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| 558183750 | "Horizontal integration" | absorption into a single firm of several firms involved in the same level of production and sharing resources at that level | |
| 558183751 | "Interlocking directorates " | the consolidation of rival enterprises and to ensure future harmony by placing officers of Morgan's own banking syndicate on the boards of these rivals | |
| 558183752 | "Trust" | [a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service] [an economic method that had other companies assigns their stocks to the board of trust who would manage them. This made the head of the board, or the corporate leader wealthy, and at the same time killed off competitors not in the trust. This method was used/developed by Rockefeller, and helped him become extremely wealthy. It was also used in creating monopolies] [a combination of corporations, usually in the same industry, in which stockholders trade their stock to a central board in exchange for trust certificates] | |
| 558183753 | "Vertical integration" | absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution, practice in which a single manufacturer controls all of the steps used to change raw materials into finished products, The practice perfected by Andrew Carnegie of controlling every step of the industrial production process in order to increase efficiency and limit competition. | |
| 558183754 | Alexander Graham Bell | United States inventor (born in Scotland) of the telephone (1847-1922), Inventor of the telephone, which was patented in 1876; later formed the National Bell Telephone Company. | |
| 558183755 | Andrew Carnegie | (1835-1919), Creates Carnegie Steel. Gets bought out by banker JP Morgan and renamed U.S. Steel. Andrew Carnegie used vertical integration by buying all the steps needed for production. Was a philanthropist. Was one of the "Robber barons", Scottish immigrant | |
| 558183756 | Atchison, Topeka, and Santa Fe Railroad | Railroads that connected the Southwest deserts to California | |
| 558183757 | Bessemer process | 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, A process developed in 1856 that led to faster, cheaper steel production; william kelly | |
| 558183758 | Central Pacific Railroad | A railroad that started in Sacramento and connected with the Union Pacific Railroad in Promontory Point, Utah on May 10, 1869, where the golden spike ceremony was held. The California-based railroad company, headed by Leland Stanfor, that employed Chinese laborers in building lines across the Sierra Nevada | |
| 558183759 | Cornelius Vanderbilt | "Commodore"; Built the New York Central Railroad System-made millions from steamboat business, and used the money to merge local railroads to the New York Central 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; founded Van. University in TN | |
| 558183760 | 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. | |
| 558183761 | Great Northern Railroad | The Great Northern's route was the northernmost transcontinental railroad route in the United States and was north of the Northern Pacific Railway route. The Great Northern was a privately funded transcontinental railroad; The northernmost of the transcontinental railroad lines, organized by economically wise and public-spirited industrialist James J. Hill. | |
| 558183762 | Gustavus Swift/Philip Armour | Founders of the American meat-packing industry. Targeted in Upton Sinclair's muckraker novel The Jungle due to the absence of federal inspections resulting in tainted meat and eventually the passing of the Federal Meat Inspection Act of 1906. | |
| 558183763 | Interstate Commerce Act | prohibited rebates and pools, required railroads to publish rates, forbade discrimination against shippers, and outlawed charging more for short haul than for a long one over the same line; Established the ICC (Interstate Commerce Commission) - monitors the business operation of carriers transporting goods and people between states - created to radminister and enforce the new law | |
| 558183764 | Interstate Commerce Commission (ICC) | The 1887 law that expanded federal power over business by prohibiting pooling and discriminatory rates by railroads and establishing the first federal regulatory agency. | |
| 558183765 | J. P. Morgan | Banker who buys out Carnegie Steel and renames it to U.S. Steel. Was a philanthropist in a way; he gave all the money needed for WWI and was payed back; invented INTERLOCKING DIECTORATE; Was one of the "Robber barons", He was one of the richest men in America and was a dominant figure in the U.S. economy during the late 19th and early 20th centuries. He reorganized American railroads, becoming the greatest railroad magnate of his day. He also funded mergers between several prominent American companies, creating large American corporations, including General Electric Company, AT&T, and the United States Steel Corporation. His growing success and power frightened many people and prompted the U.S. government to take a more active part in regulating the economy. | |
| 558183766 | James Buchanan Duke | Formed the American Tabacco Company, controlled 90% of the cigarette market | |
| 558183767 | James J. Hill | Driving force of the Gr. Northern Railway , Became a Shipping Agent For Winnipeg Merchants Nicknamed the "Empire Builder", the far-visioned Canadian-American creator of the Great Northern Railroad who was probably the greatest railroad builder of all; saw that the prosperity of his RR depended on the prosperity of the area around it- ran agri. demonstration trains through the "hill country" and imported bulls from England and distriputed them to farmers; GNR was so soundly organized it easily rode out the later financial storms | |
| 558183768 | Jay Gould | 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); made millions of dollars by embezzling stocks from several railroad companies including the Erie, Kansas Pacific, the Union Pacific, and the Texas and Pacific | |
| 558183769 | John D. Rockefeller | Was an American industrialist and philanthropist. Revolutionized the petroleum industry and defined the structure of modern philanthropy., Founder of Standard Oil IN 1870. Used horizontal integration & trust to buy out all of his competition. Was one of the "Robber barons" | |
| 558183770 | land grants | growing railroads took up more land than they were allotted because their land grants were given over a broad path through the proposed route.within these paths the RRs were allowed to choose alternate mile square sections in a checkerboard fashion; The railroad owners would then choose the route to build on (all land would be withheld until they so decided). President Grover Cleveland ended the land dispute in 1887 when he opened up all the unclaimed public portions of the grants to the public. | |
| 558183771 | Leland Stanford | American financier of the Central Pacific Railroad (built 1863-1869) and founder of Stanford University (1885)., one of the "Big Four"; ex-governor of California with useful political connections | |
| 558183772 | mesabi range | vast deposit of iron ore and the largest of four major iron ranges in the region collectively known as the Iron Range of Minnesota. Utilised in 1890s, it is the chief deposit of iron ore in the United States; in the Minnesota-Lake S uperior region; carnegie mined here | |
| 558183773 | New York Central | old eastern railway welded to new westward rails, owned by Cornelius Vanderbilt | |
| 558183774 | Northern Pacific Railroad | This railroad ran from Lake Superior to Puget Sound | |
| 558183775 | paddies | construction gangs many of whom were Irish and fought for the Union in the Civil War; worked quickly on railroads (UP RR), nickname for irish on railway construction gangs-Union Pacific."patricks" | |
| 558183776 | Pittsburgh plus pricing | The Pittsburgh Plus Pricing System was designed by steel lords (like Carnegie and Morgan) in the North to keep the South at an economic disadvantage in the steel industry. The southern coal and iron ore deposits were close to where it could be processed, which would give the South an advantage since they would have to pay less money for shipping. The steel lords put pressure on the railroads to charge the goods with a fictional fee as if they had been shipped from pittsburgh. It was also, in an indirect way, punishment of the South during the reconstruction after the Civil War. | |
| 558183777 | Pool arrangements | A 'pool' is an informal agreement between a group of people or leaders of a company to keep their prices high and to keep competition low; to divide the business in a given area a share the profits; The Interstate Commerce Act in 1887 made railroads publicly publish their prices and it outlawed the pool. | |
| 558183778 | Pullman cars | these were billed as "gorgeous traveling hotels" by some. Others called them "wheeled torture chambers" and potential funeral pyres b/c of wooden cars w/ kerosene lamps, railroad passenger cars with furnishings for day or night travel, designed by George M. Pullman | |
| 558183779 | Sherman Anti-Trust Act | an 1890 law that banned the formation of trusts and monopolies in the United States, forbade restraint of trade and did not distinguish good from bad trusts, ineffective due to lack of enforcement mechanism (waited for Clayton Anti-Trust Act) | |
| 558183780 | Social Darwinism | The application of ideas about evolution and "survival of the fittest" to human societies - particularly as a justification for their imperialist expansion; h. spencer & w.g.sumner: this theory of survival, emphasized the rigidity of natural law | |
| 558183781 | Southern Pacific Railroad | Railroad into Southern California that greatly sparked interest in that area, despite the former idea that Southern California was unfarmable. | |
| 558183782 | Standard Oil Trust | Rockefeller's company, in 1881, owned 90 percent of the oil refinery business, with a board of trustees at the head | |
| 558183783 | Stock watering | Originally referring to cattle, [term for the practice of railroad promoters exaggerationg the profitability of stocks in excess of its actual value], in this practice, railroad promoters grossly inflated their claims about a given line's assets and profitability and sold stocks and bonds far in excess of the actual value of the railroads | |
| 558183784 | The Big Four | The Big Four was the name popularly given to the chief entrepreneurs in the building of the Central Pacific Railroad, the western portion of the First Transcontinental Railroad in the United States. However, the four of them preferred to be known as "The Associates". Leland Stanford - President | |
| 558183785 | Collis P. Huntington - Vice President, Mark Hopkins - Treasurer. Charles Crocker - Construction supervisor and president of Charles Crocker & Co., a CP subsidiary. | ... | |
| 558183786 | David Hewes | an enterprising businessman, was called the "maker of San Francisco" for his work in clearing land for development. He was invited to be a part of the Big Four (Central Pacific Railroad) but declined due to the financial risks. Over his lifetime he gained and lost several fortunes. | |
| 558183787 | Thomas A. Edison | new jersey inventor He perfected the light bulb in 1879. Technological advancement by creating generators, voltage regmulators, electric meters, and insulated wiring. Phonograph, mimeograph, microphone, motion picture camera and film, battery, etc | |
| 558183788 | Time zones | Owners of the transcontinental railroads introduced America's four time zones (eastern, central, mountain, and Pacific) on Nov 18 1883 to help standardize their operations. | |
| 558183789 | Union Pacific Railroad | A railroad that started in Omaha, and it connected with the Central Pacific Railroad in Promentary Point, UTAH, The railroad that employeed Irish immigrants "paddies" | |
| 558183790 | United States Steel Corp. | J. P. Morgan and the attorney Elbert H. Gary founded U.S. Steel in 1901 by combining the Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company for $492 million. At one time, U.S. Steel was the largest steel producer and largest corporation in the world. U.S. Steel maintained the labor policies of Andrew Carnegie, which called for low wages and opposition to unionization. The Amalgamated Association of Iron and Steel Workers union that represented workers at the Homestead, Pennsylvania plant was, for many years, broken after a violent strike in 1892. Limited clashed over contract negotiations in what has become known as The Homestead Strike. | |
| 558183791 | Wabash case | 1886 Supreme Court case that decreed that individual states had no power to regulate interstate commerce | |
| 558183792 | heavy industry | industry that requires a large capital investment that produces items used in other industries | |
| 558183793 | capital goods | products that satisfy our wants indirectly by making possible more efficient production of consumer goods | |
| 558183794 | consumer goods | goods (as food or clothing) intended for direct use or consumption | |
| 558183795 | kerosene | first major petroleum product; 4th most valuable export in 1870s | |
| 563352364 | PART 2 | PART 2 | |
| 563352365 | scabs | strikebreakers hired by employers as replacement workers when unions went on strike | |
| 563352366 | Lock-out | procedure where employers would lock their dooors against rebellious workers, A company tool to fight union demands by refusing to allow employees to enter its facilities to work. | |
| 563352367 | Yellow-dog Contract | "ironclad oaths"; 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. | |
| 563352368 | Black List | A list of workers thought to be union organizers or troublemakers; list was circulated among fellow employers | |
| 563352369 | Company town | a town or city in which most or all real estate, buildings (both residential and commercial), utilities, hospitals, small businesses such as grocery stores and gas stations, and other necessities or luxuries of life within its borders are owned by a single company. [community whose residents rely upon one company for jobs, housing, and shopping] | |
| 563352370 | National Labor Union | organized in 1866 lasted 6 yrs; have about 600,000 members(excluded Chinese, women, & blacks; included skilled, unskilled, & farmers) agitated for arbitration of disputes and an 8 hour workday(won for govt employees); depression of the 1870s dealt it a devestationg blow | |
| 563352371 | knights of labor | Noble and Holy Order of the Knights of Labor; labor union founded in 1869 that included skilled and unskilled workers irrespective of race or gender(excluded "nonproducers- proff gamblers, lawyers, bankers, and stockbrokers) about 90,000 joined; campaigned for 1social & economic reform, including pruducers' cooperatives and codes for safety & health, 2industrial arbitration, and 3the 8-hr workday; Successful?[Terence V. Powderly, an Irish-American of nimble wit and fluent tongue, the Knights won a number of strikes for the eight-hour day. When the Knights staged a successful strike against Jay Gould's Wabash Railroad in 1885, membership mushroomed, to about three-quarters of a million workers. They became involved in a number of May Day strikes in 1886, about half of which failed. A focal point was Chicago, home to about eighty thousand Knights and some anarchists. See haymarket square] | |
| 563352372 | haymarket square | Labor disorders had broken out and on May 4 1886, the Chicago police advanced on a protest; alleged brutalities by the authorities. Suddenly a dynamite bomb was thrown that killed or injured dozens, including police. It is still unknown today who set off the bomb, but following the hysteria, eight anarchists (possibly innocent) were rounded up. Because they preached "incendiary doctrines," they could be charged with conspiracy. Five were sentenced to death, one of which committed suicide; the other three were given stiff prison terms. Six years later, a newly elected Illinois governor recognized this gross injustice and pardoned the three survivors. Nevertheless, the Knights of Labor were toast: they became (incorrectly )associated with anarchy and all following strike efforts failed. | |
| 563352373 | American Federation of Labor | High-class craft unionists, who enjoyed a semimonopoly of skills & hence could not readily be supplanted, finally wearied of sacrificing this advantage on the altar of solidarity with their unskilled coworkers and sought refuge in a federation of exclusively skilled craft unions—the American Federation of Labor.// It consisted of an association of self-governing national unions, each of which kept its independence, with the AF of L unifying overall strategy. No individual laborer as such could join it.//led by Samuel Gompers:nonpolitical & promoted "pure & simple" unionism, better wages, hrs, working conditions, & the "trade agreement" authorizing the "closed shop" (all union labor).// chief weapons: the walkout and the boycott// the stronger craft unions of the AF of L, by pooling funds, were able to amass a war chest enabled the Fed to ride out prolonged strikes; ("the labor trust"); by 1990 it had 500,000 members// | |
| 563352374 | Samuel Gompers (1850-1924) | United States labor leader (born in England & moved to America at age 13) who was president of the American Federation of Labor every year save one from 1886 to 1924 | |
| 563352375 | closed Shop | A company with a labor agreement under which union membership can be a condition of employment. Inotherwords, the comp only hires union workers. It was done by the unions to protect their workers from cheap labor. | |
| 563352376 | Mother Jones | Mary Harris Jones; got started agitating for the Knights in the IL coalfields; Labor activist who was a member of the Knights of Labor union and who used publicity techniques to create awareness of the plight of mine workers and child laborers. | |
| 563352377 | Terence Powderly | born to I rish immigrant parents in Carbondale, Pennsylvania, in 1849// became the Grand Master Workman of the Knights in 1879; rose to mayor of Scranton, PN, in the 1870s; In 1894 he became a lawyer—despite the fact that the Knights excluded lawyers from membership// BELIEVED:*only the economic and political independence of American workers could preserve republican traditions and institutions from corruption by monopolists and other "parasites." *dedicated the Knights to achieving the "cooperative commonwealth." *unifying all workers in one union— regardless of race, gender, ethnicity, or skill level *utopian dream that a bygone age of independent producers could be restored DENOUNCED: *"wage-slavery" *socialism, which advocated government ownership of the means of production *lacked "class consciousness"—that is, a sense of themselves as a permanent working class that must organize to coax what benefits it could out of the capitalist system |
