The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supercompany
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Gantt, Henry, 301, 305–6, 312–13
Garfield, James, 137–38
Garland, Hamlin, 150, 203–4
Garrett, John, 134, 146, 147, 152
Garrett, Robert, 147
Gary, Elbert, 28, 210, 228, 250n, 256, 263, 265, 266, 287
Gates, Bill, 91, 159n
Gates, Frederick, 208, 264
Gates, John W., 199, 207n, 210, 253–54, 257–58, 262, 287, 329
General Electric, 158, 191, 255, 269, 278, 312
Germany, xi
banking crisis of 1873 and, 101
industry, 272, 274, 276–78
protectionism and, 278–83
science “stars” from, 191, 223
steel industry, vs. U.S., 288–91
Gilbreth, Frank, 305–8, 316
Gilbreth, Lillian, 305n
Gladstone, William Ewart, 61, 203
gold
Corner, 69–75, 106, 136, 141
greenback exchange rate, 69–70
panic of 1893–95, 246–49
reserves, 247, 266
standard, 106–7, 141, 247
Golden Bowl, The (James), 291
“Golden Spike,” 137, 140
Gold Exchange, 107
Goldman, Emma, 201
Goldman, Sachs investment bank, 176
Gompers, Samuel, 196, 202, 251
Goss, F. M., 297
Gould, George, 149, 236, 259
Gould, Helen Miller, 24
Gould, Jay, 25, 65, 105, 242
age of, ends, 150
background and character of, xii–xiii, 12, 20–24
big-business forms and, 120, 289
Dillon and Sage alliance begins, 139
Erie ouster and, 76–77, 78, 138
Erie railroad and, 60–69, 75–76, 82, 240
Fisk and, 65, 76
Gold Corner and, 69–75
illness and death of, 148–49, 240, 242, 243
infrastructure and, 107
post–Civil War America and, 12, 28–29
rail network of, completed by Harriman, 243
railroad system controlled by, 21–22, 113, 141–50
railroad trunkline battles and, 87, 88
Rockefeller and, 79
SIC crisis and, 85
St. Louis bridge and, 94
strikes of 1877, 106
telegraph and, 141, 146–47, 148
UP controlled by, 136–41, 241–43
yacht of, 230
Gowen, Franklin, 157, 236, 237
grain industry, 5, 6, 105, 111–12
shipping and, 68, 87–88, 217
world markets and, 69, 81, 231n, 272
Grammar of Science, The (Pearson), 294–96
Granger movement, 116
Grant, Ulysses S., 2, 70–72, 101, 119, 120, 121, 137–38, 140
Grant, Mrs. Ulysses S., 74
Great Atlantic and Pacific Tea (A&P), 177
Great Britain
common law and, 88–89
financing of Boer War and, 271–72
free-trade and, 278–87
gold panic of 1893–95 and, 247
“Great Depression” of 1870s, 108
industry “hollowed out,” 108, 280
investment in U.S. and, 61
precision machining and, 31–33, 37, 42, 50–55
steel industry, 96, 102, 124–25, 127, 129, 132–33, 135, 273–74, 280
U. S. industry surpasses, 55–59, 272–78, 290
Great Northern Railroad, 244
Great War, 249, 272, 278
greenback, 106–8, 231n, 246–49
Greenspan, Alan, 107
Gribeauval, Jean–Baptiste de, 39
grocery chains, 177–78, 298
Gurley, Phineas, 1
Hall, John, 42–49, 53, 55, 59, 180, 181, 299
carbines case, 27, 42, 76–77
Halttunen, Karen, 184
Hamilton, Alexander, 7, 246, 279
Hammond, George, 114, 115
Hanna, Mark, 213
Harpers, 167, 171
Harpers Ferry Armory, 36–37, 45–48, 55
Harriman, Edward Henry, 219, 236, 243–46, 252, 313
Harrison, Benjamin, 201
Harvard Business School, 315–16
Hathaway, Horace, 305
Havemeyer, H.O., 284
Hay, John, 290
Hayes, Robert, 318
Hayes, Rutherford B., 107, 140
Haymarket Square bombing (1886), 196
Hazard of New Fortunes, A (Howells), 171
Henry, B. Tyler, 48
Hill, James J., 219, 236, 244–46
History of Standard Oil (Tarbell), 86, 219, 223
Hobbs, Alfred C., 31, 32, 56
Hofstadter, Richard, 216
holding companies, 194, 213–14, 218–19
Holley, Alexander, 49, 122–23, 127–34, 169, 176, 189, 190, 274, 285, 287, 292–93, 298, 305
Holmes, Oliver Wendell, Jr., 89, 180, 219n
Homestead Act (1862), 10, 116, 149
Homestead Steel Works, 132, 208, 322
Strike of 1892, 15, 196–206, 247n
Hoover, Herbert, 310
Hopkins, Mark, 144
Hounshell, David, 41n
housing, 169–72, 182
Howells, William Dean, 120, 159, 171–72, 184
Huntington, Collis, 140, 143, 144, 241
Illinois Steel, 202, 256, 257, 287
immigrants, 99, 103n, 117, 166, 172–73, 297n
Industrial Commission hearings (1899), 221
industrial securities, 192–96, 255
“infant industry” argument, 279, 282, 283
interchangeability of parts, 39–42, 44–48, 50–51, 180–81, 311–12
International Great Northern Railroad, 145
International Mercantile Marine (IMM), 267–69
International Navigation Co. (INC), 267–68
International Paper, 253–54
Interstate Commerce Act (ICA, 1887), 89,
116n, 216–18, 221, 227
Interstate Commerce Association, 241
Interstate Commerce Commission (ICC), 116n, 222, 241, 305
rate-setting and, 219, 246
Iowa Pool, 144
Iowa Railroad, 145
Irish immigrants, 4, 117, 168, 172
Iron Age, 210, 228, 322, 330
Iron-Clad Agreement (1887), 135–36, 212–13
iron industry, 5, 26, 91, 99, 120, 124–25, 163
ore, 38, 67, 68, 127, 132, 285
workers, 104
Iron Mountain Railroad, 145
Irwin, Douglas, 284–85
Ivory soap, 162–63, 175
Jackson, Andrew, 216, 246
James, Henry, 291
Japan, xiii, 273n, 279, 283, 317–18
Jeans, Stephen, 204–5, 258, 274–77
Jefferson, Thomas, 5, 8, 39, 43
Jenks, Jeremiah, 221
Jennings, O. B., 83
Jevons, William Stanley, 280
Johnson, Andrew, 107
Jones, Capt. William “Bill,” 128–31, 133, 135, 197–99, 202, 208, 277
Jones & Laughlin, 257, 330
J. P. Morgan & Co
Drexel, Morgan renamed, 233
power of, 235
Pujo investigations and, 269–70
J. S. Morgan & Co., 26, 27, 68, 92, 233
Kanigel, Robert, 311
Kansas & Texas Railroad, 145
Kansas Pacific Railroad, 144
Kennedy, John F., 2
kerosene, 81, 86, 150, 162, 170
Keystone Bridge Co., 91, 93, 128
Kidder, Peabody banking firm, 235
Kinsey survey (1955), 185
Klein, Maury, 139, 145, 147
Kloman, Andrew, 93, 129, 130
Knights of Labor, 196
Kuhn, Loeb firm, 235, 245
Kuznets, Simon, 102
labor. See also employment; wages
big companies and, 251
bonanza
farms and, 109, 111
bosses and, 195–96
class and, 7–10, 28, 167–68
days off, 198n
education and, 9
1870s and, 103, 104
innovation and, 55
military draft and, 4
productivity and wages, 272
prosperity of, 166–67
scarcity, 55
Scientific Management and, 298, 318
U.S. vs. British, 56, 275, 277
labor unions
British, 277, 280
Homestead strike and, 196–206
“restraint of trade” and, 218
rise of industrial, 195–96
strikes of 1877, 97–99, 99, 106, 154–55
Taylorism and, 310
Lackawanna Steel, 256–57
Lafayette and Michigan City Railroad, 6
Lake Shore Railroad, 82
Lake Superior ore reserves, 265
Lamoreaux, Naomi, 252
Landes, David, 288
land-grant colleges, 10, 111, 191
land grants, 109, 116, 140, 149
Landis, Kenesaw Mountain, 221–22, 224
Lane, Franklin, 66, 76
Lauder, George, 201, 327
Lead Smelting Trust, 194
Lee, Charles, 23
Lee, Gen. Robert E., 1
Lee, Roswell, 39
Lee Higginson firm, 235
Lehmans investment bank, 176
Leishman, John, 207–8
“Levingston, William,” 17. See also Rockefeller, William (father)
Lewis, John L., 196
Leyland firm, 268
Lincoln, Abraham, 1–12, 3, 28, 57, 59, 107, 116, 118, 165, 188, 252, 288
Lincoln, Mary, 1
Lincoln, Willie, 2
Linseed Oil Trust, 194
Lippmann, Walter, 294–95, 310, 311
Lockhart, Waring, and Frew, 151
Lockwood & Co., 75
London Times, 31, 280
Looking Backward (Bellamy), 295
Lowell, Francis Cabot, 38, 57
Lucy Furnace Works, 132
Ludlow Massacre (1914), 203n
McCandless, David, 129
McClellan, Gen. George, 85
McClure’s Magazine, 86, 219
McCormick, Cyrus, 6, 31, 41, 50
McCormick Reaper, 105
McCoy, Joseph, 113
McGee, John, 220, 225
McHenry, James, 76, 77
machine tradition, 31–32, 34–41, 36, 48–50, 276–77, 289, 292
McNamara, Robert, 318
McPherson, James, 11
Macy’s, 162, 168
mail-order catalogs, 173–75
management. See also Scientific Management
British vs. U.S., 277
drive to systematic, 298–99
failure of professionalized, 316
consulting, 313
tradition, rise of American, 314–18, 317
“Managing Our Way to Economic Decline” (Hays and Abernathy), 318
Mansfield, Josie, 60, 65, 66, 76, 77
manufacturing
advanced precision, developed, 30–59, 46
consumer products and, 180–83
“de-skilling” and, 195
growth of, in 1870s, 102, 105, 108
regional development and, 4–6, 8
steel industry and, 123
U. S. culture and, xiii
Marshal, Alfred, 280
Martin, Albro, 217n
Massachusetts Railroad Commission, 240
mass consumer society. See consumer products
mass production, 108, 169–70, 182, 312
MCI, 239
meat industry, 6, 112–18, 144, 177, 178, 312
mechanization, 298
U.S. vs. Europe and, 274–78
U.S. vs. Germany, 288
Mega-Machine metaphor, 120–21
Mellen, Charles, 267
mergers, 218–19, 243–46, 251–55
Merrick, David, 310n
Mesabi ore ranges, 208, 275, 287, 320
Meville, Herman, 184
Mexican War (1846–48), 49
Microsoft, 91, 159n, 253n
middle class, 289, 293
anxiety and, 184–85
rise of, 164–73
women and, 185–86
Midvale Steel, 228–29, 298, 300, 301, 303
military
German vs. U.S. industry and, 288
precision machining and, 36–37, 39–42
Mill, James K., 40
mills, 38–41, 56–57, 177
Missouri Pacific Railroad, 144
mobility, 165–66, 288–89
modernity
anxiety with rise of, 183–86
disruptions caused by, 116–18
infrastructure of, 99
new jobs created by, 190–91
U.S. growth and, 276
“Molly Maguire” coal field wars, 99, 236
monopolies, 216–18, 239, 251. See also trusts
Standard Oil as, 220, 225–26
Monroe, James, 43
Montgomery Ward, 173–74, 298
Moody, John, 194, 237, 210, 215, 252–54, 257, 258, 263
Moore, “Judge” William H., 210–11, 215, 252–54, 257, 258, 263, 284
Moore, John (brother of William H. Moore), 210
Morgan, John Pierpont, 25, 209, 232, 234, 305
age of corporate management and, 150
background and character of, xii, 12, 25–28
Barings rescue and, 235
Boer War and, 271–72
Carnegie and St. Louis Bridge, 94, 95, 130–31
as central banker for U.S., 246–51
competition vs. stability and, 239–40
conservative image vs. “financial recklessness” of, 266–70
corporate finance rules set by, xiii
Corsair deal stops Carnegie’s cross-Allegheny railroad, 230–33
crash of 1873 and, 101
crash of 1893–95 and, 246–49
crash of 1907 and, 249–51, 249, 265n
financial systems of Old and New Worlds mediated by, 290
General Electric and, 255n
Gould and, 21, 61, 68, 75
“Hall carbines” scandal and, 27, 42, 76–77
leading banker in world, 233–35
mergers, IMM deal and, 267–69
mergers, Northern Securities and, 243–46
mergers, U. S. Steel deal and, 16, 210, 255–66
mergers to regulate competition and, 121, 143, 215, 243, 251, 252, 262, 269, 293
post–Civil War America and, 12, 28–29, 61
railroad restructurings and, 145, 147–48, 235–38, 267
railroad wars and, 230–31, 241, 243
Rockefeller and, 265n
Morgan, Joseph, 26
Morgan, Junius, 16, 26, 27, 68, 76, 93–94, 130–31, 145, 192, 230–33, 235, 267, 270, 285–86
Morrill Act (1862), 10, 111, 191
Morris, Nelson, 115
Mosher, Dr. Clelia Duel, 185–86
National Biscuit, 210
National City Bank, 235, 250, 270
National Guard, 97
National Steel, 253, 255–58, 265, 329
National Tube, 194, 257, 258, 260n
natural resources, 55–56, 112, 288
Nevins, Allan, 264, 330, 331, 332
New Haven Railroad, 238
New Jersey Holding Company Act (1890), 193
New Orleans Pacific Railroad, 145
New York, New Haven & Hartford Railroad, 267, 269, 305
New York Central Railroad, 63, 66–68, 81, 87–88, 145–46, 153, 154, 230–32
New York Gold Exchange, 69–70, 73–74
New York Stock Exchange, 100, 139–40, 250
New York Times, 136, 141–42, 307
New York Tribune, 307
New York World, 146
Nobel brothers, 225, 226
Noll, Henry, 292
North American Review, 261n
North Dakota, 111
Northern Central Railroad, 6
Northern Pacific Railroad, 99, 100, 109–10, 116, 244, 245, 267
Northern Securities Co., 243–46
Northern Securities Co. v. U.S. (1904), 218–19, 246, 269
Northwestern Railroad, 144
Nucor steel company, 239
Ohno, Taiichi, 317–18
oil industry. See also Rockefeller, John D.; Standard Oil
antitrust and, 217
boom, in PA, 3–4, 5, 17–18, 67
distribution, 68, 81–82, 153–58
growth of, 102
modernity and, 99
patents, 225
Rockefeller takeover of, xiii, 12, 79, 81–91, 150–58
Texas and, 226
oil pipelines, 82, 153–58, 221, 224, 225
oil refineries, 79–87, 151
O’Leary, Patrick, 187
Oliver Mining co., 320, 326–27
“Open Door” policy, 290
Otis, Harrison Gray, 40
Pacific & Atlantic Telegraph Co., 92
Pacific Mail, 138–39
Pacific Railway Act (1862), 10
Pacific Road legislation, 140–41
Pajama Game, The (musical), 314
Palmolive, 163
Panic of 1903, 268
papermaking mergers, 253–54
paperwork, rise of bigger companies and, 188–96, 192, 298
Paris Exposition
of 1857, 36
of 1900, 294, 303–4
Parrish, Maxwell, 181
Parsons, Charles, 278
patents, 7, 57, 59
Blanchard and, 36, 37
Colt and, 49
Evans’s grist mill, 58
General Electric and, 255n
Hall’s, 42–44
steel, 127–28, 304n
Payne, Oliver H., 83–84, 90, 151
Peabody, George, 26
Pearson, Karl, 294, 295–97, 297n
Pecora investigation, 270
Pedro, Dom, of Brazil, 119, 120
Peel, Robert, 278
Penn Mutual Life Insurance, 269
Pennsylvania Railroad, 66, 82, 105–6, 130, 134, 142, 147, 176
Carnegie and, 13–14, 92, 95–96, 227
corporate management, 150
Gould and, 67–69, 75
Morgan and, 236
Morgan’s buyout of Carnegie’s cross-Allegheny line and, 227, 230–32, 232
oil and, 79–80, 153–56
research laboratories, 266
science of management and, 295, 296, 297
Scott becomes president of, 75
size of, 251
steel and, 123–25
strike of 1877, 97–99, 99
Pennsylvania Steel Company, 124, 128
Pennsylvania Turnpike, 232
Peoria Railroad, 145
Perkins, Charles E., 144, 149–50
Peterson, Will, 1
Philadelphia Exposition, 295
Philadelphia & Reading Railroad, 157, 231
Morgan restructures, 236–38