By

Sam DePue

Dakota Vadimsky

The Gilded Age

Economic BoomWall Street created

Term “Gilded” first coined by Mark Twain and Charles Dudley Warner1873 book, “The Gilded Age: A Tale of Today”

Sometimes called “Second Industrial Revolution”

What Does “Gilded” Refer To?

Carnegie – Steel Pittsburgh’s Carnegie Steel Company (Later U.S. Steel)

Rockefeller – Oil Standard oil (1870 – 1897)

Cornelius Vanderbilt – Shipping and Transportation Started off in steam boating Later turned to railroads during Civil War

Northeast US Grand Central Depot in New York City

J. P. Morgan Financier of many other industries. General Electricity (with Thomas Edison), U.S.

Steel (Carnegie)

GDP surpassed Britain, France, and Germany Combined

The Rise of Big Business and Monopoly

Born in 1835 in Dunfermline, Scotland Family of weavers 1848-family emigrated to Allegheny, Pennsylvania He was a telegraph messenger boy for the Ohio Telegraph Company in 1850,

earning $2.50 a week He was a hard worker, and even sought out his own education 1853-he worked as a telegraph messenger for the Pennsylvania Railroad Company

for $4.00 a week He soon began investing in various companies the railroad did business with, such

as Adams Express The railroad industries began to boom during the Civil War. Carnegie was sure to

reap the benefits He discovered his destiny in the steel empire, soon dominating the industry Developed a cheap and efficient method of production for steel railroad lines Used vertical integration of his suppliers of raw materials 1889-US surpassed the UK in steel production, mainly due to the success of

Carnegie Became quite the philanthropist in his later years. One of his most prominent accomplishments in the area was his establishment of

public libraries.

Andrew Carnegie

Born in Richford, New York His dad William “Devil Bill” Rockefeller was a “snake oil salesman” Sold rip-off salves and elixirs claiming to cure various ailments John made money from raising turkeys, growing taters, and loaning

money out to his neighbors. Moved to Owego, New York 1851-attended Owego Academy Made his living as a bookkeeper, earning 50 cents a day 1863 -Began his oil empire with Maurice B. Clark, building an oil

refinery near Cleveland While his brother Frank served in the Civil War, he hired substitute

soldiers to fight in his place and made hefty “contributions” to the war effort mainly in order to further avoid combat

Bought out his partner Clark, giving him full control of his soon to be monopoly on the oil industry

John D. Rockefeller

1870-After the war, John formed Standard Oil which quickly became the leading refiner in Ohio

Grew to be one of the largest shippers of oil and keroseneManaged to make deals with railroad companies Gave him a substantial discount on using their linesSoon had a monopoly on the industry through eliminating the

competition Increased production efficiency, bought out refineries, and got

exclusively cheaper rates on railroad shippingFormed the Standard Oil TrustToo bad for him and his associates, it was broken up by the

Sherman Antitrust ActEven though his grip on the industry was somewhat loosened

after the breakup, he still made great profits

Rockefeller Continued

Born in Port Richmond, New York Had little formal education Made a living transporting people and cargo through New York harbors Eventually controlled most ferry traffic in New York waters 1818-Sold the fleet to work for the steamship line owned by Thomas Gibbon Started his own steamship line once he made some money His fleet became the dominant steamship line on the Hudson His competitors soon united to buy him out Accommodated steam transport for the 49ers during the gold rush 1855 -Went into the luxury liner business 1857 -Met his real calling in the railroad industry when he gained control of

the New York and Harlem Railroads He soon acquired New York Central, along with many other railroads owned

by the family to this very day During the Panic of 1873, he began the construction of Grand Central

Depot, offering jobs to thousands of people.

Cornelius Vanderbilt

1837-Born in Hartford, ConnecticutHad a varied education, Attended Hartford Public School, the Episcopal Academy, the

English High School of Boston, and the University of GottingenWent into banking in 1857 at his father’s London branchMorgan paid $300 for a substitute in order to avoid being drafted In 1893 his company was renamed “J.P. Morgan & Company”

after the death of Anthony Drexel15 years later, he established the Chase Manhattan BankBecame deeply involved in financing his own railroad empireFunded Nikola Tesla in his attempts to develop radio

technologiesMerged Edison General Electric and Thomson-Houston Electric

Company to form General Electric

J.P. Morgan

Term used to name industrialists or business who dominated in their respective businesses.

CarnegieRockefellerVanderbiltMorgan

The Robber Barons

Thomas EdisonTrain Air Brakes

George Westinghouse

Kerosene burning lampsRockefeller

Bessemer and Siemens ProcessMaking steel

Inventions

Rise in labor unions

Workers had a right to strike and demand better wages or conditions

Immigrant laborChineseIrishMexican

Labor