He was able to amass his fortune by owning all aspects of the manufacturing process. Circa 1930: American Industrialist, John Davison Rockefeller (1839-1937). He was the first person to be called robber baron, in an article in "The New York Times" on February 9, 1859. Like “Honey, it isn’t democracy that runs this country. He was also able to gain financial control of a number of insurance companies and banks. Some of the individuals were also philanthropists, especially upon retirement. They also bought judges and bribed individuals in the state and federal legislatures.Though many investors were ruined by their machinations, Fisk and Gould escaped significant financial harm. In 1869, he and Fisk went down in history when they attempted to corner the gold market. By the time he died in 1877 he was considered the richest man who had ever lived in America. 6 Robber Barons From America's Past. Capitalism rules. In an era with virtually no regulation of business, industries such as railroads, steel, and petroleum became monopolies. Nevertheless, some say that the country was built on the efforts of people like the men on this list, all of whom were citizens of the United States. 7 likes. Kelly, Martin. He tried to keep a low profile, but muckrakers eventually exposed him as having corrupted the much of the petroleum business through monopolistic practices. In their time they were often praised as visionary businessmen, but their practices, when examined closely, were often predatory and unfair. In 1902, he brought the merger leading to International Harvester to fruition. At a time when steel was needed for railroads and other industrial purposes, Carnegie's mills produced much of the nation's supply. Anyone who has been the victim of restructuring, hostile takeovers, and other downsizing efforts can attest to this. Following the war he gravitated to Wall Street, and after becoming partners with Jay Gould, he became famous for his role in the Erie Railroad War, which he and Gould waged against Cornelius Vanderbilt. John Jacob Astor Among the earliest of the robber barons was John Jacob Astor, a fur magnate who amassed his fortune through the monopoly held by his American Fur Company over the trade in the central and western United States during the first 30 years of the 19th century. The plot to take over the country's gold supply could have collapsed the entire American economy had it not been thwarted. James Fisk was an American Financier, stock broker, and entrepreneur who is known for being one of the most notorious “robber barons” of his era. "Robber Barons." Engraving. Fisk and Gould also worked together to build alliances with such underhanded individuals as Boss Tweed. John D. Rockefeller controlled much of the American oil industry during the late 19th century and his business tactics made him one of the most notorious of the robber barons. The Sherman Antitrust Act of 1890 was key in the beginning of busting the trust. After starting out in his teens in New England as a traveling peddler, he made a fortune trading cotton, with shady connections, during the Civil War. Jay Gould (1836–1892) began working as a surveyor and tanner before purchasing stock in railroad. Ask people why they believe that, and the odds are high that they will point to the “trusts” of the late 19th century that gained large […] The German term for robber barons, Raubritter (robber knights) was coined by Friedrich Bottschalk in 1810. He bought a seat on the New York Stock Exchange in 1874. CHT206508 The Octopus Who Strangles the World, cartoon from ‘The Minneapolis Times’, reproduced in ‘Lectures Pour Tous’, 1902-03 (engraving) (b/w photo) by American School, (20th century) lithograph Private Collection Archives Charmet American, out of copyright Many gold investors lost everything and the U.S. economy was seriously harmed for months afterward. The robber barons became famous for the bold way they formed and ran their businesses, with many of them daring to use innovative technologies. John Pierpont Morgan (1837–1913) was known for reorganizing a number of major railroads along with consolidating General Electric, International Harvester, and US Steel. John Piermont Morgan was most known as a financier, art collector and a philanthropist. "Robber Barons." Fisk started off his career managing army contracts during the Civil War for Jordan Marsh , and Co., associates a mercantile firm in Boston. Many of the Robber Barons feared an aggressive, all-out revolution against their way of life. And consumers and workers were able to be exploited. Like James Fisk, he became friends with Jay Gould through their partnerships in various railroad lines. page 332 Arguments supporting industrialists as Statesmen ... George Pullman manufactored famous railroad sleeping cars. Biography of Jay Gould, Notorious Robber Baron, Biography of Jim Fisk, Notorious Robber Baron, The Wall Street War to Control the Erie Railroad, Meaning and History of the Term Robber Baron, Ulysses Grant - Eighteenth President of the United States, Biography of John D. Rockefeller, America's First Billionaire, Biography of Andrew Carnegie, Steel Magnate, Biography of Elijah McCoy, American Inventor, 4 Routes to the West Used by American Settlers, What Is Parens Patriae? John D. Rockefeller (1839–1937) is considered by most people to be the wealthiest man in American history. Pinkerton guards attacked strikers and wound up being captured. Retrieved from https://www.thoughtco.com/robber-barons-1773964. Any capitalist who was called a robber baron in the popular press? At one point, his company controlled around 90% of all available oil in the US. He used a number of unethical methods including bribery and artificially driving up stock prices. He married the only woman he ever loved, Amelia ‘Mimi’ Sturges, in 1861, but she died of tuberculo… In 1904, muckraker Ida M. Tarbell published "The History of Standard Oil Company" showing the abuses of power the company waged. Vanderbilt worked his way up through the shipping industry before going into business for himself, becoming one of America's biggest steamship operators. Andrew Carnegie is frequently cited as one of the first great captains of industry in the Industrial era. However, their scheme was finally revealed. He also invested in railroads, becoming the president of the Chicago, Milwaukee, and St. Paul Railway. ThoughtCo. Martin Kelly, M.A., is a history teacher and curriculum developer. Vanderbilt made a fortune operating a fleet of steamboats, and with nearly perfect timing made the transition to owning and operating railroads. Portrait of Russell Sage (1816-1906), wealthy financier and congressman from Troy, New York. Vintage American history photo of Andrew Carnegie seated in a library. The tight grip Rockefeller had on the oil industry was mirrored by the control Andrew Carnegie exerted on the steel industry. He was Amazon.com's first-ever history editor and has bylines in New York, the Chicago Tribune, and other national outlets. Rising from very humble roots as the operator of one small ferry in New York Harbor, the man who would become known as "The Commodore" would dominate the entire transportation industry in the United States. However, he was not always the best employer to his workers, despite preaching that they should have the right to unionize. For information about the famous Robber-Barons like Vanderbilt, Carnegie and Rockefeller, I can recommend the TV miniseries “The Men Who Built America”. In fact, he decided to lower wages of plant workers in 1892 leading to the Homestead Strike. He was a director in numerous companies including Western Union and the Union Pacific Railroad. However, he cemented his reputation as a miser when he wouldn't pay the reward of a lawsuit to the clerk, William Laidlaw, whom he used as a shield to protect himself and who ended up being disabled for life. “The ‘robber barons’ helped consumers and, in one famous case, destroyed a monopoly.” One of the most prevalent myths about economic freedom is that it inevitably leads to monopolies. Vanderbilt would eventually control all railroads from New York City to Chicago. 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