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Exam- Amsco APUSH Chapter 16|The Rise of Industrial America, (Qs & As)
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Exam- Amsco APUSH Chapter 16|The Rise of Industrial America, (Qs & As)
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Exam- Amsco APUSH Chapter 16|The Rise of IndustrialAmerica, 1865-1900(Qs & As)
nation's first big buisness Correct-Railroads
Cornelius Vanderbilt Correct-used his $$$ from steamboat business to merge local
railroads into the New York Central Railroad (1867) 4,500 miles of track
Eastern trunk lines Correct-A trunk line was the major route between cities; w/ smaller
branches reaching w/ outlying towns (result of diff. gauges pre-civil war)
-Vanderbilt capitalized on connecting these
transcontinental railroads Correct-Railroads connecting the west and east coasts of the
continental US
Union and Central Pacific Correct--Union Pacific (UP) Omaha Nebraska → Great Plains
-Central Pacific (Cali→East) Led by Charles Crocker
6,000 Chinese immigrants (UNSAFE+DANGEROUS)
American Railroad Association Correct-created "standard time" for timezones
, Exam- Amsco APUSH Chapter 16|The Rise of Industrial
America, 1865-1900(Qs & As)
Railroads and Timezones Correct-They needed to run on a consistent schedule so in 1884
four time zones were created (i.e Standard time by American Railroad Association)
Speculation and overbuilding Correct-caused the Financial Panic of 1893
Jay Gould, watering stock Correct-entered RR business for quick profits (made millions) by
,inflating the value of a company's assets + profits before selling its stock to the public
rebates and pools Correct-RR companies would discount shipping for favored large
companies and then charge large amounts to small farmers
Competing companies secretly agree to fix rates on goods and share traffic
bankcrupcy of railroads Correct-Panic of 1893
J.P. Morgan and other bankers capitalized on this
, Exam- Amsco APUSH Chapter 16|The Rise of Industrial
America, 1865-1900(Qs & As)
Panic of 1893 Correct-forced ¼ of RR's to go bankrupt
J.P Morgan + other bankers took of these RR's
By 1900, 7 GIANT systems controlled 2/3's of national RR's
MADE SYSTEM MORE EFFICIENT
RR Monopolies!!!
causes of industrial growth Correct--Treasure-House of raw materials (coal, iron ore,
copper, lead, timber, + oil)
-Abundant supply of labor (immigrants)
-↑ population + advanced transportation = US largest market IN WORLD for industrial goods
-Capital=plentiful (MANY investors; US and European)
-↑ Labor saving technology (444,000 patents from 1860-1890)
-Business friendly gov. policies, loans, grants,+ protective tariffs
Talented entrepreneurs= build vast empires
Andrew Carnegie Correct--steel monopoly had vertical integration
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