Period 6 1865-1898 Flashcards
J.P Morgan
Very successful banker
-bought US Steele (first $billion company)
John D Rockefeller
Standard oil
- 90-95% of the oil refineries in the us
- reduced prices to make competitors bankrupt
Andrew carnegie
Steel
- Bessemer steel production (cheaper)
- worked and supplied rail roads
Vanderbilt
Rail road Barron
NYC to Chicago rout
Vertical integration
Horizontal integration
Smaller companies combine to form a larger one
Vertical integration
Company controls all phases of manufacturing (mining to market)
-easy and cheaper to get supplies
Robber baron
Business leaders who use politics to get $ and benefits
- pay official
- support officials in exchange for new laws
Sherman-anti-trust act 1890
Tried to break up monopolies
-not originally enforced
Gilded age
Term by mark twain
-looks good but underneath its not
Panic of 1893
Railroads expanded to fast
- lines to nowhere
- banks failed
Knights of labor 1869
Organized unions
- labor bureau created
- led HAYMARKET STRIKE
Great railroad strike 1877
Shut down 2/3 of us railroads
- 500,000 protesters
- put down by federal government
HAYMARKET square 1886
Wanted 8hr workday
- bomb went off –done
- 100,000 workers
Homestead strike 1892
Steel factory
- against wage reductions
- violent
- put down by Pinkerton and militia
Pullman strike 1894
Put down by Cleveland because the blocked us mail shipments
American Federation of Labor (AFL) 1886
Sam Gompers
- skilled crafts worker union
- better pay, less hours, better conditions
Samuel Gompers
Leader of the American federation of labor
-skilled workers union
Mother jones
- wanted to help works and be their voice
- supported rr strikes
- helped advocate for coal miners
The new south
Industrial growth
New transportation
-capitalist
-self-sufficient
Crop-lien systems (Sharecropping, tenant farming)
Loan $ to new farmers (free blacks)
- give a share of the crops in return and to purchase stuff
- went they can’t pay, they work whites farms (slave)
Grange 1867
Farmers movement against the high TRANSPORTATION and STORAGE cost that the railroads charged
Granger laws
Regulated railroad rates and storage costs (kinda)
Farmers alliance
- got federal rr regulations
- started POPULIST PARTY
People’s (POPULIST) party 1891
Designed to appeal to all workers
- supported large government role
- more direct democracy