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chap 17 history
Stack #55312
| Question | Answer |
|---|---|
| Cornelius Vanderbilt | "commodore" used his millions earned from a steamboat business to merge local railroads into the New York Central RR |
| New York Central Railroad | NYC to chicago, 1867, 45oo miles of tracks |
| trunk line | a major route between large cities, connected to outlying towns by smaller branch lines |
| federal land grants | 170 million acres of land were distributed to multiple railroad companies by the federal government, hoping it would lead to settlement |
| transcontinental rr's | 1st- CA to the restof the union, recruited many immigrants, also 4 others built |
| union and central pacific | 2 railroad companies that built the transcontinental rr, union- plains, from Omaha, NB, used war veterans and irish; central- mountain passes east from sacramento, sierras, used chinese |
| Jay Gould | went into the railroad business for quick profits and made millions by selling off assets and watering stocks |
| watered stock/ pools | inflating the value of a coprporation's assets and profits before selling its stock to the public |
| rebates | discounts |
| Panic of 1893 | a quarter of the RR's went into bankrupcy |
| J. Piermont Morgan | moved in to help the railroads in the financial [panic of 1893 when they went bankrupt; headed the u.s. steel corporation once it was sold to him |
| interlocking directorates | when the same directors ran competing companies> monopolies |
| WIlliam Vanderbilt | son of cornelius, inherited transportation empire, "The public be damned" |
| Second Industrial Revolution | a major shift in the nature of industrial production, from textiles/clothing/leather to steel/petroleum/electric power/ industrial machinery |
| bessemer process | blasting air through motlen iron producing high quality steel |
| andrew carnegie | shrewd business genius, 1850's from poor scottish immigrant to the superintendent of a PA RR, manufactured steel in 70's> vertical int. |
| vertical integration | a company would control every strage of the industrial process |
| u.s. steel | carnegie sold his company to morgan, became, u.s. steel, 1st billion dollar company, largest enterprise in the world |
| john d rockefeller | company controlled most of the oil refineries of the country by eliminating competition |
| protestant work ethic | that hard work and material success re signs of gods favor |
| standard oil trust | controlled 90% of the oil refinery business, rockefeller's, hor.int. |
| horizontal integration | former competitors were brought under a single coporate umbrella |
| antitrust movement | middleclass> feared unchecked power of new rich & urban elites> resented their increasing influence |
| sherman antitrust act | 1890, prohibited any contract, combination, in the form of trust or otherwise, or conspiracy in restraint of trade or commerce |
| US v. E. C. Knight | ruled the sherman could only be appliled to commerce, not manufacturing |
| Alexander graham bell | 1876, invented the telephone |
| Adam smith | The wealth of the nations, argues business should b regulated, not by govt but by supply and demand, the invisible hand |
| social darwinism | natural selection in the marketplace |
| herbert spencer | most influential darwinist, english social philosopher |
| thomas edison | phonograph, lamp thing, dynamo, motion picture camera, laboratory |
| george westinghouse | 400 patents, transformer, air brake |
| russell conwell | reverand, acres of diamonds |
| samuel f. b. morse | 1844, telegraph |
| transatlantic cable | Cyrus w fields, 1866 |
| Nat'l Labor union | 1868, 640000 members, for higher wages, broad social programs, womens rights, and 4 blacks, monetary reform, worker cooperation, 8hr day, lost support after a depression |
| sears, roebuck, montgomery ward | mail order companies, put stores out of work, thick catalogs |
| concentration of wealth | richest 10% controlled 90% |
| horatio alger | self made men novels, gave hope for ppl to become wealthy |
| Knights of labor | 1869, secret society to avoid detection by employers |
| terence v powderly | led knights |
| middle class | was expanding, more jobs> doctors lawyers, public emplyoers, storekeepers |
| david ricardo-iron law of wages | justified low waqges, argued it would increase working population, wages would fall |
| scab;lockout;blacklist;yellow-dog contract;injunction | unemployed persons desperate 4 jobs, closing a factory to break a labor moevemnt, names of prounion workers, agreement not to join a union, for strikes>tactics for defeating unions |
| rr strike of 1877 | Baltimore and ohio rr, 11 states, 2/3 shutdown |
| Haymarket bombing | Chicago's mccormick harvester plant, may 4, bomb thrown |
| American fed of labor | more practical economic goals, higher wages and improved working conditions |
| samuel gompers | led union^ |
| Homestead strike | by henry clay frick, of homestead steel plant, cut wages by 20% |
| pullman strike | cut wages of employers making sleeping cars, fires leaders |
| eugene v. debs | led american rr union, led boycott |
| in re debs | 1895, aproved use of injunctions |
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emmamalo
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