Economic Growth | 1865-1890 Flashcards
(18 cards)
What year was the first Transcontinental Railway built?
1869
The railway connected New York to San Francisco, reducing travel time from 6 months to 6 days.
How many kilometers of new track were laid across the country between 1868 and 1873?
53,000 km
This contributed to the expansion of the railroad system.
What was the total mileage of track added to the railroads between 1865 and 1890?
170,000 miles
What significant event occurred in 1873?
A crash in the stock market caused a depression.
By what year had the New York Stock Exchange become the second largest in the world?
1890
What was Vanderbilt’s fortune at the peak of his wealth?
$100 million
He died as the richest man in America.
What percentage of the world’s oil refining did Rockefeller’s Standard Oil company control?
85%
How much did Rockefeller give away to medicine and education for African Americans?
$550 million
What was the American steel production in 1875?
360,000 tons
What was the annual steel production by 1900?
60 million tons
What process did Carnegie introduce to steel making?
The Bessemer process
What business strategy did Carnegie utilize?
Vertical Integration
What types of institutions did Carnegie donate to?
Schools, hospitals, etc.
He also set up the ‘Carnegie Endowment for International Peace’.
What percentage of the labor force in manufacturing and mechanical industries were immigrants by 1890?
56%
What was the nation’s wealth in 1860?
$16 billion
What was the nation’s wealth by 1900?
$88 billion
Who was JP Morgan?
An American financier who dominated corporate finance on Wall Street.
What role did JP Morgan play during the 1893 depression?
Helped bail out the government.
