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The Gilded Age
Transcript of The Gilded Age
Y George Pullman The Gilded Age Time period between 1860s to early 1900s that led to great growth of industry and urbanization. It was fueled by national resources, large workforce, and free enterprise. Mark Twain's Famous Quote "The golden gleam of the gilded surface hides the cheapness of the metal underneath." Jay Gould got his money by owning rail road companies and their stocks. He used illegal tricks to get what he wanted. He used these methods to work his way to the top of the railroad business. Pros Jay Gould died, and he had a daughter that gave away some of the family money to Army Hospitals. He also helped increase the railroad industry. Cons He used illegal ways to manipulate the stocks. He tried to corner the gold market and this raised the price of gold, but the gold price dropped and his plan failed. Many investors lost major amounts of money because of this. J.P. Morgan made his wealth with banking. He became very powerful by owning many companies and stocks. He was not the most wealthy man in American, but he was one of the most powerful of his time. Pros Cons He bailed out the National Government and saved the country from economic downfall. He had failed investments such as wireless energy and subways. Industry Andrew Carnegie was the founder of Carnegie Steal Company. He used the Bessemer process to cheaply make steal for a growing market. He also practiced vertical integration, which is the practice of owning everything from start to finish in the production of the product. Pros and cons of Andrew Carnegie Pros Made steal cheap for a growing America.
Gave over 350 million dollars away during his life.
Wanted world peace, one of the first to call for League of Nations. Cons He often used child labor in his factory's
He paid his workers poorly and demanded long hours from them. Pros and Cons Pros Cons Made Oil cheap for Americans, and by doing so helped spur on our economy.
He donated large sums of money to Medical research and started many universities.
He was an abolitionist
He was one of our greatest philanthropists.
He was a devoted Baptist Had a monopoly control over the oil industry.
Bought out his competition after he crushed them
Supreme Court found Standard Oil Co. of NJ in violation of the Sherman Antitrust Act in 1911. Industry Rockefeller owned over 90% of the oil industry, while he made oil cheap to Americans and thus helped our economy boom. He also destroyed many small buisnesses by practicing horizontal integration. Which is the practice of owning everything in one buisness area, thus creating a monopoly. Rockefeller created Standard oil, which became a monopoly, and by doing so he became one of the wealthiest people in the world. Cornelius earned most of his money as a steamboat and railroad entrepreneur. He owned many ferries, steamboats, and competed against monopolies in the Hudson River. He also gained control of the Stanten Island Ferry in 1838. After the California Gold Rush, Vanderbilt owned a monopoly of Californian steamboats. Vanderbilt also bought and controlled railroads connecting New York City to Chicago, the first direct-rail between those two cities. PROS Vanderbilt was involved in the important Supreme Court case Gibbons v. Ogden to overturn the Steamboat monopoly.
He developed the transportation system with trains and steamboats.
He donated some money to build Vanderbilt University in Nashville, Tennessee.
Charged fair prices to his customers and gained a reputation of honesty. CONS Vanderbilt used crude business practices.
Gave very little to society. He didn't give back to the people like Rockefeller or Carnegie.
He was determined to control many industries in his lifetime.
Bought all the stock of smaller companies to later gain control himself. PROS
CONS PROS and CONS Industry George Pullman earned most of his money by his invention, selling, and production of the sleeping car for trains. He also owned part of the Union Pacific Railroad and bought out the Detroit Car and Maufacturing company. He also owned and ran a town for his company called Pullman. In 1894, during hard economic times, Pullman lowered wages of his workers but didn't lower rent or supply prices. This caused his workers to start the Pullman Strike. Pullman brought in troops to stop the strike and many people were injured. This caused a boycott of Pullman cars and threatened to paralyze the economy. Pullman hired African Americans to be Pullman Porters.
His company town attracted attention nationwide. People praised him for his charity and vision.
With the invention of sleeping and dining cars, a whole new way of thinking about railroad traveling came. People could now eat, drink, and sleep on a train. Ruled his company town very strictly.
Cut wages on his workers, which resulted in a strike.
Gained support from President Grover Clevland who sent troops to stop the strike.
After the strike, Pullman lost recognition and respect.
His company was later ruled "un-american" and taken away by Illinois. Robber Baron A wealthy and powerful business man that uses dishonest practices to make more money. Captain of Industry A business man, while gaining their fortune, contrubites positively to their country. Life in the Factories Description of a Factory Life in the 1800's through 1900's Low wages
Children and women were paid less than men
Many injuries and deaths
Unhealthy working conditions Industrial Unions In a union, they can bargain for higher wages and better working conditions. Unions helped unite the workers of an industry. This led to strikes and boycotts of certain industries. Children in the Workforce During the Second Industrial Revolution, children were commonly hired because companies didn't pay them as much as an adult. They could climb into smaller spaces and reach things adults couldn't. They were also expected to work as much as an adult for less pay. Photos Conclusion We believe that all these men were Captains of Industry. W
? All these men helped develop the economic superpower that the United States is today. Without them, our country wouldn't have advanced and developed as quickly as we did. Not all these men were perfect though, but over-all there economic impact has greatly influence our country today. By: Adam, Amber, and Cara