chapter 24
Terms
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- stock watering
- a way of manipulation and corruption t make money. promoters over-promoted a railroad's value, to inflate stock price
- andrew carnigie
- bloody brilliant. came to america as a poor boy, and made tons of cash. not a monopolist. took over philidelphia steel business. made about 40 millionares.
- vertical integration
- combining into one company all of the steps necessary to create, market, and sell a product. a ons stop shop, as it were.
- john rockerfeller
- owned standard oil- dominate oil industry. a machiavellian businessman
- interstate commerce act
- passed in 1887. prohibited rebates and pools, and required railroads to publish their rates openly. forbade unfair discriminition against shippers.
- bessemer process
- allowed for the price of steel to drop steeply as it made steel easier to make.
- samuel-gompers
- president of american federation of labor. fought hard for the rights of others.
- haymarket riot
- anarchists and knights of labor blames, a dynamite bomb went off, police burtsin on a labor meeting
- sharecroppers
- perpetually in debt because the money they made always paid for a year back.
- cornelius vanderbuilt
- helped make the many small eastern railroads connect. gave a million to vanderbuilt university. coarse, un-educated, and ruthless
- horizontal integration
- allying with competetors to monopolize a market. less effective than vertical integration
- national labor union
- one of the first labor unions, iw was hurt by the 1870 depression
- thomas edison
- another smart guy. invented camera, lightbulb, and movies.
- alexander grahm bell
- inventer. invented phone. smart guy
- social darwinism
- the application of darwins survival of the fittest to business
- trusts
- a tecnique of rockfellers to control rivals- it involved smaller businesses giving rockerfeller's company their stocks, so he could make a business of it, and they make money.
- jp morgan
- financial giant. had a reputation for integrity, made his money by investing in the right things. bought all of carnigees stuff in steel, and made magic with it.
- james j hill
- created the great northernrailroad. probably the greates railroad builder of all, he saw his railroad building as a public duty. also did the southern pacific railroad, completed in 1884.
- pools
- an agreement to devide business into certian areas to increase profits, and then to pool and share the profits.
- leland stanford
- one of the four cheif financial backers of the centeral pacific railroad. ex-governor of california, he used his political connections to help the railroad get built.
- american federation of labor
- a union of skilled workers- moderatly sucessful
- standard oil
- cornered the world petrolium market- rockerfeller's company
- knights of labor
- another labour union- more sucessful
- the grange
- an organized agragarian group. pressured legislatures to curb the crazy railroad monopoly.
- Sherman Anti-trust Act of 1890
- tried to abolish trusts, but had so many loophols that it failed.
- wabash case
- in 1866, the supreme court declared that individual states had no authority in interstate commerce.
- u.s. steel corporation
- made when morgan bought carnigees stuff. worth about 1.4 billion