Effects on Farmers, Oil, and Steel

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Presentation transcript:

Effects on Farmers, Oil, and Steel Rail Road Industry Effects on Farmers, Oil, and Steel

Problems with Rail Roads Late 1800’s farmers where having to mortgage their farms to be able to buy land and produce more crops. Banks were foreclosing and railroads were taking advantage and charging too much for shipping.

Often RR were charging more in shipping than what the cargo was worth. RR made deals with grain brokers and merchants to control grain storage prices.

The Grange and Rail Roads Munn vs. Illinois (1877) Supreme court upheld Granger laws, the state won the right to regulate the railroads Interstate Commerce Act 1886 S.C. ruled that a state could not regulate rates on interstate commerce. 1887 reestablished the right of federal govt. to supervise the RR ICC is created (Interstate Commerce Commission) Farmers started to demand govt. control of RR’s. Misuse of Govt. land grants by the RRs. RR entered fixed prices, put farmers in debt. RR charged different prices to different customers

Fall of Populism Panic of 1893 July, 1893 Economy grew too fast Erie Farmers and business people had overextended themselves with loans and debt. Feb, 1893: RR’s closed Philadelphia Reading July, 1893 Erie Northern Pacific Union Pacific Santa Fe

Impacted other industries Iron, steel, 15,000 various business 600 banks Dec. 1894 1/5 of the population /workforce was unemployed

Impact on the Oil Industry By 1901, more than 1,500 oil companies have charters Oil tycoons like John D. Rockefeller began to ship his oil on trains. Rockefeller struck deals with Rail Road tycoons like Cornelius Vanderbilt to ship oil as fuel all over the United States.

Impact on Steel by the Rail Roads Steel being widely used by the 1900’s, it was natural that steel would partner with the railroad industry Production of: trains, rails, cargo cars, sleeper cars, etc. Steel tycoon Andrew Carnegie (who once owned Rail Roads) started using his new process of producing steel to supply rail road companies with steel all over the United States.