-
George Bissell and Edwin L. Drake drilled the first oil well in Titusville, Pennsylvania. This was a major find. It began an international search for petrolium. This find changed the way people live today.
-
There was a big celebration the day the Transcontinental Railroad was officially completed in Promontory, Utah. Prior to this completion railroads were separate in the West and East. And neither were connected to eachother. After the California Gold Rush of 1849, the Western population boomed. This made it important to have a transcontinental railroad.
-
John D. Rockefeller first finds standard oil. He finds that oil needed to be refined to become kerosene. He then built the Standard Oil Company of Ohio. He set prices low to win over customers. Then he bought the other oil businesses. Since he was the only oil business around he then raised his prices up.
-
Alexander Graham Bell patented his "Talking Machine" He wanted to transmit actual voices. He creates the Bell Telephone Company in 1885. Pace of businesses booms because communication is made easier and quicker.
-
President Rutherford B. Hayes has the first telephone of the white house put in. This was one of the first telephones anywhere. Hayes embraced the new technology. The White Houses phone number was 1.
-
In 1876 Thomas Edison opened his first laboratory in Menlo Park, New Jersey. After finally perfecting the incandescent Light Bulb, Edison set up a display with a bunch of light bulbs.
-
Prior to this, sundials were used to tell time. Then the U.S. time zones were split up into four parts of the U.S. One hour different from the next.
-
Electric Trolley systems were attemted in other U.S. cities and in parts of Europe but Richmond, VA was first to establalish railroads. This invention made it faster and easier to commute throughout Richmond and soon other major cities.
-
Andrew Carnegie was a scottish Immigrant who came to the U.S and used Vertical Integration to gain control of all steel businesses. He bought out steel rivals, iron mines, railroads and steamboat lines and warehouses.
-
Congress passes a law that banned the formation of trusts and monopolies. It was passed because people believed that trusts and monopolies abused the free enterprice system and reduce the competition which led to poor quality products. The act was proven too weak to be effective.
-
J.P. Morgan took over large corportations to own all of steel companies. He bought the Carnegie Steel company. He merged steel and railroads into one major corporation. This was the first American business worth more than 1 billion.
