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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John D Rockefeller
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Andrew Carnegie
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Cornelius Vanderbilt
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J.P. Morgan
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Detailed explanation-1: -Drexel Morgan also played an important role in government finance. To restore investor confidence, Drexel Morgan underwrote the pay of the entire U.S. Army in 1877 and bailed out the U.S. government during the Panic of 1895.
Detailed explanation-2: -In addition to consolidating and controlling several railroads and industries, J.P. Morgan led in resupplying the U.S. Treasury’s gold reserve during the depression that followed the panic of 1893 and organized the financial community in averting a financial collapse after the market panic of 1907.
Detailed explanation-3: -J. Pierpont Morgan partners with Philadelphia banker Anthony Drexel to form Drexel, Morgan & Co., a private merchant banking house in New York City. Pierpont builds his reputation as a leader in railroad investments, the largest and most dynamic American industry in the years after the Civil War.
Detailed explanation-4: -Morgan’s bailout-like reaction to and leadership during the Panic of 1907 built on his lofty reputation and also helped lead to the creation of the Federal Reserve System.