Big corporations and railroads Everything you didn’t want to know about railroads.

The Steam Engine Uses steam as a power mechanism First used as a mining tool in Britain John Watt perfected it 1765 Soon used in textiles and mining factories

With the steam engine, came the steam boat.

Next big step is the railroad First railroad in U.S. in Quincy, Mass (1826) Increased travel Increased Production United country with Transcontinental railroad Pushed steam boats out of fashion First railroad in U.S. in Quincy, Mass (1826) Increased travel Increased Production United country with Transcontinental railroad Pushed steam boats out of fashion

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˙Started in 1863 ˙Connected West (Sacramento) to East (Omaha) ˙Met in Promontory Point, Utah on May 10, 1969 Transcontinental Railroad Union pacific (Omaha) used mostly Irish and Germans central pacific (Sacramento) used mostly Chinese Union pacific (Omaha) used mostly Irish and Germans central pacific (Sacramento) used mostly Chinese

Andrew Carnegie Carnegie Steel Company Scottish-born Pittsburgh, PA Largest Distributer of Steel Monopoly Philanthropist Homestead Strike Political Net Worth close to $300 Billion Reason behind the name Pittsburgh Steelers

Steel: Vertical Integration Raw Materials Example: Iron Ore Melting Hot air is pumped into a furnace, melting iron at 1600 degrees Celsius. (2,912 degrees F) Refining Impurities are removed and alloys are added from the molten metal through the use of a ladle. Casting The liquid steel is cast into billets and slabs. Rolling The billets and slabs are heated and rolled into finished products

˚ ˚Standard oil in Cleveland, Ohio ˚First monopoly ˚Philanthropist ˚richest man in U.S. history ($400 billion) ˚Political figures attacked him for his trusts ˚ ˚Standard oil in Cleveland, Ohio ˚First monopoly ˚Philanthropist ˚richest man in U.S. history ($400 billion) ˚Political figures attacked him for his trusts John D. Rockefeller founder of standard oil compared to Scrooge McDuck

Monopoly Definition: The exclusive possession or control of a supply or service Rockefeller and Carnegie Able to charge higher prices Suppresses innovation Provides inferior goods/services

Trusts Definition: Allowing one person or persons to be in control of shares to a company for the benefit of others Rockefeller perfected form Bought out smaller companies Forcing customers to buy certain products Price fixing

Sherman Anti-Trust Act, 1890 Prohibited the Trusts and Monopolies Allowed the Federal Gov’t to investigate monopolies and trusts Wanted to allow more competition Though wasn’t really used until T. Roosevelt was in office

Chinese Exclusion Act, 1882 First significant act restricting immigration Chinese taking all railroad jobs Placed 10 year suspension of Chinese immigration Refused to grant the Chinese that were already here Citizenship After 10 years, another 10 years were added, became permanent until WWII, but still only 105 Chinese could enter annually First significant act restricting immigration Chinese taking all railroad jobs Placed 10 year suspension of Chinese immigration Refused to grant the Chinese that were already here Citizenship After 10 years, another 10 years were added, became permanent until WWII, but still only 105 Chinese could enter annually