WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Railroads
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Steel
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Banking
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Oil
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Detailed explanation-1: -J.P. Morgan cofounded (1871) the banking company Drexel, Morgan and Company. It became J.P. Morgan and Company in 1895 and is now JPMorgan Chase & Co. In addition, it was the centrality of his role in averting disaster in 1907 that led the U.S. government to create the Federal Reserve System.
Detailed explanation-2: -Our company is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Our rich history spans over 200 years. We are a leader in investment banking, financial services for consumers and small business, commercial banking, financial transactions processing and asset management.
Detailed explanation-3: -At face value, Morgan contributed greatly to American industry. He invested in Thomas Edison and the Edison Electricity Company; helped to create General Electric and International Harvester; formed J.P. Morgan & Company; and gained control of half of the country’s railroad mileage.
Detailed explanation-4: -He made a fortune in railroads. In 1898, Morgan formed the Federal Steel Company. Again he merged with other steel companies, forming the huge United States Steel Corporation. He made another fortune in steel.