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