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Consolidation
The practice of combining separate companies in the industry.
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railroad barons
individuals who controlled the nations rail traffic
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standard gauge
As the railroads consolidated, companies adopted standard gauge of 4feet, 8.5 inches as the width of the railroad track.
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pools
The railroad barons made secret agreements among themselves.
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Transmitted
Telegraph offices trained operators to send messages.
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mechanism
mechanical device for oiling machinery
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assembly line
Henry Ford started as assigned production task again and again.
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mass production
produce large quantities of goods more quickly
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corporation
a company that sells shares or stock of its business to the public
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shareholders
people who invest in the corporation by buying stock or partial owners.
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dividends
cash payments from corporations profits- on the stock they own.
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trust
group of companies managed by the same board of directors.
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partners
associates who agree to operate a business together
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monopoly
total control of an industry by a single producer.
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trend
general movement toward business monopolies
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mergers
states passed laws that made combining corporate companies easier
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sweatshops
workers that worked hard in crowded and dangerous urban factories
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trade unions
skilled workers who formed unions to represent workers in certain crafts or trades such as carpentry.
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collective bargaining
Union organizations represent workers inn labor discussions with management.
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strike breakers
people who were hired to replace striking workers
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injunction
court order to stop the union from "obstructing" the railways and holding up the mail.
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