Cornelius Vanderbilt (571)
Who: steamboat and railroad millionaire
Where: East Coast
What: enterprised the welding together and expanding the older eastern railroads. Facilitated the success of western lines. Offered good service, at low rates and amassed a fortune of $100million. Helped popularize steel railroads to replace iron tracks of the New York Central. Steel was safer and more economical.
HS: helped the success of new western lines, Vanderbilt University. More railroads brought about steel rail, and luxury carts, but were prone to accidents. Railroads became America’s biggest business. Opened up the rwest to its resources and linked the unitesd staes making it the largest integrated national market in the world. Stimulated mining, brought about farm settlements along railrads, provided people with a means of transporting food, increased immigration through european advertisements. Railroads also transformed the land in the tallgrass prairies (IA,IL, KS, NE), pines of the midwest wiped out. Time zones started. Railroads made millionaires, a new aristocracy. With big money, corruption, overselling a railroad’s actual value. Railroaders bribed governments and Railroad kings had more idrect control over the people than the government did. Railroad expansion industrial expansion.
Wabash, St. Louis& Pacific Railroad Company v. Illinois (573)
Who: Supreme court
Where: supreme court
What: decreed that individual states cannot regular interstate commerce, only the federal government can.
HS: ended efforts by mid-western legislatures to regulate the railroad monopoly. Was not liked by Cleveland, but Congress ignored him and passed the Interstate Commerce Act.
Interstate Commerce Act (573)
What: prohibited rebates and pools (agreements to divide the business of an area and share the profits) and required railroads to publish their rates. Forbade unfair discrimination against shippers and outlawed charging more for short hauls. Most importantly set up the Interstate Commerce Commission (ICC) to enforce the Act.
HS: the ICCwasn’t popular amongst the waealthy. It allowed business to resolve conflicts peacefully, avoided rate wars, and ultimately stabilized, not revolutionized, the business sstem. It was the first governmental effort to regulate big businesses.
Postwar Industrial Expansion caused by rairoad network. Civil war created large fortunes that could now be combined with loans from primarily european investors who let Americans run the companies. Innovations fueled growth, steel empire, mass productions, cheap transport, larger populations and more millionaires. Immigrants meant cheap labor, new lines of business.
Alexander Graham Bell (574)
What: invented the telephone.
HS: made the nation telephoniacs and lured women to the switchboards as phone operators.
Thomas Alva Edison (574)
Where: New Jersey
What: invented the phonograph, mimeograph, Dictaphone, moving picture, and the lightbulb.
HS: made kerosene obsolete and altered how much people slept. Inventions spread throughout the world.
Andrew Carnegie (575, 576)
Who: steel king
Where: Scotland, Pittsburgh
When: 1900 what: A steel business man who worked his way up. He oversaw every phase of his steelmaking corporation, vertical integration. This eliminated many iddlemen. He dislieked monopolies and had an organization of 40 pittsburgh millionaires. He was bought out by JP morgan for $400 million and donated 350 mill to libraries, pensions and other public places.
HS: An example of the widening social gap
J. Pierpont Morgan (577)
Who: financial giant
Where: wall Street
What: Financed the reorganization of railroads, insurance companies and banks. Didn’t believe that money power was dangerous in safe hands. By 1900,