Chapter 24 Flashcards Preview

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Flashcards in Chapter 24 Deck (21):
1

Union Pacific railroad

Go west from Omaha Nebraska

2

Central pacific

Started in Sacramento and went through Sierra Nevada
Backed by Leland Stanford and Collis Huntington

3

Northern pacific

Lake Superior --> puget sound

4

Atchison, Topeka, and Santa Fe

Through sw deserts to California

5

Southern pacific

New Orleans to San Francisco

6

Great northern

Duluth to Seattle
By James j hillran

7

Stock watering

Railroad stock promoters inflated their claims about a given lines assets and profitability and sold stocks and bonds in excess of the railroads actual value.
Railroad managers forced to charge high rates and wage battles in order to pay off exaggerated financial obligation

8

Pool

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

9

Wabash case

Decreed individual states had no power to regulate interstate commerce
Federal government needs to fix railroad monopoly

10

Interstate commerce act

Prohibited rebates and pools
required the railroads to publish their rates openly
Forbade unfair discrimination against shippers
Outlawed charging more for a short haul than for a long one over the same line
Set up interstate commerce commission

11

Vertical integration

Bought companies for all the steps needed to make product

12

Horizontal integration

Buying out all the competitors

13

William Kelley

Discovered Bessemer process

14

Sherman anti trust act

Forbade combinations in restraint of trade w/out distinction of good trusts and bad trusts
Ineffective because contained so many loopholes

15

James Buchanan duke

Tobacco industry

16

Pittsburg plus pricing system

Iron and coal in Alabama should have given manufacturers competitive edge but steel lords in pittsburgh brought pressure to bear on compliant railroads
Steel still charged fictional fee if it shipped from Pittsburgh

17

National labor union

Lasted 6 years
Skilled and unskilled
Excluded Chinese
Only nominal efforts to include blacks and women

18

Colored national labor union

Support from Republican Party and racism kept me from working with the national labor union

19

Knights of labor

After the national labor union defunct
Included all workers except gamblers, etc
Led th hay market square episode, but lost

20

Terence v Powderly

Knights successful strike against goulds wabash railroad in 1885

21

American federation of labor

Led by Samuel Gompers
Only for skilled workers
Association of self governed national unions that kept independence with AFL unifying
No individuals could join