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Arlecino [84]
3 years ago
9

The prosperity of the "boom years"

History
1 answer:
PSYCHO15rus [73]3 years ago
8 0
Perhaps, you are talking about the prosperity of the "boom years" which led to the lavish lifestyle of the rich which was the cause of the collapse of the Wall Street Stock Market. The 1929 Wall Street Stock Crash which is also known as the Black Tuesday was mainly because of how 16 million dollars worth of shares were traded in one single day. This was too much for the New York Stock Exchange. 
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Answer: Mr. Samuel Slater and Francis Cabot were in the first in the American industry to establish the FIRST TEXTILE MILL.

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In the early 1784, Mr. Slater relocated to the United States of America in hopes of making wealth by aiding to incorporate and pioneer a textile industry and the support of Mr. Quaker, a well known miller, Slater Successfully established Americas first water engineered cotton spinning mill in Pawtucket, Rhode Island.

Mr. Cabot whoever thrived as an overseas trader. Born and raised in Newburyport, Massachusetts, In July 1795 after graduating and after having been involved in various overseas merchants he finally settled into TEXTILE MILL and he, Samuel Slater, contributed in the development of building the largest and well-known factories that embarked in textile and cloth.

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