The Men Who Built America

Cornelius Vanderbilt Took control of small railroad lines that had been started before the Civil War, and converted them into large railways that spanned across America Dominated the railroad industry in America Amassed a family fortune of over $105 million Before his death, he donated $1 million to Central University in Nashville Tennessee renamed Vanderbilt University

John D. Rockefeller Made money by putting competitors out of business Known as a robber baron – a business leader who grows rich using dishonest methods

Rockefeller built his first oil refinery in 1863 Created a monopoly on the oil industry by forming the Standard Oil Trust Trust – a legal body created to hold stock in many companies, often within the same industry The Standard Oil trust controlled 95% of the oil industry Once in control, Rockefeller raised the price of oil

Rockefeller was a philanthropist Throughout his life, he donated more than $500 million to universities and charities (over $100 billion in today’s money)

Andrew Carnegie Andrew Carnegie tried to beat his competition by creating a better, cheaper product He sought to control all the processes that led to the manufacture of steel bought iron mines, and the ships and railroads that carried the iron ore to his mills

Like Rockefeller, Carnegie was also a philanthropist His company dominated the steel industry from 1889 until 1901 when he sold to J.P. Morgan, the nation’s top banker, for $480 million Like Rockefeller, Carnegie was also a philanthropist Throughout his life, he donated over $350 million to universities and charities (about $67 billion in today’s money)

J.P. Morgan He was one of the most powerful bankers in the United States Helped save the U.S. Government from several financial disasters Many felt he had too much power and control over the country’s financial system He used his wealth to amass a huge art collection His uncle wrote “Jingle Bells” Originally written about Thanksgiving Considered a failure when published in 1857

His banking firm, J.P. Morgan and Company is the predecessor to today’s J.P. Morgan Chase

Thomas Edison 1876 – opened his research laboratory in Menlo Park, NJ Credited for many inventions He received over 1,000 patents Thomas Edison’s lightbulb introduced practical, safe electric lighting Edison also developed a system to supply electricity to buildings within a city