Talked about importance of steel and uses of steel.

Bessemer converter or Bessemer process made it affordable to mass produce it Andrew Carnegie moved to US from Scotland in 1848 and worked in Cotton factory making $1.20 a week (what would that buy). Involved in other things such as telegraph clerk, secretary and worked his way up to head of Pennsylvania RR. Oil was found on his property and he toured a British steel mill and made decision to enter Steel industry and revolutionized it. Idea of Vertical and Horizontal integration. Business Strategy: Vertical: bought out his suppliers to control raw materials and transportation systems (coal fields, iron mines, ore freighters, railroad lines) Horizontal : buy out competing steel producers Controlled entire steel industry Didn t want to die with all his money so he gave millions of libraries, buildings, etc. (Carnegie Hall, classical and popular music) Gospel of Wealth Riches bring responsibility of helping others

Initially, coal was primary fuel source but eventually oil came to be more efficient Crude Oil eventually became main fuel of America. Transformed into kerosene, waxes and lubricating oils for machines that characterized industrial revolution Rockefeller is to Oil as Carnegie is to Steel; actions of these men made people wonder if they were captains of industry or robber barons Grateful to God and taught a Sunday school class so it was ironic that he was sent by employer to look into investment potential of oil industry and told him it had no future and then went to invest in it himself Bought first refinery at age 23 (1862) and formed Standard Oil in 1870. Within 7 years, he had gained control of 95% of nation s refining capacity when oil s value was skyrocketing. Bought off legislatures, made secret deals with RR to get favorable rates and bribed and sabotaged competitors. Created monopoly which prevented competition, kept prices high and wages low and met unions with force. Standard Oil was most hated company in America b/c not popular among workers and in hip pocket of government Rockefeller Center: leased by son of John Rockefeller Captain Of Industry: generous, raising multitudes from ignorance, financed research that would lead to higher standards in medicine, contributed to worthy causes, drove same car for 15 years, didn t drink, smoke or swear Robber Baron: Crush Competitors, didn t care about working conditions, employed spies, estate included 75 buildings, a garage that would hold 50 cars, golf course, 1000 employees ARTICLE ON APPLE. What would students do if they knew a company treated employees like this?

I don't care a straw for your newspaper articles; my constituents don t know how to read, but they can t help seeing them damned pictures!" -Size of the Senators compared to the monopolists? -What do monopolists represent? (Standard Oil, Iron, Copper, Steel Beam) -Government of the people, by the people, for the people. (Gettysburg Address)

Wealthy Industrialists as Robber Barons. Compared to feudal lords of Middle Ages who charged extravagant fees to travelers passing through their lands. Wealth of leaders such as Andrew Carnegie, JP Morgan, John Rockefeller, gain through exploitation of workers and influence on elected officials. (Sword says legislation on it, also wealthy guy and laborers digging at bags that say wages, taxes)

Corruption of government officials -Tweed Ring been stealing money in form of inflated payments to gov t contractors, kickbacks to gov t officials, extortion -Refusal to personal responsibility

John D. Rockefeller Control over white house and capitol building (white house is in his hand, capitol building is in back with smoke coming from top)

Rockefeller, railroad companies on crown, oil barrels on top standing on a drum of standard oil Industrial emperor