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| 47742422 | Leland Stanford | One of the Big Four financial brokers of the Central Pacific Railroad-chief financial backers of the enterprise. Ex-governor of California who had useful political connections. | |
| 47742423 | James J. Hill | idea was to create The Great Northern. Canadian American who was probably the greatest rail road builder of all. He perceived that the prosperity of his railroad depended on the prosperity of the area it served. | |
| 47742424 | Cornelius Vanderbuilt | Facilitated the Eastern like New York Central. He was "commodore" who had made millions in steam boating and turned to a new career in railroading. He was ill-educated, ungrammatical, coarse, and ruthless however clear visioned. He amassed a fortune of $100 million and it remembered for donating to Vanderbilt University TN. | |
| 47742425 | "Stock Watering" | One of the favorite devices of the moguls of manipulation. The term originally referred to the practice of making cattle thirsty by feeding them salt and then having them bloat themselves with water before they were weighed in for sale. Using a variation of this technique, railroad stock promoters grossly inflated their claims about a given lines assets and profitability and sold stocks and bonds far in excess of the railroad's actual value. Railroad managers were forced to charge extortionate rates and wage ruthless competitive battles in order to pay off the exaggerated financial obligations with which they were saddled. | |
| 47742426 | Pools | An agreement to divide the business in a given area and share the profits. | |
| 47742427 | The Grange | Patrons of Husbandry, tried to regulate railroads and grain houses. Established 1867. | |
| 47742428 | Wabash Case | The Supreme Court decreed that individual states had no power to regulate interstate commerce. | |
| 47742429 | Interstate Commerce Act | Congress passed in 1887. It prohibited rebates and pools and required the railroads to publish their rates openly. It also forbade unfair discrimination against shippers and outlawed charging more for a short haul that a long one over the same line. Most important, it set up the Interstate Commerce Commission (ICC) to administer and enforce the new legislation. | |
| 47742430 | Alexander Graham Bell | Invented the telephone. | |
| 47742431 | Thomas Alva Edison | Gifted tinkerer and a tireless worker, not a pure scientist. Invented the phonograph, the mimeograph, the Dictaphone, and the moving picture. His is best known for his perfection of the electric light bulb in 1879. | |
| 47742432 | Vertical Integration | Combining into one organization all phases of manufacturing from mining to marketing. To improve efficiency by making supplies more reliable, controlling the quality of the product at all stages of production, and eliminating middlemen's fees. | |
| 47742433 | Horizontal Integration | Allying with competitors to monopolize a given market. Rockefeller was a master of this strategy. | |
| 47742434 | Trusts | Firms or corporations that combine for the purpose of reducing competition and controlling prices (establishing a monopoly). There are anti-trust laws to prevent these monopolies. Any large scale business combination. | |
| 47742435 | Standard Oil | John D. Rockefeller's company that gained a monopoly over the world petroleum market with the practice of trusts and swift elimination of competition. By 1877 he controlled 95% f all the oil refineries in the nation. | |
| 47742436 | Bessemer Process | Process that took iron kettles and blew cold air on the red hot iron which caused the metal to become white-hot by igniting the carbon and thus eliminating impurities. Steel was stronger than iron and replaced it as a building material. | |
| 47742437 | Andrew Carnegie | 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" | |
| 47742438 | 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. Was one of the "Robber barons" | |
| 47742439 | U.S. Steel Corporation | Formed by JP Morgan after buying Carnegie steel company. | |
| 47742440 | John D. Rockefeller | Formed Standard Oil Trust and made millions while monopolizing the oil industry | |
| 47742441 | Social Darwinism | The application of ideas about evolution and "survival of the fittest" to human societies, particularly as a justification for their imperialist expansion | |
| 47742442 | Sherman Anti-trust Act of 1890 | Flatly forbade combinations in restraint of trade, without any dinstinceion between "good" trusts and "bad" trusts. Bigness, not badness was the sin. The lasw proved ineffectinve with legal loopholes through clever corporations lawyers could wriggle. Contrary to its orginal intent, it was used to curb labor unions or labor combinations that were deemed to be restraining trade. | |
| 47742443 | Share-Croppers | A person who rents a plot of land from some one else and farms it in exchange for a share of crops | |
| 47742444 | National Labor Union | First large scale national of labors was the national labor union formed in 1866. In 1868 the NLU persuaded congress to Legalize an 8 hour day for government workers. Some refused to admit African Americans as members in their union. | |
| 47742445 | Knights of Labor | An American labor union originally established as a secret fraternal order and noted as the first union of all workers. It was founded in 1869 in Philadelphia by Uriah Stephens and a number of fellow workers. Powderly was elected head of the Knights of Labor in 1883. | |
| 47742446 | Haymarket Riot | 100,000 workers 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. | |
| 47742447 | American Federation of Labor | a federation of North American labor unions that merged with the Congress of Industrial Organizations in 1955 | |
| 47742448 | Samuel Gompers | United States labor leader (born in England) who was president of the American Federation of Labor from 1886 to 1924 (1850-1924) |
