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  • Essay / Chapter 24 - 604

    a. Railroads in the late 19th century helped America become the richest industrial nation in the world. Railroads increased trade and integrated the American market and helped national brands emerge such as Ivory soap and A&P grocery stores. They also introduced time zones to standardize maritime transport and passenger travel. The railroad was the first modern publicly traded company, businesses were large and expanding across the country. The railway companies had a large number of employees. Capital was needed to build railroads so that stock could be sold to the public, including wealthy tycoons such as Vanderbilt and Carnegie. The rail system was also a symbol of the partnership between the national government and industry. The railroad would never have been created without the legislature and land grants granted by Congress. An example would be the Central Pacific Railroad, which was backed by wealthy tycoons including Leland Stanford, the former governor of California who had useful political connections, and Collis P. Huntington, a veteran lobbyist. The railroads donated land...