APUSH ch.24

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27 terms · ch.24- Industry comes of Age

Leland Stanford

a member of the Big Four, was one of the financial bankers of the enterprise. Helped build the Central Pacific Railroad.

James J. Hill

completed one of the five transatlantic railroads, the Great Northern in 1893

Cornelius Vanderbilt

a railroad owner who built a railway connecting Chicago and New York. He popularized the use of steel rails in his railroad, which made railroads safer and more economical.

"stock watering"

used in order to increase the weight of cows. Forced a cow to bloat itself with water before it was weighed for sale. It enabled railroad stock promoters to inflate their claims about a given line's assets and profitability and sell stocks and bonds in excess of the railroad's actual value

Pools

agreements to divide the business in a given area and share the profits

The Grange

a social club/organization of farmers that helped them receive supplies.

Wabash case

When many Midwestern legislators tried to regulate the railroad, Supreme Court ruled that individual states had no right to regulate interstate commerce.

Interstate Commerce Act

prohibited rebates and pools, required the railroads to publish their rates openly, forbade unfair discrimination against shippers, and outlawed charging more for a short trip than for a long one over the same line

Alexander Graham Bell

created the telephone that revolutionized the way Americans communicated.

Thomas Alva Edison

created many inventions but one of his most famous was the perfection of the electric light bulb in 1879

Vertical integration

combined all phases of manufacturing into one organization

Horizontal integration

joining with competitors to monopolize a given market

Trusts

the combination of companies to form monopolies

Standard Oil

the first great monopoly in America created by John D. Rockefeller

Bessemer process

allowed for the price of steel to drop dramatically and for its production to be done with relative ease. The process involved blowing cold air on red-hot iron in order to ignite the carbon and eliminate impurities.

Andrew Carnegie

hated monopolistic trusts. entered the steel business in the Pittsburgh area and created an organization with about 40 Pittsburg millionaires. He produced one-fourth of the nation's Bessemer steel in 1990

JP Morgan

financed the reorganization of railroads, insurance companies, and banks

U.S. Steel Corporation

Americas first billion dollar company created by J.P Morgan

John D. Rockefeller

formed Standard Oil Trust and controlled ninety-five percent of the all the oil refineries in the nation

Social Darwinism

The belief that only the fittest survive in human political and economic struggle.

Sherman Anti-trust Act of 1890

The first law to limit monopolies in the United States. This wanted to create a fairer competition in the workforce and to limit any take-over's of departments of merchandise.

Share-croppers

landless farmers who had to hand over to the landlord a large portion of their crops to cover the cost of rent, seed, tools, and other supplies.

National Labor Union

lasted six years and attracted 600,000 members.

Knights of Labor

the first nationwide labor organization founded in 1869 to protect the rights of workers

Haymarket Riot

incident in which a bomb exploded during a lobor protest in Haymarket square in chicago, killing several police officers. Resulted in the end of the Knights of labor

American Federation of Labor

Federation of craft labor unions lead by Samuel Gompers that was created out of dissatisfaction with the Knights of Labor after the riot

Samuel Gompers

founded the American Federation of labor

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