Chapter6TheNewIndustrialAge.pptVIP

Unit 1: The New Industrial Age Section 2: The Age of the Railroads Romance and Reality 1869 Promontory Point-Golden Spike marked the transcontinental railroad. Brought dreams of unsettled land, adventure. Railroad workers’ lives were stark and harsh. John Henry Cont. Railroads employed Chinese and Irish immigrants and Civil War vets. In 1888, more than 2,000 employees died and 20,000 injured. Opportunities and Opportunists Industries grew to keep up with railroads’ demand for materials. Growth of railroads led to growth of towns. Cont. Railroads linked previously isolated towns. Towns grew up around railroads Towns began to specialize in particular products Chicago Stockyards Minneapolis Grain Elevators George Pullman 1880 - George Pullman built a factory to manufacture sleeper and railroad cars. Built a town for his employees. Town strictly under company control in effort to ensure stable workforce. Dissatisfied employees started a violent strike in 1894 The Grange and the Railroads Corruption in railroads Price fixing Inconsistent rates Grange took political action. establish maximum freight and passenger rates. prohibit discrimination. Interstate Commerce Act In 1887,Munn v. Illinois, Congress passed this act to supervise railroad activities through the ICC. “Congress—Whos In It and Who Owns It” Panic of 1893 Mismanagement, overbuilding, and competition pushed RRs to bankruptcy. J.P. Morgan, Cornelius Vanderbilt seized RRs and began consolidation The race is on. Admiral Jim Fisk of the ERIE vs. Commodore Cornelius Vanderbilt New York Central Lines. * *