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12 terms

History 8th Chapter 20.1

STUDY
PLAY
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