Andrew Carnegie Flashcards

Questions and Answers

Where was Andrew Carnegie born?

Scotland

How old was Carnegie when he came to America?

At the age of 18, to whom did Carnegie become the private secretary?

local superintendent of Pennsylvania Railroad

What opportunity was given to Carnegie for relaying messages that unsnarled train traffic?

to buy stock in the Pennsylvania Railroad Company Signup and view all the answers

How much was Carnegie's first check?

$10 Signup and view all the answers

In what business did Carnegie enter in 1873?

Steel Signup and view all the answers

What process did Carnegie's steel business utilize for its success?

Bessemer Process Signup and view all the answers

By 1899, Carnegie Steel Company manufactured more steel than all factories in which location?

Great Britain Signup and view all the answers

Part of Carnegie's success was due to finding ways to build steel more what?

cheaply Signup and view all the answers

Name two ways Carnegie built steel cheaply.

He built new machines and he created a better accounting system to keep track of the cost. Signup and view all the answers

How did Carnegie try to attract talented and smart workers?

Allowed them to buy stock Signup and view all the answers

Name three suppliers Carnegie bought out through vertical integration.

Coal, Iron, and Railroad Signup and view all the answers

What do companies do in horizontal integration?

Produce similar products Signup and view all the answers

What type of job did J.P. Morgan have?

Banker Signup and view all the answers

What kind of companies did Morgan create to make his fortune?

Holding companies Signup and view all the answers

How do holding companies operate?

Where the corporation does nothing but buy stocks of other companies Signup and view all the answers

What three different types of industries did Morgan try to take over?

The railroads, Steel companies, and The farming industry Signup and view all the answers

What company did Morgan form by merging Carnegie Steel Company?

U.S. Steel Signup and view all the answers

How much was Morgan worth when he died at the age of 75 in 1913?

$118,000,000 Signup and view all the answers

What did Rockefeller start his fortune by creating?

Trust Signup and view all the answers

What was the name of Rockefeller's oil company?

Standard Oil Company Signup and view all the answers

Which industry did Rockefeller primarily buy and why?

The Railroad, because they would not work with him on the price. Signup and view all the answers

What did Rockefeller's father sell to make a living?

Phony cures for cancer Signup and view all the answers

In 1870, what percentage of America's oil did Rockefeller's company produce?

3% Signup and view all the answers

Within 10 years, what percentage of the refining business did Standard Oil control?

90% Signup and view all the answers

What does philanthropy mean?

Donation of money and/or property to the needy Signup and view all the answers

What percentage of his wealth did Andrew Carnegie donate?

90% Signup and view all the answers

How much did John D. Rockefeller give away?

$500 million Signup and view all the answers

Study Notes

Andrew Carnegie

Born in Scotland, immigrated to America at age 12.
Became private secretary to the superintendent of the Pennsylvania Railroad at 18.
Relayed important messages that improved train operations, leading to his boss allowing him to buy stock in the Pennsylvania Railroad Company.
Received his first paycheck of $10 and entered the steel business in 1873.
First to use the Bessemer Process which revolutionized steel manufacturing.
By 1899, Carnegie Steel Company outproduced all steel factories in Great Britain.
Achieved success through cost-effective production methods by building new machines and developing a better accounting system.
Attracted talented workers by allowing them to buy stock in the company.
Implemented Vertical Integration by purchasing suppliers, including coal, iron, and railroads.
Pursued Horizontal Integration by acquiring companies that produced similar products.

J.P. Morgan

Worked as a banker and became a significant financier in American industries.
Made his fortune by creating holding companies which bought stocks of other companies.
His holding companies functioned by purchasing shares of various businesses rather than directly managing them.
Attempted to consolidate multiple industries, focusing on railroads, steel companies, and farming.
In 1901, merged Carnegie Steel Company with others to form U.S. Steel, the world's largest steel company at the time.
Upon his death in 1913 at age 75, he was worth approximately $118 million.

John D. Rockefeller

Established his fortune by creating a trust.
Founded Standard Oil Company, one of the most influential oil companies in history.
Invested in railroads primarily to exert control over shipping costs, reacting to price negotiations for his oil.
Father sold dubious cancer cures, providing a challenging early environment.
By 1870, his company produced 3% of America's oil, rapidly increasing to 90% of the refining business within ten years.
Engaged in philanthropy, donating approximately 90% of his wealth, totaling over $500 million.

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Test your knowledge on Andrew Carnegie with these flashcards. Learn key facts about his early life and career, including important dates and events. Perfect for students studying American history or the Gilded Age.