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Andrew Carnegie
Andrew Carnegie
He was a penniless immigrant from Scotland as a child.
He worked as a factory worker, messenger boy, and telegraph operator. He also worked his way up to a managerial position in a railroad company.
Carnegie left the railroad industry to start the Keystone Bridge Company.
His company became the subcontractor that built much of the first bridge to carry trains across the Mississippi River.
John D. Rockefeller
John D. Rockefeller
Made profits during the Civil War by investing in oil refineries in Ohio.
Formed the Standard Oil Company, taking advantage of the corporate from of enterprise.
His industry was the Standard Oil Company.
He lowered the price of kerosene and other oil products which helped the ordinary people to afford light at their homes at night.
J.P Morgan
J.P Morgan
Son of a banker and gifted financier.
Reorganized and consolidated failing railroad companies.
Morgan helped Thomas Edison to form Edison Electric Company. When Edison proved to be wrong, Morgan renamed his company to General Electric.
He bought Carnegie's steelworks and joined them with other steel companies to form US Steel, the first billion-dollar company in the US.
Henry Flagler
Henry Flagler
A partner of John D. Rockefeller in the creation of Standard Oil Company.
He devoted much of his time and money to developing the Sunshine State, In 1887 and 1888, he built the Ponce de Leon Hotel, a luxury resort in St. Augustine. He later built similar luxury hotels in Palm Beach and Miami, forming the basis for the tourism industry in Florida.
Other enterprises included railroads, real estate, and shipping.
Flagler merged several smaller railroads togetehr to form the Florida East Coast Railroad. His railroad brought tourists to fill his hotels, but also made it possible for Floridians to export their agricultural products.
Interstate Commerce Act of 1887
Interstate Commerce Act of 1887
"All costumers were required to pay the same rates, which were to be "reasonable and just."
In response to Wabash v. Illinois, Congress passed this law against unfair practices by railroads. Railroads were prohbited from pooling agreements or giving rebates. A special regulatory comission was estab;ished to enforce the act.
Sherman Antitrust Act of 1890
Sherman Antitrust Act of 1890
"Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal."
In this law, Congress forbade all trusts, combinations, and conspiracies that limited or restricted interstate trade. In the 1890s, it was used agaisnt labor unions instead of agaisnt "Big Business".
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