to what would eventually become the Standard Oil conglomerate. By 1863 he realized that the future was in oil, and by 1868, his company, then called Rockefeller, Andrews & Flagler, was the largest refiner in the world. Two years later The Standard Oil Company was formed, and Rockefeller remained at its helm through its various reorganizations until it was dissolved in 1911.
Although Rockefeller retained his title of president at Standard Oil until 1911, he was largely retired from active business by 1897, and began devoting his time, and a fortune estimated to have peaked at $900 million, to philanthropic activities.
|
|
|
|
|
|
