Captains of Industry or Robber
by Adam Schlenoff
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Topics to include:
How he acquired his wealth.
How he (or his related industry) treated workers.
How he spent his money.
How he donated his money.
Robber Baron or Captain of Industry? (Based on what?)
Johns Hopkins went into business with his three brothers in which he got his great fortune by
investing into the B&O Railroad. Also, he treated his workers well and donated money to make a
Johns Hopkins University and a Johns Hopkins Hospital. Johns Hopkins also donated his money to
young men with an idea that got refused by the bank to see them grow. He would be a captain of
industry because he helped in many ways industrialize his town. ~Samuel Winston
One way John acquired wealth was with
The Cleveland Masacre. With this, John
struck a deal with the rairoads that
transported his oil which resulted in him
taking over 22/26 refineries in Cleveland.
John treated his workers with much respect.
He was always hard working and pleasant
around his workers. He could also be serious
and demanding when it came to business.
Johns Hopkins shipped good to North Carolina
and Virginia in exchange for whisky. He sold the
Whisky to Africa and by this he undid the work
of American Missionaries. After his first year in
business he made $200,000. In 1867
he incorporated Johns Hopkins University and
Johns Hopkins Hospital When Johns Hopkins
died his estate left a sum of 7 million dollars to
the hospital and university. At age 50 he
became the biggest financial capitalist in
Baltimore just after working for 25 years. He
lent money to men who couldn't get loans from
bankers. He made his investments back and
more. Johns Hopkins bought property at the
Baltimore Inner Harbor he built office buildings
and warehouses. Johns Hopkins was a great
entrepreneur! - Grayson Weidel
Johns Hopkins made most money through
investments towards railroad businesses.
Hopkins founded other businesses and
institutions that would be the source of his
wealth such as his trading company Hopkins
brothers and Johns Hopkins University and
hospital. Hopkins treated his partners well
and profited from this as well. Johns Hopkins
spent much of his fortune towards business
investments and projects that were for the
better of baltimore.
Vanderbilt initially acquired his wealth through
the steamship industry, and later the railroad
industry. He operated a ferry service,
constantly improving upon steamboats,
creating the most luxurious and elegant
"floating palaces" as they were referred to.
Vanderbilt's vessels were massive endeavors
and he hired a mass amount of workers.
During the Civil War, Vanderbilt supplied the
Union Navy with one of his steamships,
equipped with the necessary supplies for
battle. He purchased a lavish home and
donated to Central university (which became
Vanderbilt University). Otherwise, he did not
frequently spend his money. Vanderbilt would
be considered a Captain of Industry because
of his contribution to the travel and trade
industries that connected the far reaches of
Hopkins acquired most of his wealth through
investments(i.e. the Baltimore and Ohio
railroad). However Hopkins also started a
company named Hopkins & Brothers. John
Hopkins was a supporter of the abolition of
slavery and was in turn a strong supporter of
the Union. John Hopkins spent most of his
wealth on developing Hospitals, a university,
a publishing house, and an orphanage for
colored children. John Hopkins was no doubt
a Captain of Industry since there is no
evidence of malice and he was clearly
charitable to in creating many of the
institutions of Baltimore.
Wealth: He climbed the ranks of a telegraph company. Later, he built Pittsburgh's Carnegie
Steel Company, which later merged with Elbert H. Gary's Federal Steel Company and
several smaller companies to create U.S. Steel.
Philanthropy: He believed in the "Gospel of Wealth," which meant that wealthy people were
morally obligated to give their money back to others in society. He gave money to towns
and cities to build more than 2,000 public libraries. He also gave $125 million to a
foundation called the Carnegie Corporation to aid colleges and other schools. In 1902, he
founded the Carnegie Institution to fund scientific research and established a pension fund
for teachers with a $10 million donation.
JP Morgan acquired his wealth by joining in a
partnership with Drexel, Morgan and
Company in 1871. He was a captain of
industry because he controlled most of the
American Industries and also helped
reconstruct rail companies.
BY PETIA STOYKOVA
How he acquired wealth: as
a financier and banker,
worked at Hartford dry
Donated money: Donated
his father's library to the
public, as well as his house
to the US for the US
Use of money: Gave loans
during World War 1 (such
as to Russia
J. Pierpoint Morgan
John D. Rockefeller
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partnership to manufacture railroad bridges.
left to run his own enterprises. he marketed and
invested in oil and railway sleeping cars but
primarily he was in the iron making business. He
introduced the cost accounting techniques of the
railroad industry and hired trained chemist in the
process adopting procedures that cut per unit cost.
As a result he emerged as one of the industrys
dolminant forces. Carnegie then adopted Henry
Bessemers new technology and entered the steel
industry. His large amount of financial resources
allowed him to buy up his partners stakes cheaply
and gain majorityof share enterprise. He defeated
many of his competitors by employe wage cuts
distributing smart, intelligent business decisions.
Overtime Carnegie continued buying stakes like
Fricks Coke business. By the 1890s Carnegies steel
company was the largest steel producer in the
world making him wealthy beyond imagining even
reaching to 40 million in revenue in 1900.
later sold his interest to J.P. Morgans syndicate. His
personal fortune at that point was 300 million
which is equivalent to 6.7 billion in todays time
period making him one of the worlds richest men.
As a result he distributed his wealth and promoted
world peace. By time of his death in 1919 he had
overseen the distrubution of nearly 350 million. At
the end you can say that Carnegie aquired his
wealth from his companys, stakes, and the success
in revenue. He did alot of employe wage cuts to
improve company revenue. He spent his money
buying up other companies and insuring his
dominant presence in the industry. Finally you can
say that he was very generous and donated a huge
share of money to his designated causes.
Carnegie was a Robber Baron because his
actions diplayed the characteristics of one.
For example he cut employe wages to
improve company revenue and then he
bought out competing companies. As a
result he made a fortunej and completely
dominated the steel industry in then world.
By Peter Anakaraonye
Carnegi became rich when he started a
steel company at a time of high demand for
steel. Carnegie treated his workers bad
because he put them under long hours and
low wages. He spent his money with his
family and donated money to promote
world piece. -Jose