Chapter 4 Flashcards
trust
group of companies managed by a single board of trustees
rebates
offered to companies who shipped large quantities
long distance communication
telephone & telegraph; unified the nation; communication much faster
vertical integration
acquiring companies at all stages of production; Carnegie & steel industry
horizontal integration
buying up companies that do the same thing; Rockefeller & oil industry
railroads & industry
allowed industry to expand to the West; steel, lumber, & coal industries grew
“John Henry”
railroad work song
monopoly
complete control of an industry
shareholders
partial owners of a company; get paid if company makes money
collective bargaining
unions representing workers in talks w/management
dividend
stockholder’s share of a company’s profits
Thomas Edison
Menlo Park; phonograph; storage battery; light bulb in 1879
merger
combining two or more companies into one
injuction
court order to stop a labor union from striking; used to stop Pullman Strike
consolidation
combining separate companies; railroad barons used to drive competitors out of business
Pullman Strike
b/c wages cut; 1894; injunction issued b/c strike paralyzed rail traffic
Andrew Carnegie
steel industry; philanthropist; built schools, universities, libraries
transatlantic telegraph cable
1866; Cyrus Field; connected U.S. & Europe; seconds to get message to Europe
ESSAY: working conditions of factory workers in late 1800s & early 1900s
- page 113
- hours
- wages
- fired if…
- safety
- children
- women
- specifics for steel, coal, garment/textile industries
