1. The Growth of Industry

2. Industrialization: Factors Plentiful Natural Resources Improved Transportation Growing Population/High Rates of Immigration New Inventions Investment Capital

3. Steel: Backbone of Industry Bessemer Process – used less coal to produce steel Nation’s production increased Steel replaced iron to produce many products Plows, barbed wire, beams, nails, rails

4. Steel: Backbone of Industry

6. Titusville, PA

7. New Inventions and Innovations Typewriter Stock ticker Phonograph Electric Lighting Microphone Electric Generator Telephone Sewing Machine Standard Sizes

8. Corporations 3 Advantages 1. Selling Stocks = more $ 2. Special Legal Status = Banks more likely to loan $ 3. Limits risks of investors

10. John D. Rockefeller Oil Industry – First Refinery (1863) Philosophy – put all competitors out of business (monopoly) Most famous move = developing a trust in 1882 Standard Oil controlled 95% of all oil refining in the US

11. John D. Rockefeller Became known as a robber baron Made secret deals with railroads Built and purchased his own pipelines Bought other oil companies

13. Andrew Carnegie Steel Industry Philosophy – beat competitors by producing the cheapest product Bought all the processes related to steel manufacturing Bought mines, ships, and railroads Controlled the steel industry from 1889 - 1901

14. Carnegie and Rockefeller Both were philanthropists Rockefeller = Universities of Chicago and New York Carnegie = Libraries and universities

15. Homestead Strike Homestead, PA Carnegie reduced wages of workers 300 armed guards were hired, to protect the factory Employees armed themselves July 6, 1892 a battle occurred between workers and guards

16. Homestead Strike