Captains of Industry or Robber Barons?

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Captains of Industry or Robber Barons? by Mind Map: Captains of Industry or  Robber Barons?

1. “No price is too great, for a work of unquestioned beauty and known authenticity.” He spent half his fortune on art. -Rekell Simmons

2. Cornelius Vanderbilt

3. J. Pierpoint Morgan

4. Andrew Carnegie

4.1. Carnegie

4.2. He acquired his wealth by slashing the wages of the workers, who made him rich. -Amelia

4.3. He spent his money by giving it away to charity. -Amelia

4.4. After Cargnies pro-labor stance the workers at Homestead were not willing to negotiate so, Cargnie's partner had closed the mill, locking out 3,800 men. -Amelia

4.5. He supported education that he gave money to towns and cites to build more than 2,000 public libraries. Later, he gave $125 million to a foundation called the Carnegie Corporation to aid colleges and other schools. -Amelia

4.6. Carnegie started at the age of 13 working at a textile mill, then went off to work as a telegraph messenger then a telegraph operator. After that he got a job in PA railroad working as an assistant and telegrapher for Thomas Scott. Who later promoted him as a superintendent. -Sofia

4.7. Acquired most of his money from the American steel industry. -Sofia

4.7.1. founding J.edgar thomson steel works he eventually turned it into Carneigie Steel Company. -Sofia

4.8. Carnegie was considered a robber baron because he cut down on the workers wages. -Sofia

4.8.1. Carnegie then found out they were going to begin a homestead strike and reported a list of labor organizers to thomas scott which then fires them before they can begin. -Sofia

4.9. People mainly remembered him as a captain of industry because Carnegie was a philanthropist, person who gives money to good cause. -Sofia

4.9.1. Carnegie spent over $350 million on public endowments founding over 2,509 Libraries and also to Carnegie Mellon universities. -Sofia

5. By 1900, Morgan's railroad cartel controlled almost the entire region of northeastern Pennsylvania.

6. After the Civil War, he started buying distressed businesses and railroad companies.The biggest deal John Pierpont Morgan was involved in was the forming of the U.S. Steel Corporation. It was the first million-dollar corporation in the U.S. It was worth approximately $1.2 billion. -Rekell Simmons

7. John D. Rockefeller

8. Johns Hopkins

8.1. Frugal from a young age; his family had to learn to be resourceful with money after his father freed their slaves. (Ariana Torres)

8.2. Started his business with substantial investments form family members, after proving himself worthy by working as manager at his uncle's market. From there, he continued to build his fortune. (Ariana Torres)

8.3. Invested a lot in the city of Baltimore, for ex. rebuilding the Inner Harbor and constructing the B&O Railroad; wanted Baltimore's success to be linked to him. (Ariana Torres)

8.4. Spent lots of his money supporting his family, despite that most of them didn't even know him personally. Family was a huge priority for him, esp. after looking after his siblings when he was young. (Ariana Torres)

9. Acquired his wealth by owning several buisnesses including a transport and freight service, a schooner, a railroad service, and a steamboat company.- Kylia

10. He liked to save more money than he spent. The only large purchase on record that he made was his Stanton Island Mansion. -Kylia

11. He Donated $50,000 to the Church of Strangers and $1 million to Central University which later became Vanderbilt University -Kylia

12. He treated his related Industry partners like competition. He bought out all the companies that gave him any type of trouble . Basically he used Horizontal Integration. -Kylia

13. Vanderbilt appears to be more of a Robber Baron as he wasn't that concerned with expanding the industry as much as expanding his own personal wealth. -Caitlinne

14. Vanderbilt mistreated his workers by having poor working conditions and low wage. -Erika

15. He donated $1 millon to the largest charitable cause in American history, as well as give 50,000 to the church of strangers. -Erika

16. Vanderbilt liked making money more then spending it but what he did spend it on was new opportunities for the business and the purchase of his Stanton Island Mansion. -Erika

17. -Rekell Simmons

18. Vanderbilt's main way of accruing wealth was to charge much lower rates than all his competitors. -Caitlinne

19. He bought $200 million government bonds with gold. John Pierpont Morgan saved the government. -Rekell Simmons

20. John Pierpont Morgan(1837-1913) was one of the influential bankers in history. Some people viewed him as a captain of industry, but others viewed him as a robber baron. He began his career in 1857 as an accountant, and worked for several New York banking firms until he became a partner in Drexel, Morgan and Company in 1871, which was reorganized as J.P. Morgan and Company in 1895. -Rekell Simmons

21. John Pierpont Morgan treated his workers well and financially rescued the government. In my opinion, John Pierpont Morgan was a great captain of industry. -Rekell Simmons

22. Andrew Carnegie led the enormous expansion of the American steel industry. He became a bill logger and soon later he progressed up the ranks of telegram company and he built the Pittsburgh "Carnegie Steel Company". He merged with several other smaller companies to create "U.S. Steel". - Sydney

23. His workers were poorly treated and worked in dirty and poorly ventilated enviorments. They risked injuries and were very much so underpaid. -Sydney

24. He spent a A lot of his money on libraries, school, and universities in the U.S, U.K , and Canada.- Sydney

25. Andrew Carnegie was a philanthropist. He made millions and donated to charities, foundations and started a pension fund for his former employees. -Sydney

26. Andrew Carnegie was considered a captain of industry. Sydney

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28. Between 1890 and 1913 Pierpont organized giant industrial corporations, primarily with American capital. In 1901, Pierpont bought out Andrew Carnegie and launched the U.S. Steel Corporation, the largest corporate enterprise the world had known to date–a gigantic assemblage of mills, mines, land, and modes of transport that gave him control of almost half of the nation's steelmaking capacity.

29. At a time when the United States had no central bank, Morgan served as the country's unofficial lender of last resort. In 1907 Morgan, then nearly seventy, stopped a major public panic in New York by rallying fellow bankers to supply liquidity to shore up the endangered economy. The crisis was resolved in Morgan's newly built Library, after he locked the doors and refused to let the bankers leave until they agreed to a rescue plan. For his efforts he was hailed as a national hero. The exercise of so much power by one private citizen, however, appalled many, and Morgan was accused of manipulating the situation for personal gain. This led to the establishment of a National Monetary Commission and eventually to the founding of the Federal Reserve.

30. The death of Morgan's father, Junius, in 1890, signaled the beginning of his collecting in earnest. Junius Morgan's estate was valued at roughly $12.4 million; his son assumed leadership of the family's highly profitable London banking house. At age fifty-three, Morgan had the financial resources to acquire on a truly grand scale.

31. J. P. Morgan began career as an accountant in 1857. - Jakobi P

32. Began reorganizing railroads in 1885. Rebuilt many railroad companies and gained a lot of stock from it. This is where he got most of his money. - Jakobi P

33. Controlled almost all industries in the early 1900's. - Jakobi P

34. Supplied the U.S. Treasury with 3.5 million ounces of gold in 1895. - Jakobi P

35. Donated to schools, churches, and charities. Donated art collections to museams and his book collection went to his library which was later donated to the public by his son. - Jakobi P

36. Captain of Industry since he rebuilt other companies to bring the railroad business back. He did not only focus on himself, he gave back to the people too. - Jakobi P

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