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Flashcards in Ch 24 Deck (36):

Union Pacific Railroad

- commissioned by congress to travel westward from Omaha, Nebraska
- company was granted 20sq miles of land alternating to different sides of the track in 640 area sections
- received generous grant loans from the gov’t
- building really started after the civil war


Central Pacific Railroad

- Granted same same incentives and subsidies as Union Pac.
- build by Chinese immigrant labor
- laid track “at the CA end” from Sacramento eastward


Land Grant

- given by the government to railroad companies to build railroads on
- encouraged many railroads
- including multiple transcontinental railroads
(see specifics above)


Leland Stanford

- One of the “Big Four” who finically backed the CPRR
- operated through 2 construction cos
- 10s of millions in profits
- Ex gov of CA
- had useful political connections


Collis P. Huntington

- One of the “Big Four” who finically backed the CPRR
- operated through 2 construction cos
- 10s of millions in profits
- an adept lobbyist


James J Hill

- ‘bearlike’
- probably the best RR builder of all
- high sense of public duty
- felt that RR would only prosper if the area it serves prospers too
- sent “agricultural demonstration trains through”
- gave bulls to farmers


“Commodore” Cornelius Vanderbilt

- had made millions with steamboats
- uneducated but had a clear vision
- offered better derive at lower prices
- amassed a fortune of $100 Mil
- contributed 1 mil to found a University in his name (Tenn)


Jay Gould

- very adept scammer
- for nearly 30 years he manipulated stocks of:
- Erie, Kansas Pacific, Union Pacific, and the TX and Pacific


Stock Watering

- the process of RR stock promoters grossly inflating their claims about a given line’s assets and profitability and sold stocks and bonds far in excess of the RR’s actual value



- an agreement to divide the business in a given area and share the profits



- a kickback
- granted by rail barons to powerful shippers in return for steady assured traffic


Grange (ADD MORE)

- Patrons of Husbandry
- got many midwestern legislatures tried to regulate the railroad monopoly


Wabash Case (1886)

- decreed that individual states had no power to regulate interstate commerce.
-federal government would have to stop monopolies
- Interstate Commerce Act in 1887 (passed by cong)
- prohibited rebates and pools and required the railroads to publish their rates openly
- set up the Interstate Commerce Commission (ICC) to admin- ister and enforce the new legislation


Alexander Graham Bell

- Introduced the telephone in 1876
- teacher of the deaf
- telephone created a giant communication network
- more jobs for operator women


Thomas Edison (1847-1931)

- Most versatile inventer
- deaf, but that allowed him to work without distraction
- his “invention factory" in NJ produced the:
- the phonograph
- mimeograph
- dictaphone
- the moving picture
- 1879- he perfected the electric lightbulb


Vertical Integration

- combining into one organization all phases of manufacturing from mining to marketing
- goal
- improve efficiency by making supplies more reliable
- control over quality of all aspect of the product
- eliminate middleman’s fees


Horizontal Integration

- allying with competitors to monopolize a given market
- Rockefeller was good at this



- a combination of corporations, usually in the same industry, in which stockholders trade their stock to a central board in exchange for trust certificates.
-Rockefeller perfected the “trust” to control his rivals
- stockholder in smaller CO’s assigned their stock to the board fo directors of his CO
- Then it consolidated operations


Interlocking Directorate

- process of placing men from your company on the board of directors of other competing companies
- used to gain influence and reduce competition


Andrew Carnegie

- Started as a poor immigrant and rose to power
- started steel business in Pittsburgh area
- streamline - eliminated many middlemen
- disliked monopolies
- formed a partnership with 40 “Pittsburgh Millionaires”
- 1900- made 1/4 of nation’s bessemer steel
- profits of 40-25 mil
- donated much of his money


Gospel of Wealth

- essay written in 1889
- Andrew Carnegie
- described the responsibility of philanthropy by the new upper class of self-made rich.


Bessemer Process

-The first inexpensive industrial process for the mass-production of steel from molten pig iron. - named after its inventor, Henry Bessemer
- took out a patent on the process in 1855
- Key principle = removal of impurities from the iron by oxidation with air being blown through the molten iron.
- The oxidation also raises the temperature of the iron mass and keeps it molten.


J. Pierpont Morgan

- made reputation for himself by
- financing the reorganization of RRs, insurance cos, and banks
- didn’t believe that money power was dangerous


United States Steel

- JPM bought out Carnegie who no longer wanted the wealth
- payed $400 mil
- 1901- JMP launched and enlarged the US Steel Corporation
- capitalized at $1.4 billion
- first billion dollar co


John D. Rockefeller

- born into a wealthy family
- 1870 - organized the Standard Oil Company of Ohio
- refineries in Cleveland eliminated the middleman
- 1882- oil trust formed
- low business ethics, ruthless
- 1877- controlled 95% of all US oil
- did turn out a superior product at a better price


William Graham Summner

- Yale professor and social darwinist
- “the millionaires are a product of natural selection, they get high wages and live in luxury, but the bargain is a good one for society”



- government by the wealthy
- caused increase in class divisions
- the rich used the constitution to support their monopolies
- some used 14th amendment and interpreted person as a cooperation


Yellow Dog Contract

- similar to an ‘ironclad oath’
- agreement between an employer and a worker that the worker will not join a labor union


New South

- Industrialists tried to modernize the south
- region remained overwhelmingly rural
- promoted by Henry W. Grady the editor of the Atlanta Constitution (newspaper)


National Labor Union

- organized in 1866
- lasted for 6 years and had 600,000 members
- excluded Chinese and did not try to include blacks and women
- blacks made their own union
- hard hit during the 1870s depression


Terence V. Powderly

- irish-american
- leader of the Knights of Labor
- won them a number of strikes for the 8 hour day
- had a successful strike against Jay Gould’s Wabash RR in 1885
- membership increased to 3/4 of a mill


Haymarket Riot

- organized by the Knights of Labor
- May 4 1886
- Chicago police advanced on a meeting to protest alleged brutalities by the authorities
- dynamite bomb was thrown
- killed or injured several dozen people
- 8 people rounded up and 5 were sentenced to death and the others sent to prison



- method used by corporations to handle strikes
-court order against strikers to get them to stop striking (or walkout-ing)


John P. Altgeld

- german-born democrat
- gov of Illinois
- pardoned the 3 survivors
- much opposition from conservatives
- was not re-elected
- showed opposition for what we thought was an injustice


American Federation of Labor

- founded in 1886
- brainchild of S. Gomers
- a federation
- consisted of an association of self governed national unions
- each union kept independence
- was not very inclusive of women and blacks
- 1900 membership=500,000
- “the labor trust”


Samuel Gomers

- Jewish from London
- elected as president as AF of L every year except for one from 1886 to 1924
- hated socialism
- no problems with capitalism
- demanded a faired share for labor
- sought better
- wages
- work hours
- conditions
- chief weapons= walkout and boycott