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DR. FOOTE’S PROPHESY BOOK I

DR. FOOTE’S PROPHESY BOOK I. 1865-1900. AMERICAN INFRASTRUCTURE. TRANSPORTATION FIRM AGRICULTURAL BASE NATIVE TECHNOLOGY LABOR CAPITAL. RAILROADS. 1865-1890 35,000-200,000 MILES. AGRICULTURE. MORRILL ACT OF 1862 HATCH ACT OF 1887 30,000 ACRES/SEN. & CON. COLLEGES MUST BE COED

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DR. FOOTE’S PROPHESY BOOK I

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  1. DR. FOOTE’S PROPHESYBOOK I 1865-1900

  2. AMERICAN INFRASTRUCTURE • TRANSPORTATION • FIRM AGRICULTURAL BASE • NATIVE TECHNOLOGY • LABOR • CAPITAL

  3. RAILROADS • 1865-1890 • 35,000-200,000 MILES

  4. AGRICULTURE • MORRILL ACT OF 1862 • HATCH ACT OF 1887 • 30,000 ACRES/SEN. & CON. • COLLEGES MUST BE COED • $15,000/YR. FOR AGRICULTURAL EXPERIMENTAL STATION

  5. AGRICULTURAL WORKERS

  6. COLLEGES

  7. NATIVE TECHNOLOGY • LAND GRANT COLLEGES • WILLIAM KELLY-EDDYVILLE, KEN. • HENRY BESSEMER-ENGLAND • 1ST STEEL PLANT-1864 • 10,000 TONS • 1900-13 MILLION TONS

  8. STEEL INDUSTRY • IRON ORE • 1887-LEONIDOS MERRITT • MESABI RANGE

  9. 1ST MILLIONAIRES • ANDREW CARNEGIE • JOHN D. ROCKEFELLER

  10. ANDREW CARNEGIE • BORN IN SCOTLAND-1835 • MOVED TO PENNSYLVANIA-1848 • WORKED HIS WAY UP & SAVED • AGE 30-GOES FULL-TIME INTO STEEL

  11. REASON FOR CARNEGIE’S SUCCESS • KEEP COSTS DOWN • CHOSE CAPABLE SUBORDINATES • WILLIAM JONES • 8-HOUR DAY

  12. VERTICAL INTEGRATION

  13. CARNEGIE • 1900 • $480 MILLION • UNTAXED

  14. JOHN D. ROCKEFELLER • BORN IN NY-1839 • MOVED TO CLEVELAND-1855 • BECAME PRODUCE MERCHANT • 1863-INVESTED $4000 IN OIL REFINING

  15. STANDARD OIL1870 • HORIZONTAL INTEGRATION • CARTEL • KEPT COSTS DOWN • CONSOLIDATION • 1866-1890-50% DROP • 1881-40 REFINERIES-90% • HORIZONTAL TO VERTICAL

  16. ROCKEFELLER • JUST AFTER TURN OF CENTURY • $1 BILLION

  17. GUSTAVUS SWIFT • MEATPACKING • 1877-1ST REFRIGERATED BOXCAR • 1878-SWIFT & COMPANY • $300,000 • 1903-$25 MILLION

  18. LABOR • 1860-1900 • 885,000-3.2 MILLION • 1860-1:4, 11+ • 1900-1:9 • AGRICULTURE • MANUFACTURING

  19. CAPITAL • “GO PUBLIC” • USE PROFITS • MERGER • 1899-1200-$2.3 BIL. • OLIGOPOLY • MONOPOLY • AMERICAN SUGAR REFINING COM.

  20. RESULTS • WOOLWORTHES-1879 • MONTGOMERY WARDS-1872 • SEARS & ROEBUCK-1886 • NEIMAN MARCUS • A&P GROCERS

  21. THOMAS EDISON • LIGHT BULB • PHONOGRAPH • MICROPHONE • 1866-1ST PATENT

  22. ELECTRIC INDUSTRY • EDISON • THOMSON-HOUSTON • WESTINGHOUSE • 1892 • EDISON + THOMSON-HOUSTON = GENERAL ELECTRIC = $35 MILLION • JOHN PIERPONT MORGAN

  23. LIFE INSURANCE • TONTINE • 1900 • EQUITABLE • NEW YORK LIFE • MUTUAL LIFE • $1 BILLION

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