ch.14

List the affects of the rail network on the nation

-Linked the distant regions of the nation in a transportation network -rapid construction -helped unite Americans from distant regions

List the effects of the rail network on the nation

-united Americans from different regions -travel was faster -rapid construction/growth -promoted national market

What are chain stores

A group of similar stores owned by the same company.

This process for producing steel revolutionized the entire industry, because it allowed for cheap and fast production of large quantities. Patented in 1855, it is named for its discoverer.

Bessemer Process

The Central Pacific had four primary investors known as the ______

Big Four

Industries

By linking the nation, railroads helped increase the size of markets, providing greater opportunities for many ________

Whats an example of an vertically integrated company

Carnegie's Company

What changed the idea of shopping in the late 1800's

Department Stores

This 19th Century industrialist is best known for his company's production of the "sleeping car" for railroad travel, and for the 1894 labor strike surrounding it's production.

George Pullman

How did Grenville Dodge contribute to the economic growth of the US in the late 1800s

He made the Union Pacific and the Central Pacific Railroad

Credit Moblier

In the _________ scandal, the Union Railroad became almost bankrupt

Thomas Alva Edison

Inventor of the light bulb

How did the railroad expansion in the US lead to industrial growth

It connected the states and made fast easy transformation of people, goods, materials etc.

The New York industrialist who made hundreds of millions of dollars in the 19th century with this Standard Oil Company and pioneered the corporate strategy of vertical integration.

John D. Rockefeller

What is a vertical integrated company

Owns all of the different businesses on which it depends on for its operation

Robber Barons

People who'd built fortunes by swindling investors and taxpayers, and bribing officials

Theodore Dehone Judah

The Central Pacific Railroad began as the dream of engineer

Why were American courts and legislatures suspicious of pools

They interfered with competition and property rights

How did the government help finance railroads

They offered each company land along its right-of-way

Carnegie

This Scottish-born American industrialist made his fortune in the steel industry, using vertical integration to decrease cost and increase profits by using vertical integration.

Explain the provisions of the Pacific Railway Act

This act provided for the construction of a transcontinental railroad by two corporations, union pacific and the Central Pacific Railroad

Cornelius Vanderbilt

Was one of the most famous and successful railroad consolidators

Credit Mobilier

a joint-stock company organized in 1863 and reorganized in 1867 to build the Union Pacific Railroad. It was involved in a scandal in 1872 in which high government officials were accused of accepting bribes.

What were two ways to avoid legal allegations of monopoly

a trust, and Holding company

Upon what retailers spending over 90 million a year by 1900

advertising

Why did some people support monopolies

because some people believed it would keep prices low

Why did some people fear monopolies

because they believed that it allowed a company to charge whatever they wanted for its products

Why did the number of American corporations increase beginning in the 1830's

began passing general incorporation laws, allowing companies to become corps and issue stock without charters

To make rail service safer and more reliable, the American Railroad Association divided the country into ______________

four time zones (regions where the same time was kept)

Laissez-faire

gov shouldn't interfere in the economy other than protect private property rights and maintain peace

How did merchandisers reach the millions of people who lived in rural areas in the late 1800's

mail-order catalogs

How did corporations achieve economics of scale

make goods more cheaply because they produce so much so quickly using large manufacturing facilities

From where did standard sizes in the clothing develope

measurement taken from Union soldiers during the Civil War

anarchist

one against government

Pacific Railway Act

railroad boomed began in 1862 when President Abraham Lincoln signed the _______

Railroad companies spent extraordinary amounts of money on

steel, timber, and coal

Other than unethical behavior on the part of corporations, what was likely the cause of small companies going out of business

the changing nature of business organization and he new importance of fixed costs

How did corporations keep prices from falling

they organized pools/agreements to maintain prices at a certain level

Great Northern Railroad

transcontinental railroad operated without government subsidies or land grants, became the most successful, and was the only one not forced into bankruptcy.

Jay Gould

used information he received as a railroad owner to manipulate stock prices to his benefit

Central Pacific

what railroad began pushing westward from Omaha, Nebraska, in 1865 under the direction of engineer Grenville Dodge