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“Robber Barons” or “Captains of Industry”

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1 “Robber Barons” or “Captains of Industry”
Business Entrepreneur Who formed Steel Corporation in Pittsburgh, PA Business Entrepreneur Who formed Standard Oil in Cleveland, OH Business Entrepreneur Who formed Investment Firm in New York Andrew Carnegie John D. Rockefeller John P. Morgan

2 “Robber Barons or Captains of Industry”
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 Insider Trading Shady Contracts Corporate Spies Worker Lockouts 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 Expansion of Markets Providing more Jobs Acts of Philanthropy

3 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) POB: Scotland Father: Linen Peddler Education: Self-Taught (Loved to Read) 1st Job: Bobbin Boy in PA Cotton, Mill POB: New York Father: Sold Elixirs Education: High School & College 1st Job: Bookkeeper in small Business POB: Connecticut Father: Bank Partner Education: High School & College 1st Job: Bank Teller in Father’s Bank Age: 13 Age: 16 Age: 20

4 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1st Salary: $4.00 per wk. as Telegrapher with Pennsylvania Railroad 1st Salary: $3.50 per wk. as Bookkeeper in Small Produce Company 1st Salary: Unknown as Bank Agt in Father’s Bank Firm. 1853 1855 1857 1st Business Activity Purchasing RR stocks through Insider Trading 1st Business Activity Partnership in Small Produce Company 1st Business Activity Partnership in his Father’s Banking Firm

5 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1856 1859 1857 Obtained a Loan to invest in the Woodruff Sleeping Car Company Obtained a Loan to Open his own Produce Company w/ partner Maurice Clark Joined father’s Banking Firm in London, England (Peabody – Morgan & Co)

6 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1863 1864 Became Superintendent of Pennsylvania Railroad Entered Oil Refinery Business in Ohio Became Partner in Dabney, Morgan & Co. Used RR Profits to invest in Oil in Pennsylvania (Making $1 Million in 1 yr)

7 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1865 1865 Founded the Keystone Bridge Company (to build bridges for the Pennsylvania Railroad) Bought out his partner and established Oil Refinery Business in Cleveland, Ohio

8 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1867 1870 1871 Formed Keystone Telegraph by merging with Pacific & Atlantic Telegraph Company (to provide telegraph for Pennsylvania RR) Formed Standard Oil Company of Ohio by merging several other oil refinery companies (Invested $1 Million) Became a Partner in Drexel, Morgan & Co.

9 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1875 1875 Opened Edgar Thomson Works in PA (Making Steel Rails for Pennsylvania Railroad) Helped Finance the American Museum of Natural History Initiated Vertical Integration by buying out Oil Pipeline Systems and Marketing Facilities Helped Finance the Metropolitan Museum of Art

10 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1879 1878 Standard Oil Controlled about 95% of all Oil Produced in the U.S. Helped finance Edison’s Electric Light Bulb and formed Edison Electric Company

11 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1883 1882 1885 Began Horizontal Integration by buying out rival steel mills (Homestead Works) Standard Oil Trust created to circumvent State Anti-Corporation Laws Incorporated Bell Telephone Company with several other companies into AT&T Corporation

12 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1889 1890 1889 Carnegie published the “Gospel of Wealth” promoting the idea of Philanthropic Activities Rockefeller argue against critics claims that Standard Oil Trust Co. was an Oil Monopoly Merged three electric companies into the Edison Electric Company

13 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1891 1891 1892 Carnegie Hall opened Founded Univ. of Chicago Merged two more Electric Companies to form General Electric Corporation

14 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1898 1896 1896 Expanded business using both Horizontal & Vertical Integration Rockefeller retired from active involvement in Standard Oil Company (Remained President) Financed buyout of the New York Time by the owner of the Chattanooga Times

15 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1899 1899 Consolidated holding into Carnegie Steel Devoted full-time to Philanthropic Activities

16 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 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

17 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1901 1901 Carnegie negotiated the sale of Carnegie Steel Corporation for $480 Million J.P. Morgan purchased Carnegie Steel and merged with others to form U.S. Steel Corp

18 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1902 1902 1902 Established Carnegie Institute for College & University Research Create General Education Board to promote education in the South Financed buyout of Louisville & Nashville RR by Atlantic Coastline RR

19 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1905 1908 1905 Donated $10 Million to Establish Teachers Pension Fund Funded Medical Campaign to eradicate Hookworm Disease in the South Backed out of deal to merge Erie RR with two other RR’s due to Federal Investigations

20 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1911 1911 1911 Donated $125 Million to Establish Carnegie Corporation to aid in Education Research Gave up title of President of Standard Oil Company during Supreme Court Investigations of the Co. Federal Government attempts to break up U.S. Steel fails under new Anti-Trust Laws

21 “Robber Barons or Captains of Industry”
Andrew Carnegie ( ) John D. Rockefeller ( ) John P. Morgan ( ) 1919 1937 1913 Died after donating over $380 Million to charities & foundations (4.8 Billion today) Died after earning over $1.4 Billion and donating most of it to charities and foundations Died after collecting $148 Million in stocks, investments, and art (2.3 Billion today)

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