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First oil well is drilled, Pennsylvania
Edwin Laurentine Drake, a retired railroad conductor, leased land near Titusville, Pennsylvania hoping to acquire oil in the area and earn money. He tried to drill through the land using techniques used when drilling salt but found this method unfavorable and nearly impossible. Then, he decided to drive pipes into the ground and, on August 27, 1858 found oil 69 feet beneath the surface. This resulted in Titusville becoming boomtown that prospered due to the new discovery of oil. -
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Big Business and the West Time Line
By Emily Choi and Dan Ouk -
Transcontinental railroad is completed
The transcontinental railroad took seven years to complete and was built by two companies, the Central Pacific and the Union Pacific Railroad Companies, that built from Sacramento, California on the to Omaha, Nebraska on the other, meeting up at Promontory, Utah. Along the railroad towns and cities sprouted, and travel time for crossing the United States was cut from months to under a week for less money. -
Rockefeller founded Standard Oil
Rockefeller borrowed some of his parent’s money with the hopes to control the oil industry. He built relationships with other businessmen and expanded his desires for the future of the oil industry. Eventually, he founded Standard Oil with his brother and a few others. They became a monopoly by buying out other oil industries and creating their own businesses for their needs (ex: barrels). This company was successful until the Sherman Antitrust Act was enacted. -
Bell patents telephone
After seeing telegraphs transfer information across wires, Alexander Graham Bell became very interested in speech over wires. He desired to create a system that didn’t require slow transmitting. After multiple trials and errors, Bell was finally able to create a telephone, later putting a patent on his idea so that it would not be stolen. -
First telephone on White House
President Rutherford B Hayes is the first president to have a telephone. Although he did not receive many calls at the time, he was connected to the Treasury, later connected to other places throughout the country, such as Connecticut. -
Edison perfects incandescent light bulb
The first long lasting lightbulb made with a carbonized cotton thread filament. It is the predecessor to all modern light bulbs. -
Railroads set up standard time zones
During most of the 1800s, there was not a proper time system. Most people assumed the time by looking at the sun. This led to problems with railroads and its passengers because it was common that there would be a certain time, but it would be designated to a certain time zone (therefore not affecting everyone). Due to large complaining, railroad companies across the US decided to divide the continent into four time zones. While railroads used this, Congress only adjusted to this change in 1918. -
First electric trolley line, Richmond, VA
The City Railroad Company opened its first electric line with six cars, it was more efficient and served as a model for people all over the world. -
Sherman Antitrust Act is passed
The first Federal act that outlawed monopolies in order to help small businesses. This was the first act passed by the U.S. Congress to make trust illegal. -
Carnegie Steel Company is formed
A steel manufacturing company originally named J. Edgar Thomson Steel Works, and later taken over by the businessman and philanthropist, Andrew Carnegie. His company used the Bessemer process and bought out steel rivals, iron mines, railroads, steamship lines, and warehouses to make it the process easier. -
J.P. Morgan forms U.S. Steel
There were several steel companies in the 20th century, such as the Carnegie Steel Company and the Federal Steel Company. Carnegie passed his position to Charles M Schwab, Elbert H Gary, owner of the Federal Steel Company. They team up with JP Morgan and Schwab and a larger steel company: US Steel. This company combined several other steel companies. People began to rebel due to the unfairness of the steel company. but the government recognized US Steel as a normal company, not a monopoly.
