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AP US History: Chapter 24 Flashcards

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5877183381Pacific Railroad Act, 1862Land grants; commissioned a transcontinental rail line.0
5877183382Union Pacific RailroadThis railroad company was commissioned to build the transcontinental railroad from the east. Insiders of the Credit Mobilier reaped $23 million in profits; Indians attacked while trying to save their land.1
5877183383Central Pacific RailroadBacked by the Big Four, it used Chinese Workers and received the same incentives as the Union Pacific, but it had to drill through the hard rock of Sierra Nevada. Built from the west.2
5877183386James J. HillHe created the railroad: the Great Northern. Was probably the greatest railroad builder of all.3
5877183388Cornelius VanderbiltLeader of old eastern railroad New York Central.4
5877183389Time zonesInstead of each city having its own time zone, to not confuse railroad operators, four national time zones was created.5
5877183390Stock-wateringA method of cheap moneymaking; railroad companies grossly over-inflated the worth of their stock and sold them at huge profits.6
5877183391Jay GouldMade millions embezzling stocks from the Erie Kansas Pacific, the Union Pacific, and the Texas and Pacific railroad companies.7
5877183392"Pool"A group of supposed competitors who agreed to work together, usually to set prices.8
5877183393Wabash case (Wabash v. Illinois)1886 issued by Supreme Court, stopped the Grange (the Grange's purpose is to stop the railroad monopoly occurred). States could not regulate interstate commerce.9
5877183394Interstate Commerce Act1887 This act banned rebates and pools; required the railroads to publish their rates openly.10
5877183395Interstate Commerce CommissionIt was set up to enforce Interstate Commerce Act, ineffective at this time11
5877183398Andrew CarnegieSteel tycoon. Master of "vertical integration." Turned to philanthropy and gave huge sums to libraries and arts in his late years. Forced Morgan to buy him out.12
5877183399Vertical IntegrationA business method where a corporation bought out other businesses (though not competitors) along its line of production. Example: Andrew Carnegie13
5877183401Horizontal integrationA business method where the company bought out its competitors. Example: Rockefeller's Standard Oil14
5877183402John D. RockefellerOil tycoon. Ruthless and merciless, owned Standard Oil Company which eventually controlled at least 90% of American oil. Was a master of "horizontal integration" where he ruthlessly drove others out of business.15
5877183403Standard Oilowned by John D. Rockefeller. monopoly, horizontal integration16
5877183405J. P. MorganBanker and financier. Orchestrated several blockbuster deals in railroads, insurance, and banking. Bought Andrew Carnegie's steel operation for $400 million to start the U.S. Steel Company. Greed, power, arrogance, and snobbery of the Gilded Age business.17
5877183409Gospel of WealthMany of the newly rich had worked from poverty to wealth; thus felt that some people in the world were destined to become rich; help society with their money.18
5877183410Social DarwinismApplied Charles Darwin's survival-of-the-fittest theories to business. Implied the reason that Carnegie was at the top of the steel industry.19
5877183411William Graham SumnerYale professor, survival of the fittest, natural law, etc.20
5877183412Sherman Antitrust Act1890 This act forbade combinations (trusts, pools, interlocking directorates, holding companies) in restraint of trade. It was ineffective since it couldn't be enforced.21
5877183414Henry W. Grady and the New SouthEditor of the Atlanta Constitution newspaper, urged the South to industrialize.22
5877183417LockoutEmployers could lock their doors against rebellious workers and then starve them into submission.23
5877183418Yellow-dog contractsContracts that the workers had to sign, which banned them from joining unions.24
5877183419National Labor UnionThis union represented a giant boot stride; only lasted 6 years. Excluded Chinese; didn't welcome Blacks or women. Aim for eight-hour workday.25
5877183420Colored National Labor UnionExcluded workers such as Chinese or Blacks established this union.26
5877183421Knights of Laboronly barred liquor dealers, professional gamblers, lawyers, bankers, and stockbrokers. Campaigned for economic and social reform.27
5877183424Haymarket Square bombing, 1886It was an explosion in Chicago during labor disorders, killed several people including police officers.28
5877183425Gov. John P. AltgeldGerman-born Democrat, elected governor of Illinois; pardoned the three survivors after studying the Haymarket Square Bombing extensively.29
5877183426Samuel GompersFounder of AF of L, demanded a fairer share for labor; sought better wages, hours, and working conditions.30
5877183427The American Federation of LaborThe AF of L united many independent small unions and worked out overall strategies. It focused only on skilled labor. Their success was only mild.31
5877183428Railroad Strike of 1877This strike's failure exposed the weakness of the labor movement. Racist and ethnic fissures among workers everywhere fractured labor unity.32

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