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First oil well is drilled, Pennsylvania
The plaque commemorating the event at the Drake Well Museum reads: On this site Edwin Drake drilled the world's first oil well, -
Transcontinental railroad is completed
The railroads developed into a big business controlled by a few powerful men. The economy of the United States benefited from the railroads -
Rockefeller founds Standard Oil
John Rockefeller was its president and largest shareholder. -
Bell patents telephone
Pace of business booms -
First telephone on White House
Hayes has first phone installed in White House -
Edison perfects incandescent light bulb
Using a filament of carbonized cotton thread, his first attempt at this design results in a bulb that lasts about 13.5 hours before burning out. -
Railroads set up standard time zones
At exactly noon on this day, American and Canadian railroads begin using four continental time zones to end the confusion of dealing with thousands of local times. -
First electric trolley line, Richmond, VA
There were 10 street cars running -
Sherman Antitrust Act is passed
The Sherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts. -
Carnegie Steel Company is formed
Its headquarters were located in the Carnegie Building, an early skyscraper in Downtown Pittsburgh. -
J.P. Morgan forms U.S. Steel
U.S. Steel was founded later that year and was the first billion-dollar company in the world with an authorized capitalization of $1.4 billion.