3 Economic Growth

when was the first transcontinental railway built

1869

new york to san francisco took 6 days instead of 6 months

between 1868 and 1873 how many km of track was laid

53,000 km

between 1865 and 1890 how many miles of track was added to the railroads

170,000 miles

when was the crash in the stock market and what did it cause

1873

caused a depression

by what year had new yorks stock exchange become the second largest in the world

1890

whos fortune swelled to $100 million during boom years and what does he die as

Vanderbilt

dies as the richest man in america

what percentage of the worlds oil refining process did Rockefellers standard oil company control

85%

how much did rockefelleer give away and to what

$550 million to medicine and african american education institutions

how much steel was produced by 1875

360,000 tonnes

how mcuh steel was produced by 1900

anual production was 60 million tonnes

what did carnegie introduce to steel making and what did he use

bessemer process

used vertical integration

what did carnegie donate to and what did he set up

schools, hospitals

set up the ‘carnegie endowment for international peace’

what was a huge contributing factor to economic growth

immigration

56% of labour force in manufacturing and mechanical industries were immigrants

in 1860 what was the nation’s wealth and what did it increase to by 1900

$16 billion to $88 billion

who was JP morgan

american financier

dominated corporate finance on wall sreet

nearly all us companies had some financing from morgan in the gilded age

he helped bail out the government in the 1893 depression