APUSHch17 Flashcards
Cornelius Vanderbilt
Made millions from steamboat business, and used the money to merge local railroads to the New York Central Railroad.
Union and Central Pacific
These railroad companies were chartered to work together to create the first transcontinental railroad. One was to begin in Omaha, Nebraska, and end in California. Irish men were the main labor force. The other began in California and Chinese men laid the tracks.
rebates
Developed in the 1880s, a practice by which railroads would give money back to its favored customers, rather than charging them lower prices, so that it could appear to be charging a flat rate for everyone.
J. Piermont Morgan
Banker who took over railroads during the depression of 1893. Improved railroading systems by: taking them over, reorganizing their administration, refinancing their debts, and building system alliances. Also founded US Steel Corporation.
William Vanderbilt
Son of Cornelius Vanderbilt, He took over his father’s railroad company and doubled the family fortune. Was known for his greed. Responded to critics, “The public be damned.”
Andrew Carnegie
Scottish-born industrialist who developed the U.S. steel industry; his is a rags-to-riches story as he made a fortune in business and sold his holdings in 1901 for $447 million. He spent the rest of his life giving away $350 million to worthy cultural and educational causes.
vertical integration
Practice in which a single manufacturer controls all of the steps used to change raw materials into finished products
John D. Rockefeller
An American industrialist and philanthropist, in 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. Often forced rival companies to sell out by drastically lowering his own prices. At one point he controlled 90% of the oil business. He became the world’s richest man and first U.S. dollar billionaire.
horizontal integration
A technique used by John D. Rockefeller. Horizontal integration is an act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth.
Sherman Antitrust Act (1890)
A federal law that committed the American government to opposing monopolies, it prohibits contracts, combinations and conspiracies in restraint of trade.
United States v. E.C. Knight
1895 Supreme Court case-ruled that the Sherman Antitrust Act could only be applied only to commerce, not to manufacturing. As a result, the U.S.Department of Justice secured few convictions until the law was strengthened during the Progressive Era
gospel of wealth
The idea that wealth is God-given and that those who have wealth are obligated to carry out projects of civic philanthropy for the benefit of society
Samuel F.B. Morse
Invented the telegraph which allowed faster communication over longer distances. He also developed Morse code
Alexander Graham Bell
He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country.
Thomas A. Edison
Established lab at Menlo Park, NJ for the purpose of inventing new technologies (first modern research lab); introduced concept of mechanics and engineers working on a project as a team rather than as lone inventors. He invented the light bulb in 1879. He also invented or improved: generators, voltage regulators, electric meters, and insulated wiring. Phonograph, mimeograph, microphone, motion picture camera and film, battery, etc