The Captains of Industry

Andrew CarnegieHenry FordJ.P. MorganJohn RockefellerCornelius VanderbiltThe Captains of Industry

Terms to Know?Captain of IndustryTerm 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 philanthropyRobber BaronThe 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

Andrew Carnegie = steelHe 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.

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Andrew Carnegie = steelHow he acquired his wealth:Gained control of every step of the steel making process Carnegie Steel CompanyHow 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 artsHow he donated his money:Gospel of Wealth (rich had a duty to improve society); LibrariesRobber Baron or Captain of Industry?

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 machinesA business that makes nothing but money is a poor business

Don't find fault, find a remedy.

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Henry Ford = automobilesHow he acquired his wealth:Automobile assembly lineFord Motor CompanyHow he (or his related industries) treated workers:High wages for workers; 40-hour work weekDemanded Socially Moral employeesHow he spent his money:RacecarsHow he donated his money:Created a museum Paid childrens hospital billsRobber Baron or Captain of Industry?

J.P. Morgan = steel & bankingHe 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.

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

John D. Rockefeller = oilHe 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.

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

Cornelius Vanderbilt = RailroadsStarted 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 lifeYou 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?

Cornelius Vanderbilt = RailroadsHow he acquired his wealth:railroads (The Central Railroad) & shippingHow 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 EstateHow he donated his money:Largest endowment to a University; wifes church; left 95% of estate to eldest sonRobber Baron or Captain of Industry?