Big Business

First Oil Well

Aug 27, 1859

George Bissell and Edwin L. Drake made the first successful use of a drilling rig to produce oil in Titusville, PA. At this time, oil and gas were accidentally produced as a byproduct from drilling for salt brine. With oil being drilled in the US at such high quantities, many people were buying them and using them due to the fact oil and gas had many uses and was hard to obtain before the drilling rig was founded in the US. This led to the oil industry being huge today.

Bell Patents the Telephone

Mar 7, 1867

Alexander Graham Bell patented the telephone so people could talk one on one over long distances. This invention forever revolutionized everyday life for billions of people. At this time, telephones could be used for emergencies and when people are in need of help, business deals, or just to communicate with someone who isn’t currently in the same room as you.

Completion of the Transcontinental Railroad

May 10, 1869

On this date, a golden spike was driven in Promontory, Utah that signaled the completion of the Transcontinental Railroad. Before this, things would have to be taken by boat or foot from the East to West coast, which made resources and supplies difficult to get. With the railroad, settlers would be able to move anywhere in the US with the same advanced technology as the East Coast. This is significant in history because it was a big step in making the USA larger and more powerful.

Rockefeller Founded Standard Oil

1870

Standard Oil was founded in 1870, however, it was not declared a monopoly until 1882. After just 12 years of being a company, Standard Oil owned or controlled 90% of US oil companies. Rockefeller had to dissolve Standard Oil after Ohio ruled it was against their monopoly laws. Nine years after that, the company became the face of an antitrust legislation. That company was a violation of the Sherman Antitrust Act and illegal so they had to dissolve as well.

First Telephone in White House

1877

President Rutherford B. Hayes had the first telephone installed in the White House in 1877. This was important because not many phones were around at the time, but the president had one and the treasury department had the only other phone the president’s phone could connect to.

Edison Perfects Incandescent Lightbulb

1879

In Menlo Park, NJ, Edison and his team tested over 3000 designs for light bulbs for two years. In November of 1879, Edison filed a patent for the light bulbs. The incandescent light bulbs were not invented by him, however he was very successful with marketing them, and that is why he was so successful.

Railroads Set up Standard time

Nov 18, 1883

With four standard time zones throughout the path of the railroads, scheduling was difficult and dangerous. The establishment of time zones and the standardization of tracks were two important developments for railroads. The standard time zones made scheduling easy, had greater efficiency in production, and was safer for trains to use and not crash into another train.

First Electric Trolley Line

May 8, 1888

The Richmond Union Passenger Railway was the first electric trolly line that could be successfully used. It was invented by Frank J. Sprauge who was inspired by the technology and engineering used by Edison with the telephone, so he created the electric railways. The electric railways took the place of horseback riding to get from place to place and defeated the animal maintenance that was needed with the horses.

Sherman Antitrust Act is Passed

Jul 2, 1890

This act outlawed monopolies in business and it was the first law passed by the US Congress against trusts. The law protects the public from failure of the market, it causes more competition with companies because there is not just one that trumps the other, and people were against the fact that it restrained trade between other states and foreign nations.

Carnegie Steel Company is Formed

1892

In downtown PA, Andrew Carnegie made a steel company that quickly monopolized the steel industry. This company had everything from raw materials to distribution. Due to this companies success, Carnegie controlled about 90% of the steel industry throughout the entire US. Carnegie discovered the quickest and most efficient way of making steel, which was very important and was the main reason Manhattan was built and is now one of the busiest cities in the world.

J.P. Morgan Formed US Steel

Mar 7, 1901

J.P. Morgan made the company US Steel by combining Carnegie Steel with the Federal Steel Company and the National Steel Company for $492,000,000. He then ran the company called Federal Steel selling steel to all of the US. Steel was essential in the colonization of the United States because it was used to build cities and was worth $1.4 billion making it the first billion dollar company.