Unit VI AP US History Flashcards
Transcontinental Railroad
The Industrialization of America
The Transcontinental Railroad linked the U.S. from Atlantic to Pacific by both rail and telegraph. This railroad accelerated the development and eventual closure of the frontier.
Cornelius Vanderbilt
The Industrialization of America
A business tycoon who amassed a fortune in the steamboat business and invested this fortune in the consolidation of many smaller rail lines under one company, the New York Central Railroad.
New York Central Railroad
The Industrialization of America
A railroad company founded by Cornelius Vanderbilt. It consolidated many smaller rail companies, standardized gauges, and popularized steel rails. It linked major cities on the East Coast and in the Midwest.
Union Pacific Railroad
The Industrialization of America
One half of the Transcontinental Railroad. It began building its portion from Omaha, Nebraska, and moved westward.
Central Pacific Railroad
The Industrialization of America
Led by Leland Stanford, it set out to build the most difficult stretch of the transcontinental railroad from Sacramento, California, through the Sierra Nevada mountains and eastward. Chinese laborers built most of the Central Pacific’s line.
Leland Stanford
The Industrialization of America
He became a wealthy merchant during the California Gold Rush, and later served as Governor of California (1862–183) and as its Senator (1885–1893). Leader of the Central Pacific Railroad, Stanfold oversaw the construction of part of the transcontinental railroad. Considered a robber baron, he wielded tremendous wealth and influence due to his control over railroads in the American West.
Promontory Point
The Industrialization of America
The point at which the rail lines of the Union Pacific Railroad and Central Pacific Railroad finally met on May 10, 1869. This marked the completion of the Transcontinental Railroad. Promontory Point, Utah, is just north of the Great Salt Lake.
Robber Barrons
The Industrialization of America
A pejorative name for investors who artificially inflated the value of their company’s stock, sold the stock to the public, and pocketed the profits. The company would then go bankrupt, leaving stockholders with nothing.
Alexander Graham Bell
The Industrialization of America
A Scottish-born scientist. He is best known for patenting the telephone in 1876. He also founded the Bell Telephone Company in 1879 and the American Telephone and Telegraph Company (AT&T) in 1885.
Bessemer process
Monopolies and Industrial Consolidation
Developed by an English inventor, this process revolutionized steel production by making it faster and cheaper. The increased availability and affordability of steel caused its use to increase in many industrial applications.
Andrew Carnegie
Monopolies and Industrial Consolidation
A Scottish immigrant who became a titan of industry. He cornered the railroad business in the 1860s, focusing on innovation, investment in technology, operating at full capacity, and keeping costs (including wages) low. Authored “The Gospel of Wealth,” which asserted that wealth was a result of God’s will and that, in turn, the wealthy had an obligation to give money away to better society. In contrast to rival J. P. Morgan, Carnegie favored driving competitors out of business.
Carnegie Steel Company
Monopolies and Industrial Consolidation
A company founded and owned by Andrew Carnegie. At its height, it supplied over half the world’s steel. Sold to J. P. Morgan to form U.S. Steel.
Vertical Intergration
Monopolies and Industrial Consolidation
The process of controlling every aspect of the production process for a product, from the acquisition of raw materials to the distribution of the final product. A favored practice by Andrew Carnegie.
J.P. Morgan
Monopolies and Industrial Consolidation
A notable investment banker who helped railroads and other major corporations raise capital. After purchasing Carnegie’s steel business, he consolidated the industry to form U.S. Steel, the first corporation with a capitalization of over one billion dollars. He essentially bailed out the U.S. economy during the Panic of 1893. In contrast to rival Andrew Carnegie, Morgan favored buying competitors out.
U.S. Steel
Monopolies and Industrial Consolidation
The first corporation in history with a capitalization of over one billion dollars, at a time when the entire U.S. stock market was worth roughly nine billion dollars. It was formed by J. P. Morgan, who purchased Andrew Carnegie’s steel business and then went on to consolidate that whole industry.
John D. Rockefeller
Monopolies and Industrial Consolidation
The richest American of all time, worth well over $300 billion when adjusted for inflation. He monopolized the oil industry with the Standard Oil Company. While an avowed Social Darwinist, in his later years he turned to philanthropy, such as by founding the University of Chicago among other schools.
Standard Oil Company
Monopolies and Industrial Consolidation
An oil refining company owned by John D. Rockefeller. At its height, it controlled 95 percent of U.S. refineries through consolidation. This business strategy is called horizontal integration. In 1911, the Supreme Court ruled it an illegal monopoly under the Sherman Antitrust Act and split it into 34 companies.