Chapter 24 - Industry Comes of Age, 1865-1900 Flashcards
Land grants
land given to railroad companies for proposed railroad routes. The land was sectioned off in mile squares, but they chose. In the process, nobody else could use this land. It was a cheap way for the govt. To subsidize other industries indirectly.
Union Pacific
the union subsidized building this during the civil war. The credit moblier company “invested” (took millions of dollars) it was a railway that united the country by going across the country
Central Pacific
connected to the union pacific and went east, to meet in the middle.
Paddies
irish immigrants that worked on the construction of the union pacific.
Leland Stanford
-an ex governor who was part of the big four and invested in the central pacific railroad. Used his political connections.
The Great Northern
built in 1893, ran from duluth to seattle to north of northern pacific.
James J. Hill
built the great northern. His enterprise was motivated by public duty and was well organized.
Cornelius Vanderbilt
‘commodore” who offered extremely low railway rates. Helped popularize steel rails.
Pullman Cars
luxury train cars introduced in the 1860s, but had reputation for being unsafe
Time Zones
created in 1883, which was needed to put railroads on a schedule, effect of a railroad.
Jay Gould
famous for being a con man who over exaggerated the value of stocks.
Stock Watering
stock promoters would inflate the actual value of their stocks, and sold stocks and bonds way past the value. Which made railroads increase prices to pay back investors
Pools
agreement where people of an area to divide business and share profits.
Wabash
it was a case that determined individual states couldn’t control commerce between states.
Interstate Commerce Commission
required railways to publish their rates publicly and allowed the govt to stop pools and rebates. This place regulated and enforced commerce act
Mesabi Range
was a large area of mountains of ore, which was excavated for producing steel
Alexander Graham Bell
invented the telephone, a way of mass communication.
Thomas Edison
invented phonograph, mimeograph, dictaphone, movies, and lightbulb
Andrew Carnegie
created vertical integration. started out poor and worked his way up. He got into the steel industry by eliminating the middle man, worked with 40 other millionaires.
John D. Rockefeller
created horizontal integration (allying with others to create a monopoly) also invented and perfected trust
J.P. Morgan
created interlocking directorates (took advantage of businessmen by telling them to combine their companies and have his employees on their board)
financed railroads, banks etc. bought out carnegie’s business for 400 mill. Owned united states steel co.
Vertical Integration
(owning every stage of production)
Horizontal Integration
allying and creating a monopoly by owning smaller companies.
Trust
tockholders of smaller companies assign their stocks to the larger company, creating a monopolly
