U.S. History Exam 1 - FLASHCARDS - 1_21 Lecture 2

Question 1

Who was Andrew Carnegie?

Answer 1

Was self taught. Established Carnegie Steel

Question 2

What type of company was Carnegie Steel?

Answer 2

A vertically integrated company

Question 3

What is a vertically integrated company?

Answer 3

Form of business organization in which all stages of production of a good, from the acquisition of raw materials to the retailing of the final product, are controlled by one company.

Question 4

Who was Carnegie Steel producing more than by 1900?

Answer 4

More than Britain

Question 5

Who mastered telegraphy in the railroad business?

Answer 5

Andrew Carnegie

Question 6

Who did Andrew Carnegie sell to?

Answer 6

U.S. steel in 1901

Question 7

Who was the second richest man in the world in 1900?

Answer 7

Andrew Carnegie with a net worth of 298.3 billion

Question 8

What was the Gospel of Wealth?

Answer 8

Sought to improve mankind

Question 9

Who was John D Rockefeller?

Answer 9

owned Standard Oil which controlled 90% of oil production in the US

Question 10

Who built an oil refinery in Cleveland?

Answer 10

John D Rockefeller in 1863

Question 11

What did Standard Oil control by 1879?

Answer 11

Over 90 percent of the nation’s oil supply

Question 12

What type of company did John D Rockefeller want?

Answer 12

A horizontally integrated company

Question 13

What was a Robber Baron?

Answer 13

derogatory metaphor for social criticism applied to businessmen who used unscriptulous methods to get rich

Question 14

What was a Captain of Industry?

Answer 14

A business leader whose means of amassing a fortune contributed positively to the country in some way. For example: productivity, market growth, jobs.

Question 15

What was The Trust?

Answer 15

Arangement that gives trustee legal power to manage someone else’s money or company without saying they own it. Started by Samuel Todd in 1882

Question 16

How many trusts did the Standard Oil company have?

Answer 16

9 shareholders and 41 companies under their control

Question 17

When did Rockefeller retire and what was his fortune?

Answer 17

In 1897 with 318 billion in today’s money

Question 18

What was the Rockefeller foundation?

Answer 18

Organization with the goal make the world a better place

Question 19

What was the Gilded Age?

Answer 19

Growing division between rich and poor. By 1900, the top ten percent owned more than 3 quarters of the nation’s wealth. Growing middle class worked white collar jobs.

Question 20

By 1900, how many more women had entered the workforce?

Answer 20

20 percent

Question 21

What was the Great Railroad Strike of 1877?

Answer 21

Workers for the Baltimore and Ohio railroad went on strike over pay reduction in West Virginia

Question 22

How many child laborers were there by 1900?

Answer 22

2 million child laborers. One out of every 6

Question 23

How did the railroad strike of 1877 end?

Answer 23

West Virginia’s militia was called out, but refused to intervene because they were sympathetic to the strikers. Strike ended when President Hayes used federal troops. 100 people were killed and millions of dollars in damages.

Question 24

What was the work day standard before 1900?

Answer 24

Ten hour day, six days a week

Question 25

How much was the average worker making?

Answer 25

10,000 to 14,000

Question 26

What was the Knights of Labor?

Answer 26

Union established in 1869 in Philadelphia. Opposed to violence, socialism, and preferred boycotts. Included skilled and unskilled workers.. Couldn’t get much done.

Question 27

Who led the Knights of Labor?

Answer 27

Terence Powderly

Question 28

How was the Knights of Labor’s image damaged?

Answer 28

Caused by the Haymarket Square Riot.

Question 29

What was the Haymarket Square Riot?

Answer 29

In 1886, a labor rally in Chicago ended with someone throwing a bomb at police and police shooting a bunch of protesters.

Question 30

What was the American Federation of Labor?

Answer 30

Formed in Columbus Ohio in 1886. Federation of separate unions. Wanted to improve wages and conditions. By 1924, one third of skilled workers were members

Question 31

Who was the president of the American Federation of Labor?

Answer 31

Samuel Gompers

Question 32

Why were there so many labor conflicts in the late 1800s?

Answer 32

Laborers knew how rich the companies were and they weren’t getting a decent share of it. They would protest or strike and the factory owners often responded with violence.