Robber Barons or Captains of Industry Business Entrepreneur

“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 19 th century businessmen who people believed used corrupt or exploitative practices to amass great wealth and monopolize economic power. ü Tricky Stock Deals ü Corporate Spies ü Insider Trading ü Worker Lockouts ü Shady Contracts ü 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. ü Increased Productivity ü Providing more Jobs ü Expansion of Markets ü 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 1 st Job: Bobbin Boy in 1 st Job: Bookkeeper in 1 st 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) 1 st Salary: $4. 00 per wk. 1 st Salary: $3. 50 per wk. 1853 as Telegrapher 1855 as Bookkeeper John P. Morgan (1837 -1913) 1 st Salary: Unknown 1857 as Bank Agt with Pennsylvania Railroad in Small Produce Company in Father’s Bank Firm. 1 st 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 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 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 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 Edison promoting the idea of Standard Oil Trust Co. 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 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 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 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 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 Carnegie negotiated J. P. Morgan purchased the sale of 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 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 Donated $125 Million Gave up title of President Federal Government to Establish Carnegie of Standard Oil Company attempts to break up U. S. Corporation to aid in during Supreme Court Steel fails under new Education Research Investigations of the Co. 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)