1. The Captains of Industry
Andrew Carnegie
Henry Ford
J.P. Morgan
John Rockefeller
Cornelius Vanderbilt

2. Terms to Know? Robber Baron Captain of Industry
The term may now relate to any businessman or banker who used questionable business practices to become powerful or wealthy.
May use political means to achieve their ends
Captain of Industry
Term for a business leader whose means of making a personal fortune contributes positively to the country.
May be through increased productivity, expansion of markets, providing more jobs, or acts of charity and philanthropy

3. Andrew Carnegie = steel
He was born in Scotland and worked as a bobbin boy and a telegraph operator. He then worked for the Pennsylvania Railroad.
“You cannot push anyone up the ladder unless he is willing to climb.”
“The first man gets the oyster, the second man gets the shell.”
VIDEO

4. Andrew Carnegie = steel
How he acquired his wealth:
Gained control of every step of the steel making process
Carnegie Steel Company
How he (or his related industries) treated workers:
Homestead strike: locked out workers who demanded more money. Hired a private army to take control. 9 workers were killed.
How he spent his money:
books, music, and the fine arts
How he donated his money:
“Gospel of Wealth”
(rich had a duty to improve society);
Libraries
Robber Baron or Captain of Industry?

5. Henry Ford = automobiles
He was born in 1863 near Detroit, Michigan. At the age of 16 he got a job with a machinist because he had always been fascinated with machines
“A business that makes nothing but money is a poor business”
“Don't find fault, find a remedy. “
VIDEO

6. Henry Ford = automobiles
How he acquired his wealth:
Automobile
assembly line
Ford Motor Company
How he (or his related industries) treated workers:
High wages for workers; 40-hour work week
Demanded “Socially Moral” employees
How he spent his money:
Racecars
How he donated his money:
Created a museum
Paid children’s hospital bills
Robber Baron or Captain of Industry?

7. J.P. Morgan = steel & banking
He was a wealthy banker that bought U.S. Steel. He had so much money, he loaned money to the U.S. government! He spent money on art, yachts, and fine champagne! Titanic near-miss! He willed his art to the Metropolitan Museum of Art in NY City!
“Go as far as you can see; when you get there, you'll be able to see farther.”
“A man always has two reasons for doing anything--a good reason and the real reason.”

8. J.P. Morgan = steel & banking
How he acquired his wealth:
Accounting and banking;
used trusts to control American industry
How he (or his related industries) treated workers:
Coldly rational;
used aggressive tactics to root out troublemakers
How he spent his money:
Art; cigars; gems; yachts
first house in NY to have electricity
How he donated his money:
Libraries;
Art museums
Robber Baron or Captain of Industry?

9. John D. Rockefeller = oil
He started out being a bookkeeper and then went into the grain business. He then invested in oil. (Standard Oil) He had a monopoly on the oil business by owning 85% of the oil in the U.S.! Rockefeller gave away about $550 million to charities! Colonial Williamsburg was restored thanks to him!
“ “I have ways of making money that you know nothing of. “
“Competition is a sin. “

10. John D. Rockefeller = oil
How he acquired his wealth:
bought out oil companies
controlled most of the refining and shipping process
How he (or his related industries) treated workers:
Bought out competition
price slashing
How he spent his money:
Simple and frugal personal life
How he donated his money:
Universities
organization to set up free high schools
Robber Baron or Captain of Industry?

11. Cornelius Vanderbilt = Railroads
Started with steamboats in competition with Fulton. Then built the New York Central Railroad system and then the Grand Central Railroad.
“I have been insane on the subject of moneymaking all my life”
“You have undertaken to cheat me. I won't sue you, for the law is too slow. I'll ruin you.”
“What do I care about law? Ain't I got the power?”

12. Cornelius Vanderbilt = Railroads
How he acquired his wealth:
railroads (The Central Railroad) & shipping
How he (or his related industries) treated workers:
Building the Grand Central Terminal helped employ thousands.
Workers were paid very little and worked long hours.
How he spent his money:
Built a yacht and toured Europe;
Staten Island mansion;
Biltmore Estate
How he donated his money:
Largest endowment to a University; wife’s church;
left 95% of estate to eldest son
Robber Baron or Captain of Industry?