The Growth of Industry

1. The Growth of Industry

2. Industrialization: Factors • Plentiful Natural Resources • Improved Transportation • Growing Population/High Rates of Immigration • New Inventions • Investment Capital

3. Steel: Backbone of Industry • Bessemer Process – used less coal to produce steel • Nation’s production increased • Steel replaced iron to produce many products • Plows, barbed wire, beams, nails, rails

4. Steel: Backbone of Industry

6. Titusville, PA

7. New Inventions and Innovations • Typewriter • Stock ticker • Phonograph • Electric Lighting • Microphone • Electric Generator • Telephone • Sewing Machine • Standard Sizes

8. Corporations • 3 Advantages 1. Selling Stocks = more $ 2. Special Legal Status = Banks more likely to loan $ 3. Limits risks of investors

10. John D. Rockefeller • Oil Industry – First Refinery (1863) • Philosophy – put all competitors out of business (monopoly) • Most famous move = developing a trust in 1882 • Standard Oil controlled 95% of all oil refining in the US

11. John D. Rockefeller • Became known as a robber baron • Made secret deals with railroads • Built and purchased his own pipelines • Bought other oil companies

13. Andrew Carnegie • Steel Industry • Philosophy – beat competitors by producing the cheapest product • Bought all the processes related to steel manufacturing • Bought mines, ships, and railroads • Controlled the steel industry from 1889 - 1901

14. Carnegie and Rockefeller • Both were philanthropists • Rockefeller = Universities of Chicago and New York • Carnegie = Libraries and universities

15. Homestead Strike • Homestead, PA • Carnegie reduced wages of workers • 300 armed guards were hired, to protect the factory • Employees armed themselves • July 6, 1892 a battle occurred between workers and guards

16. Homestead Strike