Name
Key Vocabulary
Oil refinery: a place where crude (raw) oil is processed into usable oil
products such as petroleum or gasoline.
Monopoly: a single corporation that controls all of the supply of a single
good (example – oil).
Robber Baron: a powerful capitalist or industrialist who is considered to
have become wealthy by taking advantage of natural resources, corrupting
politicians, or other unethical means.
Captain of Industry: a title that is used to describe business people who
are especially successful and powerful; they often donate money and give
back to society.
John D. Rockefeller
He was born July 8, 1839 in New York. He was the founder of the Standard Oil Company, which dominated the
oil industry. He established his first business dealing in hay, grain, meats and other goods. He built his first oil refinery in
1863. Within two years it was the largest refinery in the area. In 1870, Rockefeller and a few associates started the
Standard Oil Company. By 1872, it controlled nearly all of the refineries in Cleveland and within ten years had a near oil
monopoly in the United States.
The Standard Oil Company was ruthless and Americans did not like it. Rockefeller did not take care of his
workers and did not pay them well. However, in the late 1890s, Rockefeller began donating his money to charities. He
founded the University of Chicago and donated $80 million to the school. He created the Rockefeller Institute for Medical
Research in New York City. During his lifetime, he donated more than $500 million.
Statement: John Rockefeller was the only important person involved in the Standard Oil Company.
Agree_______
Disagree_______
Evidence:
Statement: John Rockefeller’s business tactics and donations to charities at the end of his life earns him the title
of a Captain of Industry.
Agree_______
Evidence:
Disagree_______
Andrew Carnegie
At the age of thirteen, Carnegie came to the U.S. with his family. Carnegie worked in a factory, earning $1.20 a
week. Then he took a job at the Pennsylvania Railroad in 1853. Through this experience, he learned a lot about the
railroad industry and about the railroad business. While working for the railroad, Carnegie began making investments. He
made many wise choices and he made a lot of money. He used that money to begin a steel company. His business became
known as the Carnegie Steel Company. He built plants around the country and used methods that made manufacturing
steel easier, faster, and more productive. By 1889, Carnegie Steel Corporation was the largest corporation in the world.
Some felt that the company mistreated its workers. The most notable case of this came in 1892. The company tried to
lower wages at a Carnegie Steel plant in Homestead, Pennsylvania. The employees objected. They refused to work,
starting what has been called the Homestead Strike of 1892. The workers and the managers became violent. Carnegie
sided with the managers. In 1901, Carnegie changed his life. He sold his business for $200 million and decided to spend
his time helping others. Carnegie made numerous other donations.
Statement: Although Carnegie’s workers were somewhat mistreated, it was for the greater good because of the
money that he made.
Agree_______
Disagree________
Evidence:
Statement: Carnegie was seen by his workers as monster for working them too hard for little pay, earning him
the title of a Robber Baron.
Agree_______
Evidence:
Disagree________
J.P. Morgan
One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed
railroads and helped organize U.S. Steel, General Electric and other major corporations. The Connecticut native
followed his wealthy father into the banking business in the late 1850s, and in 1871 formed a partnership with
Philadelphia banker Anthony Drexel. In 1895, their firm was reorganized as J.P. Morgan & Company, a
predecessor of the modern-day financial giant JPMorgan Chase. Morgan used his influence to help stabilize
American financial markets during several economic crises, including the panic of 1907. However, he faced
criticism that he had too much power and was accused of manipulating the nation’s financial system for his own
gain.
Statement: Because Morgan helped America through hard times, he should be viewed as a Captain of Industry.
Agree_______
Disagree________
Evidence:
Cornelius Vanderbilt
Cornelius was born in Port Richmond, Staten Island, New York on May 27, 1794. His parents were poor
and his father earned his living by providing low level transportation services. As was usual for the common
people in those days, Cornelius went to work at age 11, and was employed by his father. In 1810, when he was
sixteen years old he convinced his parents to lend him $100 so he could buy a sailboat to start his own ferry and
business. Vanderbilt became one of the foremost railroad and shipping tycoons beginning the construction of
Grand Central Terminal in NYC to help thousands of people unemployed find a job. Workers were paid very
little and worked long hours.
Although Vanderbilt had not engaged in philanthropy at all until that point in his life, through his new
wife's influence, he perpetuated his name through a gift of one million dollars to Nashville's Central University.
Statement: Vanderbilt was a Captain of Industry because he was able to put people to work.
Agree_______
Evidence:
Disagree________