1. The Age of the Railroads

3. Railroad Inventions Swiveling Truck
allows the engine to run around curves of almost any radius
Switchback
Made it possible for trains to chug up steep inclines

4. Discrimination Asians and African Americans earned $35 per month
Whites earned $40-$60 per month

5. Time Zones

6. Credit Mobilier Scandal 1872
Involved Union Pacific and Credit Mobilier construction company
Why a scandal?
Credit Mobilier inflated prices and pocketed the extra income
Ex: if it cost $30,000 to lay a mile of railway, Credit Mobilier charged $50,000

7. The Grangers
Old objective: enhance the lives of isolated farmers through social, educational and fraternal activities
New objective: fair hauling prices
Legacy: fought for the fed. gov.’s right to regulate private industry to serve the public interest

9. Bankruptcy Why did the railroads fail? 1893:
Corporate abuses, mismanagement, overbuilding, competition
1893:
6,000 banks failed
15,000 businesses failed
3 million unemployed
Rise of Morgan and Vanderbilt