Chapter 24: Industry comesof Age     By:     Ricky, Sally, Bryan, Alex and Lucy Per. 8
OUR TWO MAIN       OBJECTIVESIdentify the abuses in the railroad industry anddiscuss how these led to the first efforts at...
Development of the Railroad          System   Giant growth in railroads  - 1865: 35,000 miles of track  - 1900: 192,556 mi...
Transcontinental RailroadDeadlock over the project ended in 1862when the South secededA big point that won over Congress w...
Cornelius Vanderbilt (1794-1877) Originally made his money off steam boating transportation During the late 1860’s he vent...
Standard Time ZonesStandard Time Zones were createdbecause until the 1880’s, every town hadtheir own “local” timeTrain con...
Wrongdoing in Railroading The first of many methods of corruption was “stock watering” “Stock Watering” was when railroad ...
Wrongdoing in Railroading         Cont.High Powered Railroaders regularlybought off judges and legislatures, oreven electe...
The Government Fights        BackIn 1887 Congress passed the InterstateCommerce Act which prohibited rebates andpools and ...
TRUST TITANSThe three main “trust titans” were: AndrewCarnegie(steel), John D. Rockefeller (oil), andJ.P. Morgan (banking)...
Andrew Carnegie (1835-          1919)Carnegie’s steel business was aided by his giftedorganization ability and his high-cl...
John D. Rockefeller (1839-         1937)Organized the Standard Oil Company in 1870By 1877 Rockefeller controlled 95 percen...
J.P Morgan (1837-1913)Financer and banker who orchestrated many famousbusiness mergers such as the forming of GeneralElect...
“Gospel of Wealth”As the gap grew between the rich and thepoor, many wealthy businessmen foundthemselves crediting “heaven...
Social DarwinismA survival-of-the-fittest theory developed byEnglish professor Herbert Spencer and Yaleprofessor William S...
In ConclusionAs America grew after the Civil War so didthe railroad system and also majormonopolies over large industries....
Upcoming SlideShare
Loading in …5
×

Chapter 24: Industry comes of Age

1,781 views

Published on

Chapter 24: Industry comes of Age From Ms. Taylor's 8th Period AP US History. Group.
By: Ricky, Sally, Bryan, Alex and Lucy

Published in: Business
1 Comment
0 Likes
Statistics
Notes
  • blessing_11111@yahoo.com

    My name is Blessing
    i am a young lady with a kind and open heart,
    I enjoy my life,but life can't be complete if you don't have a person to share it
    with. blessing_11111@yahoo.com

    Hoping To Hear From You
    Yours Blessing
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

No Downloads
Views
Total views
1,781
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
15
Comments
1
Likes
0
Embeds 0
No embeds

No notes for slide

Chapter 24: Industry comes of Age

  1. 1. Chapter 24: Industry comesof Age By: Ricky, Sally, Bryan, Alex and Lucy Per. 8
  2. 2. OUR TWO MAIN OBJECTIVESIdentify the abuses in the railroad industry anddiscuss how these led to the first efforts atindustrial regulation by the governmentDescribe how the economy came to bedominated by giant trusts, such as those in thesteel and oil industries, and the growing classconflict it precipitated
  3. 3. Development of the Railroad System Giant growth in railroads - 1865: 35,000 miles of track - 1900: 192,556 miles of track- Cities along the railroad lines became mega-citiesand hubs for travel and trade- Building of railroads provided many Americans withjobs
  4. 4. Transcontinental RailroadDeadlock over the project ended in 1862when the South secededA big point that won over Congress wasone that suggested that the Union shouldbind the Pacific Coast- more specificallyCalifornia- to the rest of the Union andthis railroad would do soProject was ultimately handled by UnionPacific Railroad
  5. 5. Cornelius Vanderbilt (1794-1877) Originally made his money off steam boating transportation During the late 1860’s he ventured into railroads and amassed over 100 million dollars in profit Vanderbilt helped popularize two significant improvements to the railroads: steel tracks and the development of a “first class” car
  6. 6. Standard Time ZonesStandard Time Zones were createdbecause until the 1880’s, every town hadtheir own “local” timeTrain conductors worried about keepingschedules and avoiding accidentsOn November 18, 1883 the major raillines decreed that the continent would bedivided into four “time zones”
  7. 7. Wrongdoing in Railroading The first of many methods of corruption was “stock watering” “Stock Watering” was when railroad stock promoters grossly inflated their claims about a given company’s assets and profitability and then sold stocks and bonds far in excess of the railroad’s actual value High powered railroaders not only played with stocks but essentially bought and sold real people
  8. 8. Wrongdoing in Railroading Cont.High Powered Railroaders regularlybought off judges and legislatures, oreven elected their own people to highpowered office positionsRailroad kings were often consideredmore powerful than the Presidentbecause they had a greater impact onmore peoples’ lives AND they were notlimited to a four year term
  9. 9. The Government Fights BackIn 1887 Congress passed the InterstateCommerce Act which prohibited rebates andpools and required the railroads to publish theirrates openly. It also forbade unfair discriminationagainst shippers and outlawed charging more fora short haul than a for a long oneICC (Interstate Commerce Commission): set upby the act to administer and enforce the newlegislationThe Interstate Commerce Act was the first large-scaled attempt to regulate business in theinterest of society
  10. 10. TRUST TITANSThe three main “trust titans” were: AndrewCarnegie(steel), John D. Rockefeller (oil), andJ.P. Morgan (banking)Trust- a relationship whereby some sort ofproperty is held by one party for the benefit ofanother
  11. 11. Andrew Carnegie (1835- 1919)Carnegie’s steel business was aided by his giftedorganization ability and his high-class associates.He also made a lot of money by cutting out the“middle man”By 1900, Carnegie was producing ¼ of the nationssteel and he and his partners were taking in 40million dollars a year
  12. 12. John D. Rockefeller (1839- 1937)Organized the Standard Oil Company in 1870By 1877 Rockefeller controlled 95 percent of all of theoil refineries in the countryHis company and power grew due to his genius move todevelop trusts in which smaller oil companies gave asizable piece of their stock to members of the board ofhis company allowing him to monopolize the industryquickly
  13. 13. J.P Morgan (1837-1913)Financer and banker who orchestrated many famousbusiness mergers such as the forming of GeneralElectric in 1892, and the merger with the Carnegie SteelCompany to form United States Steel Corporation in1901Was very aggressive and considered a “hot head” byhis peers
  14. 14. “Gospel of Wealth”As the gap grew between the rich and thepoor, many wealthy businessmen foundthemselves crediting “heavenly help”Steel tycoon Andrew Carnegie said thatthe wealthy, who were entrusted withsociety’s riches, had to prove themselvesmorally responsible according to a“Gospel of Wealth”
  15. 15. Social DarwinismA survival-of-the-fittest theory developed byEnglish professor Herbert Spencer and Yaleprofessor William SumnerThe theory argued that individuals won theirstations in life by competing on the basis of theirnatural talents, essentially the wealthy andpowerful had demonstrated greater abilities thanthe poorVery similar to “survival of the fittest”, “themillionaire were the product of natural selection”Sumner said
  16. 16. In ConclusionAs America grew after the Civil War so didthe railroad system and also majormonopolies over large industries. Moneyand power became more attractive thanpolitics and high level corruption began tomake its way into the business world. Asthe rich became richer, the gap widenedbetween the upper and lower class andstarted the class conflict that still lingerstoday.

×