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APUSH > Ch 24 > Flashcards

Ch 24 Flashcards

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AP® U.S. History flashcards
1
Q

Union Pacific Railroad

A
  • commissioned by congress to travel westward from Omaha, Nebraska
    • company was granted 20sq miles of land alternating to different sides of the track in 640 area sections
    • received generous grant loans from the gov’t
    • building really started after the civil war
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2
Q

Central Pacific Railroad

A
  • Granted same same incentives and subsidies as Union Pac.
    • build by Chinese immigrant labor
    • laid track “at the CA end” from Sacramento eastward
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3
Q

Land Grant

A
  • given by the government to railroad companies to build railroads on
    • encouraged many railroads
      • including multiple transcontinental railroads
        (see specifics above)
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4
Q

Leland Stanford

A
  • One of the “Big Four” who finically backed the CPRR
    - operated through 2 construction cos
    - 10s of millions in profits
    • Ex gov of CA
    • had useful political connections
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5
Q

Collis P. Huntington

A
  • One of the “Big Four” who finically backed the CPRR
    - operated through 2 construction cos
    - 10s of millions in profits
    • an adept lobbyist
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6
Q

James J Hill

A
  • ‘bearlike’
    • probably the best RR builder of all
    • high sense of public duty
      • felt that RR would only prosper if the area it serves prospers too
        • sent “agricultural demonstration trains through”
        • gave bulls to farmers
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7
Q

“Commodore” Cornelius Vanderbilt

A
  • had made millions with steamboats
    • uneducated but had a clear vision
      • offered better derive at lower prices
    • amassed a fortune of $100 Mil
      • contributed 1 mil to found a University in his name (Tenn)
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8
Q

Jay Gould

A
  • very adept scammer
    • for nearly 30 years he manipulated stocks of:
    • Erie, Kansas Pacific, Union Pacific, and the TX and Pacific
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9
Q

Stock Watering

A
  • the process of RR stock promoters grossly inflating their claims about a given line’s assets and profitability and sold stocks and bonds far in excess of the RR’s actual value
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10
Q

Pool

A
  • an agreement to divide the business in a given area and share the profits
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11
Q

Rebate

A
  • a kickback

- granted by rail barons to powerful shippers in return for steady assured traffic

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12
Q

Grange (ADD MORE)

A
  • Patrons of Husbandry

- got many midwestern legislatures tried to regulate the railroad monopoly

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13
Q

Wabash Case (1886)

A
  • decreed that individual states had no power to regulate interstate commerce.
    • federal government would have to stop monopolies
      • Interstate Commerce Act in 1887 (passed by cong)
        • prohibited rebates and pools and required the railroads to publish their rates openly
        • set up the Interstate Commerce Commission (ICC) to admin- ister and enforce the new legislation
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14
Q

Alexander Graham Bell

A
  • Introduced the telephone in 1876
    • teacher of the deaf
    • telephone created a giant communication network
      • more jobs for operator women
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15
Q

Thomas Edison (1847-1931)

A
  • Most versatile inventer
    • deaf, but that allowed him to work without distraction
    • his “invention factory” in NJ produced the:
      • the phonograph
      • mimeograph
      • dictaphone
      • the moving picture
    • 1879- he perfected the electric lightbulb
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16
Q

Vertical Integration

A
  • combining into one organization all phases of manufacturing from mining to marketing
    • goal
      • improve efficiency by making supplies more reliable
      • control over quality of all aspect of the product
      • eliminate middleman’s fees
17
Q

Horizontal Integration

A
  • allying with competitors to monopolize a given market

- Rockefeller was good at this

18
Q

Trust

A
  • a combination of corporations, usually in the same industry, in which stockholders trade their stock to a central board in exchange for trust certificates.
    - Rockefeller perfected the “trust” to control his rivals
    - stockholder in smaller CO’s assigned their stock to the board fo directors of his CO
    - Then it consolidated operations
19
Q

Interlocking Directorate

A
  • process of placing men from your company on the board of directors of other competing companies
    • used to gain influence and reduce competition
20
Q

Andrew Carnegie

A
  • Started as a poor immigrant and rose to power
    • started steel business in Pittsburgh area
      • streamline - eliminated many middlemen
    • disliked monopolies
    • formed a partnership with 40 “Pittsburgh Millionaires”
    • 1900- made 1/4 of nation’s bessemer steel
      • profits of 40-25 mil
    • donated much of his money
21
Q

Gospel of Wealth

A
  • essay written in 1889
    - Andrew Carnegie
    • described the responsibility of philanthropy by the new upper class of self-made rich.
22
Q

Bessemer Process

A
  • The first inexpensive industrial process for the mass-production of steel from molten pig iron. - named after its inventor, Henry Bessemer
    - took out a patent on the process in 1855
    • Key principle = removal of impurities from the iron by oxidation with air being blown through the molten iron.
      - The oxidation also raises the temperature of the iron mass and keeps it molten.
23
Q

J. Pierpont Morgan

A
  • made reputation for himself by
    - financing the reorganization of RRs, insurance cos, and banks
    • didn’t believe that money power was dangerous
24
Q

United States Steel

A
  • JPM bought out Carnegie who no longer wanted the wealth
    - payed $400 mil
  • 1901- JMP launched and enlarged the US Steel Corporation
    - capitalized at $1.4 billion
    - first billion dollar co
25
Q

John D. Rockefeller

A
  • born into a wealthy family
    • 1870 - organized the Standard Oil Company of Ohio
      • refineries in Cleveland eliminated the middleman
    • 1882- oil trust formed
    • low business ethics, ruthless
    • 1877- controlled 95% of all US oil
      • did turn out a superior product at a better price
26
Q

William Graham Summner

A
  • Yale professor and social darwinist
    • “the millionaires are a product of natural selection, they get high wages and live in luxury, but the bargain is a good one for society”
27
Q

Plutocracy

A
  • government by the wealthy
    • caused increase in class divisions
    • the rich used the constitution to support their monopolies
      • some used 14th amendment and interpreted person as a cooperation
28
Q

Yellow Dog Contract

A
  • similar to an ‘ironclad oath’

- agreement between an employer and a worker that the worker will not join a labor union

29
Q

New South

A
  • Industrialists tried to modernize the south
    • region remained overwhelmingly rural
    • promoted by Henry W. Grady the editor of the Atlanta Constitution (newspaper)
30
Q

National Labor Union

A
  • organized in 1866
    • lasted for 6 years and had 600,000 members
      • excluded Chinese and did not try to include blacks and women
        • blacks made their own union
    • hard hit during the 1870s depression
31
Q

Terence V. Powderly

A
  • irish-american
    • leader of the Knights of Labor
      • won them a number of strikes for the 8 hour day
      • had a successful strike against Jay Gould’s Wabash RR in 1885
        • membership increased to 3/4 of a mill
32
Q

Haymarket Riot

A
  • organized by the Knights of Labor
    • May 4 1886
      • Chicago police advanced on a meeting to protest alleged brutalities by the authorities
        • dynamite bomb was thrown
          • killed or injured several dozen people
      • 8 people rounded up and 5 were sentenced to death and the others sent to prison
33
Q

Injunction

A
  • method used by corporations to handle strikes

- court order against strikers to get them to stop striking (or walkout-ing)

34
Q

John P. Altgeld

A
  • german-born democrat
    • gov of Illinois
      • pardoned the 3 survivors
        • much opposition from conservatives
          • was not re-elected
            • showed opposition for what we thought was an injustice
35
Q

American Federation of Labor

A
  • founded in 1886
    - brainchild of S. Gomers
    • a federation
      • consisted of an association of self governed national unions
        • each union kept independence
    • was not very inclusive of women and blacks
    • 1900 membership=500,000
    • “the labor trust”
36
Q

Samuel Gomers

A
  • Jewish from London
    • elected as president as AF of L every year except for one from 1886 to 1924
    • hated socialism
    • no problems with capitalism
      • demanded a faired share for labor
    • sought better
      • wages
      • work hours
      • conditions
    • chief weapons= walkout and boycott

APUSH (14 decks)

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