Economic Growth (1865-90) Flashcards
What was built in 1869 and how long did it now take to travel from NY to SF as a result?
The 1st Transcontinental Railroad and 6 days instead of 6 months
How many miles of track were added to the railroads between 1865-90?
170,000 miles
What did the crash in the stock market of 1873 cause?
A depression
What became the second largest exchange in the world by 1890?
The NYSE
(New York Stock Exchange)
What did Vanderbilt’s fortune swell to during the boom years and what did he die as?
$100 million and he died the richest man in America
How much did Rockefeller’s Standard Oil Company control of the world’s oil refining?
85%
How much did Rockefeller give away to medicine and African-American education institutions?
Estimated $550 million
What did American Steel production amount to in 1875 and what was annual production like by 1900?
1875 - 360,000 tons and by 1900 - 60 million tons
What did Carnegie introduce to Steel making and use?
The Bessemer Process and he used Vertical Integration
What did Carnegie do (in terms of charity)?
He donated to schools, hospitals etc. and set up the Carnegie Endowment for International Peace
What was the nation’s wealth in 1860 and what was it by 1900?
It was $16 billion and then by 1900 it was $88 billion
Who was JP Morgan?
He was an American financier who dominated corporate finance on Wall Street and helped bail out the govt. in 1893 depression
Immigration was a huge contributing factor to economic growth, by 1890 how much of the labour force in manufacturing and mechanical industries were immigrants?
56%
