History 1302 Ch 18

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ironmonstar
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200037
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History 1302 Ch 18
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2013-02-14 16:51:43
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  1. Promontory Point Utah
     On May 10, 1869, the two lines met at Promontory, Utah, near the northern tip of the Great Salt Lake. Dodge’s crews "CP" had built 1,086 miles of track, "UP" Crocker’s 689. The Union Pacific and Central Pacific  presidents hammered in a golden spike (both missed it on the  fi rst try), and the dreamed-of connection was made.
  2. Credit Mobilier Scandal
    Slush Funds, watering stock and saling aid
  3. Jay Gould
    He was a speculator and would often lay one track down to force a rival line to buy it at inflated prices. Gould and others bought and sold railroads like toys, watered their stock, and milked their assets. By 1885, almost one-third of railroad stock represented “water,” that is, stock distributed in excess of the real value of the assets.
  4. Cornelius Vanderbilt
     Owner of 3rd Trunk line, Nearly seventy years old when he first entered railroading, Vanderbilt wasted no time. In 1867, he took over the New York Central and merged it with other lines to pro-vide a track from New York City to Buffalo and Chicago. When he died in 1877, his Central operated more than 4,500 miles of track
  5. Trunk Lines
     Four major railroad networks that emerged after the Civil War to connect the eastern seaports to the Great Lakes and western rivers. They reflected the growing integration of transportation across the country that helped spur large-scale industrialization. p.  419
  6. Jay Cooke and Company
  7. Andrew Carnegie
    Owner ofCarnegie Steel was the leader of the Steele Industry until he sold his comp. to his rival  J P. Morgan top persue philanthopy for hal a billion. 1878, he won the steel contract for the Brooklyn Bridge, Washington Monument huge Homestead works near Pittsburgh to the manufacture of structural beams and angles, which went into the New York City elevated railway, the first skyscraper. Carnegie kept the wages of the labor-ers in his mills low and disliked unions. With the help of Frick, he crushed a violent strike at his Homestead works in 1892
  8. John D. Rockafeller
    Was a Clevelan Merchant  at the age of twenty-four, he built the Standard Oil Company, soon to become one of the titans of cor-porate business.
  9. Trust
    A device to centralize and make more efficient the management of diverse and far-flung business operations. It allowed stockholders to exchange their stock certificates for trust certificates, on which dividends were paid. John D. Rockefeller organized the first major trust, the Standard Oil Trust, in 1882.  p.  423
  10. Standard Oil Conmpnay
  11. Vertical Intergration
    a type of organization in which a single company owns and controls the entire process from the unearthing of the raw materials to the manufacture and sale of the finished product.
  12. Thomas Alva Edison
    Invented Phonograph in which on could record voice or music and replay, captured electricity and lit a light bulb
  13. Montgomery Ward
    sold to rural customers through mail-order catalogs—a means of selling that depended on effective transportation and a high level of customer literacy.
  14. Greenbackism
  15. Whiskey Ring
  16. Panic of 1873
  17. J. Pierpont Morgan
    J. P. Morgan and Company, took the lead. Massively built, with eyes so piercing they seemed like the head-lights of an onrushing train, Morgan was the most powerful  figure in American finance. He liked effi ciency, combination, and order. He disliked “wasteful” competition. In 1885, during a bruising rate war between the New York Central and the Pennsylvania, Morgan invited the combatants to a conference aboard his palatial steam yacht,  Corsair . Cruising on Long Island Sound, he arranged a traffi c-sharing agreement and collected a million-dollar fee. Bringing peace to an industry agreement and collected a million-dollar fee. Bringing peace to an industry could be profitable. It also satisfied Morgan’s passion for stability.  After 1893, Morgan and a few other bankers refinanced ailing railroads, and in the process they took control of the industry.  After 1893, Morgan and a few other bankers refinanced ailing railroads, and in the process they took control of the industry. T
  18. Northern Securities Company
  19. Knights of Labor
     Founded in 1869, this labor organization pursued broad-gauged reform and practical issues such as improved wages and hours. The Knights welcomed all laborers regardless of race, gender, or skill.  p.  431
  20. Terence V. Powderly
  21. Samuel Gompers
    Founder and longtime President of the AFL
  22. American Federation of Labor
    Founded by Samuel Gompers in 1886, the AFL organized skilled workers by craft and worked for specific practical objectives, such as higher wages, shorter hours, and better working conditions. The AFL avoided politics, and while it did not expressly forbid blacks and women from joining, it used exclusionary  practices to keep them out.  p.  431
  23. Great Railway Strike of 1877
  24. Haymarket Riot 
  25. Homestead Steel Strike
    In July 1892, wage-cutting at Andrew Carnegie’s Homestead Steel Plant in Pittsburgh provoked a violent strike in which three company-hired detectives and ten workers died. Using ruthless force and strikebreakers, company officials broke the strike and destroyed the union.  p.  435

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