AMH 2020 Lecture 4: AMH Chapter 20- Module 4 notes
Document Summary
The money power and trusts: 1890s- five railroad systems, 1900- under control of ny investment banks j. p. Loeb, and co: investment banks allowed railroads to lay tracks, modernize equipment, etc. Loopholes were often found in the act us vs. ec knight company. 1895: a monopoly of sugar refining was not against the act because refining was not placed under trade or commerce: big business grew bigger from 1890-1901. State chartered trusts grew from 251 to 290. The amount of money invested in trusts grew from million to million. The agrarian revolt: the grange: farmers banded together in the 1860s, and in 1873, became an organization of change. Started as a social organization, but moved to one for economic change. Midwest chapters tried to cut out the middleman and curb monopolistic practices of the railroads and warehouses. Most grange enterprises failed due to lack of experienced businessmen.
