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)