Kingston Electric finalized a landmark cross-licensing agreement with the Marconi Company, securing a comprehensive licensing umbrella in exchange for the rights to the triode vacuum tubes. This deal granted Kingston Electric the reciprocal right to manufacture its own radio sets and provided the necessary legal clearance to enter the broadcasting business. However, Michael knew that turning radio into a household entertainment medium was a long-term play; it would require years before the airwaves were fully conquered.
In an unexpected turn, the Kingston newspapers began publishing a series of rather interesting reports. In a move that many found strange for the era, the family decided to release their detailed financial accounts for the year 1908. This special industrial report showed exactly how much their different businesses had grown, giving the public a clear and rare look at the true scale of their wealth and power. This public disclosure showed the world that the Kingston empire had become a massive force, proving that they had emerged as a leading engine of American industry.
At the heart of the empire stood Kingston Oil. By the end of 1908, the company controlled 21 percent of American oil production, a position won through grit and strategic resilience. Two years prior, John D. Rockefeller and Standard Oil had attempted to crush the rising competitor using their infamous predatory pricing. Standard Oil had slashed prices to below-cost levels in regions where Kingston Oil was gaining ground, hoping to bleed them dry.
However, Rockefeller's tactics—so effective against smaller, regional refineries—had faltered against a national entity. Because Kingston Oil operated on a continental scale, Standard Oil would have had to slash prices across nearly every state to truly isolate them, a move that proved too costly even for the Trust. Kingston Oil matched Rockefeller's prices cent-for-cent for three grueling months, sustained by their massive internal cash reserves. Eventually, Standard Oil retreated, seeing no path to a quick victory.
In 1908, Kingston Oil reported a staggering profit of $21 million, driven by crude production and a rapidly growing line of petrochemical products, including paraffin waxes, petroleum jelly, and industrial solvents. This surge was further accelerated by the massive automotive boom ignited by Kingston Motors, which created an insatiable national appetite for gasoline and high-grade lubricants.
Much of this profit was already earmarked for the future. Following the success of the Beaumont refinery, construction began on a second massive refinery in California. To feed it, the company had begun aggressive drilling in the Lakeview section of the Midway-Sunset Oil Field, a move Michael was certain would yield a massive strike in the near future.
Kingston Steel emerged as the empire's single most profitable division, netting $32 million in 1908. Controlling 30 percent of the U.S. steel market, the company was riding the twin waves of the industrial building boom and the explosion of the automotive industry.
Closely linked was Kingston Mining & Metals, which reported a substantial $20 million in profit. While its coal and iron interests had been largely absorbed into the vertical supply chain of the steel division, the mining arm had evolved into a diversified mineral juggernaut. The company reported significant yields in Gold, Silver and Copper from its Western claims, alongside Lead, Zinc, and the newly critical Magnesium, fueling the rapid advancements in industrial chemistry and electrical storage.
Beyond precious and base metals, the division capitalized on the era's relentless urban expansion by operating massive quarries for Sand, Gravel, and Crushed Stone. Their industrial stone division became the primary architect of the East Coast's skyline, providing the high-grade Granite, Marble, Limestone, and Sandstone that formed the bones and skin of the nation's newest skyscrapers. By leveraging the 1907 Panic to seize distressed assets from the United Copper Company, Michael had ensured that the Kingstons held a strategic grip on the very raw materials required to build the 20th century.
This exceptional level of profitability was driven by Michael's gift. While his competitors wasted fortunes on "phantom" veins and unproductive shafts, Michael's gift allowed him to pinpoint the most fertile deposits with surgical precision. By intuitively avoiding the "wrong" places and bypassing the barren earth that traditionally drained mining capital, he ensured that every hour of labor and every stick of dynamite yielded maximum returns.
Kingston Investments reported $23 million in profits, a success Michael attributed to a unique philosophy. He had begun opening the firm to "outside" money, specifically from Kingston employees. By allowing his workers to invest, Michael was building a culture of deep loyalty and financial security. Kingston Bank had earned $12 million through its 70 branches across America.
On the consumer front, Kingston General Stores remained the empire's primary point of contact with the public. With 2,500 stores nationwide, the retail wing managed by Mary Kingston earned $17 million in 1908. It served not just as a revenue generator, but as the essential pipeline for Kingston Foods & Flavors and Kingston Quality Goods, which each contributed $4 million to the family coffers.
The automotive division, Kingston Motors, saw a massive leap in efficiency and market reach following a period of aggressive expansion. By acquiring Oldsmobile and Cadillac over the last few years, the company successfully diversified its lineup, offering high-end luxury vehicles alongside its own established mid-range models.
In 1908, this integrated strategy reached a peak: the company sold over 200,000 mid-range cars at a price of $550 each, while its new luxury segment moved more than 5,000 premium vehicles priced between $1,750 and $2,500. With an improved assembly line and the move toward in-house manufacturing for nearly all components, Kingston Motors realized a total profit of $18 million. The company now employed 16,000 workers, making it one of the largest single employers in the nation.
Other divisions further cemented the empire's dominance. Kingston Publishing earned $10 million with a combined national circulation of 5 million readers, while Kingston Construction netted $5 million in industrial and infrastructure projects. Kingston Electric, in its first year of full-scale production, earned $3 million manufacturing everything from telephones, lamps, sockets and bulbs to domestic irons and motors, and Kingston Security Services provided specialized protection for various businesses with 3,500 personnel, earning $3 million. Meanwhile, the Kingston Telephone Company, despite maintaining 1 million subscribers, reported zero profit as Michael directed every cent of revenue back into the massive expansion of telephone lines and switching infrastructure.
The combined total profit for the Kingston Family in 1908 stood at a breathtaking $172 million [approximately $6.2 billion in 2025 dollars]. . It was a figure that placed them in the rarest strata of global wealth. In 1908, the United States had no federal income tax. Businesses were primarily subject to state property taxes and federal excise tariffs, meaning nearly the entire $172 million remained as pure, liquid capital for the family's next moves.
The decision to publish these numbers sparked a fierce debate among the elite circles of Wall Street and the industrial clubs of New York. Many old-guard financiers whispered that it was a "stupid" move—a dangerous display of arrogance that invited unnecessary scrutiny from regulators and gave rivals a clear map of their strengths. However, those who knew the Kingstons understood that the family was anything but stupid. By laying their cards on the table, they weren't just showing their wealth; they were signaling that they were now too large to be moved, establishing a psychological dominance that discouraged any further attempts at predatory competition.
Surprisingly, there was almost no backlash from the common people regarding this massive "hoarding" of wealth. In an era where the public often vilified "Robber Barons," the Kingstons were viewed with a rare level of respect. This was largely due to the fact that the family was known to donate millions of dollars every year to various charities, hospitals, and schools.
More importantly, the average worker saw the Kingstons as their greatest ally. While the average industrial worker in 1908 earned roughly $1.50 to $2.00 for a grueling ten-hour day, the Kingstons paid a minimum of $3.00 a day to even their most common laborers. This high wage, combined with the employee investment programs, meant that a job within the Kingston empire was the most sought-after position in the country. To the public, the $172 million profit wasn't seen as a sign of greed, but as proof that a business could thrive while treating its people with unprecedented dignity.
Michael Kingston slowly closed the paper, the scent of fresh newsprint still clinging to his fingers. Standing by the mahogany desk was Jack Copper, Michael's personal secretary and long-serving butler.
"So, Jack," Michael said, leaning back as he tapped the closed newspaper. "What is the word in business circles? How are they reacting to seeing our hand laid out in the open?"
Jack, who had been quietly arranging a set of silver fountain pens, looked up with a thoughtful expression. "The consensus among the business elite is one of profound bewilderment, Mr. Kingston. They are struggling to grasp the rationale behind such a sudden move toward transparency. While they are undoubtedly stunned to see the family reporting $172 million in profit, they are mostly searching for a hidden agenda. Many of the old guard believe it is a grave tactical error to show our hand so plainly."
Michael nodded, his gaze drifting toward the window. "And our internal plans? Are they moving as I instructed?"
"Everything is proceeding exactly as you directed, Mr. Kingston," Jack replied, picking up a leather-bound ledger. "The legal teams are maintaining absolute secrecy on the filings. But even without an official word, some of the sharper bankers have already guessed what you're doing. They've picked up the scent of a public offering and are already making quiet inquiries, hoping for a piece of the action when the time comes."
Michael stood up and walked toward the window, looking out over the streets below. Releasing the profit reports was merely the first move in a much larger game: taking the core Kingston companies public. Specifically, Michael was preparing for an Initial Public Offering for Kingston General Stores, Kingston Motors, Kingston Steel, Kingston Mining & Metals, and Kingston Oil.
Jack hesitated for a moment, then looked up from the files. "May I ask a personal question, Mr. Kingston?"
Michael nodded without looking away from the street. "Go ahead, Jack."
"You already have all the capital you could possibly need," Jack said, his voice quiet but curious. "Why go public at all? With the family's internal reserves, we can fund any project on earth without giving up a single share of ownership."
Michael didn't turn around immediately. "Tell me, Jack—in your observations, what remains the single greatest obstacle for a corporation of our magnitude?"
Jack straightened his posture, thinking for a second. "If I may be so bold, sir... it is the government and the public. One has the power to dismantle you by decree, and the other provides the moral fuel to do it."
"Exactly," Michael replied, his voice low.
Jack hesitated, glancing at the ledger. "But, Mr. Kingston, all of our businesses are separate legal entities. They each have their own charters and boards. Surely that provides enough of a barrier?"
Michael finally turned back, his expression sharp and cold. "Don't let the technicalities blind you, Jack. The lawyers can argue about separate legal entities until they are blue in the face, but the Sherman Antitrust Act is an evolving beast. Even if companies are legally separate, the courts can consider them a single entity for antitrust purposes if they are under the same control and conspiring to harm competition. We enjoy the government's favor for the moment because we aren't yet the undisputed leader in every sector, and we still play the role of the cooperative supplier to our rivals. But that goodwill has an expiration date. There will come a time when the state is no longer our ally, but our enemy."
Jack stood in a heavy silence, the weight of Michael's words settling over him.
"We have countermeasures against politicians—money, influence, and favors," Michael explained, walking back to the desk. "But as you said, we need the people to be on our side. If we sell forty percent of these companies to the American public, we create a shield of voters. If fifty thousand people each own ten shares of Kingston Oil, an attack on us becomes an attack on their personal savings. A politician might enjoy attacking a billionaire, but he will think twice before attacking the retirement accounts of his own constituents."
"Is that why you've structured the shares this way?" Jack asked, glancing at the draft charter.
"Exactly," Michael replied. "We are dividing the equity into three tiers to ensure that control never leaves the family. Seventy-five percent of the total shares will be Class C non-voting shares. Twenty percent will be Class B standard voting shares. The final five percent will be Class A super-voting shares, which carry a 20:1 voting ratio over the standard shares. By releasing only forty percent of the total company to the public—all of which will be drawn from that non-voting Class C pool—the Kingston family maintains sixty percent of the total equity. But because we retain one hundred percent of the super-voting and standard voting shares, our control remains absolute. We get the public's protection and their capital, without ever losing the wheel."
Michael sat back down, a look of grim satisfaction on his face. "The transparency report was the bait. Now that they know how much we make, they will fight for a piece of it. And while they're busy counting their dividends, they'll be protecting our right to lead the American economy."
Jack stood in silence for a long moment, the weight of Michael's foresight finally sinking in. He had served the family for years, but Michael's ability to treat the entire American legal and political system as a grand chessboard was something entirely different. It was a level of strategic depth that bordered on the prophetic.
"It's... masterful, sir," Jack finally whispered, recovering his professional composure with a sharp clearing of his throat. He smoothed the ledger in his hands. "Then the question remains: when do we pull the trigger? When do we announce the offering to the public?"
Michael leaned forward, his eyes gleaming. "Timing is the most expensive currency in business, Jack. We wait until March. We will launch the IPOs immediately after William Howard Taft's inauguration."
"The inauguration?" Jack asked.
"By then, the announcement of my father, John Kingston, being appointed to the cabinet will be official," Michael said. "When the public sees the Kingston name at the highest levels of the incoming administration, the confidence in our companies will reach a fever pitch. It will drive the valuation to unprecedented heights before the first bell even rings."