Chapters 23-26 Flashcards
(186 cards)
John D. Rockefeller
He was the owner of the Standard Oil Company, which was a monopoly, and he created horizontal integration to make it appear as though it wasn’t a monopoly by buying smaller oil companies but didn’t change their name.
J.P. Morgan
He was a financier/banker who purchased Carnegie Steel Co. for $400 million and turned it into the first billion dollar company in the world. He changed the name to U.S. Steel.
Andrew Carnegie
He stole a steel making process from Henry Bessemer. Later on he steals another company called Allegheny simply because they were manufacturing better steel so he lied about them to a newspaper and then when they went under he bought the company and stole their process. He practiced vertical integration which was where a company owned the whole process from start to finish. He also gives money to start free libraries.
Henry Bessemer
He created the steel process roughly 20 years before Carnegie had stolen his process and take it to the US.
Interlocking Directorates
Were the executives/directors from the board of one company also work as executives or directors on the board of another company. This practice was introduced by J.P. Morgan.
1868 -1872 Elections
In 1868 there were two presidential candidates were Ulysses S. Grant and Horacio Seymour. In 1872 the two presidential candidates were Ulysses S. Grant and Horace Greeley. Ultimately Ulysses S. Grant won both elections.
1876 Election
The two presidential candidates were Rutherford B. Hayes and Samuel J. Tilden. Ultimately it was Rutherford B. Hayes who won the the election.
1880 Election
The two presidential candidates were James A. Garfield and Winfield Scott Hancock. Ultimately James A. Garfield won the election.
1884 Election
The two presidential candidates were Grover Cleveland and James G. Blaine. Ultimately Grover Cleveland won the election.
1888 Election
The two presidential candidates were Grover Cleveland and Benjamin Harrison. Ultimately Benjamin Harrison won the election.
1892 Election
The two presidential candidates were Grover Cleveland, James B. Weaver (populist), and Benjamin Harrison. Ultimately Grover Cleveland won the election. Him winning this election made him the the first and only president to win two elections not back to back. He is the 22nd and 24th president.
1896 Election
1896 Election
The two presidential candidates were William McKinley and William Jennings Bryan. William Jennings Bryan was the democrat and populist candidate. Ultimately William McKinley won the election.
James A. Garfield
He was shot in 1881 after winning the 1880 election. He was shot twice by Charles J. Guiteau but succumbed to death by the unsanitary methods of doctors.
Yellow Dog Contracts
You cannot work at that place if you are in a union. Big no no.
Blacklist
Blacklist is someone who gets fired from their job and they cannot find another.
Union Pacific Railroad
The Union Pacific Railroad was going from East to West. They start the railroad in Omaha and most of the immigrant workers are Irish.
Central Pacific Railroad
The Central Pacific Railroad was going from West to East. They started in San Francisco and most of the immigrant workers are Chinese.
Trust
A trust is where one company takes control of many and in some cases they don’t change the name of the new company that they take over so it appears as though they don’t have a monopoly. Also a new type of industrial organization, in which the voting rights of a controlling number of shares of competing firms were entrusted to a small group of men, or trustees, who thus were able to prevent competition among the companies they controlled.
Sherman Anti-trust Act
The Sherman Anti-trust Act was an act that was passed to regulate monopolies and it was not so much as controlling the monopoly as it was stopping them from becoming too big. The Anti-trust and tried but also failed at enforcing it because there was no one in particular who was ever given the job to investigate anyone. Passed in April of 1890
Monopoly
Monopolies were these companies that grew to be so huge that there was very little in the market for what they sold other than them so they could charge whatever they want.
National Labor Union
This first national labor organization in U.S. history was founded in 1866, the organization devoted much of its energy to fighting for an eight-hour workday before it dissolved in 1872.
*Excluded the Chinese and don’t really help blacks or women.
*Mostly trying to get an eight hour work day.
Knights of Labor
The second national labor organization, organized in 1869 as a secret society and opened for public membership in 1881. The Knights were known for their efforts to organize all workers, regardless of skill level, gender, or race.
→Also arguing for an eight hour work day
→The Haymarket Square Riot will end their union.
Haymarket Square Riot 1886
A May Day rally that turned violent when someone threw a bomb into the middle of the meeting, killing several dozen people.
American Federation of Labor founded 1886
Unions that included only skilled workers. Led by Samuel Gompers, the AFL sought to negotiate with employers for a better kind of capitalism that rewarded workers fairly with better wages, hours, and conditions. The AFL’s membership was almost entirely white and male until the middle of the twentieth century.