Titans of Industry. Changes in Business Vertical Integration  Controlling your suppliers Horizontal Integration  Similar companies merging Social Darwinism.

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Presentation transcript:

Titans of Industry

Changes in Business Vertical Integration  Controlling your suppliers Horizontal Integration  Similar companies merging Social Darwinism  Natural Selection Robber Barons  Shrewd and successful businessmen of the late 1800s Monopolies  Complete control of supplies and goods of a business

Cornelius Vanderbilt “The Commodore” Steamship captain  Becomes one of the largest steamship operators in the U.S.  Donates “The Vanderbilt” in the Civil War Enters Railroad industry in 1860s  Controls and connects numerous railway lines between Chicago and New York  Creates one of the first efficient rail lines

Cornelius Vanderbilt

Andrew Carnegie Rags to riches  From Scotland Gets start with the Pennsylvania Railroad Carnegie Steel Company  Homestead Strike 1892  Sells to J.P. Morgan for $480 million U.S. Steel  1 st Billion dollar company  Controlled 67% of U.S. steel production  Declines after WWI Gospel of Wealth

Andrew Carnegie

John D. Rockefeller Devout Christian Shipping business profits from the Civil War Invests in a Cleveland refinery in 1863 Standard Oil (1870)  By 1890 controlled 88% of U.S. oil  Dissolved by U.S. Gov in 1911  Researched innovative uses for oil Bought out and crushed competition

John D. Rockefeller

JP Morgan Banking  Helps to reorganize and consolidate struggling railroad companies  Gains large amounts of stock Gains control of 1/6 of RR Northern Securities Trust  Controlled 32,000 miles of track  Broken up by Theodore Roosevelt Helps bail out U.S. Government  $60 million loan in 1895  Advises through the financial panic 0f 1907

Electricity Morgan invests in Thomas Edison  Has him discover a way to light 400 lightbulbs Electric light hurts Rockefellers business  Devalues kerosene lamps Niagara Falls Contract  Bid to light majority of the Northeast  Tesla wins over Edison  Chicago World’s Fair Morgan threatens Tesla’s investor with a lawsuit  Gains Tesla’s patents  Creates General Electric (GE)

JP Morgan

Legacy of the “Titans” Cornelius Vanderbilt  Vanderbilt University Andrew Carnegie  Gospel of Wealth John D. Rockefeller  Over $500 million donate for philanthropy JP Morgan  Extensive art collection Morgan, Rockefeller, and Carnegie unite in 1896  Help McKinley win election

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