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Industrialization

Industrialization. The Railroads; Chapter 14, Section 2. Industrial expansion. 1865– 35,000 miles of RR track 1900– Over 200,000 miles of RR track Railroad boom began in 1862 Pacific Railway Act Began the transcontinental railroad project. The Union pacific and grenville dodge.

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Industrialization

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  1. Industrialization The Railroads; Chapter 14, Section 2

  2. Industrial expansion • 1865– 35,000 miles of RR track • 1900– Over 200,000 miles of RR track • Railroad boom began in 1862 • Pacific Railway Act • Began the transcontinental railroad project

  3. The Union pacific and grenville dodge • Grenville Dodge– engineer and former Union general • In charge of the Union Pacific part of the project • Union Pacific started at Omaha, Nebraska in 1865 • Pushed west • Workers included veterans, Irish immigrants, and ex-convicts, among others • About 10,000 total at the height of the project

  4. The Big four and the Central Pacific • Theodore Dehone Judah– owned the Central Pacific Railroad Company • Sold stock to four merchants from Sacramento • Leland Stanford, Charley Crocker, Mark Hopkins, and Collis P. Hunnington • All greatly profited from their investments • Labor shortage in California • 10,000 Chinese workers were hired • All equipment was shipped from the East • around Cape Horn or over Panama

  5. Consolidation • Railroads originally built to serve specific cities • No unity between companies • B/t 1865-1900: large lines took over 400 small railroads • Pennsylvania Railroad was a consolidation of 73 companies • Eventually 7 giant railway systems

  6. Cornelius Vanderbilt • Former boat captain • Largest steamboat fleet in US • 1869: purchased and merged 3 short NY railroads to form the New York Central • 1871: began building Grand Central Terminal in NY • 1873: owned lines to Chicago • Offered first direct service NY-CHI

  7. Benefits of national system • Unified rail parts • 1883: American Railway Association • Divided the country into 4 time zones

  8. Land grant system • Land Grants • Late 1850s– Fed Govt granted states over 28 million acres of public lands for railroads • Pacific Railway Acts of 1862 & 1864– Govt began giving land to RR companies • 1850s-1860s– 120 million acres of land • Some companies earned enough to cover much of their cost

  9. Robber Barons • Great Wealth of RR companies led to accusations of swindling, bribing, and cheating • Jay Gould– Insider Trading • Bribery

  10. Credit Mobilier Scandal • 1872 • Construction co. set up by UP stockholders • Investors signed contracts for UP and CM– with themselves • CM overcharged • Investors made millions, UP almost bankrupt • List of names sent to New York Sun

  11. The Great Northern • CM Scandal created impression that all RR entrepreneurs were Robber Barons • James J. Hill • Good business practices • No govt subsidies or land grants • Great Northern– most successful TCRR and only one not bankrupt

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