Cornelius Vanderbilt Andrew Carnegie John Rockefeller J.P. Morgan Henry Ford The Captains of...
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- Slide 1
- Cornelius Vanderbilt Andrew Carnegie John Rockefeller J.P.
Morgan Henry Ford The Captains of Industry
- Slide 2
- Terms to Know? Robber Baron 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 Captains of Industry describing a business leader whose
means of amassing a personal fortune contributes positively to the
country in some way. May be through increased productivity,
expansion of markets, providing more jobs, or acts of
philanthropy
- Slide 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. Mr. Morgan buys his partners; I grow my own.
VIDEO
- Slide 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: cut wages then locked out workers who demanded
more money. Hired a private army to take control. Nine 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?
- Slide 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
- Slide 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 childrens hospital bills
Robber Baron or Captain of Industry?
- Slide 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.
- Slide 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?
- Slide 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 trust 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.
- Slide 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?
- Slide 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?
- Slide 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; wifes church; left 95% of
estate to eldest son Robber Baron or Captain of Industry?