2Identify1. Explain the significance of: Pacific Railway Act, Grenville Dodge, Leland Stanford, Cornelius Vanderbilt, time zone, land grant, Jay Gould, Crédit Mobilier, James J. Hill.Pacific Railway Act – signed by President Lincoln in 1862; provided for the construction of a transcontinental railroad by two corporations; each company was offered land along its right-of-wayGrenville Dodge – engineer who pushed the Union Pacific westward from Omaha, Nebraska in 1865
3Identify1. Explain the significance of: Leland Stanford, Cornelius Vanderbilt, time zone, land grant, Jay Gould, Crédit Mobilier, James J. Hill.Leland Stanford – a grocer who bought stock in the Central Pacific Railroad company, made a huge fortune, became governor of California, U.S. senator, and founded Stanford UniversityCornelius Vanderbilt – one of the most successful railroad consolidators; by 1869, formed the New York Central, within four years controlled lines all the way to Chicago; began building New York’s Grand Central Terminal in 1871
4Identify1. Explain the significance of: time zone, land grant, Jay Gould, Crédit Mobilier, James J. Hill.time zone – a geographical region in which the same standard time is keptland grant – a grant of land by the federal government especially for roads, railroads, or agricultural collegesJay Gould – the most notoriously corrupt railroad owner, became infamous for manipulating stock
5Identify1. Explain the significance of: Crédit Mobilier, James J. Hill.Crédit Mobilier – a construction company set up by several stockholders of the Union Pacific Railroad; investors signed contracts with themselves and greatly overcharged Union Pacific, making millionsJames J. Hill – built and operated the Great Northern Railroad from Minnesota to Washington state; offered low fares to customers and hauled popular goods both east and west making it the only railroad not forced into bankruptcy55
6Main Ideas He supervised the Union Pacific’s westward expansion 2. Describing How did Grenville Dodge contribute to the economic growth of the United States in the late 1800s?He supervised the Union Pacific’s westward expansion3. Organizing Use a graphic organizer similar to the one below to list the different ways by which railroads were financed.land grantsgifts of public land to railroadsWays Railroads Were Financedmoney generated by running the railroadsprivate investment
7Critical Thinking4. Big Ideas How did railroad expansion lead to industrial growth?Railroads increased the markets for many products and great amounts of money were spent on resources5. Theorizing Why might politicians be tempted to accept gifts of railroad stock? Why did Crédit Mobilier become a scandal?To gain money and influenceIt was a scandal because investors made millions of dollars, but the railroad was nearly bankrupt. To receive further grants from Congress, members of Congress were bribed with shares of the Union Pacific at below market value.