CHapter 24 Reading Check

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CHapter 24 Reading Check
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2012-02-14 19:23:20
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  1. Union Pacific Railroad
    in 1862, congress commissioned this railroad to begin westward from Omaha, Nebraska, to gold rich California
  2. Credit Mobilier
    corruption plagued the railroads as the insiders of these people reaped $23 million in profits
  3. Hard ship of railroad contruction
    sometimes indians would attack to try to save their lives and many Irish (who layed the tracks) and indians would die
  4. Central Pacific Railroad
    Over in California this railroad was in charge of extending the railroad eastward, and it was backed by the Big Four
  5. Northern Pacific Railroad
    stretched from Lake Superior to the Puget Sound and was finished in 1883
  6. Atchison, Topeka, and Santa Fe
    stretched through the southwest deserts and was completed the following year in 1884
  7. Southern Pacific
    (completed in 1884) went from New Orleans to San Francisco
  8. Great Northern
    Ran from Duluth to Seattle and was the creation of James J. Hill, probably the greatest railraod builder of all
  9. Advancements in railrooads
    • steel rail- strongher then iron rail
    • westinghouse airbrake- increased safety
    • pullman palace car-luxurious passenger cars
    • telegraphs double racking and block signals
  10. Time zones
    Due to railroads the creation of this occured on Novemeber 18, 1883, instead of each city having its own times zone (which was confusing to operators
  11. Jay Gould
    made millions embessling stocks from Erie, Kansas Pacific, The Union Pacific, and the Texas and Pacific railroad companies
  12. "stock watering"
    a mehtod of cheap money making in which railroad companies grossly over-inflated the worth of their stock and sold them at huge profits
  13. Trusts
    Pools aka "cartel" a group of supposed competitors who agree to work together, usually to set prices
  14. The Grange
    formed by farmers to combat railroad corruption
  15. Walsh Case
    this ruled that states could not regular interstate commerce such as trains
  16. Interstate Commerce Act
    passed in 1887, banned rebates and pools and required the railroads to publish their rates openly, and also forbade unfair discrimination against shippers and banned charging more for a short faul than for a long one
  17. Interstate Commerce commission (ICC)
    set up to enforce the Act
  18. Why was AMerica one of the largest manufacturers in the world
    • fully exploited natural resources
    • massive immigration/cheap labor
    • american ingenuity played a vital role, with inventions like mass production
  19. Alexander Graham Bell
    invented the telephone and a new age was launched
  20. Thomas Edison
    the "wizard of Menlo Park" was the most versatile inventor, bets known for his electric light bulb
  21. Vertical Intergration
    Andrew Carnegie used this method which meant that he bought out and controlled all aspects of an industry
  22. Horizontal Integration
    Jogn D. Rockefeller master of this method simply allied with or bought out competitors to monoplize a given market
  23. Interlocking Directorates
    J. P. Morgan used this process when he plaved his own men on the boards of directors of other rical competitors to gain influence there and reduce competition
  24. Bessemer Process
    • Discovered by William Kelly made steel-making cheaper
    • Cold air blown on red hot iron burned carbon deposits and purified it
  25. United States Steel Corporation
    In 1901, a company that be came the worlds first billion dollar corporation
  26. John D. Rockefeller
    • ruthless and merciless, organized the Standard Oil Company of Ohio in 1882
    • Crushed weaker competitors, but his company did produce supieror oil and low prices
  27. Other trusts, which also generally made better products at cheaper prices
    the meat industry of Gustavus F. Swift and Philip Armour
  28. Gospel of Wealth
    Many of the newly rich had worked from poverty to wealth and thus felt that some people in the world were destined to become rich and then help society with thier money
  29. Social Darwinism
    applied Charles Darwins survival-of-the-fittest theories to business. It said the reason a Carnegie was at the top of the steel industry was that he was most fit to run such a business
  30. Reverend Russell Conwell of Philadelphia
    became rich by delivering his lecture, "Acres of Diamonds" in which he preached that poor people made themselves poor and rich people made themselves rich
  31. Pluocracy
    the wealth rule
  32. Sherman Anti Trust Act
    in 1890 this act was signed to law, it forbade combinations (trusts, pools.....) in restrain of trade without any distinction between "good" and "bad" trusts
  33. James Buchanan Duke
    developed a huge cigarette industry in the for of the American Tobacco Company
  34. "Gibson Girl"
    • created by Charles Dana Gibson beacame the romantic ideal of the age
    • she was young attractive and outdoorsy (not the stay-at-home mom type)
  35. National Labor Union
    • formed in 1866 represented a giant boot stride by workers and attracted an impressice total of 60000 members, but it only lasted six years
    • it worked for the arbitration of industrial disputes and the eight hour workday and won the latter for government workers
  36. Knights of Labor
    • begun in 1869 and continued secretly until 1881
    • only barred liquor dealers , professional gamblers, lawyers, bakers, and stockbrokers and they compaighned for economic and social reform
  37. John P. Altgeld
    in 1892 a german born Democrat was elected governor of Illinois and pardoned the three surcicors after studying the case extensively
  38. Haymarket square bombing
    eight anarchist threw a bomb killing and injurying many people at a knights of labor protest
  39. Samuel Gompers
    • in 1886 founded the American Federation of Labor
    • He simply wanted more and sought better wages hours and working conditions
  40. AF of L
    • composed of skilled laborers
    • "the Labor Trust"
  41. Labor Day
    in 1894 was made a legal holiday

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