noted this in the small print of an obscure report‚ but a federal judge upheld the deal as the fulfillment of a valid legal contract. # Morgan had escaped military service in the Civil War by paying $300 to a substitute. So did John D. Rockefeller‚ Andrew Carnegie‚ Philip Armour‚ Jay Gould‚ and James Mellon. Mellon’s father had written to him that "a man may be a patriot without risking his own life or sacrificing his health. There are plenty of lives less valuable." # It was the firm of Drexel
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a society of city life and factories as well. Monopolists and monopolized industries changed American society. Monopolists had so much control over their industry that they had little or no competition. Andrew Carnegie had a monopoly over the steel business for example. John D. Rockefeller was another monopolist. He formed the Standard Oil Company. Standard Oil monopolized oil and controlled virtually everything since a lot of things depend on oil (Document 3). Businesses could do whatever they wanted
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Anti-Trust Act Fear is usually associated with dogs or drowning; however‚ the fear that over took America over a century ago was the fear of big companies . Big companies were a huge threat to American economy. Anti-Trust acts were initiated to dissolve and prevent monopolies from forming in America. A monopoly is when a company or a group of people get so powerful that they control the market of a specific product or industry. This issue started in America in the 1800s after the civil war; the
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Bessemer process – Allowed for the less expensive conversion of iron to _____________‚ a stronger & less brittle material which was necessary for construction of rrs & heavy equipment New sources of power – Coal & oil are inexpensive sources of fuel [Rockefeller] High tariffs – Republican administrations especially sought high import taxes to lessen foreign competition Yankee ingenuity – US inventors‚ protected by gov’t patents: electric lights‚ vulcanized rubber‚ telephone‚ typewriter‚ steel plow‚ &
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The Impact It can be easily said that big businesses have had a large impact on the economy and politics in the United States‚ especially during the Gilded Age‚ also known as the “2nd Industrial Revolution”. Monopolies‚ corporations‚ and businesses began to grow dramatically. These three branches grew so significantly that they were known as a major force in the United States. They had a great amount of power and had the ability to control much throughout the country. However‚ as these businesses
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Andrew Carnegie * Scottish immigrant * 1870s: started steel mill in Pittsburgh * Used latest technology to improve efficiency * Used vertical integration * Carnegie Steel controlled every phase of steel production process (from mining iron ore‚ to RR’s‚ to mills) * By 1900‚ Carnegie Steel produced more steel than entire country of Britain * Sold Carnegie Steel for $400 million in 1900 * Philanthropy and his attitude toward wealth (read Carnegie doc on
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clothing‚ appliances‚ and automobiles‚ the enormous output of industrial production led to the rise of big business as it coordinated methods of distribution and sales to forge an infrastructure for consumer culture. The rise of corporations‚ such as Carnegie Steel‚ J.P. Morgan‚ and Standard Oil‚ in the late 1800’s‚ was able to dramatically shape the country politically‚ socially‚ and economically and even continues to do so today through new modern finance and monopolies. Industrial growth was mainly
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The Gilded Age * During the Gilded Age‚ American businesses were transformed: * Massive corporations replaced small‚ family businesses * New technology‚ transportation‚ marketing‚ labor relations‚ & efficient mass-production * By 1900‚ the U.S. was the most industrialized country in the world * 19th-century inventors led to an “Age of Invention”: * Cyrus Field’s telegraph cable * Business typewriters‚ cash registers‚ adding machines * High-speed textile
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lumber and glass industries grew rapidly just because of the their constant need to keep up with the railroad needs. The growth of Industry also helped benefit and industrialize the Country immensely. Industry Entrepreneurs such as Andrew Carnegie‚ John D. Rockefeller‚ and J.P Morgan played the biggest roles during this time. Like railroads large industries created plentiful jobs. In this so-called gilded age from 1869 to 1910 United States Manufacturing rose from three to thirteen billion dollars. This
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Chapter 23 The "Bloody Shirt" Elects Grant The Republicans nominated General Grant for the presidency in 1868. The Republican Party supported the continuation of the Reconstruction of the South‚ while Grant stood on the platform of "just having peace." The Democrats nominated Horatio Seymour. Grant won the election of 1868. The Era of Good Stealings Jim Fisk and Jay Gould devised a plot to drastically raise the price of the gold market in 1869. On "Black Friday‚" September 24‚ 1869‚ the two bought
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