-
The first Oil Well is Drilled (Pennsylvania)
The first successful drilling of oil was done by Edwin Drake and George Bissel. Originally discouraged from drilling for oil because they believed it did not have a good enough use. A college professor named Benjamin Silliman Encouraged them it could be used for light. What was important was not the actual oil but the fact it could be done. Because it could be done investors poured money into the industry which started its rise to the top. -
The Transcontinental Railroad is Completed
The trickiest part of the building the rail was getting through the Sierra Nevada mountain range. A man named Theodore Judah found a way through called Donner pass; and went to congress for money. They agreed to finance it by selling land and the rail was started. The final spike in the railroad was made of gold signifying the completion of a six-year project. -
Rockefeller Founds Standard Oil
With the first of Rockefeller refinery built near Clevland in the 1860s one of the biggest empires was started. Originally called Standard Oil Trust. By 1870 his company changed names to Standard oil. They grew so big almost every barrel of oil came from him. Eventually in 1911 Standard oil had grown so big congress ordered them to separate as they owned almost the entire oil business. If not disbanded Standard Oil could have had a net worth of about 1 trillion dollars by the 2000s. -
Bell Patents the Telephone
Alexander Grahm Bell invented the telephone in a machine shop in Boston. He dreamed of combining a record player and the telegraph. Thomas Watson helped Bell to develop the first prototype. Three days after filing his patent the first message was spoken. It was from Bell to Watson saying “Mr. Watson, come here I need your help”. He later found The bell Telephone Company which became At&T which is still alive 125 years later. -
The First Telephone in the White House
President Rutherford B. Hayes has the first telephone placed in the White House. President Hayes embraced this new form of communication. Even though he was at the highest position of the United States government, he rarely received phone calls. This makes sense considering how few people had them at the time. -
Edison Perfects Incandescent Light Bulb
Edison and his group of researchers tested over 3,000 designs for light bulbs from 1878-1880. After finding a light bulb that lasted 13.5 hours, they worked for a week and eventually filed for a patent. Hence the light bulb was invented. -
Railroads Set Up Standard Time Zones
Operators of railroad lines needed a time plan that would show an orderly train schedule for departures and arrivals. So, they made four standard time zones that trains could go off of. Eastern Time, Central Time, Mountain Time, and Pacific Time. -
First Electric Trolley Line (Richmond, VA)
It was the first efficient electric trolley system used in the United States. This invention allowed not only the entire U.S but also countries throughout the world to help with public transportation. -
Sherman Antitrust Act is Passed
This was the first Federal act that outlawed monopolies. This act was the first measure passed by the U.S. Congress to prohibit trusts. Was introduced to the senate by John Roberts and was signed into law by President Benjamin Harrison. The argument for this bill was because it protected the people against the failure of the market. -
Carnegie Steel Company is Formed
The first steel mill was opened in 1872 at Braddock PA it was called Edgar Thomsom Steel. For a bunch of reasons the mill was incredibly profitable, it returned 40% on its investment. This spurred Carnegie and his partners to buy nearby mills. By July of 1892, they had so many mills merged them into once company Carnegie Steel Co. In 1901 Carnegie Steel Co was sold for $492 million to J.P Morgan; (Now that is about $14.8 billion) which made Carnegie one of the richest men in America. -
J.P. Morgan forms U.S. Steel
J.P. Morgan and Elbert H. Harry combined Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company for $492 million. $14.82 billion in today’s money.
