Who Is Andrew Carnegie A Robber And A Baron
Can you be a robber and a baron? In the industrial revolution multiple people monopolize the product to gain power.
“Andrew Carnegie was born on November 25,1835.” He was a Scottish immigrant who could not read and came to the united states at the age of nine. Carnegie made his fortune in the steel industry. In 1870 he founded the Carnegie steel company a step which cemented his name as one of the “ captains of industry.” By the 1890’s the company was the largest and most profitable industry enterprise in the world. In 1892 the homestead strike in Homestead Pennsylvania pitted in one of the most powerful new corporation. Carnegie steel company against the nation's strongest trade union. Henry Clay Frick stepped up production demands and when
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He was the son of a famer and boatman and later quit school at the age 11. In 1810 Vanderbilt purchased his first boat with money he borrowed from his parents. Vanderbilt made his fortune of more than 100 million by shipping goods on steamboat and railroad. At point in history he completely controlled all shipping of goods that moved throughout the east coast. Men such as Rockefeller and Carnegie had to go through Vanderbilt to move their steel and oil products across the land. Vanderbilt bit pioneered the construction of grand central train station in New York. At one point he “formed a company to transport passengers and goods from New York City, New Orléans to San Francisco.” He was able to charge hue sum of many to move product from the midwest to the east coast and amassed a fortune doing it. Vanderbilt was generally known to be a fair man and kept prices on shipping moderate. Cornelius Vanderbilt “quit the business only after his competitors whom he had nearly agreed to pay him 40,000 later rose to 56,000 a month to abandon his …show more content…
“Morgan founded the banking company J.P Morgan.co, one of the leading financial firms in the country in 1871.” “ He was criticized for creating monopolies by making it difficult for only business to compete against his.” J.P Morgan controlled the lending money throughout the united states, at one point in 1907 known as the “Panic of 1907” a financial crisis almost led to a depression. Morgan took charge and the united states government was borrowing money from Morgan to keep our country government functioning. Morgan and his investors had financial interest in most big business in the united states. He eventually bought out Andrew Carnegie's steel industry and several other steel companies. Which later merged them and formed the U.S steel company. It had been said that he had bought the steel company because he is known to be a visionary and saw war was coming and right away knew the main thing they would need is steel for the machinery. “Morgan dominated two industries in particular he helped consolidate railroad industry in the east land and with the steel industry, with the first billion dollar
Andrew Carnegie: Robber Baron Or Captain Of Industry
368 Words | 2 PagesName of Industrialist: Andrew Carnegie (Steel Company) How did he acquire his wealth? Carnegie frequently recognized as one of the wealthiest person ever. He made big bucks from oil business. He also led the growth of the American steel company in the late 19th century.
How Did Carnegie Became A Men Who Built America
1313 Words | 6 PagesAs America began to form, new factors of industrialization helped industrialist generate their fortunes through the use of technology, natural resources, and transportation. Many of the ndustrialists who were able to exploit the earth's resources generated fortunes, due to being the first ones to consider the endless possibilities that these materials could have in creating the new America. For instance, new innovations of technology allowed Carnegie, with the help of Henry Bessemer, to cut the manufacturing time of a single steel rail from two weeks to 15 minutes (Megan, Ruan and Patrick Ream). Carnegie’s resourcefulness in utilizing steel in order to build stronger and more stable architectures resulted in many industrialist seeking his services.
How Did Cornelius Vanderbilt Become The Richest Man
426 Words | 2 PagesRailroad tycoon and businessman, Cornelius Vanderbilt was a self-made millionaire in the 19th century. As a businessman who set the path for others, Cornelius Vanderbilt was born into humble circumstances on May 27, 1794 on Staten Island, New York. Cornelius Vanderbilt was a captain of industry. To begin with, Cornelius set the path for other businessmen.
How Did Andrew Carnegie Impact America
735 Words | 3 PagesDuring this time, Carnegie bought stock and made several other investments, but in 1873 Carnegie sold out his other interests and focused primarily on the steel business. Carnegie later created the Carnegie Steel Business. Carnegie’s success can be credited to hard work, qualified help and his attention to small details. Carnegie was able to benefit from the 1890’s great depression. While some were going bankrupt, Carnegie used his wisdom and was able to obtain more steel production corporations by buying coal and iron mines, warehouses, ships and railroads so that he could gain control of all parts of the steel process.
Robber Barons During The Gilded Age
354 Words | 2 PagesWhen Cornelius Vanderbilt died he left his $100 million fortune to his son William Vanderbilt and they both had the same attitude. During the Gilded Age these big business and their owners were thought of as being Robber Barons or Captains of Industry. The poor working conditions that were provided, the corruption they led in government, and their use of child labor shows that they were Robber Barons. Children were used in labor to work a lot and most days of the week. Kids as young as 5 often worked as much as 12 to 14 hours a day for barely any pay.
Andrew Carnegie Summary
371 Words | 2 PagesAndrew Carnegie was born November 25, 1835, in Dunfermline, Fife, Scotland. He had little formal education and grew up in a family that believed in the importance of books and learning. Carnegie grew up to be one of the wealthiest businessmen in America. http://www.biography.com/people/andrew-carnegie-9238756#synopsis Carnegie started work as a telegrapher and by the 1860s had investments in railroads, railroad sleeping cars, bridges and oil derricks. He accumulated further wealth as a bond salesman raising money for American enterprise in Europe.
The Men Who Built America Analysis
2007 Words | 9 PagesAt age 16, he bought a ferry boat with a loan and it quickly turned into a fleet of ships transporting goods and people across the country. He eventually built the largest shipping empire in the world and was nicknamed “the commodore”. Right before the civil war, he sold all of his ships and invested everything in the railroad because he believed the railways were the future. At the end of the civil war in 1865, Vanderbilt was the richest man in America with a net worth of $68 million. However, life was not perfect for Vanderbilt as his son who he wanted to take control of the country was killed in
Cornelius Vanderbilt's Role In The Panic Of 1873
902 Words | 4 PagesCornelius Vanderbilt saw the trouble coming. By 1873, the 79-year-old "Commodore," as he was called, was no stranger to risk: calculated bets with steamboat and railroad companies had made him by far the richest man in America. But he was wary of overexpansion by the railroads in the West, skeptical of economic weakness abroad and loose credit at home, and disdainful of the new "gang of stock speculators in Wall Street"—which included some of his own clan. When big banks began to fall on Sept. 18, 1873, he immediately understood what was wrong. "There are a great many worthless railroads started in this country without any means to carry them through," he told a reporter that evening.
Andrew Carnegie: A Hero Or Hero?
430 Words | 2 PagesIn this essay, I’ll be telling you my opinion on whether Andrew Carnegie was a hero or not. Andrew Carnegie, known as the king of steel, grew up poor, but became one of the richest and most successful business owner during the 1800s and 1900s. Much of the world regarded Carnegie as the most famous living American during his time. Andrew Carnegie was not a hero because he showed off his money, treated his workers poorly, and was selfish. First of all, Andrew Carnegie flashes his wealth.
How Did Cornelius Vanderbilt Contribute To The American Dream
911 Words | 4 PagesHe used his boat to ferry passengers and goods between Staten Island and Manhattan… Selling his ferry business, Vanderbilt went to work for Thomas Gibbons in 1817, running a steam ship line between New York and New Jersey. Over 12 years, Vanderbilt became an expert in the operation and design of steam ships. He 1829, he resigned to launch his own business… He sold his interest in steamers and turned to Wall Street, the financial heart of the nation in New York. In a short period of time, he quietly bought up a number of railroads to form the New York Central and Hudson River line, one of the largest businesses America had ever seen.
Cornelius Vanderbilt A Robber Baron
964 Words | 4 PagesLater on, during the Civil War, he donated his finest bought, the Vanderbilt, worth one million dollars, to the U.S. Navy. Though many sources may say that he did not donate it, the vast majority says that he did, in fact, donate the boat. Throughout the 1860s, Vanderbilt shifted his focus over to the railroad industry. Before he acquired multiple railroads, the railroad system was not unified, and therefore had different timetables, costs, and rolling stock. Vanderbilt changed this system, as by unifying multiple railroads, he was able to make the transportation business more efficient and was able to lower costs.
Robber Barons Exposed In Andrew Carnegie's Robber Baron
789 Words | 4 PagesAndrew Carnegie was a “robber baron” as shown in the way he acted towards the people who helped him reach the top and the terrible working environment that he subjected his workers to. He did various things in an attempt to positively alter his public image by overshadowing the awful things he had done. At the start of Carnegie’s career in business, he worked under Thomas Scott where he learned how to be successful in business. Minimizing costs were the best way to make a business profitable and lowering those required cutting wages, demanding 13 hour days and utilizing spies as a way to thwart possible strikes. He would use many of these ideas and practices in his own business causing him to eventually become the undisputed king of steel.
Andrew Carnegie Dbq
3117 Words | 13 PagesMorgan began to get power hungry, as he did not want to be confined to just one company; he wanted to own them all. Morgan was head of the largest investment bank in the world and this gave him unrivaled power and influence with everything that had to do with money. (Source 4) Morgan at one stage used his personal funds to bail out the federal government, saving the American economy from a complete collapse. (Source 5) Morgan created a concept called ‘morganisation’, (Source 7) the idea behind it was to bring together competitive industries to maximise profits, and he began to reconstruct companies and eliminating expenses and maximising profits over everything else. This created a trend in big business and
Andrew Carnegie Research Papers
677 Words | 3 PagesHe grew up in poverty. His father's name was William Carnegie, William worked as a weaver and was the only source of income for the family. Carnegie’s mother's name was Margaret Morrison. Carnegie’s father died in 1855, after his death Carnegie realized that he would have to take care of the family. Carnegie gotta education and by the age 18 Carnegie was a secretary for Thomas A. Scott, the superintendent of the western division for the Pennsylvania Railroad.
Cornelius Vanderbilt's Impact On The Industrialization Of America
448 Words | 2 PagesIn the 1860’s America started building the first continental railroad. It provided a cheap and efficient way to transport products from one side of the country to the other. One man in particular had a great impact on the industrialization of America, Cornelius Vanderbilt. Vanderbilt had a poor upbringing, but at the age of 16 he bought a ferry, over the next 40 years he built the largest shipping empire in the world. Vanderbilt sold all of his ships and invested everything in railroads.
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