Big Business in the West

First oil well is drilled, Pennsylvania

Aug 27, 1859

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

May 10, 1869

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

Jan 1, 1870

John Rockefeller was its president and largest shareholder.

Bell patents telephone

Mar 7, 1876

Pace of business booms

First telephone on White House

May 10, 1877

Hayes has first phone installed in White House

Edison perfects incandescent light bulb

Oct 21, 1879

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

Nov 18, 1883

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

Feb 2, 1888

There were 10 street cars running

Sherman Antitrust Act is passed

Jul 2, 1890

The Sherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts.

Carnegie Steel Company is formed

Sep 17, 1892

Its headquarters were located in the Carnegie Building, an early skyscraper in Downtown Pittsburgh.

J.P. Morgan forms U.S. Steel

Jan 15, 1901

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.