Phipps, Henry, 129, 207, 209–13, 215
Phipps, Lawrence, 214
Pigou, Arthur Cecil, 280
Pillsbury, 111, 112, 177
Pinkerton guards, 197–98, 200–201, 205, 236
Pittsburgh and Bessemer Railroad, 287
Platt, Orville, 218
Polish immigrants, 117
Poor’s, 105
Pope, Albert A., 175, 181–82
Popplewell, Frank, 274–76
population growth, 102, 103
Populism, 99, 217
Porter, Theodore, 297
Potter, David, 165
Potts, Col. Joseph, 153–54, 156
Pratt, Charles, 80, 151, 160
Pratt, Zadock, 22–23
precision machining. See manufacturing
prices. See also railroad pools; rebates
Carnegie and, xii, 134
competition, mergers to rein in, xiii, 252–54, 256, 265–66
fall of, 103–4, 106–9, 168, 289–90
grain, telegraph and, 112
railroad wars, 63, 67
steel cartel and, 128
trade tariffs and, 284, 286, 287
Principles of Scientific Management (Taylor), 307
printing industry, 4, 180, 253
private enterprise, 288–91
Procter & Gamble (P&G), 162, 163, 175
productive capacity, supply shock and, 107
productivity
bonanza farms and, 111–12
Carnegie plants and, 202, 257
cost tracking and, 189
U. S. vs. Britain, 55, 56, 273n, 278
protectionism, 278–81
providentialism, 294
“Pujo” investigations (1911), 269–70
Pullman Sleeping Car, 6, 91, 131, 298
strike of 1894, 196
Punch, 32
purchasing-power parities (PPP), 171n
Pure Oil Co., 221, 225, 226
Quarterly Journal of Economics, 312
Quincy Railroad, 145
railroad pools, xiii, 67, 83, 88n, 132, 142–43, 207n, 217–19, 228, 241, 256
railroad rebates, 81, 85–86, 88–90, 157–58, 218, 221–25, 227–28
railroads, xii–xiii, 6, 8. See also Gould, Jay; rebates ; and specific railroads
anti-trust fervor and, 216
banking crisis of 1873 and, 99–101
competition and, 77, 239
conflicts of interest and, 95–96
consolidation and, 143, 149–50, 219
construction of, 102, 105–6, 137, 140
consumer goods and, 163, 176
control of, by Morgan, 236
expansion of production and, 120
farming and, 111–14, 116
ICC and, 219
labor and, 104–6
laboratories and, 190, 191
Lincoln’s funeral train, 2–7, 3
oil shipping and rebates, 18, 79, 81–89, 153–58, 221–22, 224
organizational controls led by, 298
Pacific Railway Act and, 10
rail shapes, 191
rates, 85, 116n, 123, 134, 142–44, 191, 202, 216–18, 256
refrigerated cars and, 114–15
restructurings, 235–38
revenues, 104
routes cobbled together, 6–7
Scott and Carnegie’s start in, 13–14
securities and, 21, 26, 103, 130–31, 138, 191–92, 194, 231–32
steel industry and, 123–24, 134, 287
strikes of 1877, 97–99, 140, 236
supply shock of 1870s and, 107
Taylorism and, 312–13
telegraph and, 146
U.S. vs. British, 276
wars, 4, 74, 240–42
Reading Railroad, 145
Republicans, 4, 7–10, 201, 247n
research laboratories, 190–91, 223, 266, 297
“restraint of trade,” 88–89, 218
retail industry, 117, 161–68, 173–76, 182, 298
Rhodes, Cecil, 271
Ricardo, David, 281, 283
RJR Nabisco deal (1987), 265
Robbins and Lawrence company, 32, 35n, 48, 50, 53, 59, 181, 276
Roberts, George, 230, 232
Rockefeller, John D., 25, 136, 147, 293. See also Standard Oil
background and character of, xii, xiii, 12, 16–20, 155, 167
Carnegie steel buyout attempt and, 210
Cleveland refineries and, 79–86, 90–91, 193
financing and, 192
flow-process business model and, 312
Gould and, 79
Indiana antitrust case and, 222–25
labor relations and, 203
managerial talent of, 158–60
mergers and, 252
Mesabi ore and, 208–9
Morgan and 1907 crash, 265n
oil industry consolidated by, 145, 150–58
post–Civil War America and, 12, 28–29
prices, markets, and profits and, 107, 143
retirement of, 160n
scale shift and, 120–21, 289
SIC and, 79, 83–85
Standard breakup and wealth of, 223, 226–27, 331–33
Tarbell case vs., 86–91
U. S. Steel buyouts of, 263–65
wealth of, 151n, 194
Rockefeller, John D., Jr., 203n, 264–65
Rockefeller, William “Big Bill” (father), 16–17, 300
Rockefeller, William (brother), 19, 83, 153, 156, 160n, 252, 264
Roeblings, père et fils, 92
Roebuck, Alvah, 174
Rogers, Henry, 80, 152, 160, 224, 252, 264–65
Roosevelt, Theodore, 246, 249–51, 269
Root, Elisha K., 49, 51
Rosenberg, Nathan, 55
Rosenwald, Julius, 176–77
Rothschild, James, 266
Rothschild, Nathan “Natty,” 271
Rothschild family, 100, 101, 233, 237, 247
Royal Dutch Shell, 225
Russia, 272
Baku oil fields, 225, 226
Sage, Russell, 139, 145
St. Joseph & Denver City Railroad, 144
St. Louis Bridge, 92–94, 95, 128–31, 145
St. Louis Exposition (1904), 295, 296, 297
St. Louis Post-Dispatch, 206
St. Louis Vulcan Works, 133
Sanger, Margaret, 186
Santa Fe Railroad, 307, 313
Saxe, Marshal, 44n
Scale and Scope (Chandler), 314
Schiff, Jacob, 235, 244, 245
Schumpeter, Joseph, 149, 289. See also “creative destruction”
Schwab, Charles, 208, 210, 212, 215, 228, 256–57, 259–63, 265, 295, 319n, 323, 329
Scientific American, 55, 290
Scientific Management, 293, 295–317, 296, 309
Scott, Tom, 13–15, 69, 75, 82–83, 85, 87, 92–95, 97, 99, 105, 124, 129–31, 140–42, 153–56, 264
Scranton, Phillip, 311
Scranton, Walter, 256–57
Sears, Richard, 174, 176
Sears catalog, 174, 176, 182
semiconductors, 283
sewage systems, 170
sewing machines, 50, 180, 312
Sharps, Christian, 48
Sharps Rifle Co., 181
Sheffield steel, 96, 124, 125, 273, 274
Sherman Antitrust Act (1890), 88n, 89, 216–18, 227–28, 246
Shinn, William, 129
Shop Management (Taylor), 301–2
Siemens, Charles, 125–26
“open hearth” method, 125–28, 274, 278
Singer, Isaac, 41, 49–50, 180
Singer Sewing Machine, 105, 117, 181
Slater, Samuel, 38
slavery, 7–9, 103n
Sloan, Alfred, 293
small merchants, 117–18, 216–17
Smith, Adam, 281n
Smith, Henry, 73
Smith, Merritt Roe, 41n, 48
Social Darwinists, 251
soci
ology, 296–97
software industry, 253n
Solvay process, 278
Southern Pacific Railroad, 244
South Improvement Company (SIC), 77–79, 83–87, 89, 90, 193, 225
Soviet Union, 314n
Spanish American war, 290
Speyers, Albert, 73, 74
Springfield Armory, 36–37, 39, 41, 46, 48, 53, 55, 59, 180
standardization, 275, 299–300. See also interchangeability of parts
Standard Oil Co.
antitrust suits and breakup of, 89, 219–27, 223
buyouts and ethics and, 151–52
consolidates Cleveland refineries, 80–86, 89–91
consolidates national oil industry, 150–58
global dominance by, 251
image of, unfair, 20
industrial securities market and, 193–94
integrates backwards, 158
labor and, 203
management of, after Rockefeller, 160
new technologies and, 80–81, 312
paperwork and cost tracking, 189
profitability of, 86, 151, 225, 226, 330–33
research laboratory and, 190–91
Rockefeller’s managerial gifts and, 158–60
shipping and, 236
Tarbell’s case vs., 86–91
trade tariffs and, 283, 284
Standard Oil Co. of New Jersey, 193–94, 221
Standard Oil of Indiana, 221–27
Stanford, Leland, 144
Stanley Committee hearings (1910), 225, 319
Stanton, Edwin, 1, 2, 4
Stanton, Francis, 40
steam turbine engine, 278
steel industry, 123–36. See also Bessemer process; Carnegie Steel; Holley, Alexander; Siemens, Charles; U. S. Steel
abandoned mills, 316
antitrust sentiment and, 217
blast furnaces named after wives, 128n
British vs. U.S., 54, 273–78, 280, 287
cartels, xii, xiii, 16, 128
consumer goods and, 163
“de-skilling” of labor in, 195–96
efficiency and, 189
finished vs. primary, 257–58
growth of, in 1870s and, 102, 104–5, 107–8
heavier rail crisis, 189–90
high-durability and slower methods, 190
Holley vs. Taylor and, 292–93
mergers, 202, 253. See also U. S. Steel
open-hearth, 190, 208, 258n
plant design, Holley and, 49
process developed, 124–28
railroads and, 68, 79
scale shift and, 120
structural, 189–90, 208
Taylor’s high–speed, 303–4
trade tariffs and, 279–83, 285–87
U.S. and domestic consumption, 288–91
Steichen, Edward, 233, 234
Stevens, Simon, 27, 76–77
Stewart, A. T., 161
Stillman, James, 250
Stokes, Ned, 76
Stowe, Catherine, 150
Stowe, Harriet Beecher, 150
Strategy and Structure (Chandler), 314, 316
Strong, Benjamin, 250
Studebaker, 105
Sullivan, Louis, 92, 188
Sulzbachs investment house, 92
Sun Oil, 226
Sweeney, Peter, 66
Swift Packing Co., 114, 115, 117
Swope, Gerard, 312
système Gribeauval, le, 39
Taft, William H., 88n
Tailer, Edward, 167
Tammany machine, 4, 64
Tarbell, Ida, 19, 20, 86–88, 90, 151, 158–59, 219, 223, 263
tariffs, protective, 8, 278–87, 282
Taussig, Frank, 284
Taylor, Frederick W. (Taylorism), 292–93, 297–318
telegraph industry, xii, 56, 91–92, 107, 112, 141, 143, 146–47, 163
telephones, 2, 110–11, 238–39 251
Tennessee Coal and Iron Co. (TC&I), 250n
Texaco, 226
Texas & Pacific Railroad (T&P), 130, 140, 142, 144
textile industry, 4, 8, 38–41, 57, 105, 122, 280
Thomas-Gilchrist process, 125, 273
Thompson, Sanford, 301
Thomson, Frank, 230
Thomson, J. Edgar, 14, 75, 75, 92, 93, 95, 123–24, 129, 153
Thomson-Houston, 255n
Thorndike, Israel, 40
Thornton, William, 42–44
Tidewater pipeline, 156–57, 225, 226, 236
Tin Plate Co., 284
tin plate industry, 258
merger of, 252–54, 257, 265
tariffs and, 283–85
Titanic, 268
Tocqueville, Alexis de, 164–65, 183, 288–89
Towne, Henry, 298–99
Toyota system, 317–18
trade. See also tariffs
deficit of 1872, 101
“fair,” 280–81
free, 278–85
surpluses, 107, 248–49
transcontinental railroad, 94, 136–37, 138n, 140, 144
Trollope, Anthony, 7
trusts. See also Sherman Antitrust Act;
Interstate Commerce Act
fervor against, 216–19
first created, 193–94
Roosevelt vs., 246, 251–52, 269
science of management vs., 295
Standard Oil case, 219–27
Twain, Mark, 7, 179
Tweed, William M. “Boss,” 66, 76, 78, 104
Union Iron Mills, 91, 93, 128–30, 132
Union Oil, 226
Union Pacific Railroad, 113, 251
Carnegie and, 91, 94, 95, 207
Gould and, 21–22, 136–41, 143–44, 146, 148–49, 240–42
Harriman and, 243–45
United States Bureau of Corporations, 219, 225
U.S. Congress, 11, 46–47, 107, 137, 141, 213, 228, 279, 310
antitrust laws and, 217, 225, 246
U.S. Constitution, 9
U.S. government bonds, 26
U.S. House of Representatives, 154
U.S. Industrial Relations Commission, 311
U. S. Steel, xiii, 28, 251, 279, 295
Morgan buyout of Carnegie creates, xiii, 16, 250, 254–66, 269, 319
prices and tariffs, 284
Sherman Act and, 218
unions and, 202
U.S. Supreme Court, 11, 89, 146, 218–20, 251
U.S. Treasury, 73–74, 247–48
Valley Oil Works, 152
Vanderbilt, “Commodore” Cornelius, 75, 79, 82, 83, 87, 88, 138, 143
Erie Wars and, 60–66, 68
SIC and, 84–85
Vanderbilt, William H., 85, 143, 145–47, 149, 231–33, 236, 237
Vandergrift, J. J., 85
Verizon, 226
vertical integration, 233, 239–40, 255, 257–58, 318
Victoria, Queen of England, 30
Visible Hand, The (Chandler), 314, 318
Vulcan Iron and Steel Works, 128, 13
Wabash Railroad, 144
Wadsworth, Decius, 39
wages, 103n, 104, 117, 172, 292
Homestead and, 197–98, 202–3, 205
piece rates and, 299–301, 303
U.S. vs. British, 275
Walker, Samuel, 49
Wall, Joseph Frazier, 330
Wallis, George, 52
Wal-Mart, 239
Wanamaker, John, 161, 163, 164, 174, 177, 182
Ward, Montgomery, 174
Warner, Thomas, 48
War of 1812, 37, 44
Washington, George, 39, 43
Waters, Asa, 34–35, 57, 59
Watertown Arsenal, 313n
Watson, Peter, 77–79, 83, 84, 90–91
Webster, Daniel, 7, 8, 40
Weed Sewing Machine Co., 181–82
Welch, Jack, 158
Wellington, Duke of, 31
Western Union, 92, 141–42, 146–48, 148, 240
Westinghouse, George, 95
, 213, 255n
Westinghouse company, 278, 298
West Point, 39
West Shore Railroad, 231
wheat farming, 110–11, 117, 217
Whigs, 7, 8, 10, 99, 136–37
Whiskey Trust, 194
White, Maunsel, 303, 304
White Star line, 268
Whiting, Indiana, refinery, 221–24
Whitman, Walt, 120, 164, 167
Whitney, Eli, 41, 44, 48
Whittier, John Greenleaf, 119
Whitworth, Joseph, 52, 53, 55–56
Willard, Edward, 73
Willcox and Gibbs, 48, 181
Williamson, Harold, 87
Wilmington Railroad, 145
Wilson, William, 310
Winchester rifle, 48
wire and nail makers, 253, 257, 265
women
department stores and, 161–62, 166–67
family life and, 185–86
middle-class, 170–71
work and, 166–68, 172, 192
textile industry and, 57
Woolworth, Frank, 177
Worldcom, 239
XIT ranch, 113
Zunz, Olivier, 167
Illustration Credits
1. Prelude
Page 3. Lincoln funeral train route: From Stefan Lorant, Lincoln: A Picture Story of His Life.
Page 25. Andrew Carnegie (upper left): The Carnegie Library of Pittsburgh; John D. Rockefeller (upper right): Courtesy of the Rockefeller Archive Center; Jay Gould (lower left): Lyndhurst, an historic site of the National Trust for Historic Preservation in the United States; J. P. Morgan (lower right): Archives of The Pierpont Morgan Library, New York.
2. “. . . glorious Yankee Doodle”
Page 32. The Yacht America: Courtesy of the Hagley Museum and Library.
Page 36. Blanchard gun-stock machine: Courtesy of the American Precision Museum, photograph by John Alexander. Labels by the author.
Page 46. Rifle gauging set: National Museum of American History, Smithsonian Institution.
Page 58. Evans’s grist mill: Rare Books Division, New York Public Library, Astor, Lenox and Tilden Foundations.
3. Bandit Capitalism
Page 65. Jim Fisk: Collection of the New-York Historical Society.
Page 78. Erie ouster: Provided courtesy of HarpWeek, LLC.
Page 95. St. Louis Eads Bridge: Scientific American, November 15, 1873.
4. Wrenchings
Page 98. Pittsburgh strike: Corbis.
Page 111. Bonanza farm: Fred Hultstrand History In Pictures Collection, NDIRS-NDSU, Fargo.
5. Mega-Machine
Page 121. Corliss engine: Courtesy of the Hagley Museum and Library.
Page 126. Bessemer converter: Courtesy of the Hagley Museum and Library.
Page 148. Gould cartoon: Culver Pictures.
Page 155. John D. Rockefeller: Courtesy of the Rockefeller Archive Center.
6. The First Mass Consumer Society
Page 163. Wanamaker’s: From Herbert Adams Gibbons, John Wanamaker.
The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supercompany Page 51