Industrialization Terms From Chapter 20 History

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Cornelius Vanderblit

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Who: Born in May 27, 1794 and died on the 4 of January of 1877, also known by the sobriquet Commodore, was an American entrepreneur.

When: Born in May 27, 1794 and died on the 4 of January on 1877.

What: He built his wealth in shipping and railroads and was the patriarch of the Vanderbilt family and one of the richest Americans in History.

Why:In those times the railroads and people that were entrepreneurs made alot of profit around the 1800s.

Where: He died in New York, New York, U.S. at the age of 32.

How:Mostly, because of his position in society he had the chance of becoming the richest man in America around the 1800s.

Sig:Business and Industry, 1794-1877
Cornelius Vanderbilt was born at Port Richmond, Staten Island, New York, the son of a ferryman and farmer. He received little formal schooling. By age 16, he was transporting people and cargo around New York harbor. During the War of 1812, he secured a government contract to deliver supplies to posts throughout the area.

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New York Central Railroad

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Who: By the consolations of a number of smaller railroads between Albany and Buffalo.

What: The New York Central Railroad (reporting mark NYC), known simply as the New York Central in its publicity, was a railroad operating in the Northeastern United States. Headquartered in New York, the railroad served most of the Northeast, including extensive trackage in the states of New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, plus additional trackage in the Canadian provinces of Ontario and Quebec.

When: The New York Central Railroad was formed on March 17, 1853

Why:The location serves many places (states) around this railroad such as New York, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and Massachusetts, plus additional trackage in the Canadian provinces of Ontario and Quebec.

Where: The NYC is located in the Norrtheastern part of the United States.

How: In 1867 Cornelius Vanderbilt gained control of the New York Central Railroad and on November 1, 1869 he merged it with his Hudson River Railroad to for the New York Central and Hudson River Railroad.

Sig:The New York Central was a major force in Western New York railroading and operated a number of lines in the region. The 1900 map above shows the trackage owned by the company in red and the railroads that it leased and operated in other colors.

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Transcontinental Railroad

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What:The First Transcontinental Railroad (known originally as the "Pacific Railroad" and later as the "Overland Route") was a railroad line built in the United States of America between 1863 and 1869 by the Central Pacific Railroad of California and the Union Pacific Railroad that connected its statutory Eastern terminus at Council Bluffs, Iowa/Omaha, Nebraska (via Ogden, Utah and Sacramento, California) with the Pacific Ocean at Oakland, California on the eastern shore of San Francisco Bay opposite San Francisco.

Who: In 1845, Asa Whitney presented to Congress a plan for the federal government to subsidize the building of a railroad from the Mississippi River to the Pacific.

When: 1863-1869

Where: In the United States of America

Why: The Transcontinental facilitated the flow of commerce, ideas, and many problems.

How:It took six years to complete it and mostly people that were paid low wages work on this construction.

Sig:Like most countries, settlement in the United States began along the coasts and slowly moved inland. While we often think of this process happening along the Eastern coast of the United States, Spanish settlements began along the Western coast as early as 1769. For a hundred years, however, the settlements that later became the states of California, Oregon, and Washington were separated from the rest of the United States by thousands of miles of unpopulated land. It was not until the completion of the First Transcontinental Railroad in 1869 that settlement along the Western Coast of the United States could really take off and the United States could fulfill its "manifest destiny" to occupy the land from "sea to shining sea."

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Jay Gould

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Jason "Jay" Gould (May 27, 1836 – December 2, 1892) was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time. Some modern historians working from primary sources have discounted various myths about him.
Born Jason Gould in Roxbury, New York, the future financier received some local schooling. He went to work as a surveyor, then entered the tannery business. During the 1860s, Gould bought stock in small railroads. He later became manager of the Rennsalaer and Saratoga Railway and a guiding force behind the Rutland and Washington Railway.

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Panic of 1893

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The Panic of 1893 was a serious economic depression in the United States that began in that year. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply (relative to silver), because of the long-established American policy of Bimetalism, which used both silver and gold metals at a fixed 16:1 rate for pegging the value of the US Dollar. Until the Great Depression, the Panic of '93 was considered the worst depression the United States had ever experienced.

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J. P. Morgan

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John Pierpont Morgan (April 17, 1837 - March 31, 1913) was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company he merged in 1901 the Carnegie Steel Company and several other steel and iron businesses, including Consolidates Steel and Wire Company owned by William Edenborn, to form the United States Steel Corporation.

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Bessermer Process

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The Bessemer process was the first inexpensive industrial process for the mass-production of steel from molten pig iron. The process is named after its inventor, Henry Bessemer, who took out a patent on the process in 1855. The process was independently discovered in 1851 by William Kelly. The process had also been used outside of Europe for hundreds of years, but not on an industrial scale.The key principle is removal of impurities from the iron by oxidation with air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten.

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Andrew Carnegie

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Andrew Carnegie (properly pronounced /kɑrˈneɪɡi/ kar-NAY-gee, but commonly, /ˈkɑrnɨɡi/ KAR-nə-gee or /kɑrˈnɛɡi/ kar-NEG-ee)(November 25, 1835 – August 11, 1919) was a Scottish-American industrialist, businessman, entrepreneur and a major philanthropist.

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Vertical Integration

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In microeconomics and management, the term vertical integration describes a style of management control. Vertically integrated companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. It is contrasted with horizontal integration.

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U.S. Steel

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The United States Steel Corporation (NYSE: X), more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales (see list of steel producers). It was renamed USX Corporation in 1991 and back to United States Steel Corporation in 2001 when the shareholders of USX spun off its steel-making assets following the acquisition of Marathon Oil in 1982. It is still the largest domestically owned integrated steel producer in the United States, although it produces only slightly more steel than it did in 1902.

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Federalland Grants 1865-1900

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During the Civil War the economy in the North boomed -- a continuation of the industrial advances from the 1840s. And following the war the Union economy continued to boom, while the economy of the former Confederate states, other than Texas, remained in decline. Despite the Civil War in the first half of the 1860s, the United States grew in population from 31 million in 1860 to 38 million in 1870. This increase of 7 million included 2.3 million immigrants, 90 percent of them from Europe -- an overwhelming percentage of whom settled other than in the South. By 1870 between 14 and 15 percent of the U.S. population were foreign born, and immigrants comprised 20 percent of the labor force. And between 1870 and 1880 the population of the United States rose to 50 million, the number of immigrants in this decade totaling 2.75 million, 83 percent of them from Europe. The percentage of those people in the United States called Negroes remained around 11 percent of the population -- down from 1800, when 16.4 percent of the population had been slaves or freed slaves.

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John D. Rockefeller

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John Davison Rockefeller I (July 8, 1839 – May 23, 1937) was an American oil magnate. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, he founded the Standard Oil Company and aggressively ran it until he officially retired in 1897. Standard Oil began as an Ohio partnership formed by John D. Rockefeller, his brother William Rockefeller, Henry Flagler, Jabez Bostwick, chemist Samuel Andrews, and a silent partner, Stephen V. Harkness. As kerosene and gasoline grew in importance, Rockefeller's wealth soared, and he became the world's richest man and first American worth more than a billion dollars. Adjusting for inflation, he is often regarded as the richest person in history.

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Standard Oil Trust

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Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911.

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Horizontal Integration

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In microeconomics and strategic management, the term horizontal integration describes a type of ownership and control. It is a strategy used by a business or corporation that seeks to sell a type of product in numerous markets. Horizontal integration in marketing is much more common than vertical integration is in production. Horizontal integration occurs when a firm is being taken over by, or merged with, another firm which is in the same industry and in the same stage of production as the merged firm, e.g. a car manufacturer merging with another car manufacturer. In this case both the companies are in the same stage of production and also in the same industry. This process is also known as a "buy out" or "take-over".

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Anti Trust Movement

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The United States antitrust law is the body of laws that prohibits anti-competitive behavior (monopoly) and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both, or generally to violate standards of ethical behavior. Government agencies known as competition regulators, along with private litigants, apply the antitrust and consumer protection laws in hopes of preventing market failure. The term antitrust was originally formulated to combat "business trusts", now more commonly known as cartels. Other countries use the term "competition law". Many countries including most of the Western world have antitrust laws of some form; for example the European Union has provisions under the Treaty of Rome to maintain fair competition, as does Australia under its Trade Practices Act 1974.

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Sherman Antitrust Act 1890

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The Sherman Antitrust Act (Sherman Act,[1] February 30, 1890, ch. 647, 26 Stat. 209, 15 U.S.C. § 1–7) requires the United States federal government to investigate and pursue trusts, companies, and organizations suspected of violating the Act. It was the first Federal statute to limit cartels and monopolies, and today still forms the basis for most antitrust litigation by the United States federal government. However, for the most part, politicians were unwilling to refer to the law until Theodore Roosevelt's presidency (1901–1909).

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United States v. E.C. Knight

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United States v. E. C. Knight Co., 156 U.S. 1 (1895), also known as the "'Sugar Trust Case,'" was a United States Supreme Court case that limited the government's power to control monopolies. The case, which was the first heard by the Supreme Court concerning the Sherman Antitrust Act, was argued on October 24, 1894 and the decision was issued on January 21, 1895.

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Laissez- Faire Capitalism

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In economics, laissez-faire (English pronunciation: /ˌlɛseɪˈfɛər/ ( listen), French: [lɛsefɛʁ] ( listen)) describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies.

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Adam Smith

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Adam Smith (baptised 16 June 1723 – died 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish social philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. It earned him an enormous reputation and would become one of the most influential works on economics ever published. Smith is widely cited as the father of modern economics and capitalism.

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Gospel of Wealth

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"Wealth", more commonly known as "The Gospel of Wealth", "the Richest man in the World,"is an essay written by Andrew Carnegie in 1889 that described the responsibility of philanthropy by the new upper class of self-made rich. The central thesis of Carnegie's essay was the peril of allowing large sums of money to be passed into the hands of persons or organizations ill-equipped mentally or emotionally to cope with them. As a result, the wealthy entrepreneur must assume the responsibility of distributing his fortune in a way that it will be put to good use, and not wasted on frivolous expenditure. In this he represented a captain of industry who had risen to power by his own hand and refused to worship wealth.

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Transatlantic Cable

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he transatlantic telegraph cable was the first cable used for telegraph communications laid across the floor of the Atlantic Ocean. It crossed from the Telegraph Field, Foilhommerum Bay, Valentia Island, in western Ireland to Heart's Content in eastern Newfoundland. The transatlantic cable bridged North America and Europe, and expedited communication between the two. Whereas it would normally take at least ten days to deliver a message by ship, it now took a matter of minutes by telegraph.

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Alexander Graham Bell

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Alexander Graham Bell (March 3, 1847 – August 2, 1922) was an eminent scientist, inventor, engineer and innovator who is credited with inventing the first practical telephone.

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Sear Roebuck

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Sears Roebuck de México is a department store chain located in Mexico, operating more than 55 stores all over Mexico. Sears México is operated by Grupo Carso.

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Horatio Alger

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Horatio Alger, Jr. (January 13, 1834 – July 18, 1899) was a prolific 19th-century American author, best known for his many formulaic juvenile novels about impoverished boys and their rise from humble backgrounds to lives of respectable middle-class security and comfort through hard work, determination, courage, and honesty. He initially wrote and published for adults, but a friendship with boys' author William Taylor Adams led him to writing for the young. He published for years in Adams's Student and Schoolmate, a boys' magazine of moral writings. His lifelong theme of "rags to respectability" had a profound impact on America in the Gilded Age. His works gained even greater popularity following his death, but gradually lost reader interest in the 1920s.

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Railroad Strike of 1877

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The Great Railroad Strike of 1877 began on July 14 in Martinsburg, West Virginia, United States and ended some 45 days later after it was put down by local and state militias, and federal troops.

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National Labor Union

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The National Labor Union (NLU) was the first national labor federation in the United States. Founded in 1866 and dissolved in 1873, it paved the way for other organizations, such as the Knights of Labor and the AF of L (American Federation of Labor). It was led by William H. Sylvis. The National Labor Union followed the unsuccessful efforts of labor activists to form a national coalition of local trade unions. The National Labor Union sought instead to bring together all of the national labor organizations in existence, as well as the "eight-hour leagues" established to press for the eight-hour day, to create a national federation that could press for labor reforms and help found national unions in those areas where none existed. The new organization favored arbitration over strikes and called for the creation of a national labor party as an alternative to the two existing parties.

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Knights of Labor

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The Knights of Labor (U of M) (officially "Noble and Holy Order of the Knights of Labor") was the largest and one of the most important American labor organizations of the 1880s. Its most important leader was Terence Powderly. The Knights promoted the social and cultural uplift of the workingman, rejected Socialism and radicalism, demanded the eight-hour day, and promoted the producers ethic of republicanism. In some cases it acted as a labor union, negotiating with employers, but it was never well organized, and after a rapid expansion in the mid-1880s, it suddenly lost its new members and became a small operation again.

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Terence V. Powderly

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Terence Vincent "Terry" Powderly (January 22, 1849 – June 24, 1924) was born in Carbondale, Pennsylvania, the son of Irish Catholic immigrants. He was a highly visible national spokesman for the working man as head of the Knights of Labor from 1879 until 1893. Although the Knights claimed over 600,000 members at its peak in 1886, it was so poorly organized that Powderly had little power.

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Haymarket Bombing

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The Haymarket affair (also known as the Haymarket massacre or Haymarket riot) was a demonstration and unrest that took place on Tuesday May 4, 1886, at the Haymarket Square in Chicago. It began as a rally in support of striking workers. An unknown person threw a dynamite bomb at police as they dispersed the public meeting. The bomb blast and ensuing gunfire resulted in the deaths of eight police officers, mostly from friendly fire, and an unknown number of civilians. In the internationally publicized legal proceedings that followed, eight anarchists were tried for murder. Four men were convicted and executed, and one committed suicide in prison, although the prosecution conceded none of the defendants had thrown the bomb.

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American Federation of Labor

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The American Federation of Labor (AFL) was one of the first federations of labor unions in the United States. It was founded in 1886 by an alliance of craft unions disaffected from the Knights of Labor, a national labor association. Samuel Gompers (1850–1924) was elected president of the Federation at its founding convention and was reelected every year except one until his death. As the Knights of Labor faded away, the AFL coalition gradually gained strength. In practice, AFL unions were important in industrial cities, where they formed a central labor office to coordinate the actions of different AFL unions. Most strikes were assertions of jurisdiction, so that the plumbers, for example, used strikes to ensure that all major construction projects in the city used union plumbers. To win they needed the support of other unions, hence the need for AFL solidarity.

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Samuel Gombers

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Samuel Gompers[1] (January 27, 1850 – December 13, 1924) was an English-born American labor union leader and a key figure in American labor history. Gompers founded the American Federation of Labor (AFL), and served as that organization's president from 1886 to 1894 and from 1895 until his death in 1924. He promoted harmony among the different craft unions that comprised the AFL, trying to minimize jurisdictional battles. He promoted "thorough" organization and collective bargaining to secure shorter hours and higher wages, the first essential steps, he believed, to emancipating labor. He also encouraged the AFL to take political action to "elect their friends" and "defeat their enemies." During World War I, Gompers and the AFL worked with the government to avoid strikes and boost morale, while raising wage rates and expanding membership.

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Homestead Strike 1894

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The Homestead Strike was an industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security agents on July 6, 1892. It was one of the most serious disputes in US labor history. The dispute occurred at the Homestead Steel Works in the Pittsburgh-area town of Homestead, Pennsylvania, between the Amalgamated Association of Iron and Steel Workers (the AA) and the Carnegie Steel Company. The final result was a major defeat for the union, and a setback for efforts to unionize steelworkers.

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Eugene V. Debs

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Eugene Victor Debs (November 5, 1855 – October 20, 1926) was an American union leader, one of the founding members of the International Labor Union and the Industrial Workers of the World (IWW), and several times the candidate of the Socialist Party of America for President of the United States. Through his presidential candidacies, as well as his work with labor movements, Debs eventually became one of the best-known socialists living in the United States.