Amsco APUSH Chapter 16 EXAM 70 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS

Amsco APUSH Chapter 16 EXAM 70 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) nation's first big buisness - ANSWER- Railroads Cornelius Vanderbilt - ANSWER- used his $$$ from steamboat business to merge local railroads into the New York Central Railroad (1867) 4,500 miles of track Eastern trunk lines - ANSWER- 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 - ANSWER- Railroads connecting the west and east coasts of the continental US Union and Central Pacific - ANSWER- -Union Pacific (UP) Omaha Nebraska → Great Plains -Central Pacific (Cali→East) Led by Charles Crocker 6,000 Chinese immigrants (UNSAFE+DANGEROUS) American Railroad Association - ANSWER- created "standard time" for timezones Railroads and Timezones - ANSWER- 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 - ANSWER- caused the Financial Panic of 1893 Jay Gould, watering stock - ANSWER- 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 - ANSWER- 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 - ANSWER- Panic of 1893 J.P. Morgan and other bankers capitalized on this Panic of 1893 - ANSWER- 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 - ANSWER- -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 ) -Business friendly gov. policies, loans, grants,+ protective tariffs Talented entrepreneurs= build vast empires Andrew Carnegie - ANSWER- -steel monopoly had vertical integration verticle integration - ANSWER- practice in which a single manufacturer controls all of the steps used to change a raw material into a finished product "Andrew Carnegie" U.S. Steel - ANSWER- - Carngegie sells company for > $400 million to J.P. Morgan's company United States Steel -1st billion dollar company -Largest enterprise in the world (employing 168,000 people + controling 3/5ths of nation's steel business) John D. Rockefeller - ANSWER- -lower prices of his standard oil kerosene=rivals sold out -Standard Oil Trust owned 90% of oil refinery business -horizontal integration -$900million fortune by retirement horizontal integration - ANSWER- Absorption into a single firm of several firms involved in the same level of production and sharing resources at that level "John D. Rockefeller" Standard Oil Trust - ANSWER- Rockefeller's company, in 1881, owned 90 percent of the oil refinery business, with a board of trustees at the head interlocking directorates - ANSWER- members of the board of directors of one corporation who also sit on the board(s) of other corporations J.P. Morgan - ANSWER- he and other bankers took control of bankrupt RR's (from Financial Panic) and made 7 huge RR systems that controled 2/3's of the countries RR "Railroad Monopolies" leading industrial power - ANSWER- the US was the worlds __________ at this time Second Industrial Revolution - ANSWER- -Technological Revolution -began w Bessemer's process -included electrification, mass production, production line -US is now #1 Bessemer Process - ANSWER- A way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove impurities. transatlantic cable - ANSWER- Cyrus W. Field: (1866) made it possible to send messages overseas in jus