IV. Andrew Carnegie w/fellow businessmen A. Huge Fortune A. Huge Fortune – over 4,000 millionaires – over 4,000 millionaires B. Carnegie B. Carnegie 1. one of the wealthiest & most famous 1. one of the wealthiest & most famous 2. Scotch immigrant 2. Scotch immigrant 3. Put all his $ and other investors in 3. Put all his $ and other investors in largest steel-making plant in PA largest steel-making plant in PA C. Belief C. Belief 1. Rich had the right to make $ but also spend properly 1. Rich had the right to make $ but also spend properly 2. “trustee for his poorer brethren…” 2. “trustee for his poorer brethren…”

V. Pennsylvania oil field A. 1 st oil well A. 1 st oil well 1. Titusville, PA Titusville, PA NW PA studded w/derricks 2. NW PA studded w/derricks 3. oil refining big business due to 3. oil refining big business due to automobiles, locomotives, turbines automobiles, locomotives, turbines

VI. John D. Rockefeller A. Oil Business A. Oil Business 1. bought up oil refineries 1. bought up oil refineries 2. ruthless methods to eliminate 2. ruthless methods to eliminate competition competition 3. lower prices to get customers > 3. lower prices to get customers > raise prices once competitor raise prices once competitor gone gone 4. Company Standard Oil controlled 4. Company Standard Oil controlled 90% of refining by % of refining by 1879 B. Trust B. Trust 1. stockholders of independent 1. stockholders of independent companies exchange stock for companies exchange stock for certificates given by giant firms certificates given by giant firms 2. shareholders get dividends but 2. shareholders get dividends but lose control of management lose control of management 3. Rockefeller gains control > 3. Rockefeller gains control > monopoly monopoly

VII. Railroad outside Chicago, Illinois A. Chicago, IL 1860 A. Chicago, IL US rail system only 30,000 miles of track – mostly East track – mostly East 2. sending freights long distance costly & too much time & too much time B. Transportation B. Transportation 1. key to industrialization 2. US needs to move freight and passengers quickly passengers quickly

VIII. Political cartoon Cornelius Vanderbilt A. Rail network A. Rail network 1. railroad made more efficient by combining small lines 2. Vanderbilt one of several who controlled expanding rail network – link from NY to Chicago Vanderbilt gained most important rail like – NY Central by force 4. at his death 1877 controlled 4,500 mile of rail

Continued B. Improvements to rail lines 1. cheaper & faster 2. iron tracks replaced w/ steel 3. tracks laid side by side > traffic move both directions

Big Businessmen Good 1. Made industrialization possible 2. Inventions improved products, lowered cost, made life better for Americans Bad 1. Drove small companies out of business 2. Exploited workers 3. Paid off government 4. Overcharged on goods 5. Hurt the environment