Squad Flashcards Chapter 13 - U.S. Industry Expands
Railroads (inventions?)
invention of steam locomotive; Transcontinental Railroad (Pacific Railway Act of 1862);
George Westinghouse
car replacer - 1866;
air brakes - 1869;
signal system - 1882
- also alternating current and transformers
Granville Woods
telegraphony - voice and telegraph on one wire
synchronous multiplex railway telegraph
other inventions
time zones - 1883;
mass production/assembly line
Gustavus Swift
refrigerated train cars
Thomas Edison
stock tickers phonograph (record player) light bulb power stations Edison General Electric Co. Menlo Park, NJ - smart person invention party
Henry Bessemer
Bessemer process - burn impurities to make steel (guns originally)
William Kelly
Kentucky Iron Works - did he first make steel?
Andrew Carnegie
Scottish immigrant - telegraph operator
Expands into other business and begins investing
Iron business (1864)
Shifts to steel in 1973 when Bessemer process happens
Bought mills during depression of 1890’s
“Gospel of Wealth” document - money is meant to help people
$350 million donations in life
Vertical consolidation
John Rockefeller
Loaned money to a farmer at age 12 Math genius Bookkeeper Started business at 20 Oil industry - 1863 Standard Oil - 1870 Horizontal consolidation (and vertical) - 40 companies Donated $400 million
Horizontal Consolidation
Buy all of one industry, e.g., buy all cloth companies if you make cloth
Vertical Consolidation
Lower price of production by buying entire production process of goods, e.g., all transport, production in factory, etc.
Trust
separate companies placed under a single Board of Trustees
Cartel
businesses who make the same product and agree to limit supply to keep prices up
Interstate Commerce Commission
regulation of railroad operations 1887