Business Tycoons In US Essay Example

started his work. Throughout his lifetime, Thomas Edison created over a thousand diverse inventions.

His work helped improve the efficiency of electricity usage and contributed to numerous significant inventions.

AMERICAN RAILROADS

Colonel John Stevens proposed the construction of a railroad in the United States in 1812. He documented his ideas in a series of works titled "Documents tending to prove the superior advantages of railways and steam carriages over canal navigation." The initial railroads that were built used horse-drawn cars on tracks and primarily transported freight. The Granite Railway of Massachusetts, established in 1826, was the first ever constructed railroad, covering approximately three miles.

The modern railroad industry began on February 28, 1827 with the completion of the Baltimore and Ohio railroad - the first carrier of passengers and freight. However, it was on Christmas Day, 1830 that the South Carolina Canal and Railroad Company completed the first mechanical passenger train, truly marking the birth of the industry. This industry would have a significant impact on individuals and their way of life in the following decades. By 1835, numerous local railroad networks had been established.

The expansion of this mode of transportation's tracks revealed its immense potential. By 1850, the railway systems had grown extensively, covering more than 9,000 miles of track. This progress also led to standardization in the industry through the development of a locomotive that would serve as a template for all future trains.

In order to optimize profits and reduce expenses, multiple companies started collaborating with each other. This collaboration among different companies was the catalyst for the rise of consolidation, which would persist throughout the remaining years of the Nineteenth Century. In 1850, the New York

Central Railroad Company was established as a result of merging twelve small railroads that operated between the Hudson River and Buffalo. Individual companies had started expanding their railway networks beyond their local areas.

From 1851 to 1857, the federal government granted land to Illinois for constructing the Illinois Central railroad. This initiative resulted in the formation of a major national company. Although railroad construction decreased during the Civil War, rail transportation experienced a considerable increase.

Following the war, it became evident that a more extensive railroad network was necessary, prompting the commencement of construction for the first transcontinental railroad. The Union Pacific Railroad Company initiated construction from the east, while the Central Pacific commenced from the west. Ultimately, these two companies converged at Promontory Point, Utah on May 10, 1869.

With the driving of the Golden Spike, the two tracks were united, giving rise to a new era. Gradually, the smaller railroad companies would either go bankrupt or be acquired by larger corporations. Multiple transcontinental railroads were constructed by large corporations before the century came to a close. Each decade witnessed a growth in standardization, alongside the establishment of labor unions to safeguard workers' rights.

With the expansion of companies, there came an acquisition of related industries, resulting in the formation of extensive trusts that held control over different sectors of the economy and society. As the railroad industry grew increasingly dominant in multiple regions, it became clear that regulation was unavoidable. Consequently, the introduction and implementation of the standard gauge took place.

The standard gauge set a certain distance between the rails of the railroad track, allowing all trains to use the same tracks.

CORPORATIONS

Many new businesses, as well as

existing large businesses, were transitioning into corporations. A corporation is a business that is chartered by a state and owned by shareholders. Shareholders contribute money to the company in exchange for ownership. This money is utilized for buying, selling, or producing goods. If the company achieves success, the shareholders are rewarded with dividends, which are a portion of the profit.

Compared to other forms of proprietorships, corporations offer three main advantages. Firstly, they can generate significant capital by selling stocks to shareholders. This allows for increased chances of success and growth as more funds are raised. Secondly, there is limited liability for stockholders in cases of corporate failure or debt. Stockholders are not personally liable for the company's liabilities. Lastly, a corporation maintains continuity and stability even after the death of its owners.

Their stock is then released and purchased by other investors, providing the corporations with significant stability.

THOMAS ALVA EDISON

Thomas Alva Edison, a highly regarded American inventor, witnessed significant changes during his lifetime. He played a vital role in initiating many of these advancements. His inventions were crucial for the progress of night-lights, movies, telephones, records, and CDs.

Edison, who was widely recognized for creating the initial electric light bulb, demonstrated extraordinary brilliance. When he was born, electricity had not yet been found; nevertheless, when he passed away, electricity was brightening entire cities.

Edison can be credited for his significant contributions to electricity. While some of his inventions, like the telephone, were improvements upon existing ones, others such as the light bulb and movie projector were intentionally created by him. However, the phonograph was a fortunate accidental finding. Out of all his inventions, Edison took immense pride in

the phonograph.

Edison's contributions to our world were groundbreaking, whether they were his solo inventions or those he co-created. Almost all of his innovations remain significant in today's society. Throughout his life, Edison relentlessly pursued the development of products that would bring benefits to everyone.

Edison transformed the world through the establishment of his revolutionary "invention factory". Within this distinctive facility, Edison and his partners engaged in innovation, construction, and distribution of their products. This pioneering business model served as an inspiration for numerous other companies to adopt Edison's concept of an invention factory. When queried about the key to his success by a business associate, Edison humbly credited it to "hard work, persistence, and practicality".

Despite not fitting the stereotype of a solitary and ingenious inventor, Edison's "common sense" was extraordinary. He holds the record for the most patents granted to an individual in U.S. history, with an impressive total of 1,093. Instead of secluding himself in a workshop or lab, he understood the importance of collaboration and actively sought help and cooperation from six or more assistants.

Some of the individuals were mechanics and some were electrical engineers. Regardless of their background, what counted was their talent. Edison selected individuals whom he believed had more knowledge about a particular subject than he did. Motivating people and fostering creativity were skills that Edison possessed. He urged everyone to document their ideas and diagrams.

The experimenter in charge of the project initiated good ideas, which were then worked on by the group. The credit for the invention could not be attributed to any one person. Additionally, the brilliant scientist was skilled in business.

Edison, desiring to have the streets

of New York City disrupted in order to install electrical cables, decided to gather the entire city council at Menlo Park at sundown. As the council members ascended a dimly lit narrow staircase, they struggled to navigate the darkness. Seizing the opportunity, Edison applauded his hands.

The lights turned on, revealing a dining hall filled with a lavish feast provided by New York's finest restaurant. Another one of Edison's remarkable achievements was his creation of a revolutionary method for conducting business. Edison and his partners innovatively developed, constructed, and delivered the product all within the same facility. This unconventional approach to business was groundbreaking at the time and has since been imitated by numerous contemporary companies who have adopted Edison's invention factory design.

ARDREW CARNEGIE

Andrew Carnegie, a Scottish-born American industrialist and philanthropist, relocated to the United States. At 33 years old, he earned $50,000 annually but chose not to hoard his wealth. Instead, Carnegie advocated for using the surplus each year to support charitable causes.

In 1848, upon his arrival in Allegheny, Pennsylvania, he promptly found a job as a threading machine attendant at a cotton mill, earning $1.20 per week. In the subsequent year, he was hired as a messenger at a telegraph office in Pittsburgh. Eventually, he became Thomas Alexander Scott's personal secretary at the Pennsylvania Railroad.

Carnegie advanced through numerous promotions to become superintendent of the Pittsburgh segment of the railroad. He made investments in what is presently known as the Pullman Company and in oil land near Oil City. Throughout the Civil War, he worked in the War Department alongside Thomas Alexander Scott. Carnegie had responsibilities relating to military transportation and government telegraphs. Following the

conclusion of the war, he established a business specializing in the production of iron railroad bridges. Additionally, he founded a steel mill and played a pioneering role in implementing the Bessemer process.

The Carnegie Steel Company was established in 1899, consolidating all of Andrew Carnegie's interests. This company played a crucial role in the production of American iron and steel, accounting for around 25% of it. In 1901, he sold the company to the United States Steel Corp., receiving an impressive sum of $250 million dollars and subsequently retiring from business. Despite lacking formal education during his childhood, Carnegie generously contributed over $350 million dollars to various educational, cultural, and peace organizations.

In 1911, Andrew Carnegie made his largest donation of $125 million dollars to the Carnegie Corporation of New York. He also provided funding for the construction of the International Court of Justice for the United Nations in The Hague, Netherlands. Throughout his lifetime, Carnegie received numerous honors.

One significant moment in Carnegie's life was when US Steel experienced remarkable growth, increasing its annual production from 1643 tons to 7 million tons. This accounted for over 40% of global output.

Alexander Holley played a crucial role as America's first steel master and made valuable contributions to the steel industry.

The widely used Bessemer process revolutionized steel production by introducing a method that removed impurities from hot pig iron using a blast of air.

In the late 19th century, Andrew Carnegie personified the story of the US steel industry. After gaining experience at Penn Railroad Co., he ventured into mass steel production. Carnegie advocated for reducing production costs and reinvesting earnings in new equipment and expansion.

Andrew Carnegie's success can be summarized

by the phrase "everything being within ourselves." In just 30 years, he transformed his initial investment of $250,000 into a share of $225 million when he sold his steel company. Over the course of the 20th century, this corporation grew into a billion-dollar enterprise and made significant contributions to education and medicine worldwide. Despite acknowledging that competition has its downsides, Carnegie believed that its benefits outweighed the costs. The law of competition may pose challenges for individuals at times but ultimately ensures the survival of the fittest in all aspects of life and is responsible for our incredible material progress.

John D. Rockefeller witnessed firsthand the expansion of the oil industry as it was driven by the increasing use of kerosene for lighting purposes.

In 1870, he and his brother William, along with Andrews, Henry M. Flagler, S.V. Harkness, and others, organized The Standard Oil Company. The company had a capital of $1 million.

In 1872, Standard Oil successfully acquired and controlled almost all refining firms in Cleveland, as well as two refineries in the New York City area. As a result, the company became capable of refining 29,000 barrels of crude oil per day and even established its own wooden barrel manufacturing shop. Additionally, Standard Oil possessed storage tanks with a capacity of several hundred thousand barrels of oil, warehouses for refined oil, and facilities for producing paints and glue. Its prosperity led to the merger of all its properties in 1882, forming the Standard Oil Trust, effectively creating one large company. This merger initiated with an initial sum of money that amounted to $70 million.

After a decade, a court decision in Ohio led to

the dissolution of the trust. The corporations that composed the trust later came together to establish the Standard Oil Company (New Jersey) because New Jersey had enacted a law allowing a parent company to possess the shares of other companies. It is believed that during the 1890s, Standard Oil possessed approximately 75% of the petroleum industry in the United States.

In addition to being the head of Standard Oil Company, Rockefeller also owned iron mines and timberland and invested in various manufacturing, transportation, and other related industries. While he remained the president of Standard Oil until 1911, Rockefeller stepped down from his leadership role in the company in 1896. Eventually, in 1911, the U.S. Supreme Court declared the Standard Oil trust to be in violation of anti-trust laws, mandating the dissolution of the parent New Jersey Corporation.

The text can beand unified as follows:

The thirty-eight companies controlled by Standard Oil were divided into separate firms. The Kerosene Age reached its peak when Edwin Drake successfully drilled for oil in Penn, although it took longer than expected. This attracted others to the area, resulting in a significant increase in production. From 1859 to 1870, oil production rose from 2000 barrels per year to nearly 5 million. Standard Oil of Ohio, led by John D. Rockefeller, played a crucial role in this era.

Standard Oil went through various phases. Firstly, there was confederation, which aimed to eliminate wasteful production and persuade others to join or cease operating. Then came consolidation, characterized by central control and rational organization. Vertical integration was implemented to reduce dependence on others. Finally, public attack tactics were employed, such as price cutting and sabotage.

By 1911, Standard

Oil had seen a reduction in its share of the nation's refining capacity to 60% due to public scrutiny and legal action. In terms of wealth, Rockefeller expressed his disdain for those who focused solely on making money.

In conclusion, the development of new technologies inevitably led to the growth of major businesses and industries. However, certain individuals took advantage of this growth and monopolized parts of the American business landscape. As a result, laws like the Sherman Anti-Trust Act were enacted and enforced, leading to the de-monopolization of influential business tycoons like Andrew Carnegie.During this period, the United States emerged as a lucrative nation and gained global acclaim for its flourishing economy.

The United States was now fully established and ready to take action and accomplish more.