What Was The Main Reason That Carnegie Invested In The Frick Coke Company? He Wanted To Make Sure He Could Always Get Fuel For His Steel Plant. He Thought He Could Help The Company Become Profitable. He Wanted To Invest In New Technology. He Was Intereste (2023)

1. What was the main reason that Carnegie ... - Learn CBSE Forum

  • Apr 17, 2019 · a. He wanted to make sure he could always get fuel for his steel plant. b. He thought he could help the company become profitable. c. He wante…

  • What was the main reason that Carnegie invested in the Frick Coke Company? a. He wanted to make sure he could always get fuel for his steel plant. b. He thought he could help the company become profitable. c. He wanted to invest in new technology. d. He was interested in the coal business.

What was the main reason that Carnegie ... - Learn CBSE Forum

2. How Did John D.Rockefeller Vertically Integrate His Monopoly In 1882

  • Jun 19, 2023 · He thought he could help the company become profitable. He wanted to invest in new technology. He was interested in the coal business. Answer: a.

  • Question: A government is laissez-faire when it fairly regulates workers. fairly regulates businesses. does not interfere with business affairs and does not regulate its actions. leaves workers alone and doesn’t regulate unions. Answer: c Question: Answer: c Question: What is the main reaso

3. what was the main reason that carnegie invested in the frick coke ...

  • Sep 7, 2023 · he wanted to make sure he could always get fuel for his steel plant. he thought he could help the company become profitable. he wanted to invest ...

  • Posted on 2023-09-07 by admin

4. What Was The Main Reason Why Andrew Carnegie Invested In A ...

  • Missing: profitable. | Show results with:profitable.

  • The correct answer is Carnegie wanted to get fuel for his steel plant. Carnegie invested in H.C. Frick Coke Company when the owner needed capital to expand his holdings.

5. Andrew Carnegie – Man of Steel | Inside Adams

  • Missing: coke fuel

  • Read about the life and businesses of industrialist Andrew Carnegie.

Andrew Carnegie – Man of Steel | Inside Adams

6. Charles Schwab and the Steel Industry

  • Sep 10, 2023 · Meanwhile, Carnegie Steel was a closed corporation; he told outsiders nothing of his costs or his future plans. Carnegie disdained “pools,” ...

  • Burt Folsom is Associate Professor of History at Murray State University in Kentucky. This article is adapted from his recent book, Entrepreneurs vs. The State (available from FEE @ $14.00 postpaid). When asked for the secret of his success in the steel industry, Charles Schwab (1862-1939) always talked about making the most with what you have, using praise, not criticism, giving liberal bonuses for work well done, and “appeal[ing] to the American spirit of conquest in my men, the spirit of doing things better than anyone has ever done them before.” He liked to tell this story about how he handled an unproductive steel mill: I had a mill manager who was finely educated, thoroughly capable and master of every detail of the business. But he seemed unable to inspire his men to do their best. “How is it that a man as able as you,” I asked him one day, “cannot make this mill turn out what it should?” “I don’t know,” he replied. “I have coaxed the men; I have pushed them, I have sworn at them. I have done everything in my power. Yet they will not produce.” It was near the end of the day; in a few minutes the night force would come on duty. I turned to a workman who was standing beside one of the red-mouthed furnaces and asked him for a piece of chalk. “How many heats has your shift made today?” I queried. “Six,” he replied. I chalked a big “6” on the floor, and then passed along without another word. When the night shift came in they saw the “6” and asked about it. “The big boss was in here today,” said the day men. “He asked us how many heats we had made, and we told him six. He chalked it down.” The next morning I passed through the same mill. I saw that the “6” had been rubbed out and a big “7” written instead. The night shift had announced itself. That night I went back. The “7” had been erased, and a “10” swaggered in its place. The day force recognized no superiors. Thus a fine competition was started, and it went on until this mill, formerly the poorest producer, was turning out more than any other mill in the plant. (Charles M. Schwab, Succeeding with What You Have [New York: Century Co., 1917], pp. 39-41) Schwab showed the ability to find solutions to problems even as a lad growing up in Loretto, Pennsylvania. According to one of his teachers, “Charlie was a boy who never said, ‘I don’t know.’ He went on the principle of pretend that you know and if you don’t, find out mighty quick.” Schwab knew early that he would have to live by his wits; his parents and immigrant grandparents weaved and traded wool products, jobs which put food on the table but not much money in the bank. Young Charlie, therefore, started work early in life. In one job he was a “singing cabby”: he drove passengers from nearby Cresson to Loretto and entertained them with ballads along the way. One of his passengers, impressed with the gregarious youth, gave him a travel book. Schwab later said, “It opened my eyes to the glories of the outside world, and stimulated my imagination tremendously.” Soon, Loretto, Pennsylvania, population 300, would be too small to contain the ambitious Schwab. With his parents’ blessing, he left home at age 17 to clerk in a general store in Braddock, a suburb of Pittsburgh. Braddock was a steel town, varied in its cultural and urban life. Working in the store, young Charlie often pleased customers with his good looks, wit, and charm; one man whom he impressed was William “Captain Bill” Jones, the mill superintendent at Braddock for Carnegie Steel. Jones offered Schwab a job as a stake driver for the engineering corps who designed plans for building furnaces. Schwab accepted, proved himself capable, and soon became a draftsman. Here, he worked overtime to master his craft; within six months he became Jones’ right-hand man at the mill. As Jones’ messenger boy, Schwab came into contact with the mill owner, the Scottish immigrant Andrew Carnegie. Carnegie took a special liking to Schwab, who wisely spent some of his off hours playing Scottish ballads on Carnegie’s piano. Schwab worked hard to please Jones and Carnegie. Doing so allowed him to advance in the Carnegie organization. Fortunately for Schwab, Carnegie did not recruit his leaders on the basis of wealth or family standing. He used a merit system; he wanted people who could make the best steel possible at the lowest price. To succeed under Carnegie’s system, Schwab would have to master the methods of steel production. The Carnegie System Carnegie stressed cutting costs: in fact his motto was “Watch the costs and the profits will take care of themselves.” This meant hard work in innovating, accounting, and managing. Purchases, for example, were made in bulk to achieve economies of scale. Also, Carnegie strived for vertical integration, the control of his steel business from the buying of raw materials to the marketing of finished steel. At the heart of Carnegie’s system were bonuses and partnerships for those who excelled. Strong incentives were given employees who could figure out how to save on iron ore, coke, and limestone; or how to produce a harder, cheaper steel; or how to capture new markets for steel. Carnegie explained that success “flows from having interested exceptional men in our service; thus only can we develop ability and hold it in our service.” In fact, Carnegie said, “Every year should be marked by the promotion of one or more of our young men.” Captain Jones had risen to mill superintendent this way. Among other things he had invented the Jones mixer, a device that cut costs in the transferring of steel from the blast furnace to the Bessemer converter. For his inventions and know-how, Carnegie paid him the highest salary in the business, $25,000—the same salary as that of the President of the United States. Schwab rose through the ranks just as Jones did. He completed small tasks and was given larger ones. At age 23, he designed and built a bridge over the Baltimore and Ohio Railroad tracks; he saved time and money doing the job and received as a bonus ten $20 gold pieces from Carnegie himself. Other assignments followed: he installed meters in the factories and reduced waste of natural gas; he redesigned a rail-finishing department and saved 10 cents per ton of steel; he helped in calming down workers during a violent strike in the Homestead plant. When Captain Jones died in a blast furnace explosion in 1889, Schwab was the logical choice for superintendent at Braddock. Gregarious and competent, Schwab became Carnegie’s problem solver. For example, the workers at Braddock were turning out “seconds,” or substandard rails. Schwab’s solution: give $20 cash bonuses to those steel-makers producing the fewest seconds. The quality of the rails shot up and the resulting increase in profits more than paid the bonuses given. No wonder that Carnegie soon gave Schwab a small partnership in Carnegie Steel, with the promise of more to come if he could keep producing. Carnegie even wrote one of his senior partners, Henry Clay Frick, that Schwab “gives every promise of being the man we have long desired” eventually to run the business. Schwab idolized Carnegie and found him amazing to watch. Carnegie’s efficiency and his thorough knowledge of the industry made him a terror among fellow steel producers. He spied on them, used their annual reports against them, and even wrote them to secure information on costs of production. Meanwhile, Carnegie Steel was a closed corporation; he told outsiders nothing of his costs or his future plans. Carnegie disdained “pools,” secret agreements among competitors to divide up the market and keep prices high. Pools were for the weak; Carnegie wanted to “scoop the market [and] run the mills full.” Not that Carnegie didn’t use friendships and other means to help him. In bidding on a large Union Pacific contract for rails, he may have outmaneuvered the veteran Scranton family. Joseph Scranton was a director of the Union Pacific as well as president of the Lackawanna Iron and Coal Company. But Carnegie had done a favor for Sidney Dillon, the president of the Union Pacific, and Dillon agreed to give Carnegie the contract if he would match the lowest bid. Carnegie vs. the Scrantons In the case of the Scrantons, Carnegie showed no mercy. When Carnegie went into the steel business in 1872, he was told that he could never compete against the Lackawanna Company; Joseph Scranton was a founding father of American rail-making; he had a generation of experience making rails. But that year Joseph Scranton died, and his sons William and Walter would be the ones to challenge Carnegie: first with the Lackawanna Company, then with their Scranton Steel Company. Carnegie and the Scrantons joined the Bessemer Steel Association in 1875, but their approaches were different: the Scrantons wanted a pool, but Carnegie told them and others that unless he got the largest share he would “withdraw from it and undersell you all in the market—and make good money doing it.” The Scrantons and the others were bluffed by Carnegie and gave him his way. Carnegie then studied the Scrantons and learned their strengths and weaknesses. He discovered that they (and others) were discarding the thin steel shavings, called “scale,” that fell on the floor when the steel passed through the rollers. When he learned this, he regularly sent a man to Scranton to cart away tons of the Scrantons’ scale, almost free of charge, and brought it to Pittsburgh to use in making rails for Carnegie Steel. As Carnegie moved to the top of the American steel business, Schwab watched, learned, and proved himself time and again. In 1897, the 35-year-old Schwab became president of Carnegie Steel and the two men ran the company together. Business was never better. Schwab put in 16 new furnaces at the Homestead plant, and costs per ton of finished steel fell 34 per cent in one year. To promote espirit de corps, Schwab held Saturday meetings with all of his superintendents to work out problems. Meanwhile, the results of large-scale production took hold: the cost of making rails fell from $28 to $11.50 per ton between 1880 and 1900, but the profits from the larger volume of business went from $2 million in 1888 to $4 million in 1894, to $40 million in 1900. Some people wondered if Carnegie Steel might soon capture the steel trade of the entire world. Such speculating was premature. The next year, at age 65, Carnegie retired and, with Schwab as his emissary, sold Carnegie Steel to J. P. Morgan for $480 million. Morgan then combined Carnegie Steel with other companies to create U.S. Steel, the first billion-dollar company in American history. The choice for president of the company: Charles Schwab. Reporters and critics condemned “The Steel Trust,” as they called U.S. Steel, for its size and its potential to monopolize. Who would be able to compete, they asked, with such a large vertically integrated company? At his disposal, Schwab would have 213 steel mills and transportation companies, 41 iron ore mines, and 57,000 acres of coal land—enough, critics charged, to dwarf competitors and keep prices high. Schwab discovered, however, that he would not be able to use the Carnegie system at U.S. Steel. In fact, he would not have authority to run the company at all. Morgan and his friend Elbert Gary had organized U.S. Steel so that an executive committee, headed by Gary, and the board of directors would set the policies of the company; Schwab, as president, would carry them out. Morgan and Gary were interested in business stability, not in innovating or in cutting the price of steel. For example, when Schwab wanted to secure more ore land, Garysaid no. He also opposed price-cutting, aggressive marketing, giving bonuses, and adopting new technology. Schwab later said, “Gary, who had no real knowledge of the steel business, forever opposed me on some of the methods and principles that I had seen worked out with Carnegie—methods that had made the Carnegie Company the most successful in the world.” Personal Problems Schwab’s personal life, more than disputes over policy, seems to have led to his downfall at U.S. Steel. He showed he had the values of a dissipater as well as those of an entrepreneur. When Carnegie was in control, Schwab consciously restrained his extravagant tastes; Carnegie deplored living beyond one’s income, gambling, and adultery. But out from under Carnegie’s grip, Schwab engaged in all three and almost mined his marriage and his career. In New York City, Schwab built “Riverside,” a gargantuan mansion, which consumed one whole block of the city and $7 million of his cash. He also gambled at Monte Carlo, which made bad newspaper copy and cost him credibility. Finally, he had an affair with a nurse, which resulted in a child. Though Schwab hid this from the press, he could not do so from his wife, Rana. The strain of his adulterous behavior, combined with the pressure of Monte Carlo, the expense of Riverside, and the barbs from Elbert Gary wrecked Schwab’s health. He went to Europe to recover and, in 1904, resigned as president of U.S. Steel. Schwab, the man who said, “I cannot fail,” seemed to have failed. He was depressed for months. Even Carnegie repudiated Schwab and this added to the pain. During his troubles he had insomnia, he lost weight, his arms and legs were regularly numb, and sometimes he fainted. His wife forgave him for his adultery and this no doubt eased the strain; but she was still not happy because she wanted a child of her own and never had one. She didn’t covet the extravagant life, so dear to her husband, and she spent many lonely days at Riverside. Schwab was out at U.S. Steel, but he already had the makings for a comeback. When he was president of U.S. Steel, Schwab had bought Bethlehem Steel as a private investment. He was criticized for this, especially when he merged Bethlehem Steel with some unsound companies into an unprofitable shipbuilding trust. This merger eventually collapsed; but when Schwab stepped down at U.S. Steel, he still had Bethlehem Steel as his own property. The demotion from being president of a company worth over one billion dollars, to being president of one worth less than nine million dollars would have embarrassed some men, but not Schwab. He would have full control in running the company and would succeed or fail on his own abilities. Before Schwab took over Bethlehem Steel, its future had not looked promising. It had been founded in 1857 and soon produced rails for the Lehigh Valley Railroad. This was more than coincidence because entrepreneur Asa Packer, who had built the Lehigh Valley Railroad, held a large interest in what was then Bethlehem Iron. Packer, a Connecticut Yankee, had the vision and ability to promote both of these investments and make them profitable. His rise from carpenter to railroad tycoon had made him a legend in Pennsylvania; he was worth $17 million by the late 1870s. When he died in 1879, his sons, sons-in-law, and nephews took over his investments, but did not have the success that Packer did. The Lehigh Valley Railroad floundered and went into receivership in the Panic of 1893. Bethlehem Iron almost shared the same fate. Led by Philadelphians and the Packer group, Bethlehem Iron became very conservative after Packer’s death. The younger leaders single-mindedly produced rails, even though Carnegie was doing it cheaper, and they had the expense of importing most of their iron ore from Cuba. They escaped a price squeeze in 1885 when, reluctantly, they shifted from making rafts to producing military ordnance, which commanded a higher price per ton than rails. Such an imaginative strategy, as one might expect, did not originate within the Packer group; in fact, they resisted it until declining profits on rails presented them with no alternative. From Rails to Armor Plate The wise, if belated, switch from rails to gun-forgings and armor plate led to profits because Bethlehem Iron was the only bidder on its first government contract for ordnance in 1887. Other contracts were forthcoming and Bethlehem Iron “established a reputation for quality and reliability,” if not for aggressiveness and efficiency. Regarding the last, its operations were so inefficient that the company in 1898 hired Frederick W. Taylor, master of scientific management, to suggest ways of improving worker productivity. Yet the Packer group soon became hostile to Taylor’s cost-cutting ideas. Of one suggestion to reduce the number of workers handling raw materials, Taylor observed that the owners “did not wish me, as they said, to depopulate South Bethlehem.” He further commented, “They owned all the houses in South Bethlehem and the company stores and when they saw we [Taylor and his assistants] were cutting the labor force down to about one-fourth, they did not want it.” They also rejected Taylor’s suggestions to standardize job functions and give raises to key personnel. Surviving, then, on government contracts, Bethlehem Iron stumbled into the twentieth century—a profitable operation in spite of itself. In the midst of this conservatism, Schwab came to Bethlehem in 1904 and boldly announced that he would “make the Bethlehem plant the greatest armor plate and gun factory in the world.” Taking the helm, Schwab “backed Bethlehem with every dollar I could borrow.” This backing included buying new branch plants and closing unprofitable ones, getting new contracts by selling aggressively, and reorganizing the company as Bethlehem Steel. Planning for the future, Schwab bought large tracts of land for the company east of South Bethlehem. He also bought or leased more ore land and mechanized the company’s Cuban iron fields to spur production there. Schwab’s entrepreneurship clashed with the Packer group’s cautiousness right from the start. As one historian said, “Many of the veteran Bethlehem executives preferred the old, pre-Taylor and pre-Schwab way.” Soon after arriving in South Bethlehem, Schwab ousted the inbred Packer group from authority. In the new president’s remarkable words, “I selected 15 young men right out of the mill and made them my partners.” Two of these “partners” were Eugene Grace, the son of a sea captain, and Archibald Johnston, a local Moravian. They later became presidents of Bethlehem Steel. After reorganization, Schwab wanted to diversify his company and challenge U.S. Steel. To do this, he began making rails and moving Bethlehem Steel away from its dependence on government contracts. Schwab adopted open-hearth technology because it produced better rails than the Bessemer system did. As historian Robert Hessen notes:

Charles Schwab and the Steel Industry

7. Guide to the Henry Clay Frick Business Records, 1862-1987 AIS ...

  • Frick eventually became the main supplier of coke to Carnegie's mills. ... Steel Company who became aware that Carnegie's expansion could ruin his steel interests ...

  • Your support ID is: 5047823928669152465.

8. [PDF] Chapter 12: Industrialization, 1865-1901 - Yonkers Public Schools

  • converter enabled his steel mills to make large quantities of inexpensive steel. ... Carnegie often boasted about how cheaply he could produce steel: PRIMARY ...

9. Untitled

  • ... carnegie, Superhot clones, Lincoln douglas debate negative example. Looking forward for your positive reply, Betting favorites for masters, Critical ...

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10. 1 Industry & Technology | History Hub

  • ... it with other elements. He imported the Bessemer technology to his new plant in Pennsylvania. Carnegie's steel helped build America's railroad tracks ...

  • “It is apparent to me that the possibilities of the aeroplane, which two or three years ago were thought to hold the solution to the [flying machine] problem, have been exhausted, and that we must turn elsewhere.” –– Thomas Edison, 1895 More than any era in American history, economics dominated the late 19th century. Historians downplay presidents like Chester Arthur, Benjamin Harrison, and Grover Cleveland because inventors and businessmen dictated the country’s direction. In the 1872 presidential election, for instance, members of Western Union’s board of directors chaired both major party conventions. Influence peddling (lobbying) is ongoing, though. What set this era apart was innovation and the changing role of workers. The Industrial Revolution had accelerated historical change since the 18th century, but the fifty years after the Civil War saw the most dramatic burst of technological ingenuity since the dawn of mankind. The rustic world of yokes and oxen gave way to harvesting combines, electricity, steam turbines, automobiles, planes, movies, phones, radios, record players, calculators/cash registers, petrochemicals, vending machines, antibiotics and, perhaps most importantly, running water/indoor plumbing. Many children were born into a world before the Civil War that more resembled the Middle Ages than the mid-20th century they’d live to see. As you read about this extraordinary era, don’t get bogged down in the details. The text includes names, places, dates, and intricate details just to orient you, but you don’t need to memorize these. Your task is to read actively after going over the 1302 Learning Objectives for this chapter (found under the Chapters-LO’s drop-down above). Condense your responses to these LO’s to three or four sentences. Don’t stop at very many links. They are there for your general edification if you’re confused about a term or would like to learn more, but you should generally pass over them. You should pay attention to images and maps, though. Always use the arrow down key ↓ instead of the scrollbar when reading online. If you’ve signed up for HIST 1301 rather than 1302, stop and read the Paleo-America & Columbian Exchange chapter instead.

11. Andrew Carnegie - Geniuses.club

  • Carnegie argued that the life of a wealthy industrialist should comprise two parts. The first part was the gathering and the accumulation of wealth. The second ...

  • Andrew Carnegie genius Biography

Andrew Carnegie - Geniuses.club

12. Andrew Carnegie, LL.D - Electric Scotland

  • ... I felt sure the money could be raised somehow or other by my mother." A family ... him while he was completing the development of his process for making steel.

  • THE biography of a great and successful man is always interesting and inspiring, especially to one who is determined to improve, and become something more and better than he is; such an one is eager to find out the secret of a successful career, as it kindles a high ideal in his breast and strong courage to push forward himself. Mr. Carnegie is a noteworthy example of one who began life with practically no advantages, and has overcome almost insuperable difficulties. Anyone who reads his life-story must of necessity be greatly influenced by it.

13. [PDF] AP English 3 Summer Assignment - Greenville ISD

  • You need to use correct grammar and your answers must be in COMPLETE sentences. Points will be taken off for incomplete sentences and/or substandard English (ie ...

14. [DOC] Andrew Carnegie - Dr. Francisco J. Collazo

  • He also invested a small amount in an oil company in western Pennsylvania. The handsome dividends he received from his oil investments enabled him to go into ...

15. A Triumph of the Gilded Age | Sean Wilentz

  • Oct 22, 1992 · But he wanted to get his way without unduly ... Carnegie hoped that the Homestead Amalgamated could be destroyed peacefully, but he gave Frick ...

  • 1. In a year of important American centenaries—Columbus's landing, the Salem witchcraft trials, the death of Whitman—it may be easy to overlook the

A Triumph of the Gilded Age | Sean Wilentz

16. How Andrew Carnegie Became the Richest Man in the World - Biography

  • And as the business grew, he he took this cost efficiency even further by purchasing coke-fields and iron-ore deposits so he could become his own supplier of ...

  • Rodney Ohebsion

17. [PDF] Chapter17 - Kendall Hunt Publishing

  • What types of technologies were on display at the Centennial Exhibition, and how might they have made America a more democratic nation? 2. How did William Dean ...

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