1. Industry Comes of Age
Ch 24 Review lecture

2. Why weren’t the best men in politics???

3. THE RAILROADS After the Civil War the U.S. begins to industrialize
railroads given land grants
Gain a monopoly on land not letting anyone settle or build on it until they made their choice selections
Grover Cleveland ended the practice by opening settlement to the land grant areas in 1887

4. Promontory Point, UT (May 10, 1869)

8. Why did the gov. give railroads land????
Land had no value until railroad developed it with tracks
Gave gov. deals on postal service and military traffic
Why did communities fight over railroads??/

9. Evolution of the Iron Horse
Cornelius Vanderbilt developed steel tracks
Steel was safer and more economical
Standard gage made for all track widths
Westinghouse airbreak
“gorgeous traveling hotels” or “wheeled tortured chambers”???

11. Corruption Jay Gould- “stock watering”
Would inflate railroad prices and sell stocks and bonds in excess of the railroads actual value (based on $$ for cattle)
Railroad managers were then forced to charge high rates
Railroads bribed judges and legislature

12. “Law! What do I care about the law”
Railroad “kings” formed monopolies
“pool” an agreement to divide the business of a given area and share profits

13. Taming the Wild Horse American people slow to economic corruption
Belief in limited gov. involvement in business
Depression of 1870 = Grange movement = early regulation of railroads

14. Interstate Commerce Act 1887- 1st attempt of the gov
Interstate Commerce Act st attempt of the gov. to try and regulate business
* railroads had to publish rates
* prohibited rebates and pools
* outlawed unfair shipping prices
Sherman Anti-Trust Act 1890
_ bigness not badness was targeted
_ curbed labor unions

15. John D. Rockefeller 1859 oil found in Pennsylvania “Drakes Folly”
horizontal integration (monopolizing)
Oil industry dominated by Rockefeller- controlled 95% of oil in the USA in 1877

16. Alexander Graham Bell
“number please” & Telephone Boys

17. Thomas Edison “Genius is 1% inspiration and 99% perspiration”
Electric light bulb
Changed work day/ night for people

18. Andrew Carnegie Scottish immigrant Disliked monopolies “King of steel”
Vertical Integration (mining to marketing)
Spend life donating $$ to public works
J.P. Morgan bought for $400 million & turned the steel company into the 1st billion dollar corporation by 1901

19. America: Industrial Powerhouse
Nation had a abundance of natural resources
Entrepreneurs
Large labor force
Stage is set for America to become a powerful industrial nation

20. Differences in South Railroad rates “coffin nails”
Rural white southerns worked in mills
“hillbillies”/ “lintheads”
Paid ½ as those in the northern states

21. Impact of Industrial America
Increased standard of living
Time revolutionized to the factory whistle
Changed women's roll in society