Chapter 20 1 2 Flashcards
Who gained a fortune in the Railroad Industry
Cornelius and William Vanderbuilt
How did railroad travel improve after the Civil War
Gauges became similar in most railroads and trains, air brake (George Westinghosue) were invented for safety, the sleeping car (George Pullman), railroad networks (Vanderbuilt)
What were the other cross-country railroads that were built
The Great Northern Railway(James Hill) and the 2 other transcontinental railroads
What happened when there were too many railroad companies
rebates were given, pools were created to divide business and there was too much competition
Who gained a fortune in the Steel Industry
Andrew Carnegie
What new technology helped the Steel Industry
Bessemer process (Henry Bessemer)
Who gained a fortune in the Oil Industry
John D. Rockefeller
What was Rockefeller’s company called
Standard Oil
Who was a powerful banker
J. P. Morgan
What are the problems with trusts and monopolies
They reduced competition and had to much political influence
What was created to weaken monopolies
The Sherman Antitrust Act
What are some of the inventions that came out in the 1800s
improved gauges, the sleeping cart, Bessemer process, trusts, and railroad networks
How did railroads benefit the economy
They made transportation quicker, more comfortable, and safer
