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GILDED AGE

GILDED AGE. A process for removing air pockets and impurities from iron, and thus allowed steel to be made. This made skyscrapers possible, advances in shipbuilding, construction, railroads, etc…. Bessemer process. Elbert H. Gary was corporate lawyer who became the __ president in 1898.

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GILDED AGE

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  1. GILDED AGE

  2. A process for removing air pockets and impurities from iron, and thus allowed steel to be made. • This made skyscrapers possible, advances in shipbuilding, construction, railroads, etc…

  3. Bessemer process

  4. Elbert H. Gary was corporate lawyer who became the __ president in 1898. • It was the leading steel producer at the time.

  5. U.S. Steel Corporation

  6. A section of low hills in Minnesota owned by Rockefeller in 1887, it was a source of iron ore for steel production.

  7. Mesabi Range

  8. Financier who arranged the merger which created the U.S. Steel Corporation, the world's first billion dollar corporation. • Everyone involved in the merger became rich. (Vertical consolidation).

  9. J. Pierpont Morgan

  10. In the 1800s he enlarged fresh meat markets through branch slaughterhouses and refrigeration. • He monopolized the meat industry to create the meat trust.

  11. Gustavus Swift

  12. Pioneered the shipping of hogs to Chicago for slaughter, canning, and exporting of meat.

  13. Phillip Armour

  14. Made tobacco a profitable crop in the modern South. • He was a wealthy tobacco industrialist. • American Tobacco Company

  15. James B. Duke

  16. One of the wealthiest bankers of his day, and along with other business tycoons, controlled Congress.

  17. Andrew Mellon

  18. Price manipulation by strategic stock brokers of the late 1800s. • The term for selling more stock than they actually owned in order to lower prices, then buying it back.

  19. "Stock watering"

  20. The Panic of 1873 was caused by the failure of this company, which had invested too heavily in railroads and lost money when the railroads cheated the federal government.

  21. Jay Cooke Company

  22. Stock manipulators and friends of President Grant, they made money selling gold. • They tried to corner the gold market, only to be undone at the last moment. • Grant was found to be innocent in the matter because he was not smart enough to understand the plan.

  23. Jay Gould and Jim Fiske

  24. Agreement between railroads to divide competition. • Equalization was achieved by dividing traffic.

  25. Pools

  26. Developed in the 1880s, a practice by which railroads would give money back to its favored customers, rather than charging them lower prices, so that it could appear to be charging a flat rate for everyone.

  27. Rebates

  28. Firms or corporations that combine for the purpose of reducing competition and controlling prices (establishing a monopoly). • There are now laws to prevent these monopolies.

  29. Trusts

  30. Companies that hold a majority of another company's stock in order to control the management of that company. • Can be used to establish a monopoly.

  31. Holding companies

  32. No state shall deny a person life, liberty, or property without due process of law. (The accused must have a trial.)

  33. 14th Amendment's "Due Process Clause"

  34. 1877 - The Supreme Court ruled that an Illinois law that put a ceiling on warehousing rates for grain was a constitutional exercise of the state's power to regulate business.

  35. Munn v. Illinois

  36. 1886 - Stated that individual states could control trade in their states, but could not regulate railroads coming through them. • Congress had exclusive jurisdiction over interstate commerce.

  37. Wabash, St. Louis and Pacific Railroad Company v. Illinois

  38. Passed in response to the Wabash case, it created a federal oversight committee for commerce. • It forbade the use of pools.

  39. Interstate Commerce Act

  40. A five member board that monitors the business operation of carriers transporting goods and people between states.

  41. Interstate Commerce Commission

  42. Different railroad companies charged separate rates for hauling goods a long or short distance. • The __ made it illegal to charge more per mile for a short haul than a long one.

  43. Interstate Commerce Act

  44. 1890 - A federal law that committed the American government to opposing monopolies. • It prohibits contracts, combinations and conspiracies in restraint of trade. • It was largely ineffective because it made no distinction between good and bad trusts. • Thus it was mostly used to attack unions as “labor trusts.”

  45. Sherman Antitrust Act

  46. 1895 - The Supreme Court ruled that since the __ monopoly over the production of sugar had no direct effect on commerce, the company couldn't be controlled by the government. • It also ruled that mining and manufacturing weren't affected by interstate commerce laws and were beyond the regulatory power of Congress.

  47. E.C. Knight Company

  48. Established 1866, and headed by William Sylvis and Richard Trevellick, it concentrated on producer cooperation to achieve goals. • Killed by the Panic of 1873

  49. National Labor Union

  50. Leader of the National Labor Union.

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