5877183381 | Pacific Railroad Act, 1862 | Land grants; commissioned a transcontinental rail line. | 0 | |
5877183382 | Union Pacific Railroad | This 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 | |
5877183383 | Central Pacific Railroad | Backed 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 | |
5877183386 | James J. Hill | He created the railroad: the Great Northern. Was probably the greatest railroad builder of all. | 3 | |
5877183388 | Cornelius Vanderbilt | Leader of old eastern railroad New York Central. | 4 | |
5877183389 | Time zones | Instead of each city having its own time zone, to not confuse railroad operators, four national time zones was created. | 5 | |
5877183390 | Stock-watering | A method of cheap moneymaking; railroad companies grossly over-inflated the worth of their stock and sold them at huge profits. | 6 | |
5877183391 | Jay Gould | Made 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 | |
5877183393 | Wabash 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 | |
5877183394 | Interstate Commerce Act | 1887 This act banned rebates and pools; required the railroads to publish their rates openly. | 10 | |
5877183395 | Interstate Commerce Commission | It was set up to enforce Interstate Commerce Act, ineffective at this time | 11 | |
5877183398 | Andrew Carnegie | Steel 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 | |
5877183399 | Vertical Integration | A business method where a corporation bought out other businesses (though not competitors) along its line of production. Example: Andrew Carnegie | 13 | |
5877183401 | Horizontal integration | A business method where the company bought out its competitors. Example: Rockefeller's Standard Oil | 14 | |
5877183402 | John D. Rockefeller | Oil 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 | |
5877183403 | Standard Oil | owned by John D. Rockefeller. monopoly, horizontal integration | 16 | |
5877183405 | J. P. Morgan | Banker 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 | |
5877183409 | Gospel of Wealth | Many 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 | |
5877183410 | Social Darwinism | Applied Charles Darwin's survival-of-the-fittest theories to business. Implied the reason that Carnegie was at the top of the steel industry. | 19 | |
5877183411 | William Graham Sumner | Yale professor, survival of the fittest, natural law, etc. | 20 | |
5877183412 | Sherman Antitrust Act | 1890 This act forbade combinations (trusts, pools, interlocking directorates, holding companies) in restraint of trade. It was ineffective since it couldn't be enforced. | 21 | |
5877183414 | Henry W. Grady and the New South | Editor of the Atlanta Constitution newspaper, urged the South to industrialize. | 22 | |
5877183417 | Lockout | Employers could lock their doors against rebellious workers and then starve them into submission. | 23 | |
5877183418 | Yellow-dog contracts | Contracts that the workers had to sign, which banned them from joining unions. | 24 | |
5877183419 | National Labor Union | This union represented a giant boot stride; only lasted 6 years. Excluded Chinese; didn't welcome Blacks or women. Aim for eight-hour workday. | 25 | |
5877183420 | Colored National Labor Union | Excluded workers such as Chinese or Blacks established this union. | 26 | |
5877183421 | Knights of Labor | only barred liquor dealers, professional gamblers, lawyers, bankers, and stockbrokers. Campaigned for economic and social reform. | 27 | |
5877183424 | Haymarket Square bombing, 1886 | It was an explosion in Chicago during labor disorders, killed several people including police officers. | 28 | |
5877183425 | Gov. John P. Altgeld | German-born Democrat, elected governor of Illinois; pardoned the three survivors after studying the Haymarket Square Bombing extensively. | 29 | |
5877183426 | Samuel Gompers | Founder of AF of L, demanded a fairer share for labor; sought better wages, hours, and working conditions. | 30 | |
5877183427 | The American Federation of Labor | The 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 | |
5877183428 | Railroad Strike of 1877 | This strike's failure exposed the weakness of the labor movement. Racist and ethnic fissures among workers everywhere fractured labor unity. | 32 |
AP US History: Chapter 24 Flashcards
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