Podcast
Questions and Answers
Where was Andrew Carnegie born?
Where was Andrew Carnegie born?
Scotland
How old was Carnegie when he came to America?
How old was Carnegie when he came to America?
12
At the age of 18, to whom did Carnegie become the private secretary?
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?
What opportunity was given to Carnegie for relaying messages that unsnarled train traffic?
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How much was Carnegie's first check?
How much was Carnegie's first check?
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In what business did Carnegie enter in 1873?
In what business did Carnegie enter in 1873?
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What process did Carnegie's steel business utilize for its success?
What process did Carnegie's steel business utilize for its success?
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By 1899, Carnegie Steel Company manufactured more steel than all factories in which location?
By 1899, Carnegie Steel Company manufactured more steel than all factories in which location?
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Part of Carnegie's success was due to finding ways to build steel more what?
Part of Carnegie's success was due to finding ways to build steel more what?
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Name two ways Carnegie built steel cheaply.
Name two ways Carnegie built steel cheaply.
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How did Carnegie try to attract talented and smart workers?
How did Carnegie try to attract talented and smart workers?
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Name three suppliers Carnegie bought out through vertical integration.
Name three suppliers Carnegie bought out through vertical integration.
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What do companies do in horizontal integration?
What do companies do in horizontal integration?
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What type of job did J.P. Morgan have?
What type of job did J.P. Morgan have?
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What kind of companies did Morgan create to make his fortune?
What kind of companies did Morgan create to make his fortune?
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How do holding companies operate?
How do holding companies operate?
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What three different types of industries did Morgan try to take over?
What three different types of industries did Morgan try to take over?
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What company did Morgan form by merging Carnegie Steel Company?
What company did Morgan form by merging Carnegie Steel Company?
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How much was Morgan worth when he died at the age of 75 in 1913?
How much was Morgan worth when he died at the age of 75 in 1913?
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What did Rockefeller start his fortune by creating?
What did Rockefeller start his fortune by creating?
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What was the name of Rockefeller's oil company?
What was the name of Rockefeller's oil company?
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Which industry did Rockefeller primarily buy and why?
Which industry did Rockefeller primarily buy and why?
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What did Rockefeller's father sell to make a living?
What did Rockefeller's father sell to make a living?
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In 1870, what percentage of America's oil did Rockefeller's company produce?
In 1870, what percentage of America's oil did Rockefeller's company produce?
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Within 10 years, what percentage of the refining business did Standard Oil control?
Within 10 years, what percentage of the refining business did Standard Oil control?
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What does philanthropy mean?
What does philanthropy mean?
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What percentage of his wealth did Andrew Carnegie donate?
What percentage of his wealth did Andrew Carnegie donate?
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How much did John D. Rockefeller give away?
How much did John D. Rockefeller give away?
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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.
