Economic Change 1890s-1900

Question 1

When was the depression

Answer 1

1893

Question 2

What was the reason for the depression

Answer 2

The reading railroad company collapsed causing a domino effect for companies

Question 3

How long did the depression last

Answer 3

4 years

Question 4

Statistics of the depression

Answer 4

24 buisnesses close a day in May
15,000 buisnessses
600 banks
20 % unemployment

Question 5

What was the unemployment rate for these states

New York , Pennsylvania, Michigan

Answer 5

New York 35%
Pennsylvania 25%
Michigan 43%

Question 6

What was some of the effects for the depression

Answer 6

Rise of populism / progressivism
Rise in unions
Companies having to wage cuts
Strikes - the Pullman strike of 1894

Question 7

How many strikes / memebers where there in 1886

Answer 7

1400 strikes 500,000 members

Question 8

What was reason for the farmers alliances

Answer 8

The price of products fell however the grain storage and transport increased it meant farmers didn’t have a lot of income so that they could pay of their loans

Question 9

What did the farmers alliance support

Answer 9

Turn into the populist party plus supported a democratic with in oresisdentçe

Question 10

Did the depression have long term effect

Answer 10

Despite being a 4 year long depression there was a huge industrial growth especially soothing oil steel and iron not on this.but a growth in trust and corporations

Question 11

Statistics for the growth of oil

Answer 11

The Morden oil industry started in ten January of 1901 9th the success of Lucas well in spindle hope Texas
Produced 70,000 - 100,000 barrels a day nine days before being capped
Further gushes discovered in Oklahoma in 1907 they ran the 25 % of the industry

Question 12

Statistics for corporations / trusts

Answer 12

By 1904 the 4 of the big us companies made up 57% of the industry
Between 1898- 1902 there was 319 consolidations
Dupont controlled 85% of the nations electrical power
J.p Morgan in 1901 brought carnegies steel corporations renamed US steel - the first billion dollar corporation

Question 13

Statistics for iron / steel

Answer 13

Iron products increased from 920,000 tons in 1860 to 10.3 million in 1900
Pittsburg and Pennsylvania centre of the iron industry centrail with 38 steel plants along 42 km navigate river

Question 14

What was the reason for the Pullman strike of 1894

Answer 14

The Pullman company had Wage cuts but the rate stayed the same due to the shortage of money from the depression in 1893

Question 15

Facts about the Pullman strikes

Answer 15

Started in 1894
The first national strike in the US which paralysed the railway
Due to the belief that the federal government didnt care about the less off society it turn the industrail class towards more radical idea of the populist party
Led to the omnibus indictment act - banned striking until 1930

Question 16

What did the government do in the depression

Answer 16

President Cleveland was one of the last democratic government who believe in the lack of involvement of the federal government , he beieoeve that the depresssioj was simply an natural occurrence within buisness and shouldn’t be tampered with
He walks believe in the gold system and opposed the silver purchase act - congress even passed the repeal of silver purchase act in October 1893 which helped the buisnesses confidence.
Led to opposition of the main parties / the rise of progresssivism