Following the swift exchange and legal affirmation of the contracts, the partnership between the Kingstons and the formidable Standard Oil was immediately enacted. John D. Rockefeller's organization, demonstrating their renowned efficiency, promptly mobilized personnel and state-of-the-art drilling rigs onto the vast expanse of the Kingston land. Their experienced teams swiftly took control of operations across 1700 acres, a testament to the power and reach of the Standard Oil empire. Simultaneously, the remaining 300 acres were designated for the Kingston family's own venture, the newly incorporated Kingston Oil Company, marking the beginning of their independent foray into the oil production business alongside their powerful partner.
The terms were remarkably fair for the Kingston family. For the oil extracted by Standard Oil, the Kingstons would receive one-eighth (1/8th) of the value of each crude oil barrel, with Standard Oil bearing all responsibility for operational and labor costs. On their own 300 acres, however, Kingston Oil would operate independently, retaining the full value of every barrel produced, which they would then sell to Standard Oil as per the overarching contract.
The impact of Standard Oil's expertise was immediate. Production ramped up at an astonishing rate. By July 1897, barely four months since the initial discovery, Standard Oil had drilled an impressive 180 new wells across the Kingston land. The daily production soared to an astounding 32,000 barrels. Even Kingston Oil, operating with more modest resources on their smaller acreage, was producing over 3,000 barrels per day. While the potential for even greater extraction was present, a tacit understanding existed between Kingstons and the Standard Oil representatives to maintain a certain level of market stability.
The daily earnings from Standard Oil: 32,000 barrels * $0.80/barrel = $25,600 (total value). Kingston's share (1/8th) = $25,600 / 8 = $3,200 per day.
The daily earnings from Kingston Oil: 2,000 barrels * $0.80/barrel = $1,600 per day.
Their daily earnings reached a staggering $4,800.
With their affairs in Los Angeles now smoothly running under the efficient management of Standard Oil and a capable on-site supervisor for Kingston Oil, John, Mary, and Michael returned to their brownstone in New York.
Their newfound wealth had ushered them into a world they had only ever read about. Invitations to exclusive parties and events, gatherings of the city's elite, began to arrive with increasing frequency. They experienced the subtle yet distinct shift in how they were perceived, the deference and attention that now accompanied their presence. They were undeniably among the millionaires of America, a select group.
Yet, their encounter with John D. Rockefeller had left an indelible mark. They understood their position in the grand scheme of American wealth. Their fortune, while substantial, was but a fraction of the vast empire and influence wielded by Rockefeller, a man whose wealth was estimated to be over a hundred times their own. This stark realization served as a potent reminder to remain grounded, to never lose sight of the values that had always guided them, even amidst their newfound prosperity.
After these momentous events, the Kingston family recognized the immense potential of Michael's unique gift. Mining, with its inherent uncertainties and the significant challenge of exploration, seemed like the perfect new venture for his abilities.
One of the greatest hurdles in mining, even on land known to contain resources like iron and copper, was pinpointing the most lucrative spots. Determining the exact location of rich veins, estimating the quantity of the resource, and assessing the economic viability of extraction were often costly and time-consuming endeavors. But Michael, it turned out, could seemingly bypass these challenges. All he needed was a map of the area, and he could identify the most promising locations for mining. However, they discovered a crucial limitation: Michael needed to have visited the area at least once in person to be able to accurately locate these resource-rich lands on a map. If he hadn't been there, he couldn't spot them.
The Kingston family began researching lands already known to possess substantial deposits of iron and copper. Focusing on territories that were not currently under active mining operations, they purchased the plots that Michael confidently indicated on the maps after a brief visit. These promising mining locations were strategically chosen in the states of California, New York, Pennsylvania, and Minnesota.
Simultaneously, they continued to acquire land in the vicinity of the Salt Lake Oil Field, the name that had now become associated with their initial oil discovery in Los Angeles, believing this area held further significant potential.
Adopting the same shrewd tactics they had employed in oil drilling, the Kingstons applied a similar strategy to their burgeoning mining interests. They proactively sought out established mining companies that were teetering on the brink of bankruptcy, often burdened by significant debt or operating with outdated equipment. By acquiring these companies for a fraction of their original value, they gained immediate access to existing infrastructure, a skilled and experienced workforce, and, most importantly, promising mining sites that Michael had pre-selected as particularly rich in valuable resources.
By this point, all the Kingston enterprises had experienced remarkable growth and expansion. Combining their flourishing oil drilling operations, their newly established and rapidly expanding mining ventures, and their still-active and profitable investment company, they were now providing employment for over 700 personnel across their diverse locations, contributing significantly to the economic landscape of the nation.
Their success continued with an almost uncanny consistency. It seemed that with every new venture guided by Michael's intuition, they hit the bullseye. As 1897 drew to a close and 1898 began, the Kingston family's wealth continued its remarkable ascent. By the turn of the year, their total assets had reached an estimated eight million dollars.
Around this time, they received a formal invitation to an annual Ball scheduled for February, an event known for its prominence in New York society. One evening, during dinner in their Upper West Side home, the invitation became the topic of discussion.
Mary, her nose wrinkled in distaste, declared, "Honestly, I don't think we should even consider attending. I can't stand all those stuck-up, pompous… well, you know."
Elizabeth wholeheartedly agreed. "You're absolutely right, Mama. I can't imagine spending an entire night listening to endless chatter about their dresses, their jewelry, and their tiresome European trips."
John and George exchanged amused glances, then turned to Michael, a silent question in their eyes. "And what do you think, Michael?" John asked, curious about his perspective.
Michael looked back at them, his gaze calm and somewhat distant. Somewhere along their incredible journey, a subtle shift had occurred in Michael. While he remained communicative about business matters and interacted with his family as usual, he had become more introspective, often lost in thought. When they had gently inquired about it, he had simply said it was nothing.
After a brief pause, Michael said quietly, "I don't think it would be wise to attend."
"Why do you say that, Michael?" John asked, intrigued by his reasoning.
"Well," Michael began, "you might be mostly looking at the financial pages these days, but if you, like, check out the society pages, there's been this major buzz about people dropping, like, serious coin on these totally rad parties. It's probably, like, not the coolest time for us to be seen at some big bash, especially with all the drama still hanging around from that Bradley-Martin Ball last year."
John nodded slowly, recognizing the wisdom in Michael's observation. The Bradley-Martin Ball, held in February 1897 at the Waldorf Hotel in New York City, had been an incredibly lavish costume ball organized by Cornelia Bradley-Martin, wife of Bradley Martin. Intended to stimulate the economy during the tail end of the Long Depression, the ball saw eight hundred socialites spend an estimated $400,000 (equivalent to millions today) on elaborate costumes imitating royalty and historical figures. While the intention might have been economic stimulus, the sheer extravagance of the event was widely criticized in the press and by the public, particularly given the recent economic hardships many were still facing. It was seen by some as an insensitive display of wealth.
Michael continued, his voice even. "Secondly, let's be honest, many of those people look down on us. We're 'new money.' In their eyes, we're crude and unrefined, and they see themselves as the epitome of sophistication. I don't think we want to spend our time with people who are secretly – or not so secretly – looking down on us."
"And the last one is the most important," Michael concluded.
"What would that be?" Elizabeth asked, her curiosity piqued.
"They're boring," Michael stated matter-of-factly. "Remember the last time you went to one of those things," pointing to Mary and Elizabeth, "you were both bored out of your minds. They're exhausting, constantly trying to outdo each other, bragging about who has more houses, more jewelry, and more wealth. And they are right about one thing, though."
"What's that?" George inquired, a smile tugging at the corner of his lips.
"Well," Michael said, looking at each of them in turn, "we are different. It's not just about 'new money' versus 'old money.' It's about our values. What they value and what we value are fundamentally different."
A stunned silence hung in the air, broken finally by Mary, who looked at Michael with immense pride. "That's my Michael. Well said, my boy."
A wave of laughter washed over the family, and John clapped Michael on the shoulder. "Alright then," he declared, a decisive tone in his voice. "We are not going to the ball."