HIST 132 Lecture Notes - Lecture 2: John D. Rockefeller, The Courier-Journal, The Atlanta Journal-Constitution
Document Summary
Chapter 2: edwin l. drake- drilled first successful petroleum well 1859, kerosene how people light there homes and would use it to light the lamps on the street. Snake oil, miracle cure: young businessman, listen to recording, bookkeeping and accounting, commission merchant, gives food to army during the civil war. Standard oil trust- overarching organization to consolidate oil companies: stocks to certificates, listen to recording and add. Sherman anti trust act 1890- stop monopolies but failed because of definition. The new south: the old south economy was based on slavery, this past held the south back in the industrial era, two factors of slow development, lack of capital, devastation of the civil war. Lack of capital: failed banks- 2% of the nations banks, crop -lien system. Lien on a future crop of farmers: high interest, merchants acted like bankers, 3 groups trapped in the system.
