Captains of Industry

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Captains of Industry
or Robber Barons
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Captain of Industry person who builds a huge
business and helps society.

• Robber Baron people that get ahead in business
  by shutting off all competition, mainly using
  illegal practices

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I. Andrew Carnegie - Steel

• A. Management efficient
• 1. Tried to make good products cheaply
• 2. kept accurate records of eveything
• 3. Hired smart people, let them buy stock
  and rewarded them for efficiency

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B. Business

• 1. Cutthroat wanted to control the entire
  steel industry
• - Vertical Integration controlling
  all aspects of the industry

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Coal mines
Iron mines these are iron pellets that will be
shipped to make steel
Railroads
How would it help to control all of this?
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- Horizontal Integration

• - controlling all the steel companies (or
  as many as he could)

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C. By 1901, he produced 80 of the steel in the
U.S.

• Gave away over 500 million
• that would be 11.6 billion today
• - obviously, he made A LOT of money about 25
  million per year
• That can get a fella a pretty nice house

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Andrew Carnegie
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Staircase
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Music room
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Dining Room
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In your books . . .

• Page 448 read about Social Darwinism what
  does it mean? Put the definition in your notes

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In contrast, the homes of Carnegies workers
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II. Cornelius Vanderbilt Steamboats, Railroads

• A. Controlled the steam boat industry until
  selling out in 1863.
• By then he was worth 40 million (770
  million now)
• B. Invested in Railroads and made more money

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Vanderbilt
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Bedroom
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Dining room
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Vanderbilt summer cottage
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Vanderbilt childrens cottage
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III. John D. Rockefeller - Oil

• A. Joined oil companies together in Trusts all
  shared profits illegal
• B. Standard Oil Company controlled 90 - 98 of
  the nations oil
• - Had great political power
• C. Treated everyone badly employees,
  competitors, etc.
• - did give away over 500 million

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Rockefellers house
Just kidding
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Rockefeller
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Aerial view of Rockefellers estate
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Rockefeller

• Robber Baron or Captain of Industry handout

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IV. J.P. Morgan - banking

• A. Bought the stock of companies in order to
  control them
• B. Loaned money to companies, bought their stock,
  put all the businesses together and controlled
  them all
• - example bought the RR tracks didnt
  even have to buy the RR companies they couldnt
  travel without the tracks

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• C. INCREDIBLE wealth
• D. Bought Carnegie Steel for 500 million
• Made it bigger it became the first
  Billion dollar company

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What point is this cartoon making?
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Morgan