Key Names
Pres. Grover Cleveland-Didn't feel that railroads making money off of the land the government gave them
Leland Sanford-Central pacific railroad, kept clean and did not bribe officials
Paddies-UPRR Irish workers for cheap labor
Chineese-CPRR workers for cheap labor
James H. Hill-Built RR with a sense of public duty and helped locals
Cornelius Vanderbilt-Started the consolidation of RR in New York
Jay Gould-Used stock watering to boom and bust a RR
Richard Olney- Lawyer who changed the view of Gov. interaction with the RR in a way which favored the RR
Alexander Graham Bell-Invented the telephone
Thomas Edison-Invented the light bulb
Elli Whitney-started mass production and interchangeable parts
Andrew Carnegie-started US steel and vertical integration (rags to riches)
John D. Rockefeller-Standard oil company and horizontal integration
J.P. Morgan-financer that used interlocking directorates to save business and make them his own (bought US steel from Carnegie)
Rev. Russell Conwell-preached spread of social Darwinism (people earn the lots either good or bad)
James Buchanan Duke-moved the south forward when cigarettes took off
Key Terms
Transcontinental RR-Stretched form coast to coast
Union Pacific RR-Pushed Westward
Gov. gave pay-land-loans
Credit Mobilier-UPRR made massive profits by bribing congress men
Central Pacific RR-moved eastward
Pullman Palace Cars-Luxury passenger cars
Kickbacks-bribes the RR gave to Gov. and costumers
Pools-Competitors formed mega companies
Rebates-gave discounts to large companies while the little guy sunk
Free Passes-given to members of the press to ensure good publicity
The Grange-A group a farmers who pushed for regulation on the railroad
Interstate commerce act (1887)-regulated the RR stopped pools and rebates
Liquid capital-a millionaire class (reason for large manufacturing)
Natural resources- (reason for large manufacturing) Mesabi iron ore range
Vertical Integration-buying everything in the production of a product
Horizontal Integration-buying the industry and all the competitors
Interlocking directorates-putting his own men on the board of other companies
Bessemer Process-blowing cold air on the steel to get rid of impurities
Drakes Folly-started the oil boom (gusher in Pennsylvania)
Economies of scale-larger companies lower the price so small companies cant compete (Rockefeller)
Gospel of wealth-the rich were morally obligated to share their wealth (Carnegie)
Social Darwinism-people who were rich where the ones most designed for success
Sherman anti-trust act (1890)-put an end to pools and other similar activities(was not effective till 1914
Gibson girl-new picture of what women should be like in the new era
Unions- groups of workers to fight for better working