Robber Barons Cornelius Vanderbilt A dominant force in

Robber Barons

Cornelius Vanderbilt �A dominant force in industry by engaging in fierce wage wars with his competitors �Often, his competitors would pay him hefty sums to NOT compete with him. �Had numerous enemies �Did not own grand homes or give away much of his wealth to charitable causes. �Died with more than $100 million, which he left to his son.

John D. Rockefeller �Founder of the Standard Oil Company, became the world’s richest man. �net worth of $55 million. �The History of Standard Oil by Ida Tarbell �Gave away more than $530 million to various causes. Creation of the University of Chicago Rockefeller Institute for Medical Research

Andrew Carnegie �Built the Steel Industry �Homestead Strike of 1892 – Workers Strike �By 1900 Carnegie Steel produced more of the metal than all of Great Britain �Battle with JP Morgan �Sold Carnegie steel to JP Morgan for $480 million “Now the richest man in the world” �Established over 2, 500 public libraries and supported higher learning institutions Gave away $350 million

JP Morgan �Not born into a poor family, like Carnegie �After the Civil War he began buying distressed businesses and railroads West Shore, Pennsylvania, Reading, Erie, New England “Morganization” �Worth $80 million at his death ($1. 2 billion today) �“And to think he wasn’t even a rich man. ” – John D. Rockefeller �Not in the amount he had but it was in the billions he controlled.

Henry Ford �Two failed attempts to establish a company for automobiles �Finally in 1903 the Ford Motor Company was incorporated with Henry Ford as vice-president and chief engineer �His dream of producing an automobile that was reasonably priced, reliable, and efficient came about with the Model T in 1908. �Initiated a new era in transportation �By 1918, half of all cars in America were Model-T �Moving assembly line, significantly reduced time per vehicle and lowered costs