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First Oil Well Drilled
George Bissell and Edwin L. Drake were the first two people to be successful while drilling into an oil well -
Transcontinental Railroad is Completed
The Transcontinental Railroad was the first railroad the connected the east to the west. It stretched from Sacramento California to Council Buffs Iowa and the end is marked by a Golden Spike -
Rockefeller founds Standard Oil
The Standard Oil company was founded by Rockefeller in hopes to get hold over the competition, in which Rockefeller hated. The Standard Oil company was a trust which then turned into the smaller companies in the oil industry would turn there stocks over to Rockefeller's business. This turned into a monopoly and it soon controlled all business in the oil industry -
Alexander Graham Bell patents the telephone
The telephone was created in order to better communicate, at first people thought it was a toy in order to talk to other friends but people soon realized that they were able to exchange information over it. It soon became very popular and boomed the pace of business. Bell later formed his own telephone company -
First Telephone on the white house
President Rutherford B. Hayes had the first installed phone in the White house, it was installed in the telegraph room not on his desk. -
Edison perfects the incandescent light bulb
The light was powered by electric, and instead of having one little area with light the whole house would be lit, basically like a light switch -
Railroads set up standard time zones
The railroad line operators needed a new time system to be more efficient with arrival and departure , so the trians would be on a uniform schedule, 4 continental U.S were introduced -
First Electric Trolley Line
The first electric trolley line was created in Scranton Pennsylvania, it was the first transport system to be run on mainly electric. THis gave Scranton the nickname "The Electric City" -
The Sherman Antitrust Law is passed
The Sherman anti-trust law was passed in order to challenge the big monopolies. The law committed the American government to opposing monopolies. In addition, the law also prohibits contracts, combinations, or conspiracies "in the restraint of trade or commerce" -
Carnegie Steel Company Founded
The Steel company was founded in the Steel capital of the United States. Carnegie Steel soon grew by Vertical Integration, it bought out the iron companies because steel used iron to be created, they bought out most of the railroads so they would not have to pay for transportation, and they bought out warehouses so they would not have to pay people to store there product. It soon formed into a steel monopoly of a sort because he had bought out most of his steel rivals. -
J.P Morgan forms U.S Steel company
J.P Morgan was a very powerful banker in the 1800's and he bought a bunch of steal businesses , including Carnegie. After he bought all of them he merged them into one giant company called the U.S Steel company, which was the first U.S company to make 1 billion dollars
