| A | B |
|---|
| Corporation | business owned by investors |
| Stock | shares of ownership in a business |
| Dividend | a cash payment to stockholders if a company has a profit for the year |
| * Cornelius Vanderbilt | Railroad |
| * Andrew Carnegie | Steel/ gained control of the steel industry by buying out rivals and vertical integration |
| J. Pierpont Morgan | Banking/ Stocks |
| John D. Rockefeller | Standard Oil Company/ got rid of competion by lowering prices, getting rebates for himself from trains and formed a monopoly |
| Monopoly | when one company ownes all the business of an industry |
| Network | when existing railroads worked together for one large railroad |
| Consolidate | when small companies combine to make one large company |
| Rebate | cash discount given to biggest consumers |
| Pool | when companies work together to fix high prices on goods; railroads used this because they felt that fierce competition was hurting them |
| Vertical Integration | when an industry controls all of the steps to change a raw material to a finished product for sale |
| Trust | group of coporations run by a single board of directors |
| Free Enterprise System | Business owned by private individuals |
| Railroad Importance | came clear during the Civil War; need to transport goods and people, rapid growth of industry |
| Great Northern Railway | last major transcontinental railway completed in 1893 by James Hill |
| Why rebates we bad for farmers | Kept the shipping prices high for them |
| Railroads Consolidated by... | buying up smaller rail lines |
| Banks | lent money to business to grow and would return a profit on their investment |
| Oppose Trusts | reduce competition, gain political influence |
| Favor Trusts | too much competition ruins business, lower cost |
| * Assembly Line | Henry Ford, where workers are stationed in one place as products move along a moving belt |
| Mass Production | making large quantities of a product quickly and cheaply |
| Sweatshop | workplace where people labor long hours in poor conditions for low pay |
| Knights of Labor | Terence Powderly (President); fought for shorter work day, end to child labor, and equal pay |
| * American Federation of Labor | Samuel Gompers; open to skilled workers only- they would join a trade union (for example a typsetter would join a typesetter union) and these smaller unions would form the larger one |
| International Ladies' Garmet Workers Union | garmet workers who organized in 1900 |
| Injunction | court order to do or not do something |
| Child Labor | boys and girls worked in hazardous conditions for 12 hrs/ day 6 days/ week because industry could pay less money |
| * Haymarket Riot | striking workers protested when a bomb went off; unions can not be linked to the bombing, but it still led to an anti-labor/ union feeling |
| * Triangle Fire | fire that broke out in a shirtwaist factory that killed 150 people; led to new safety laws to protect workers (fire alarms, sprinklers, etc.) |
| * Sherman Anti-trust Act | banned the formation of trusts and monopolies |
| * Thomas Edison | invented light bulb |
| * Alexander Graham Bell | invented phone |
| * Elisha Otis | invented elevator |
