History 8th Chapter 20.1

12 terms by sjek 

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gauge

width of railroad track

network

system of connected railroad lines

consolidate

due to the fact that small lines were costly, companies would combine. They would either buy out smaller companies or run them out of business; tactics used by Cornelius Vanderbilt.

rebate

discount, given or granted secretly to the railroads largest customers. This hurt farmers and other small shippers who still had top pay full price.

pool

a system in which several railroad companies agreed to divide up business in an area

William Vanderbilt

Cornelius' son who inherited the railroad empire worth millions and doubled it

George Westinghouse

an American entrepreneruer and engineer who invented the railroad and the air brake

George Pullman

designed a railroad sleeping car

Cornelius Vanderbilt

American entrepreneur who built his wealth in shipping and railroads, and was the patriarch of the Vanderbilt family

How did a broad network of railroads develop?

1) standarized the gauge of the tracks 2) Westinghouse invented air brake so trains could be longer and stop faster 3) Pullman designed the sleeping car

What tactics did railroad owners use to eliminate competition?

1) rate wars 2) rebates or discounts to their biggest customers 3) pooling where several companies agreed to divide up the business in a n area and fix prices high

How did American industry benefit from widespread railroad building?

1) created thousands of jobs: steelworkers, lumberjacks, miners 2) news ways of business managenment 3) increased settlement and growth especially in the West

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