United States financier who accumulated great wealth from railroad and shipping businesses (1794-1877)
New York Central Railroad
Ran from New York City to Chicago and operated more than 4,500 miles of track.
major routes between large cities, with smaller branch lines connecting the trunk line with outlying towns
federal land grants
Federal gov. granted land for railroad companies to build more routes
opened west to miners and open range ranching
Union and Central Pacific
The railroad companies that worked toether to create the first transcontinental railroad
an American financier who became a leading American railroad developer and speculator. Conned President Grant into ceasing the sale of gold on market to stop inflation and help farmers, but resulted in "Black Friday," Spetember 24,1869
shares of stock issued by a corporation for which the corporation receives, as payment, less than the stated value of the shares.
Developed in the 1880s, a practice by which railroads would give money back to its favored customers, rather then charging them lower prices, so that it could appear to be charging a flat rate for everyone.
Panic of 1893
Sharp economic downturn that began when the railroad industry faltered during the early 1890s followed by the collapse of many related industries
J. Pierpont Morgan
dominated corporate finance and industrial consolidation during his time; arranged the merger of Edison General Electric and Thompson-Houston Electric Company to form General Electric
Same director running multyple competing businesses
The son of Cornelius Vanderbilt, who inherited his father's railroad empire.
Second Industrial Revolution
Steep growth in industry and the production of steel, petrolium, electric power, and the machinery to produce other goods
A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
used vertical integration by buying all the steps needed for production
acquiring control of all the steps required to change raw materials into finished product
John D. Rockerfeller
US industrialist and founder of the Standard Oil Company, dominated the Oil industry, and was the first american business trust
Protestant work ethic
way of life based on Biblical teaching that God expects all men to work and all work is a noble duty to be performed toward God
Standard Oil Trust
Rockefeller's company, in 1881, owned 90 percent of the oil refinery business, with a board of trustees at the head
U. S. Steel
ran by a monoply
the combining of competing firms into one corporation
The trusts came under widespread scrutiny and attack in the early 1800's. Middle class citizens feared the trusts' unchecked powers, and urban elites resented the increasing influence of the rich
Sherman Antitrust Act (1890)
an 1890 law that banned the formation of trusts and monopolies in the United States
Economist who wrote Wealth of Nations; Laissez-Faire economics
The belief that only the fittest survive in human political and economic struggle.
English philosopher and sociologist who applied the theory of natural selection to human societies
survival of the fittest
individuals that are better suited to their environment survive and reproduce most successfully
Gospel of Wealth
the belief that those entrusted with societys riches had to prove themselves morally responsible
advocate of Social Darwinism
Samuel F. B. Morse
recieved a patent for the "taking wire" or telegraph that used a system of dot and dashes (morse code)
Invented by Cyrus W. Fields; made it possible to send messages across the seas in an instant's time.
Alexander Graham Bell
invented the telephone in 1876
Thomas A. Edison
American inventor famous for the light bulb and his inventions which use electricity
experimented with AC electrical currents and used transformers to make electrical use more practical and cheaper, investors used his ideas to form Westinghouse Electric
concentration of wealth
richest 10 percent of US in 1890s controlled 90 percent of nation's wealth
a form of vertical mobility in which a person moves up in status
white collar workers
office workers, sales people, and other highly trained individuals
argued that the laws of supply and demand should operate in a free market
iron law of wages
because of the pressure of population growth, wages would be just high enough to keep workers from starving
someone who works (or provides workers) during a strike
When management closes the doors to the place of work and keeps the workers from entering until an agreement is reached
list that circulated among employers, containing the names of persons who should not be hired
yellow dog contract
given to employees in order for them not to join a union
an order that will stop a particular action or enforce a rule or regulation
railroad strike of 1877
during an economic depression, when the railroad companies cut wages in order to reduce costs.
National Labor Union
wanted eight hour work days, banking reform, and an end to conviction labor - attempt to unite all skilled laborers
Knights of Labor
open to everyone; vague program, no clear goals, weak leadership and organization; failed
Haymarket bombing (1886)
bomb thrown at protest rally, police shot protestors, caused great animosity in employers for workers' unions
American Federation of Labor
a union for skilled laborers that fought for worker rights in a non-violent way; was unified, large, and strong
He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.
Homestead strike (1892)
The workers at a steel plant in Pennsylvania went on strike, forcing the owner to close down. Armed guards were hired to protect the building. The strikers attacked for five months, then gave in to peace demands.
Pullman strike (1894)
Pullman cut wages but refused to lower rents in the "company town"
Eugene V. Debs
Leader of the American Railway Union, he voted to aid workers in the Pullman strike. He was jailed for six months for disobeying a court order after the strike was over.
United States v. E.C. Knight
ruled that the Sherman Antitrust Act could only be applied only to commerce ,not to manufacturing. As a result, th U.S.Department of Justice secured few convictions until the law was strengthened during the progressive Era
allowing industry to be free of state intervention, especially restrictions in the form of tariffs and government monopolies
Sears, Roebuck: Montgomery Ward
large mail ordercompanies sent their catalogs to everyone on rail system
prolific 19th-century American author whose principal output was formulaic juvenile novels that followed the adventures of bootblacks, newsboys, peddlers, buskers, and other impoverished children in their rise from humble backgrounds to riches
growing middle class due to an increase in higher paying jobs
Terrence V. Powderly
national figure as leader of the Knights of Labor from 1879 until 1893.
In re Debs
Supreme Court approved use of court injunctions against strikes which gave employers a very powerful weapon to break unions; Debs later turned to the American Socialist Party in 1900