Industry Comes of Age, 1865-1900
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| 1081473618 | federal land grants | During industrialization in America, the transcontinental railroads served as major contributing factors in advancing America's economical development. Congress encouraged railroad expansion by giving 20 square miles of land for each mile of railroad track laid. Irish immigrants provided most of the labor for the Union Pacific Railroad. While the Central Pacific Railroad's force was made up of predominantly Chinese immigrant workers. Hundreds died in explosions and many more died fending off Indian obstruction. The transcontinental line was completed when the two railroads met int Utah in 1869. | |
| 1081473619 | Great Northern Railroad | The Great Northern, ran from Duluth to Seattle and was created by James J. Hill. In comparison to the other railroads, the Great Northern Railroad received no generous grant of land from the federal government. Sig: How the federal gov generously gave land to other railroads -> James J. Hill | |
| 1081473620 | "stock watering" | Railroads were not safe from corruption. Jay Gould and other manipulators would use "stock watering", the process of exaggerating claims about a railroad's profitablilty to sell stocks/bonds higher than actual value. | |
| 1081473621 | J.P. Morgan | J. P. Morgan's financed the reorganization of railroads, insurance companies, and banks. In 1900, Carnegie was eager to sell his holdings of his company. At that time, Morgan was starting to manufacture steel pipe tubing. Carnegie threatened to ruin his rival (Morgan) by invading the same business if Morgan did not buy him out. Finally Morgan agreed to buy out Carnegie for $400 million. Morgan expanded his industrial empire and created the United States Steel Corporation in 1901. It was America's first billion-dollar corporation. Carnegie dedicated the rest of his life to donating the rest of his money to charities. | |
| 1081473622 | "vertical integration" | Carnegie used the tactic of "vertical integration" to combine all phases of manufacturing into one organization. He and his business controlled every aspect of production, from mining to marketing. His goal was to improve efficiency. | |
| 1081473623 | "horizontal integration" | When former competitors were brought under a single corporate umbrella.(It was all owned by one company). So basically Standard Oil borrowed credibility of Rockefeller. (Corporate umbrellas help promote a new product/company.) Since they were the same corporation they had a monopoly so Standard Oil's profits soared and so did Rockefeller's. SIG: Standard Oil, Rockefeller, monopoly, | |
| 1081473624 | Sherman Anti-Trust Act | it gave the government the power to control monopolistic corporations in the event that those corporations were using their position of power unfairly. | |
| 1081473625 | National Labor Union | it paved the way for other organizations, such as the Knights of Labor and the AFL (American Federation of Labor). It was led by William H. Sylvis. The National Labor Union followed the unsuccessful efforts of labor activists to form a national coalition of local trade unions | |
| 1081473626 | Union Pacific Railroad | It was a railraod comisseioned by Congress to push west from Omaha, Neb. For each mile of track, the company was granted 20 squared miles of land and a generous federal loan. Insiders of the Credit Mobiler company that were building this railroad subpayed themselves and bribed members of Congress to look the other way. The people that worked on the rail raod were Irish "Paddies". Sig: Comparison to Pacific Railroad. | |
| 1081473627 | Cornelius Vanderbilt | Back east where railroads were already built, improvements were still being made. Vanderbilt replaced the old iron track of N.Y. Central with steel and offered superior railway service at low rates. Sig: Railroads and industry were still being improved even after they were built <-> Other inventions (Standard track, air brakes...) | |
| 1081473628 | ICC | Created by the Interstate Commerce Act to outlaw rebates (Given to large companies to ensure traffic) and pools (an agreement to divide business in an area, and share profit). The Act required rates to be openly published for railraods, forbade discrimination on rates. The Interstate Commerce Commission was established to enforce system. It was the first large-scale attempt by Washington to regulate business in the interest of society | |
| 1081473629 | Alexander G. Bell | Alexander G. Bell creates the telephone, which not only made America a gigantic communications network, but also the starting point of bring women to industry. At first boys used the switchboards, but people were disgusted at their usage of profanity, and women eventually replaced them. Both the type writer and the switchboard gave women a women a job, but the wages were pitifully poor | |
| 1081473630 | Andrew Carnegie | Used "vertical integration" to expand company to each step of the process. Bought businesses in process to eliminate middleman's fee and controlled efficiency, reliability, and quality of his products. He eventually sells his steel company to J.P Morgan and retires. | |
| 1081473631 | trust | Rockefeller used "trust" to gain his power with his Standard Oil Company. Trust is defined as a large scale business combination. Other trusts besides oil developed, such as tobacco or sugar. States tried to control trusts, but were stopped by Congress. Finally, Congress passes the Sherman Anti-Trust Act to forbade it, but it initially stopped labor unions. | |
| 1081473632 | Knights of Labor | The second national labor union following the National Labor Union. Started by Terence V. Powderly in1869 as a secret society. (To avoid attention of employers.) Went public in 1881. Powderly had a couple of reforms (1) worker cooperatives "to make each man his own employer," (2) abolition of child labor (3) abolition of trusts and monopolies. The Knights of Labor grew rapidly in the early 1880 but declined just as rapidly when violence of the Haymarket riot in Chicago in 1886 turned public opinion against the union. SIG: Haymarket, Terence V. Powderly, labor union, trusts. | |
| 1081473633 | Terence V. Powderly | Powderly led the Knights of labor, a labor union. Unlike the National Labor Union and the American Federation of Labor, The Knights of Labor accepted all workers regardless of race or sex, and campaigned for health, safety codes, and 8 hour work days. Sig: Comparison to N.L.U and A.F.L | |
| 1081473634 | Central Pacific RR | is the former name of the railroad network built between California and Utah, USA that formed part of the "First Transcontinental Railroad". During 19th century national proposals to build a transcontinental railroad failed because of the energy consumed by political disputes over slavery. With the secession of the South, the modernizers in the Republican Party controlled the US Congress. They passed legislation authorizing the railroad, with financing in the form of government railroad bonds. The government and the railroads both shared in the increased value of the land grants, which the railroads developed. The construction of the railroad also secured for the government the economical "safe and speedy transportation of the mails, troops, munitions of war, and public stores." | |
| 1081473635 | time zones | Times zones were established for railroad operators to keep schedule and avoiding wrecks. At this time, most people used their own time based off the position of the sun. The U.S was split into four time zones for specifically the railroads, but was eventually adopted. Sig: Improvements because of railroads | |
| 1081473636 | Wabash Case | State legislatures tried to regular the monopolizing practices of the railroad corparations. Congress said that individual states had no power to regulate interstate trade. | |
| 1081473637 | Thomas A. Edison | Makes the light bulb, allows for work at night. Less hours of sleep, changed people's perspective. | |
| 1081473638 | John D. Rockefeller | Used "vertical integration" and "trust" to establish a monopoly in the oil industry. Rockefeller would force a competitor out of business or buy them out. Rockefeller had the thought that God gave him his money. | |
| 1081473639 | "Gospel of Wealth" | is an article written by Andrew Carnegie in 1889 that describes the responsibility of philanthropy by the new upper class of self-made rich. Carnegie proposed that the best way of dealing with the new phenomenon of wealth inequality was for the wealthy to redistribute their surplus means in a responsible and thoughtful manner | |
| 1081473640 | AF of L | The American Federation of Labor, (AF of L) founded in 1886, concentrated on attaining practical economic goals. Samuel Gompers led the union from 1886 to 1924. He told "skilled" workers skilled workers to walk out until the employer agreed to negotiate a new contract through collective bargaining. By 1901 AF of L was the largest union. SIG: labor union | |
| 1081473641 | Haymarket Square | Do the vocabulary free loaders |
