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Apush Chapter 24
Terms in this set (38)
land subsidies granted to railroad companies to encourage construction of rail lines to the West
What were the advantages and disadvantages of government subsidies for the railroads?
The railroads would often sell the land and make money off the land that was paid for by citizens (their tax money goes to the government, which gave the land grants). They also withheld land from other users until they figured out where their tracks would lay. A benefit was that railroad companies were able to expand further west.
Based in Omaha, it was and is the largest railroad company in the united states.
A railroad that started in Sacramento , and connected with the Union Pacific Railroad in Promentary Point, UTAH
wet land on which rice is grown
American financier of the Central Pacific Railroad (built 1863-1869) and founder of Stanford University (1885).
The Great Northern
In this war, fought from 1700-1721, Russia & its allies sought to acquire land on the Baltic and end Swedish domination of the region
James J. Hill
Empire builder, he tried to monopolize the northern railroads.
Explain how the railroads could help or hurt Americans.
HELP: Americans would be connected across the country, which would help travel time, the ability to connect with different types of people, and allow people to get produce and meats from different parts of the country (due to the decreased travel time). People could also begin to move west. Trade with Asia increased.
HURT: Railroad construction was laced with scandal and corruption, which hurt Americans financially (ex. Credit Mobilier). Also, the work was very dangerous, and many people were killed on the job. In addition, railroads created many millionaires who could control the public and place large taxes on farmers.
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.
introduced in the 1860s these were billed as "gorgeous traveling hotels" by some; served meals and passengers who had enough money could spend their nights comfortably
in order to stay on schedule and avoid wrecks, railroads standardized these in 1883
What effects did the railroads have on America as a whole?
Railroads created a huge domestic market for raw materials and manufactured goods. It also spurred industrialization. Stimulated mining and agriculture, took farmers to land and goods to people, started cities, made a steady stream of immigration, created millionaires, was the drive to make time zones, and gave people a new place to live.
United States financier who gained control of the Erie Canal and who caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892)
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.
Agreement between railroads to divide competition. Equalization was achieved by dividing traffic.
What wrongdoing were railroads guilty of?
Stock watering as well as other corruption such as bribery.
1886 supreme court case that decreed that individual states had no power to regulate interstate commerce
Interstate Commerce Commission
an agency that sets the laws for all the companies that do business across state lines
A section of low hills in Minnesota iron found in 1887, it was a source of iron ore for steel production.
Alexander Graham Bell
He was an American inventor who was responsible for developing the telephone. This greatly improved communications in the country.
American inventor best known for inventing the electric light bulb, acoustic recording on wax cylinders, and motion pictures.
What factors made industrial expansion possible?
transportation and communication.
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
John D. Rockefeller
Established the Standard Oil Company, the greatest, wisest, and meanest monopoly known in history
A highly successful banker who bought out Carnegie. With Carnegie's holdings and some others, he launched U.S Steel and made it the first billion dollar corporation.
Practice where a single entity controls the entire process of a product, from the raw materials to distribution
A growth strategy by which companies acquire competitors.
A group of corporations run by a single board of directors
the consolidation of rival enterprises, to ensure harmony officers of a banking syndicate were placed on boards of these rivals
Industry that requires a large capital investment and that produces items used in other industries
buildings, machinery, tools, and other goods that provide productive services over a period of time.
goods (as food or clothing) intended for direct use or consumption
A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities.
Why was steel so important for industrialization?
"New steel civilization," used in skyscrapers, coal scuttles, later used for railroads
Briefly describe the careers of Andrew Carnegie and J.P. Morgan.
After accumulating some capital, Carnegie entered the steel business. By 1900 he was producing one-fourth of the nation's Bessemer steel. Morgan made a legendary reputation for himself by financing the reorganization of railroads, insurance companies, and banks (banker's banker). Carnegie, looking to sell his business, bartered with Morgan until they finally came to the agreement of 400 million dollars. Morgan went on to buy other businesses and develop the first 1.4 billion dollar business.
a flammable hydrocarbon oil used as fuel in lamps and heaters
How was John D. Rockefeller able to become so wealthy?
By ruthlessly employing horizontal integration and trusts to near-monopolize the oil industry with his Standard Oil Company of Ohio.