How Was Rockefeller A Robber Baron – Business entrepreneur who founded Steel Corporation in Pittsburgh, PA Business entrepreneur who founded Standard Oil in Cleveland, OH Business entrepreneur who founded an investment firm in New York Andrew Carnegie John D. Rockefeller John P. Morgan
In the 19th century, the derogatory term was applied to businessmen who were believed to have used corruption or exploitation to amass wealth and monopolize economic power. Fraudulent stock deals Insider trading Dodgy contracts Company spies Lockouts Outright fraud Captains of Industry A term coined during Britain’s Industrial Revolution to describe business leaders who made a positive contribution to the country by amassing great wealth. Increasing market productivity, more jobs for charity
How Was Rockefeller A Robber Baron
Andrew Carnegie () John D. Rockefeller () John P. Morgan () POB: Scotland Father: Linen Peddler Education: Self-taught (enjoyed reading) 1st Job: Bobbin Boy PA Cotton, Mill POB: New York Father: Sold elixirs Education: High School and College.
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Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1st Salary: $4.00 per week. 1st Pennsylvania Railroad Telegraphist Salary: $3.50 per week. Accountant 1st Salary in Small Manufacturing Company: Unknown as Bank Agt in Main Banking Company. In the year
Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1856 in 1859 in 1857 Gets a loan to invest in the Woodruff Sleeping Car Company. Joins his father’s banking firm in London (Peabody – Morgan & Co) with his partner Maurice Clarke.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1863 in 1864 Became superintendent of the Pennsylvania Railroad and became a partner of Dabney, Morgan & Company in the Ohio oil refining business.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1865 in 1865 Buys out his partner Keystone Bridge Company (to build a bridge for the Pennsylvania Railroad) and establishes an oil refinery in Cleveland, Ohio.
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Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1867 1870 1871 merged with Pacific and Atlantic Telegraph Company to form Keystone Telegraph (to supply Pennsylvania RR Telegraph) Ohio Standard Oil Company merged with several other refiners ($1 million invested) Morgan partner and dr.
Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1875 1875 Edgar Thomson plant opened in PA (making steel rails for the Pennsylvania Railroad) He helped finance the purchase of oil pipeline systems and marketing equipment The American Museum of Natural History funded the art museum by purchasing oil pipeline systems and marketing equipment.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1879 1878 Normal Oil controlled 95% of US oil production, helped finance Edison’s light bulb, and founded the Edison Electric Company.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1883 1882 1885 A horizontal merger begins with the purchase of competing steel mills (Home Works). Standard Oil Trust violates state anti-corporation laws Bell Telephone Company merges with other companies to form AT&T Corporation.
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Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1889 in 1890 in 1889 Carnegie publishes Gospel of Wealth, promoting philanthropy. Rockefeller argues with critics Standard Oil Trust Company oil monopoly merges three electric companies into Edison Electric Company.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1891 1891 1892 Carnegie Hall founded University opened. Chicago merged two other electric companies to form General Electric Corporation
Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1898 in 1896 in 1896 expanded business through horizontal and vertical integration. Rockefeller from Normal Oil Company (the remaining president) bought the New York Times for money. Proprietor of Chattanga Times
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1899 1899 Carnegie Steel registered holdings devoted full time to philanthropic activities.
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Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1901 1901 1901 Carnegie Institute of Technology founded Rockefeller Institute of Medicine AT&T monopolized US telephone service. Controlled 70% of all steel and 1/6 of all US railroads.
Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1901 1901 Carnegie sells Carnegie Steel Corporation for $480 million. USD JP Morgan buys Carnegie Steel and merges with others to form US Steel Corporation.
Andrew Carnegie () John D. Rockefeller () John P. Morgan () 1902 1902 1902 Carnegie College and University Research Institute established with Southern funding to encourage the Atlantic Coast RR to purchase the Louisville and Nashville RR.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1905, 1908
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Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1911 in 1911 in 1911 donates 125 million $ to establish the Carnegie Corporation to aid educational research. Appoints the president of Standard Oil Company to the Supreme Court investigating the federal government’s crackdown on U.S. steel.
Andrew Carnegie () John D. Rockefeller () John P. Morgan ( ) 1919 in 1937 in 1913 Died after donating more than 380 million. USD to charities and foundations ($4.8 billion). He earned more than 1.4 billion. USD and died giving most of it to charities and foundations.
5 John D. Rockefeller owned Standard Oil, which at the time accounted for 90% of the pipelines and refineries. An unethical practice, depreciation cost him $500 million at the end of his life.
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He played an important role in comparing Carnegie Steel with other companies. The political cartoon on the right shows that its role in the American economy was very strong.
9 Cornelius Vanderbilt made millions from transportation and railroads. He is going to be aggressive and competitive. Neighbors at the NYC level think it’s rough and uncivilized. RR made it more efficient. It provided the largest and fastest steamboat for the Union Navy during the Civil War. He died with 100 million dollars. He donated $1 million to Vanderbilt University in Nashville. His nickname was Commodore, a synonym for Vanderbilt.
New York’s lower class has many rental homes* that are slightly smaller than the average apartment in the city. It’s often hard to tell where an apartment ends and a commercial begins. One will get as much air and sunlight as the other. The main difference is the number of rooms and their location. Some downtown rentals are called apartments if they are located in the city. The rental term in the city has fallen, and many owners have given their large caravans** the more aristocratic term ‘apartment’, and the term ‘rooms’ has been replaced by ‘apartments’. *Low rents that do not meet minimum housing standards ** Accommodation for travelers
16 Jenny Rizandi, a 9-year-old girl, helps her mother and father finish clothes in a dilapidated tent. New York, New York, 1913. Life in New York improved somewhat after 1901, when the city mandated that new housing be built: every apartment required a bath and running water, and every room had windows. A big improvement, but not thousands of people still stuck in hot, smelly, old legal units.
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18 There are three different housing units in the rental house; The cheapest and most modest of them is the attic, which usually consists of one or two rooms and is located only in the city center. They usually belong to an old man. Occasionally three or four attic rooms are combined and rented out to a family, but as a small single room is preferred by single old people, the landlord often rents them separately. The old lady read her needle *** Immediately she found the roof the cheapest and the best.
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