Oil and Economic Change in Texas Oil and Economic Change, 1890 – 1945 History 226 Fall 2012 #14 I. Connections a. Memory i. Texans were more innovative and wanting to lead the march into the west. ii. Memory changes from southern memory to Alamo Texas revolution. 1. 1890-1945 attitude changed as Texas Economy grew b. Politics iii. Often been the case that politics either helps or hurts economic iv. Doesn’t have a federal government to actively enforce the 13th, 14th amendments. v. One of the reasons for astounding growth of Houston – federal investment.
More willing to go to federal government or state government. vi. Government helps to make a more rational government c. The Beyond vii. Texas influenced by lower south as it moves toward succession. 2. Drug in by succession viii. Economic 3. Markets in Europe cotton 4. Inventions of machines empowered by Petroleum 5. Had there been no market, there would be no oil boom. a. Connections with all of these points. b. All part of the same puzzle 6. Connections between economic things and other prominent features. d. Slight decline in island communities ix.
Going to the store, using the railroads through transportation x. Economic change had an effect on social change. 7. Parts of history, parts of transformation process II. Extension of the Market e. Transportation and communication xi. Revolution in the 1840’s 8. Extensive railroad construction and Texas has telegraph, radio and telephone. f. Money and banking xii. Technology of railroads and communications xiii. Texas after the civil war was land rich but cash poor. xiv. Flow of capital was investments. 9. Became easier, had the creation of a better money and banking system g.
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Consumer demand and supply xv. Someone has to work the system of supply and demand for petroleum. xvi. Production of cotton – much demands h. Texas was a place that had a relatively sophisticated banking system. xvii. Reinvest earnings into local banking economy. i. Economic Colonialism? xviii. People who control the money and control momentum have an ordinant control over prices of transportation and colonialism. 10. Large corporations milked Texas 11. Texas was able to react to economic colonialism c. Texans in banking out of state banks could not do business in the state of Texas. i.
Only Texas banks so money made in banking remained in Texas 12. xix. Making oil and leaving cake on stock car. 13. Put oil onto stock market. 14. Market becomes more sophisticated as money and banking increase xx. Same is true of consumer demand and supply 15. Cash only scores xxi. Modern consumer site – specialize in one or two things and buy what you need j. Greater stratigation – maybe we can make it up in land owner level. xxii. Poor got poor and the rich got richer xxiii. More people able to listen to radio and predict where cotton prices could go and what they could do.
III. Role of the government and emerging Culture k. Financing of Transportation and communication xxiv. Reason that Texas had a higher educational rating. xxv. Still have examples of public or private xxvi. Investment in infrastructure was important xxvii. Railroads paid for by public. 16. Periodically engaged in railroad expansion 17. On some level even though some didn’t make money. Texas as a whole made money. 18. Expands beyond simply growing cotton. – uses train. 19. Concentration in Fort Worth. d. Huge and efficient stock yards. e. Conducive for a big business like the shipyards became l.
Regulation – East Texas Field xxviii. Dependable price for the freight that was brought in 20. Periodically engaged in railroad expansion 21. Over time railroad expansion expanded its duties 22. Huge pool that suddenly entered a market where the world had already entered the great depression 23. Sent east texas rangers into the rangers field to shut off price of petroleum. 24. Texas Railroad Commission f. Government was effective for the success of the field of the Texas Economy m. Education xxix. Still have examples of public or private xx. Investment in infrastructure was important xxxi. Through 1945 there is a steady expansion by private schools, donors and universities. 25. Anti-colonialism – xxxii. Texas Anti-monopoly law – there was a great fear of standard oil. Fear of monopolized xxxiii. State attorney general aggressively applied n. Anti-colonialism xxxiv. Tired levels of education that we had never had before 26. High rate of return on investment xxxv. Opportunity for investment and income IV. Oil and the Multiplier Effect o. Corsicana and Spindletop xxxvi. 850’s-60’s, 70’s there wasn’t a lot of use for it. 27. Wasn’t until 1895 there was a significant field of oil. xxxvii. At first they didn’t know what to do with it but soon word got out and it began to be sold as fuel oil. 28. Instead of wasting a third of it in an oil field. 29. We’ll drill every salt owned in p. Connections, markets and government xxxviii. West Texas to East Texas xxxix. Ira and Anne Yates 30. Government provides ways for oil drillers. 31. Texas by 1945 was the number one producer of petroleum in the world. q. Expansion 1920 to 1945 xl.
By 1945 Texas was number one producer in the world. 32. Geology and demands of drilling in Texas were particular in Texas 33. Houston in particular became sinners of not just petroleum companies. g. Expansion of petroleum possible. ii. Drilling, bowls, pike, storage facilities r. Industrialization and urbanization xli. Multiplier of more high tech, high skilled jobs. xlii. Goes into things like building big buildings and banks 34. Multiplier effect encourages industrialization and urbanization h. Hold autumn in your hand iii.
Heor has an option of being a sharecropper 1. Spin off or multiplier effect. iv. Industrial effect. 2. The world is quite different in terms of opportunity V. The Rise and Fall of King Cotton s. Blackland Praries xliii. Cotton expands – more and more produce cotton. 35. Cotton was more sophisticated t. Connections, markets and government xliv. People who had the money owned it and made the money u. Cotton firms like Anderson Clayton xlv. By 1960 it was the worlds biggest cotton company 36. Perfected how to buy cotton as cheaply as possible i.
How to sell cotton as cheaply as possible v. Doesn’t matter whether it is a nickel a pound or a dollar a pound. 37. Smart and understood the market v. Mechanization xlvi. Disrupted by the Great Depression 38. Price of Cotton is so low that the federal government acts to slow production. 39. Land owners take money, invest in machinery, education, better strains of cotton. j. Bulk of population, cotton no longer grown. k. Peak anchorage of the late 1920’s w. Cotton holiday of 1930 xlvii. Only 2% of the population xlviii. Economic change of a transformed society 40. After 1945 x. New Deal
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