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27 terms

APUSH ch.24

ch.24- Industry comes of Age
STUDY
PLAY
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