Course Hero Logo

Assignment2 - Darae Parrish 726869 History 2057 Credit...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 3 out of 7 pages.

Darae Parrish726869History 2057Credit Mobilier- The railroad industry grew and became filled with corrupt practices.Railroaders could turn enormous profits using any method to get results without governmentinterference. Union Pacific officials formed the dummy Crédit Mobilier construction companyand hired themselves out as contractors at enormous rates for huge profits. Several U.S.congressmen were implicated in the scandal after an investigation uncovered that the companybribed them to keep quiet about the corruption.J.P. Morgan- Carnegie sold his company to banker J. P. Morgan, who used the company as thefoundation for the U.S. Steel Corporation.Morgan facilitated the union between finance andindustry by channeling European capital into the U.S. Morgan became one of the first to, for ashare of the profits, would loan a corporation such great amounts of money for expansionGreat Railroad Strike-A group of railroad workers on the Baltimore and Ohio Railroad rose upand began to strike due to wage cuts. This spread up and down the railroad line across thenation. Railroad roadhouses were torched. President Rutherford B. Hayes sent in troops to stopthe strike. 100 people died in the strikeThomas Edison- An American inventor, scientist, and businessman who developed manydevices that greatly influenced life around the world, including the phonograph, the motionpicture camera, and a practical electric light bulb. One of the first inventors to apply theprinciples of mass production and large teamwork to the process of inventionAndrew Carnegie-A Scottish immigrant turned his one Pennsylvanian production plant into averitable steel empire through a business tactic called vertical integration. Rather than rely onexpensive middlemen, Carnegie vertically integrated his production process by buying out all ofthe companies—coal, iron ore, and so on—needed to produce his steel, as well as thecompanies that produced the steel, shipped it, and sold it. Carnegie was one of the richest menin America, with a fortune of nearly $500 million.Transcontinental railroad-The Civil War spurred Congress and the northern states to buildmore railroads and increased demand for a variety of manufactured goods. The forward-lookingCongress of 1862 authorized construction of the first transcontinental railroad, connecting thePacific and Atlantic lines. Originally, because railroading was such an expensive enterprise atthe time, the federal government provided subsidies by the mile to railroad companies inexchange for discounted rates. Congress also provided federal land grants to railroadcompanies so that they could lay down more track.Haymarket Riot-This riot was a direct result of the extreme tensions between laborers andthe wealthy business owners. The McCormick Reaper Company was on strike, 4 people
had just been killed, tensions were high, and anarchists showed up and began speaking atthe rally attended mainly by immigrant workers in May 1886 at Haymarket Square. It was

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 7 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
Rand
Tags
History, US History, Industrial Revolution, Trade union, Strike action, labor union, National Labor Union

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture