J.P. Morgan and Ragtime Essay

In the early 1900’s Henry Ford developed the idea of “a wagon that will run without a horse”.1 This idea and Ford’s success changed America and its people forever. The development of the automobile played a tremendous role in the economy, labor unions and society. Generally, when most people think of Henry Ford they reflect upon his wealth and contributions to the transportation industry as an infinitely positive phenomenon. It is thought that aside from just allowing consumers to purchase and use his inventions, he provided thousands of people with jobs and the promise of prosperity. The tale of Henry Ford’s legendary business and remarkably effective assembly line is unparalleled in

The firm of Duncan, Sherman & Co. was the American representation of the George Peabody Company. He wrote to the company asking for a position for his son and advertising the fact that his son had "many admirable qualities for a worker" To the company, J.P brought an energetic and enterprising spirit, mathematical wisdom, great confidence and a useful tie with the English banking world. In less than three years Morgan went from clerk to cashier in the company. Although, he was denied a promotion when his father requested one, he did receive a promotion in the firm later in his career. In 1860 Morgan left Duncan, Sherman and founded J. P. Morgan and Company to act as an agent for his father's business. Young Morgan had his hands full at time putting through sales of American securities on behalf of his fathers anxious English clients, who doubted if the Union would survive and wanted to unload their American holdings in. In 1864 Morgan joined up with another former businessman of Duncan, Sherman & Company.

Henry Ford was the godfather of the automobile industry in the early 1900’s. The development of his River Rouge plant was considered a “industrial Cathedral.” Hundreds waited month after month in front of the employment building hoping to be hired. To foreign immigrants it meant hope and a successful future. The River Rouge plant

     When people talk about J.P. Morgan, they often refer to one man. The J.P. Morgan dynasty was in fact a combined effort of three generations of Morgans. In 1838, American businessman George Peabody opened the London merchant banking firm that would establish the roots of the House of Morgan. In 1854, Junius S. Morgan became the partner of George Peabody and eventually took over the firm in 1864, renaming it J.S. Morgan & Co. At the age of twenty four, J. Pierpont Morgan inherited his father’s business, renamed the business to J.P. Morgan & Co., and made a point to consolidate the firm’s American and European interests. Under Pierpont’s authority, J.P. Morgan

In the late nineteenth century, technological advances provided inexpensive production methods through industrial manufacturing. One of the innovations that shaped the way the American industrial worker’s job was the steam engine by James Watt. Before the steam engine, the only methods of power were by wind, water, or hand, which made factories, for example,

In the early to mid. 19th century, the world came to life with the introduction of machines that could create products in hours, compared to what it would take skilled craftsmen days to produce. These marvels began in Europe but soon found their way to the American shores. The very first textile mill was produced by an apprentice named Samuel Slater in 1790 after returning with the English secrets of the textile machinery still buzzing in his head (Wallace, 1985). Soon more factories began to rise up armed with the new technology. With the means to produce more products, railroads being built to ship vast amounts of goods between states and the mass amounts of wealth to be made during this revolution, what were once small rural farming towns

As the cost of transportation decreased, the opportunity for industrialization grew. The North began industrialization first by processing raw materials, but soon the north industrial factory adopted the “disassembly line.” This “disassembly line” would transform how factory work evolved forever, because with this more efficient way of working, “competition from cheaper less-skilled workers… created job insecurity and few opportunities for advancement.” (Norton, et. al., Mindtap, 10-3a) American factories soon developed the American System of manufacturing which “used machinery to produce interchangeable parts.” (Norton, et. al., Mindtap, 10-3a) This system promoted the

Gould purchased stock in the Rutland and Washington Railways during the Panic of 1857 for ten cents on the dollar. During the era of the Civil War, he invested in even more railroad stocks. In 1863, Gould was appointed to be the manager of the Rensselaer and Saratoga Railways. One of the most popular and significant of Gould’s railroad ventures was known as the Erie War. The Erie Railroad was initially built with money received from the public through taxes and land from public and private developers. Another captain of industry, Cornelius Vanderbilt, was interested in this railroad. A ‘war’ began over who would control this railroad, and because

The Industrial Revolution occurred in Britain and America around the late 1700’s to 1900. This revolution improved the production of goods using new mechanisms and machines. Human labor was in high demand in order for the highest production rates. Factories employed low to middle-class people that were as young as three years old (Document 9). These workers were benefited with money, shelter, and clothes, but the working and living conditions were not satisfying. The average industrial worker experienced a variety of factors that can be classified as good or bad, including the positive effects of labor, like the shelter, money, and food they were given; and the negative effects of the factory,

In the 19th century, America saw major expansions and technological advances that paved way for the grand expansion of agriculture that boosted the nation’s economy. Regardless of the fact that Great Britain had tried to keep secrets regarding machinery and inventions, most of America’s advances were propelled by inventions such as the cotton gin by Eli Whitney in 1793, steel plow by John Deere, railway, steamboats, telegraph, and canals. In addition, technology’s profound effect on agriculture also led to the rise of the textile industry whereby factories produced materials such as cotton thread and cloth. Many of these initial factories are recognized in historical texts, but the Lowell factory system is one that is famous – precisely the

Another wealthy man was John Pierpont Morgan. Like Carnegie, John Pierpont Morgan used the Vertical Integration method. John Pierpont started United States Steel from Carnegie’s businesses, this is an example of Vertical Integration. He used many businesses such as Andrew Carnegie’s Steel Company to combine with his own and create the immense amount of money he had. J.P. Morgan was known for his consolidation techniques, he was also a well known banker, “One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations.” In many occasions John Pierpont Morgan’s wealth helped the United States’ economy out of financial situations. In one instance the United States went through an economic depression in 1893. The Panic of 1893 was the effect of excessive railroad building and railroad funding, which then caused the banks to go through failures. John Pierpont Morgan helped get rid of the two year economic depression that the United States had by giving out bonds, “Twelve days later, J.P. Morgan & Co. led a syndicate of bankers to sell U.S. bonds to buy back gold from foreign investors.” The

In 1908 Henry Ford had constructed the Model T; the time it took him to create this automobile was 13 days. Now eager to achieve more, Ford knew that he needed a place to construct these cars. He also knew that to sell mass amounts he would have to sell cheap, and buy parts and supplies even cheaper (Douglas, 25). The construction of the first Ford Motor plant used the world’s only conveyer belt. This was part of the Fords plan to build fast, when he constructed the assembly line cars were pumped out in as fast as 15 minuets, this was down from 19 days. Ford was able to make the automobile a car for everyman, a working man with a family.

At the same time, as we learned in class, America’s population grew because of labor mobility. People began to migrate from rural to urban areas, and from Europe to North America, in search of better economic opportunities, and to improve their lives. The job market became more and more competitive Hubert Gutman’s “Work, Culture, and Society in Industrializing America 1815-1919” sheds light on the struggle of farmers and tradesmen who were forced into unskilled labor positions during the industrial revolution and the many new immigrants that were finding their way to America Gutman states, “A factory worker in New

There is no question that the Industrial Revolution had an enormous impact on American society between 1870 and 1940, but the question is what kind of an impact did it have during this period. The overall effect of the Industrial Revolution turned out to be a positive push towards modernization in America. As Stephen Gardiner, a British architect and writer during the 20th century, said, “The Industrial Revolution was another one of those extraordinary jumps forward in the story of civilization.” While Gardiner hit the nail on the head with his quote, the part of the story that most people tend to forget is just how quickly we Americans, made that extraordinary jump forward. There were Americans, who, at one point in their life were

Named after American industrialist Henry Ford, Fordism is essentially a modern socio-economic system designed on the bases of industrial mass production in the 20th century. There are many aspects of Fordism in terms of its social and economic organisation, such as the relation to production line techniques, the nature and pattern of consumption, and overall state regulation. This essay will firstly outline the three major characteristics of Fordism; the standardisation of goods produced, the synchronisation of assembly line workers, and the concept of how higher waged workers are able to afford the goods they produce. Moreover, the 21st century patterns of production,