Erie War: Watered Stocks and Unregulated Capitalism

A caricature of the Erie War

He started as a ferry tycoon. But from the flames of the Civil War, a new booming industry emerged – the railroad industry. A man with tenacity and ruthlessness, Cornelius Vanderbilt entered the rising industry to get a share of the profits. In 1860’s he managed to take a hold of the important New York Central Line that connected New York City to the western part of New York State. However, this was not enough. He wanted as well take control of the second line that went farther to Chicago, which was held by Erie Line. His attempt to grab the line would spark what would be known as the Erie War.

J.P. Morgan: The Giant of Financial World

J.P. Morgan

Most of the greatest tycoons of the Gilded Age were rags to riches stories. From a poor humble background, to a self-made man, to a great industrialist criticized for his practices, this is the usual story line of great businessmen like Rockefeller and Carnegie. However, it cannot be said the same for John Pierpont Morgan. His story was that of someone born to a rich and affluent family. 

Fall from Grace: The Homestead Strike of 1892

Worker behind a cover during the shoot out

After the bloody and devastating Civil War, a period of industrial boom soon followed. The period known as the Gilded Age saw the rise of many industrialist, mostly were known as Robber Barons. This group of industrialist abused the lack of laws that protect fair competition, dissent wages, and safe working conditions. They subjected their workers to long hours work in very harsh working conditions for meager wages. In 1892, a union, the Amalgamated Association of Iron and Steel Workers (AA), pushed for a strike to voice their concerned on the management of the Homestead Steel Plant owned by the steel tycoon, Andrew Carnegie, and his right hand man, Henry Frick.

Pennsylvania Oil Rush of 1859

Pennsylvanian Oil Wells (1862)

Oil is one of the most precious commodities in the planet. It powered trucks, cars, and power plants. It was the main foundation of the industrialized and modernized world. Without it, the world would remain backward. Technology would remain primitive. And the basic source of labor would remain animals and men. In the United States, the discovery of oil was a god send. 

South Improvement Company: Start of a Monopoly

Thomas Scott (Left) and John Rockefeller (Right)

John D. Rockefeller was known as the man who monopolized the American oil industry for some decade. He dominated 90% of the North American oil trade. He beat down his competitors with predatory efficiency and ruthlessness. Rockefeller earned strong opposition and criticism. Finally, in 1911, his most cherished business, the Standard Oil, was found guilty of being a monopoly and break up into several companies, which some became powerful oil companies. The story of the creation of the monopoly of Standard Oil began in 1870’s as a collusion of interests and advantages under the name of South Improvement Company.

John D. Rockefeller: Robber Baron, Oilman, Billionaire

John D. Rockefeller

Oil is one of the most treasured and valuable commodity in the world. Many countries, especially China, want to get a hold of it. Most of the oil reserve is owned by great billion-dollar companies such as Chevron, Mobil, and Exxon. But during the 1800’s, the advent of the black gold, a company was formed that became the root of the mentioned companies and from a man that is known as the richest person ever.