Ch18 and a bit of ch17 Flashcards
Manufacture of capital goods fueled the income growth; _________ was the critical element
Steel production
American economy experienced unprecedented growth and per capital income rose nearly ___ between 1877 and 1900
50%
Between 1865 and 1900, RR tracks increased from _______ miles to approx. __________ miles
35,000
193,000
RR’s helped immensely by ______ and __________,
example; through land grants and money
States
The US government
Gilded age
A period of enormous economic growth and ostentatious displays of wealth during the last quarter of the 19th century
Cornelius Vanderbilt known as the _________, owned as the New York central RR
“Commodore”
Who controlled Eerie Railroad and Western Union Telegraph company
Jay Goald
George Westinghouse created the _________
Air Brake
When is the Transcontinental railroad line finished and where
1869
At Prom on-by Point, Utah
What were 2 key developments of steel production
1) Bessemer converter (mass produce steel)-made by Henry B.
2) Turbine engine
Who dominated the steel industry
Andrew Carnegie
US steel was created from the company of ________
Andrew Carnegie
Andrew Carnegie donated over ____
$350 million
Who dominated the oil industry, especially refinement
And he founded standard oil
John D. Rockefeller
John D. Rockefeller donated over _____
$520 million
Industrialists created ________ that eliminated competition
Monopolies
Use of ________,_______, and ________ companies also provided advantages for the industrialists
Rebates, trust and holding
Trust
A system in which the corporation gives shares of their stock to trustees who hold the stock ‘in trust’ for their stockholders
Rebates
A deduction from an amount to be paid or a return of part of an amount given in payment
Holding company
Company or firm that owns other companies outstanding stock
Who invented the lightbulb
Thomas Edison
What did Alexander Graham Bell invent?
“Centennial transmitter”
In 1900: _____ becomes the dominant communications carrier in the US
AT&T
JP Morgan was a:
Wall Street investment banker