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QOD #3

QOD #3. Read pg. 260-261 Answer: 1. What personal qualities and talents played a part in Andrew Carnegie’s rise to success? 2. How did personal contacts contribute to Carnegie’s financial success? 3. In what industry did Carnegie make his immense fortune?. Railroads Spur Industrial Growth.

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QOD #3

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  1. QOD #3 • Read pg. 260-261 • Answer: • 1. What personal qualities and talents played a part in Andrew Carnegie’s rise to success? • 2. How did personal contacts contribute to Carnegie’s financial success? • 3. In what industry did Carnegie make his immense fortune?

  2. Railroads Spur Industrial Growth

  3. I) Reasons for Growth in Industry

  4. I) Reasons for Growth in Industry • A) Following the Civil War, large factories began to replace small workshops

  5. I) Reasons for Growth in Industry • A) Following the Civil War, large factories began to replace small workshops • 1. The # of factories went from 140,000 in 1865 to 510,000 by 1900

  6. I) Reasons for Growth in Industry • A) Following the Civil War, large factories began to replace small workshops • 1. The # of factories went from 140,000 in 1865 to 510,000 by 1900 • 2. The US had become the world’s leading industrial nation

  7. I) Reasons for Growth in Industry • B) Coal, Iron Ore, and lumber all made there way to factories via the booming RR industry

  8. I) Reasons for Growth in Industry • B) Coal, Iron Ore, and lumber all made there way to factories via the booming RR industry • 1. There were 30,000 miles of track in 1865 and 200,000 miles in 1900

  9. II) Railroads Link the Nation

  10. A) Goods from different parts of the country could now be shipped to one location

  11. A) Goods from different parts of the country could now be shipped to one location • 1. This meant that coal from West Virginia could be sent to Cleveland to fire the furnaces to melt iron ore from Minnesota and be turned into steel which could be shipped to New York City to make buildings

  12. B) In addition, mail order business thrived

  13. B) In addition, mail order business thrived • 1. Goods could be shipped to homes across the country

  14. B) In addition, mail order business thrived • 1. Goods could be shipped to homes across the country • 2. Companies such as Montgomery Ward and Sears Roebuck would send farmers catalogs to purchase all kinds of goods

  15. C) Problems with RR

  16. C) Problems with RR • 1. 100’s of RR companies caused conflict

  17. C) Problems with RR • 1. 100’s of RR companies caused conflict • 2. North and South used different gauge (thickness) track

  18. C) Problems with RR • 1. 100’s of RR companies caused conflict • 2. North and South used different gauge (thickness) track • 3. Environmental issues: lumber to build RR ties, coal to power

  19. III) RR Competition

  20. A) Cutthroat competition between companies

  21. A) Cutthroat competition between companies • 1. Rate wars, reduce fares as low as possible

  22. A) Cutthroat competition between companies • 1. Rate wars, reduce fares as low as possible • a. Once you eliminate competition, you up fares as high a you want

  23. A) Cutthroat competition between companies • 1. Rate wars, reduce fares as low as possible • a. Once you eliminate competition, you up fares as high a you want • 2. Rebates- refund of payment

  24. A) Cutthroat competition between companies • 1. Rate wars, reduce fares as low as possible • a. Once you eliminate competition, you up fares as high a you want • 2. Rebates- refund of payment • a. offer rebate if company promises to use on your RR

  25. A) Cutthroat competition between companies • 1. Rate wars, reduce fares as low as possible • a. Once you eliminate competition, you up fares as high a you want • 2. Rebates- refund of payment • a. offer rebate if company promises to use on your RR • 3. Consolidation- several companies combined into one

  26. A) Cutthroat competition between companies • 2. Rebates- refund of payment • a. offer rebate if company promises to use on your RR • 3. Consolidation- several companies combined into one • a. Cornelius Vanderbilt bought lines from NY to Chicago

  27. A) Cutthroat competition between companies • 2. Rebates- refund of payment • a. offer rebate if company promises to use on your RR • 3. Consolidation- several companies combined into one • a. Cornelius Vanderbilt bought lines from NY to Chicago • b. The trip usually meant 17 train changes, under Vanderbilt, 1

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