U.S. History: Chapter 25 Flashcards
Chapter 25 terms
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| 483870521 | Reason for subsidization of railroads | Private investors were unwilling to take risks. Congress convinced of subsidy needs due to postal and military concerns. Railroad companies got free land as an incentive. Congress used the military and mail system to get people to use government money for railroads. | |
| 483870522 | Which railroad built the most tracks? | The Union Railroad because the Central railroad went through the rocky mountains | |
| 483870523 | Where did the Union Railroad and the Central Railroad meet? | Promentory Point, Utah. Met at the "golden stake." | |
| 483870524 | Steel rails | Vanderbilt replaced his old iron rails with steel because it was safer and more economical. It could also handle a heavier load. | |
| 483870525 | The Standard Track Gauge | gave the tracks a standard width which eliminated the expense and inconvenience of changing from line to line | |
| 483870526 | The Westinghouse Airbreak | Adopted in the 1870s, a great contribution to the efficiency and safety of railroads | |
| 483870527 | Pullman Palace Cars | Advertised as gorgeous traveling hotels, but condemned as wheel torture chambers; wooden equipped cars | |
| 483870528 | Grange | Also known as the patrons of husbandry, it was state legislatures who began to attempt to regulate the railroad monopoly | |
| 483870529 | Wabash Case | Declared that states had no power to regulate interstate commerce, federal law had to regulate it | |
| 483870530 | Stock watering | Railroad stock promoters grossly inflated claims about a given line's assets and profitability. They sold stocks and bonds far in excess of the railroads actual value | |
| 483870531 | Rebates | Guaranteed secret kickbacks to powerful shippers in return for steady and assured traffic | |
| 483870532 | Vertical Integration | Carnegie, combination consisting of a number of corporations engaged in the same or related fields. | |
| 483870533 | Holding company | Did not itself engage in the production and distribution of goods, yet it held a controlling stock interest in all of related enterprises | |
| 483870534 | Interlocking Directories | Eliminated wasteful competition by consolidating rival enterprises and placing officers of your own company on the board of competitors | |
| 483870535 | Bessemer Project | He invented the process of air injected into hot iron to remove impurities and carbon is added to the mix to create tough steal | |
| 483870536 | Carnegie | Entered the steel business in Pittsburgh and by the year 1900 he was producing 1/4th of the nation's Bessemer steel. Divided profits of 40 million dollars a year. | |
| 483870537 | J.P. Morgan | By 1900, he was invested in steel pipe tubing and Carnegie threatened to take his business unless he bought him out. Carnegie got 400 million dollars. By 1900, Carnegie's mills employed 20,000 workers and produced more steel than Great Britain. U.S. steel was the first billion dollar business. J.P. Morgan had rosacea. | |
| 483870538 | U.S. Steel | It will employ 168,000 people and control 3/5 of the nation's steel business | |
| 483870539 | Revolutionizing Oil | Edwin Drake drilled the world's first successful oil well near Titusville, PA. | |
| 483870540 | Kerosene | Derived from petroleum and is the first major product of the infant oil industry. It was a better lubricant than oil and grease. | |
| 483870541 | Rockefeller | 90 percent of the oil refinery businesses in factories in Cleveland, Ohio. He sought out to eliminate the middle man - "Horizontal Integration." In political cartoons, he was often referred to as "Wreck-a-Fellow." Owned a lot of trusts, specifically in sugar and Tobacco. | |
| 483870542 | Sherman Anti-Trust of 1890 | Due to vague wording, the act was not enforced and did not stop the growth of trusts. | |
| 483870543 | Lockout | Employers could lock their doors against rebellious workers and then starve them into submission. They could compel them to sign ironclad oaths or yellow dog contracts | |
| 483870544 | Yellow dog contracts | A solemn agreement not to join a labor union | |
| 483870545 | Black lists | used by employers during a lockout to prevent rebellious workers from being able to work for other employers | |
| 483870546 | Company Towns | high priced grocery stores and "easy" credit |