Ch 24 Industry Comes of Age. Transcontinental Rail The Union-Pacific Rail Co. - Commissioned by Congress to go from Omaha, Nebraska to the West. Given.

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Presentation transcript:

Ch 24 Industry Comes of Age

Transcontinental Rail The Union-Pacific Rail Co. - Commissioned by Congress to go from Omaha, Nebraska to the West. Given generous loans and land to help build the rail. Central-Pacific: Sacramento to the East

Ogden, Utah 1869

The Titans of Industry Cornelius Vanderbilt- Railroads John D. Rockefeller- Oil Andrew Carnegie- Steel J.P. Morgan- Finance

Cornelius Vanderbilt Industry: Railroads Owned many different rail lines, Made steel rails more popular, Lowered cost of travel. Amassed a fortune of 100 million dollars.

Effect of Railroads Expanded trade and increased manufacturing Towns sprout up along railroad lines. Increased immigration from Europe. Time Zones

Andrew Carnegie Company- Carnegie Steel Vertical Integration: Controlling a product during all phases of production. Started company in Pittsburgh, PA.

Bessemer Process Steel before the 1850’s was expensive to produce The Bessemer Process provides for cold air to be blown into a furnace to remove impurities in steel Cheaper Steel = More demand

Carnegie Steel By 1900, Carnegie was making 25% of U.S. Steel. Carnegie decides to sell his company for 400 Million dollars in 1900 ( in the billions, today) Gospel of Wealth: gave away 350 million of his money.

John D. Rockefeller Company: Standard Oil Company Horizontal Integration: owning all aspects of one specific part of production Trust: holding property to benefit another.

Standard Oil By 1877, Standard Oil controlled 95% of the refineries in the US Trusts expanded over many different industries. Rockefeller’s current day wealth: Over 600 Billion dollars

Standard Oil Standard Oil provided a quality and cheap product to the masses. Ruined smaller businesses that wouldn’t join leads to the Sherman Anti-Trust Act

J.P. Morgan Industry: Finance/ Investment banker Starts General Electric with Thomas Edison Creates U.S. Steel after buying Carnegie Steel Loaned the US Government 65 million in 1893

Trust Busting Sherman Anti-Trust Act: Forbade combinations that restrain trade. Hoped to increase competition. Interstate Commerce Act- Required railroads to post rates, prevented trusts in the railroad industry

Life of a Factory Worker Wages are slowly rising in the late 1800’s Unions are on the rise to protect the factory workers ( 2 out 3 Americans work in a factory) No security: Wage cuts, no insurance, unemployment

Unions Vs Industry The increased use of machines displaced many workers during the late 1800’s Many employers controlled their employees through Company Towns, Blacklists, and scab workers

National Labor Union organized in 1866, lasted about 6 years membership totaled about 600,000 Won an 8-Hour workday for Government workers didn’t allow minorities

Knights of Labor started in 1869 barred minorities and “non- producers” Fought for social reform, Health and Safety codes for laborers

American Fed. of Labor started in 1886, a federation of national unions led by Samuel Gompers, sought to get more of a fair share. Sought to make all labor industries closed shops

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