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Union Tank Car Company
Union Tank Car Company or UTLX is a railway equipment leasing, rail car maintenance, and rail car manufacturing company headquartered in metro Chicago, Illinois. A direct descendant of Standard Oil, the firm today is owned by Berkshire Hathaway. History The company was founded in 1866 as the "Star Tank Line" by Captain Jacob J. Vandergrift (1827–1899), in response to the economic activities of John D. Rockefeller in the years leading up to his creation of Standard Oil.Union Tank Car Co.
on ''Encyclopedia of Chicago''
Vandergrift was involved in the conflicts in the oil regions of Western Pennsylvania in the 1860s–1870s.Jacob J. Vandergrift ...
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Rochelle Railroad Park
The Rochelle Railroad Park is a city park located in Rochelle, Illinois where railfans can safely view and photograph trains. Location The park is in the eastern quadrant of the double diamond crossing between the Union Pacific Railroad (UP) and BNSF Railway (BNSF) mainlines between Chicago and points west. The two mainlines cross on the southwest side of Rochelle. The UP (formerly Chicago and North Western Railway) Geneva Subdivision travels through the crossing from the southwest to northeast, from Chicago towards Clinton, Iowa, and Omaha. The UP's Global III yard is about 1 mile southwest of the diamond. The BNSF (formerly Burlington Northern Railroad and before that, the Chicago, Burlington & Quincy Railroad) Aurora Subdivision travels the northwest to southeast corners, from Aurora Illinois to Savannah, Illinois and to the twin cities of Minneapolis-St Paul. This double mainline, four-track, diamond, known as NX Crossing, is at milepost 83.7 on the BNSF, and at 75.3 on ...
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Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its south. Of the fifty U.S. states, Illinois has the List of U.S. states and territories by GDP, fifth-largest gross domestic product (GDP), the List of U.S. states and territories by population, sixth-largest population, and the List of U.S. states and territories by area, 25th-most land area. Its capital city is Springfield, Illinois, Springfield in the center of the state, and the state's largest city is Chicago in the northeast. Present-day Illinois was inhabited by Indigenous peoples of the Americas#History, Indigenous cultures for thousands of years. The French were the first Europeans to arrive, settling near the Mississippi and Illinois River, Illinois rivers in the 17th century Illinois Country, as part of their sprawling colony of ...
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Manufacturing Companies Established In 1866
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final pro ...
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Rolling Stock Leasing Companies
Rolling is a type of motion that combines rotation (commonly, of an axially symmetric object) and translation of that object with respect to a surface (either one or the other moves), such that, if ideal conditions exist, the two are in contact with each other without sliding. Rolling where there is no sliding is referred to as ''pure rolling''. By definition, there is no sliding when there is a frame of reference in which all points of contact on the rolling object have the same velocity as their counterparts on the surface on which the object rolls; in particular, for a frame of reference in which the rolling plane is at rest (see animation), the instantaneous velocity of all the points of contact (for instance, a generating line segment of a cylinder) of the rolling object is zero. In practice, due to small deformations near the contact area, some sliding and energy dissipation occurs. Nevertheless, the resulting rolling resistance is much lower than sliding friction, and th ...
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Companies Based In Chicago
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is to generate sales, revenue, and profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporatio ...
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Madison Dearborn Partners
Madison Dearborn Partners (MDP) is an American private equity firm specializing in leveraged buyouts of privately held or publicly traded companies, or divisions of larger companies; recapitalizations of family-owned or closely held companies; balance sheet restructurings; acquisition financings; and growth capital investments in mature companies. MDP operates using an industry-focused investment approach and focuses on the following sectors: basic industries, business and government software and services, financial & transaction services, health care, and TMT services. Since the founders established MDP as an independent firm in 1992, the firm has raised seven funds with aggregate capital of approximately $23 billion, and has completed investments in more than 130 companies. History Madison Dearborn Partners was founded in 1992 and is based in Chicago, Illinois. The founders, John A Canning Jr, Paul J. Finnegan, Samuel M. Mencoff, and Nicholas W. Alexos, had previously ...
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Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Weimar Republic, Germany. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing Wealth inequality in the United States, wealth inequality. Banks were subject to laissez-faire, minimal regulation, resulting in loose lending and wides ...
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Public Company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listing (finance), listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation, though a corporation need not be a public company. In the United Kin ...
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Standard Oil Co
Standard may refer to: Symbols * Colours, standards and guidons, kinds of military signs * Standard (emblem), a type of a large symbol or emblem used for identification Norms, conventions or requirements * Standard (metrology), an object that bears a defined relationship to a unit of measure used for calibration of measuring devices * Standard (timber unit), an obsolete measure of timber used in trade * Breed standard (also called bench standard), in animal fancy and animal husbandry * BioCompute Standard, a standard for next generation sequencing * ''De facto'' standard, product or system with market dominance * Gold standard, a monetary system based on gold; also used metaphorically for the best of several options, against which the others are measured * Internet Standard, a specification ratified as an open standard by the Internet Engineering Task Force * Learning standards, standards applied to education content * Standard displacement, a naval term describing the we ...
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Subsidiary
A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unlike regional branches or divisions, subsidiaries are considered to be distinct entities from their parent companies; they are required to follow the laws of where they are incorporated, and they maintain their own executive leadership. Two or more subsidiaries primarily controlled by same entity/group are considered to be sister companies of each other. Subsidiaries are a common feature of modern business, and most multinational corporations organize their operations via the creation and purchase of subsidiary companies. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, and Citigroup, which have subsidiaries involved in many different Industry (e ...
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Tank Car
A tank car (International Union of Railways (UIC): tank wagon) or tanker is a type of railroad car (UIC: railway car) or rolling stock designed to transport liquid and gaseous commodity, commodities. History Timeline The following major events occurred in the years noted: *1865: Flatcars with banded Plank (wood), wooden planks or decking mounted on top are employed for the first time to transport crude oil from the fields of Pennsylvania during the Pennsylvanian oil rush. Laurence Myers of Philadelphia invented the ''Rotary Oil Car'', as he named it. It was an improvement on a patent from 1851 of a freight car for transporting coal. The new invention patented on July 18, 1865, was for the transportation of crude oil and petroleum. It was the first appearance of an oil tank on a railroad flatcar. Three books mention his invention. *1869: Wrought iron tanks, with an approximate capacity of per car, replace wooden tanks. *1888: Tank-car manufacturers sell units directly to the oi ...
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Vandergrift, Pennsylvania
Vandergrift is a borough in Westmoreland County in the U.S. state of Pennsylvania, approximately northeast of Pittsburgh. In the early 20th century, Vandergrift had the largest sheet steel mill in the world. On June 28, 1915, the Borough of Vandergrift Heights was consolidated with Vandergrift. In 1900, 2,076 people lived here; in 1910, 3,876. The 1915 consolidation almost doubled Vandergrift's population when Vandergrift Heights added approximately 3,438 new residents (1910 population). By 1940, 10,725 people lived in Vandergrift. The population was 5,455 at the 2000 census, and 5,205 in 2010. Etymology Dutch (Van der Grift): topographic name from Middle Dutch grifte ‘man-made channel', a surname subsequently adopted by the Van der Grift family who served as the town’s mayors for five consequent generations. History In the 1890s the Apollo Iron and Steel Company was in a dramatic round of industrial restructuring and labor tension, ending a bitterly contested labor dispu ...
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