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Wabash |
St. Louis and Pacific Railroad Company v. Illinois,1886 – Supreme Court case of 1886 that prevented states from regulation railroads or oher forms of interstate commerce. |
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Interstates Commerce Act |
created the interstate commerce commision which was a federal regulatory agency often used by rail companies to stabilize the industry and prevent ruinous competition |
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Vertical Integration |
Practice where a single entity controls the entire process of a product, from the raw materials to distribution, to increase the companies power. |
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Horizontal Integration |
When a company expands its business into different products that are similar to current lines. |
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Trust |
an economic method that had other companies assigns their stocks to the board of trust who would manage them. This made the head of the board, or the corporate leader wealthy, and at the same time killed off competitors not in the trust. This method was used/developed by Rockefeller, and helped him become extremely wealthy. It was also used in creating monopolies. |
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Interlocking Directorates |
placed own men on boards of directors of rival competitors (used by Morgan) |
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Standard Oil Company |
Founded by John D. Rockefeller. Largest unit in the American oil industry in 1881. Known as A.D. Trust, it was outlawed by the Supreme Court of Ohio in 1899. Replaced by the Standard Oil Company of New Jersey., John D. Rockefeller’s comapny, formed in 1870, which came to symbolize the trusts and monopolies of the Gilded age. By 1877 it controlled 95% of the oil refineries in the U.S. It became a target for trust reformers, and in 1911 the Supreme Court ordered it to break up into several dozen smaller companies. |
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Social Darwinists |
Theorists who applied Darwin’s theory of natural selection to human society, arguing that poorer and weaker segments of society desrved their fate. |
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Sherman anti-trust Act |
First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions |
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National Labour Union |
The first attempt to organize all workers in all states—both skilled and unskilled, both agricultural workers and industrial workers. |
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Knights of Labor |
Secret, ritualistic labor organization that enrolled many skilled and unskilled workers but collasped suddently after the Haymarket Square bombing |
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Haymarket Square |
Labor disorders had broken out and on May 4 1886, the Chicago police advanced on a protest; alleged brutalities by the authorities. Suddenly a dynamite bomb was thrown that killed or injured dozens, including police. It is still unknown today who set off the bomb, but following the hysteria, eight anarchists (possibly innocent) were rounded up. Because they preached "incendiary doctrines," they could be charged with conspiracy. Five were sentenced to death, one of which committed suicide; the other three were given stiff prison terms. Six years later, a newly elected Illinois governor recognized this gross injustice and pardoned the three survivors. Nevertheless, the Knights of Labor were toast: they became (incorrectly )associated with anarchy and all following strike efforts failed. |
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American Federation of Labor |
Skilled labor organizations, such as those of carpenters and printers, that were most successful in conducting strikes and raising wages. |
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Closed Shop |
A working establishment where only people belonging to the union are hired. It was done by the unions to protect their workers from cheap labor. |
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