Jp Morgan Robber Baron Research Paper

Andrew Carnegie was one of the wealthiest men in America but his wealth didn’t come without hard work and dedication. Carnegie was born in “Dunfermline, Scotland on November 25, 1835” (Tyle). According to Laura B. Tyle, the invention of the weaving machine unfortunately pushed Carnegie’s family in to poverty “In 1848, Carnegie’s family left Scotland and moved to Allegheny City, Pennsylvania, where his father and eventually him worked in a cotton factory” (Tyle). After leaving the cotton factory “Carnegie became a messenger boy for the Pittsburgh telegraph office and eventually made his way up to telegraph operator” (Tyle). According to Laura B. Tyle “Thomas A. Scott, the superintendent of the western division of the Pennsylvania Railroad, made Carnegie his secretary at the age of eighteen.” Later, Carnegie took over Scott’s position of the railroad. Furthermore Carnegie “began to see that steel was going to replace iron and by 1873 he organized a steel rail company” (Tyle). According to Laura B. Tyle he continued to build his company when he “cut prices, drove out competitors,

During the post Civil War period many capitalists took over and ramped up industry. There were also individuals who took industries and monopolized them. Many historians who look back at these capitalists who shaped the post Civil War industry argue about whether they should be viewed as captains of industry who developed large industry, or as robber barons who used industry and monopolies to achieve wealth and take advantage of the working class. This essay will show why they were captains of industry.

Born on November 25, 1835, in Dunfermline, Scotland, Andrew Carnegie was the second son of Will and Margaret Carnegie. His father was handloom weavers while his mother worked for a local shoemaker. In 1848, the Carnegie family came to America hoping for better economic opportunities and established in Pennsylvania and this is when Andrew Carnegie formal education ended because his family had no money for education. He then got his first job as a bobbin boy at a cotton factory, earning $1.20 a week. After this he had quite a few different job one of which was at the railroad where he made got money and that’s when he was able to make some investments in coal, iron and oil companies and a manufacturer of railroad sleeping cars. In 1865, Carnegie left the railroad job and he continued his ascent in the business world. But because the railroad industry experienced a rapid growth during that time in the United Stated, Carnegie made an investment in the railroad business and by the age of 30th he was the richest person. In the early 1870s, he started working in the steel business, and very soon he became one of the most important people in the field. Despite of his success in 1901, he sold his steel company to banker John Pierpont Morgan for $480 million. Carnegie then dedicated

In the late 19th Century, when industrialism became part of the American economy system, many wealthy entrepreneurs that controlled oil, gas, and coal industries formed monopolies and trust to ensure that there were no small business to form competition. Some of the wealthy industrialists, such as Andrew Carnegie, were considered philanthropists due to donating and acting largesse towards the lower-class citizens within the American society. It’s controversial to determine whether or not the wealthy businessmen that controlled oil, gas, and coal industries were “Robber barons” or “Captains of Industry”. The following documents will confirm with evidence that these wealthy businessmen were “Robber Barons” within the 19th Century Industrialist

Andrew Carnegie built his fortune out of nothing, clawing his way to the top and making his fortune by seeing the expanding usage of steel and quickly jumping on the opportunity, becoming one of the first and biggest steel producers in America, and later the world[2]. With this massive corporation

Carnegie earned a lot of money from his investments and quit his job with the railroad to focus on his business affairs, which included frequent traveling to Europe to sell railroad bonds. On one trip, Andrew Carnegie met the English inventor, Sir Henry Bessemer, who had invented a new process for making high quality steel efficiently and cheaply. After meeting Bessemer, Carnegie decided to concentrate his investments in the steel industry. He opened a steel company in Pittsburgh and adapted his steel mills to use the Bessemer process. The process allowed Andrew Carnegie to manufacture steel efficiently and cheaply. To increase manufacturing efficiency even further, Carnegie began the vertical and horizontal integration of the steel industry, which allowed Carnegie Steel Company to save money as it expanded. He quickly became one of the richest people in history due to his hard work before the creation of Carnegie Steel and during its operation. Andrew Carnegie sold Carnegie Steel Company to J.P. Morgan. Carnegie became a philanthropist in his retirement and gave away $350 million, which was about 90% of his fortune. He built

In conclusion, J.P. Morgan is considered more of a “Captain of Industry” for today’s modern age than a robber baron. America would have been a whole different country without his contributions towards society, especially if he didn’t start the many companies and industries during his

The Myth of Robber Barons discusses some of the major entrepreneurs in of the United States from 1850 to 1910. Burton Folsom also discusses these entrepreneur’s key role in their fields and the whole economy of the United States. The entrepreneurs discussed are Commodore Vanderbilt, James J. Hill, The Scranton’s Group, Charles Schwab, John D. Rockefeller, and Andrew Mellon. We know these men as “Robber Barons,” but Folsom argues that these entrepreneurs succeeded by producing quality product and service at a competitive price. He compares so called “Robber Barons” to the political entrepreneurs who rely heavily on government subsidy and make no improvement.

Andrew Carnegie was not always a rich billionaire. In fact his early years were quite simple. According to document A, Carnegie lived in an attic of a modest home that was shared by another family, (Document A). Andrew Carnegie struggled, his families knew the struggles of not having enough income,and by the age of twelve Carnegie was required to employ in a job. According to an essay about Andrew Carnegie, Andrew Carnegie was “working six 12-hour days for $1.20 a week. A year later Andrew found a more challenging job delivering telegrams”, (Was Andrew a Hero ?). Andrew Carnegie had worked 12 hours just to earn his money ,as well as help his family which shows the character traits of perseverance and the sympathy that Carnegie acquired. The great steel master was really determined to make an effort on the world, and so Carnegie did. According to the same document about Carnegie’s early life, the document has stated that “He would adopt the Bessemer system and build a steel mill in America. So much for retirement!”, (Was Andrew a Hero ?). His risks and effort had helped him accomplish so much, He persevered and made himself successful,because he was willing to take the chance. This indeed proves how much of hero carnegie is, because heroes are willing to take costly risks.

Andrew Carnegie. Who was he? Was he just a robber baron or a captain of industry. Andrew was a self made Entrepreneur in the late 1800s. He was the owner of the Carnegie Steel Company which monopolized the steel industry. In 1889 he wrote the famous “Gospel of Wealth” which made the use of libraries to give to the worthy poor that were smart to use them. He also gave away 350 million dollars. On the other side Carnegie’s steel workers were treated poorly by long working hours and reduced wages. He also gave support to the plant manager Henry Frick who hired Pinkerton thugs to intimidate workers on strike and many were killed in the conflict. Andrew Carnegie was sometimes saw as a robber baron taking others money to give away not spending his own money On the other hand people saw him as a captain of industry giving to the worthy poor with libraries and millions of dollars.

What is a robber baron? Webster’s New Dictionary defines it as an American capitalist of the late 19th century who became wealthy through exploitation (As of natural resources, governmental influence, or low wage scales) or a person who satisfies himself by depriving another. In America we had a lot of these kind of people. For this report I am going to tell you about the ones that I found most interesting to me. I would first like to tell you about Cornelius Vanderbilt.

fame and fortune was through shipping and railroads, becoming one of the richest men in

He established many other steel plants, and in 1892, he merged all of his interests into the Carnegie Steel Company. This act from Carnegie is fitting with one of his most famous quotations, "Put all of your eggs in one basket, and then watch that basket." This firm became one of the greatest industrial enterprises in America. Carnegie later sold it to J.P. Morgan's United States Steel Corporation in 1901 for $400 million, which would be a little over $4 billion today! After retiring, Carnegie's fortune was estimated to be as large as half a billion dollars. From that time on, with the philosophy that the rich have a moral obligation to give away their money, he devoted himself to philanthropy. Although ironic, this man of great fortune strongly believed in the merits of poverty for the development of character and work ethic, and determined that wealthy men should not leave their fortunes to their children, but should give it away, claiming "The man who dies thus rich, dies disgraced." The picture of community service, Carnegie is quoted as saying, "Pittsburgh entered the core of my heart when I was a boy, and cannot be torn out. I can never be one hair's breadth less loyal to her, or less anxious to help her in any way, than I have been since I could help anything. My treasure is still with you, and how best to serve Pittsburgh is the question which occurs to me almost every day of my life." Colonel James Anderson, who Carnegie

Andrew Carnegie, John D. Rockefeller, Cornelius Vanderbilt, and J.P. Morgan all have something in common they’re well known for being wealthy businessmen in the late 19th century. Robber Barons and Captain of Industry are mostly known from the Gilded Age. Mark Twain called the late 19th century the “Gilded Age” because he was referring to this period being glittering on the surface but corrupt underneath (Overview of the Gilded Age, Digital History). Most of the businessmen during this day in time just wanted to help themselves and their businesses, which you could compare to today. However, these historical figures established a foundation for industrial advances, business development and technological advances in America today.

For example, Andrew Carnegie was both a Robber Barron and a Captain of Industry in the 1800’s. Andrew Carnegie’s first job was when he was only thirteen years old in 1848 as a bobbin boy, changing spools of thread for twelve hours a day, six days a week at a cotton factory in Pittsburg, PA. His first job’s payment per week was one dollar and twenty cents. Carnegie then became a telegraph messenger boy in the Pittsburg Office of the Ohio Telegraph Company, earning two dollars and fifty cents per week. A few years later, Andrew Carnegie became the personal telegrapher and assistant to Thomas Scott, the superintendent of the Pennsylvania Railroad’s western Division. The last step that lead to him acquiring his wealth was when he took out a loan from a local bank to invest in the Woodruff Sleeping Car Company. As a result, he began receiving a return of approximately five thousand dollars annually, which was more than three times his salary while working at the