1. Industry and Big Business Robber Barons and the Oldest Companies

2. Robber Barons or Captains of Industry?  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.merriam- webster.com/dictionary/robber+baron)

3. Cornelius Vanderbilt

4. 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

5. John Pierpont (J.P.) Morgan

6. 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 the Civil War, especially railroad companies (Reading and Erie)  Helped the government out by buying millions in US bonds  Formed the US Steel Corporation (1 st billion dollar corporation)  Involved with Western Union Telegraph Company, General Electric  At his death, he was worth $1.2 billion  Titanic escape

7. John D. Rockefeller Senior

8.  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

9. Andrew Carnegie

10.  Born poor in Scotland before immigrating to the 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

11. Yes, they have been around that long…  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