Transcript Industry and Big Business - Windham School Department

Industry and Big Business
Robber Barons and the Oldest
Companies
Robber Barons or Captains of
Industry?
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Main Entry: robber baron
Function: noun
Date: 1878
1 : an American capitalist of the latter part of the
19th century who became wealthy through
exploitation (as of natural resources,
governmental influence, or low wage scales)
2 : a business owner or executive who acquires
wealth through ethically questionable tactics
(http://www.merriamwebster.com/dictionary/robber+baron)
Cornelius Vanderbilt
Vanderbilt
 Started out poor and quit school at 11 years old
 Bought a steamboat and turned it into a ferry
business (Manhattan)
 Later he bought into railroads in New York and
the Midwest
 Left his millions to his son, William
 Vanderbilt University is named for him after he
gave a large amount of money to start it
John Pierpont (J.P.) Morgan
J.P. Morgan
 Born to well off parents in Hartford, Connecticut
 Became a partner where his dad worked
 Financier = Bought companies in financial trouble after
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the Civil War, especially railroad companies (Reading
and Erie)
Helped the government out by buying millions in US
bonds
Formed the US Steel Corporation (1st billion dollar
corporation)
Involved with Western Union Telegraph Company,
General Electric
At his death, he was worth $1.2 billion
Titanic escape
John D. Rockefeller Senior
John D. Rockefeller Senior
 Went into business for himself at the age
of 20 as a commission merchant in grain,
hay, meats, and miscellaneous goods
 Sees the future in oil after it is discovered
in Pennsylvania
 Creates an oil refinery named Standard
Works (Standard Oil Company)
 Oil monopoly broken up by a Supreme
Court decision in 1911
Andrew Carnegie
Andrew Carnegie
 Born poor in Scotland before immigrating to the
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United States
Worked in a variety of jobs and learned all he
could about investing from his bosses
Created Carnegie Steel
Gospel of Wealth – philosophy
While living he gave $43 million to libraries and
$110 million to other causes
Legacy = Carnegie Hall, Carnegie Mellon
Institute, Sesame Street
Yes, they have been around that
long…
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American Tobacco Company (Duke)- 1890
Sears, Roebuck and Company- 1893
Ford Motor Company- 1903
Western Union- 1856
Levi Strauss & Company- 1853
Wrigley Chewing Gum- 1891
L.L. Bean- 1912
Remington- 1816
Hershey Chocolate Company- 1894