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Rockefeller founds Standard Oil
John D. Rockefeller was the world's wealthiest man and philanthropist. He borrowed money to take control of the refinery. John established Standard Oil in 1870. The U.S. Supreme Court found Standard Oil in a violation of anti-trust laws. The U.S. Supreme Court ordered it to be resolved. Rockefeller gave $500 million to various philanthropic causes -
First oil is drilled, Pennsylvania
To produce oil, George Bissell and Edwin L. Drake drilled rig to produce oil on a site on Oil Creek near Titusville, Pennsylvania. -
Transcontinental railroad is completed
More than 9,000 miles of track covered the United States in 1850. 30,000 miles of rail rose in 1860. In the upper Midwest railroads expanded rapidly in 1860. Promontory in northern Utah, is where two lines connected and was the beginning of a dramatic transformation in the West. The transcontinental railroad allowed the American conquest and settlement of the West -
Bell patents telephone
Alexander Graham Bell receives a patent for his revolutionary new invention–the telephone in 1876, Bell was very interested in the possibility of transmitting speech over wires. Bell's patent beat a similar claim by Elisha Gray, by only 2 hours. American Telephone and Telegraph (AT&T) formed a foundation of modern telecommunication industry -
First telephone on White House
President Rutherford B. Hayes had the White House’s first telephone installed in the mansions telegraph room in 1877. He rarely received phone calls but Hayes welcomed the new technology. "1" was the White House's phone number. -
Railroads set up standard time zones
The new railroad lines needed a new time plan. It would offer a new schedule for departures and arrivals on a uniform train. Four standard time zones for the continental Untied States was introduced. -
Sherman Antitrust Act is passed
This act was the first measure passed by U.S. Congress to prohibit trusts.The Sherman Antitrust Act was based on the constitutional power of Congress to regulate interstate commerce. A trust was an arrangement by which stockholders in several companies transferred their shares to a single set of trustees. -
Carnegie Steel Company is formed
Andrew Carnegie created the Carnegie Steel Company, that produced steel. The steel mills were in Pittsburgh, Pennsylvania. In 1892 the company was formed. In 1901 the company was sold, which was the biggest business transactions in the early 20th century. -
Edison perfects incandescent light bulb
Edison uses filament of carbonized cotton thread. His first attempt lasted 13.5 hours before burning out. At 40 hours the life of the bulb extends. He tested over 6,000 different vegetable fibers, during 18 months. He spent $40,000 and ran 1,200 experiments -
First electric trolley line, Richmond, VA
The Richmond system was not the first attempt to operate on an electric trolley. This system was designed by Frank Julian SpragueIts success proved that electric traction was both safe and reliable.By 1895 almost 900 electric street railways and nearly 11,000 miles (18,000 km) of track had been built in the United States, and in a little over a decade animal-powered street railways had essentially vanished. -
J.P. Morgan forms U.S. Steel
U. S. Steel had its origins in the dealings of some of America's most legendary businessmen, including Andrew Carnegie, J.P. Morgan, and Charles Schwab. However, its principal architect was Elbert H. Gary, who also became U. S. Steel's first chairman.
