Robber Barons or Captains of Industry

Report
“Robber Barons” or “Captains of Industry”
Business
Entrepreneur
Who formed
Steel Corporation
in Pittsburgh, PA
Business
Entrepreneur
Who formed
Standard Oil
in Cleveland, OH
Andrew Carnegie John D. Rockefeller
Business
Entrepreneur
Who formed
Investment Firm
in New York
John P. Morgan
“Robber Barons or Captains of Industry”
“Robber Barons”
• Derogatory term applied to 19th century businessmen who people believed
used corrupt or exploitative practices to amass great wealth and monopolize
economic power.
 Tricky Stock Deals
 Corporate Spies
 Insider Trading
 Worker Lockouts
 Shady Contracts
 Outright Fraud
“Captains of Industry”
• A term originating during the British Industrial Revolution to describe
business leaders whose means of amassing great wealth contributed
positively to the country in some way.
 Increased Productivity
 Providing more Jobs
 Expansion of Markets
 Acts of Philanthropy
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
POB: Scotland
POB: New York
POB: Connecticut
Father: Linen Peddler
Father: Sold Elixirs
Father: Bank Partner
Education: Self-Taught
(Loved to Read)
Education: High School
& College
Education: High School
& College
1st Job: Bobbin Boy in
1st Job: Bookkeeper in
1st Job: Bank Teller
Age: 13
PA Cotton, Mill
Age: 16
small Business
Age: 20 in Father’s Bank
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
1st Salary: $4.00 per wk.
1st Salary: $3.50 per wk.
1853
as Telegrapher
1855
as Bookkeeper
John P. Morgan
(1837-1913)
1st Salary: Unknown
1857
as Bank Agt
with Pennsylvania Railroad
in Small Produce Company
in Father’s Bank Firm.
1st Business Activity
1st Business Activity
1st Business Activity
Purchasing RR stocks
through Insider Trading
Partnership in Small
Produce Company
Partnership in his
Father’s Banking Firm
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1856
1859
1857
Obtained a Loan to
Obtained a Loan to Open
Joined father’s Banking
invest in the Woodruff
his own Produce Company
Firm in London, England
Sleeping Car Company
w/ partner Maurice Clark
(Peabody – Morgan & Co)
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1860 - 1861
1863
1864
Entered Oil Refinery
Business in Ohio
Became Partner in
Dabney, Morgan & Co.
Became Superintendent
of Pennsylvania Railroad
Used RR Profits to invest
in Oil in Pennsylvania
(Making $1 Million in 1 yr)
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
1865
1865
Founded the Keystone
Bought out his partner
Bridge Company (to
and established Oil
build bridges for the
Refinery Business in
Pennsylvania Railroad)
Cleveland, Ohio
John P. Morgan
(1837-1913)
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1867
1870
1871
Formed Keystone
Telegraph by merging
with Pacific & Atlantic
Telegraph Company
Formed Standard Oil
Company of Ohio
by merging several other
oil refinery companies
Became a Partner in
Drexel, Morgan & Co.
(to provide telegraph
for Pennsylvania RR)
(Invested $1 Million)
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1875
1875
1874 - 1875
Opened Edgar
Thomson Works in PA
Initiated Vertical
Integration by buying out
Oil Pipeline Systems and
Marketing Facilities
(Making Steel Rails for
Pennsylvania Railroad)
Helped Finance the
American Museum of
Natural History
Helped Finance the
Metropolitan Museum of
Art
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1879
1878
Standard Oil Controlled
Helped finance Edison’s
about 95% of all Oil
Electric Light Bulb and
Produced in the U.S.
formed Edison Electric
Company
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1883
1882
1885
Began Horizontal
Standard Oil Trust
Incorporated Bell
Integration by buying
created to circumvent
Telephone Company with
out rival steel mills
State Anti-Corporation
several other companies
(Homestead Works)
Laws
into AT&T Corporation
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1889
1890
1889
Carnegie published the
Rockefeller argue against
Merged three electric
“Gospel of Wealth”
critics claims that
companies into the
promoting the idea of
Standard Oil Trust Co.
Edison Electric Company
Philanthropic Activities
was an Oil Monopoly
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1891
1891
1892
Carnegie Hall opened
Founded Univ. of Chicago
Merged two more
Electric Companies to
form General Electric
Corporation
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1898
1896
1896
Expanded business
Rockefeller retired from
Financed buyout of the
using both Horizontal
active involvement in
New York Time by the
& Vertical Integration
Standard Oil Company
owner of the
(Remained President)
Chattanooga Times
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
1899
1899
Consolidated holding
into Carnegie Steel
Devoted full-time to
Philanthropic Activities
John P. Morgan
(1837-1913)
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1901
1901
1901
Established Carnegie
Institute of Technology
Established Rockefeller
Institute of Medicine
AT&T Monopolized U.S.
telephone services
Controlled 70% of Steel
and 1/6 of all Railroads in
the United States
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1901
1901
Carnegie negotiated
J.P. Morgan purchased
the sale of Carnegie
Carnegie Steel and
Steel Corporation for
merged with others to
$480 Million
form U.S. Steel Corp
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1902
1902
1902
Established Carnegie
Create General Education
Financed buyout of
Institute for College &
Board to promote
Louisville & Nashville RR
University Research
education in the South
by Atlantic Coastline RR
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1905
1908
1905
Donated $10 Million to
Funded Medical Campaign
Backed out of deal to
Establish Teachers
to eradicate Hookworm
merge Erie RR with two
Pension Fund
Disease in the South
other RR’s due to Federal
Investigations
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1911
1911
1911
Donated $125 Million
Gave up title of President
Federal Government
to Establish Carnegie
of Standard Oil Company
attempts to break up
Corporation to aid in
during Supreme Court
U.S. Steel fails under
Education Research
Investigations of the Co.
new Anti-Trust Laws
“Robber Barons or Captains of Industry”
Andrew Carnegie
(1835-1919)
John D. Rockefeller
(1839-1937)
John P. Morgan
(1837-1913)
1919
1937
1913
Died after donating
Died after earning over
Died after collecting
over $380 Million to
$1.4 Billion and donating
$148 Million in stocks,
charities & foundations
most of it to charities
investments, and art
(4.8 Billion today)
and foundations
(2.3 Billion today)

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