52 terms

Ch. 24 Industry Comes of Age (1865-1900)

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Industrialization
Process of industrial development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels of development, national economies are geared mainly toward the delivery of services and exchange of information.
Federal Land Grants to Railroads
Federal gov't provided railroad companies with huge subsidies of loans and land grants recognizing that western railroads would lead the way to settlement. The gov't expected that the railroad would make every effort to sell the land to new settlers to finance construction. The gov't hoped that the railroad would benefit gov't land value and preferred rates for carrying the mail and transporting troops. These grants promoted hasty and poor construction which led to widespread corruption in the gov't. As a result, railroads controlled more than half of the land in some western states. The first continental railroad was a result of a federal grant from Omaha to Sacramento.
Grover Cleveland
22nd and 24th president, Democrat, Honest and hardworking, fought corruption, vetoed hundreds of wasteful bills, achieved the Interstate Commerce Commission and civil service reform, violent suppression of strikes.
Central Pacific Railroad
A railroad that started in Sacramento , and connected with the Union Pacific Railroad in Promontory Point, Utah.
Union Pacific Railroad
A railroad that started in Omaha, and it connected with the Central Pacific Railroad in Promontory Point, Utah.
Northern Pacific Railroad
Railroad from Lake Superior to Puget Sound.
Southern Pacific Railroad
Railroad that went from New Orleans to San Francisco.
Promontory Point, Utah
..., Place where Union Pacific Railroad tracks connected to the Central Pacific tracks.
Mechanization
..., Use of automatic machinery to increase production.
Pullman Cars
..., Railroad passenger cars with furnishings for day and night travel, designed by George M. Pullman.
Robber Barons
..., Refers to the industrialists or big business owners who gained huge profits by paying their employees extremely low wages. They also drove their competitors out of business by selling their products cheaper than it cost to produce it. Then when they controlled the market, they hiked prices high above original price.
Jay Gould
..., American financier and railroad developer who, along with James Fisk, attempted to corner the gold market in 1869
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.
William H. Vanderbilt
..., Son of Cornelius Vanderbilt, a railroad baron who, when asked about the discontinuance of a fast mail train, reportedly said, "the public be damned."
Pool
..., An agreement to divide the business in a given area and share the profits.
Wabash, St. Louis & Pacific Railroad Company v. Illnois
..., (1886) The Supreme Court of the United States held the Illinois statute to be invalid and that the power to regulate interstate railroad rates is a federal power which belongs exclusively to Congress and, therefore, cannot be exercised by individual states.
Grange (Patrons of Husbandry)
..., A fraternal organization for American farmers that encourages farm families to band together for their common economic and political well-being. Founded in 1867 after the Civil War, it is the oldest surviving agricultural organization in America
Interstate Commerce Act
..., Established the ICC (Interstate Commerce Commission) - monitors the business operation of carriers transporting goods and people between states - created to regulate railroad prices.
Vertical Integration
It was pioneered by tycoon Andrew Carnegie. It is when you combine into one organization all phases of manufacturing from mining to marketing. This makes supplies more reliable and improved efficiency. It controlled the quality of the product at all stages of production.
Horizontal Inegration
..., When a company gains control over other companies that produces the same product. Rockefeller has the oil business by buying out competition.
Interlocking directorates
..., The practice of having executives or directors from one company serve on the Board of Directors of another company. J. P. Morgan introduced this practice to eliminate banking competition in the 1890s.
Alexander Graham Bell
..., He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country., (1847-1922) American inventor and educator; his interest in electrical and mechanical devices to aid the hearing-impaired led to the development and patent of the telephone.
Thomas Alva Edison
..., (1847-1931) This scientist received more than 1,300 patents for a range of items including the automatic telegraph machine, the phonograph, improvements to the light bulb, a modernized telephone and motion picture equipment.
Andrew Carnegie
..., A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
Trust
..., A group of corporations that unite in order to reduce competition and control prices in a business or an industry.
John D. Rockefeller
..., An American industrialist and philanthropist, in 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. Often forced rival companies to sell out by drastically lowering his own prices. At one point he controlled 90% of the oil business. He became the world's richest man and first U.S. dollar billionaire.
J.P. Morgan
..., Was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time.
William Kelly
..., Inventor of the Bessemer Process, which converted iron ore into steel.
Bessemer Process
..., A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
Standard Oil Company
..., Formed in 1870 by John D. Rockefeller in Ohio. The Company grew through horizontal and vertical integration. By the 1880's Standard Oil was the largest and most powerful monopoly in the United States controlling access to 90% of the refined oil in the US.
Russell Sage
...As a financier, railroad executive and Whig politician from New York, United States. As a frequent partner of Jay Gould in various transactions, he amassed a fortune.
Cyrus Field
..., American businessman who laid the first telegraph wire across the Atlantic. This cut down the time it took for a message to be sent from Europe to American and vice-versa.
American Beauty Rose
John D. Rockefeller; supported Laissez-Faire politics, In order to grow the most beautiful rose, you need to cut all of the others. In another way, if you want to own a best company, you need to "cut" other companies.
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.
Social Darwinism
..., 19th century of belief that evolutionary ideas theorized by Charles Darwin could be applied to society.
Sherman Anti-Trust Act
..., 1890 - A federal law that committed the American government to opposing monopolies, it prohibits contracts, combinations and conspiracies in restraint of trade.
Gibson Girl
..., Named after the illustrator, Charles Dana Gibson. This was a sophisticated, young working woman look with hair piled softly on top of her head.
National Labor Union
1866 - established by William Sylvis - wanted 8 hour work days, banking reform, and an end to conviction labor - attempt to unite all laborers.
Breaker Boys
..., Young boys as young as seven years old worked in the coal mines. Their work was very dangerous and difficult. There were more than 10 thousand children employed illegally in the Pennsylvania coal fields.Many developed lung diseases.
Lockout
..., When management closes the doors to the place of work and keeps the workers from entering until an agreement is reached.
Yellow-Dog Contracts
..., A written contract between employers and employees in which the employees sign an agreement that they will not join a union while working for the company.
Company Town
..., A town built and owned by a single company; its residents depend on the company not only for jobs but for stores, schools, and housing as well.
Knights of Labor
..., One of the most important American labor organizations of the 19th century, demanded an end to child and convict labor, equal pay for women, a progressive income tax, and the cooperative employer-employee ownership of mines and factories; replaced by AF of L after botched Haymarket protest.
Haymarket Square Riot
..., 100,000 members of the Knights of Labor rioted in Chicago. After the police fired into the crowd, the workers met and rallied in Haymarket Square to protest police brutality. A bomb exploded, killing or injuring many of the police. The Chicago workers and the man who set the bomb were immigrants, so the incident promoted anti-immigrant feelings.
Scabs
..., Stirkebreakers hired by employers as replacement workers when unions went on strike
American Federation of Labor
1886 founded by Samuel Gompers; sought better wages, hours, working conditions; comprised of skilled laborers, willing to let unskilled fend for themselves.
Closed Shop
..., A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor.
Samuel Gompers
..., He was the creator of the American Federation of Labor. He provided a stable and unified union for skilled workers.
United States Steel Corporation
..., The first billion dollar American corporation, organized when J.P. Morgan bought out Andrew Carnegie (Carnegie Steel).
Captains of Industry
Entrepreneurs like Carnegie, Rockefeller, and Morgan, who helped create the modern industrial economy.
James Fisk
American stock broker and corporate executive and, along with Jay Gould, attempted to corner the gold market in 1869.
Strike
An organized work stoppage intended to force an employer to address union demands.
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