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Railroad Industry • The first major business of the U.S. was the railroads. • Railroads contributed greatly to the growth of industrialization. • The railroad industry boomed after the Civil War. • Railroads were also the first businesses to begin consolidation, or combining smaller companies into one larger company. • Consolidation helped eliminate competition in an industry and allowed the business to charge higher rates.
Transportation Faster Go places steamboats and horses could not go. Move goods. Time Zones Promoted Trade Poor working conditions for railroad employees. Corruption Credit Mobilier Selling land grants Fixed shipping rates Cons of the Railroads Pros of the Railroads
Credit Mobilier • Construction company formed by stockholders of the Union Pacific Railroad. • They charged two or three times what it cost to lay track and pocketed the profits. • Many influential members of President Grant’s administration were involved. • $23million was pocketed in the scam.