Chapter 24 terms
Terms in this set (30)
a grant of public land (as to a railway or college)
president of the Central Pacific who hammered in the final golden spike that united the Union Pacific and the Central Pacific , which created the first Transcontinental Railroad.
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.
Price manipulation by strategic stock brokers of the late 1800s. The term for selling more stock than they actually owned in order to lower prices, then buying it back.
any communal combination of funds
1886 Supreme Court case that decreed that individual states had no power to regulate interstate commerce
Interstate Commerce Commission
a former independent federal agency that supervised and set rates for carriers that transported goods and people between states
Alexander Graham Bell
He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country.
Thomas Alva Edison
invented numerous devices; the most well-known is his perfection of the electric light bulb in 1879.
merged Edison General Electric and Thomson-Houston Electric Company to form General Electric; merged the Carnegie Steel Company and other steel/iron businesses to form the US Steel Corporation
Practice where a single entity controls the entire process of a product, from the raw materials to distribution
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
Scottish-born industrialist who developed the U.S. steel industry; his is a rags-to-riches story as he made a fortune in business and sold his holdings in 1901 for $447 million. He spent the rest of his life giving away $350 million to worthy cultural and educational causes.
Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
Gospel of Wealth
This was a book written by Carnegie that described the responsibility of the rich to be philanthropists. This softened the harshness of Social Darwinism as well as promoted the idea of philanthropy.
a political system governed by the wealthy people
Sherman Anti-Trust Act 1890
first federal action against monopolies; the law gave government power to regulate combinations "in restraint of trade." Until the early 1900s, however, this power was used more often against labor unions than against trusts.
return of part of a payment; discount; V.
a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service
situation occurring when the majority of members of the boards of directors of competing corporations are the same; in effect, having one group of people manage both companies
buildings, machinery, tools, and other goods that provide productive services over a period of time.
a court order that forces or limits the performance of some act by a private individual or by a public official
an industrial process for making steel using a Bessemer converter to blast air through through molten iron and thus burning the excess carbon and impurities
powerful and wealthy 19th century steel corporation founded by Andrew Carnagie and JP morgan
The rise of a South after the Civil War which would no longer be dependent on now-outlawed slave labor or predominantly upon the raising of cotton, but rather a South which was also industrialized and part of a modern national economy
Yellow Dog Contract
an agreement some companies forced workers to take that forbade them from joining a union. This was a method used to limit the power of unions, thus hampering their development.
On May 4, 1886 in Haymarket Square, Chicago police advanced on a meeting called to protest alleged brutalities by authorities. A dynamite bomb was thrown and killed dozens of people. The Knights of Labor were blamed for incident at Haymarket Square and as a result, it lost public support.
He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.
A.F. of L
American Federation of Labor, labor union founded in 1886 by Samuel Gompers, mostly skilled workers, wanted higher wages, fewer hours, and better working conditions
Knights of Labor
1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed