2. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.

3. The mill site is strategically situated _______________ where the Pennsylvania, Baltimore and Ohio railroad and river transportation system is readily available, nearby the coal fields.

4. The 1878 Thomas process of lime-lining the heating vessel to eliminate phosphorous is acquired by Carnegie and sold to who two years later?

5. In __________, Carnegie has the most modern operation.

Short Essay Questions

1. What venture is formed between Tom Miller and Carnegie?

2. Carnegie's interest and insistence on cost-cutting leads him into more complex areas of manufacturing detail composition and chemistry. Give an example of this.

3. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?

4. Describe the firm and the new mill.

5. What causes the 1893 depression? What does Carnegie do at this time?

6. Describe American steel companies between 1870 and 1900.

7. What does Frick's chairmanship mark?

8. How is Rockefeller involved in Carnegie's business?

9. What happens when Carnegie goes to Scotland?

10. What does Schwab do for the business?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

The Panic of 1873 is significant.

Part 1) Describe the Panic of 1873. How does it begin? How are businesses and ordinary citizens affected by it? How does the country pull out of this panic? How does this panic compare to the 1929 Crash and the Great Depression that followed?

Part 2) Could this panic have been avoided? If so, how? If not, why not? Did the country learn from this panic? Why or why not?

Part 3) Could a panic such as this occur again? Why or why not? Have we as a country learned anything from this panic, the Crash of 1929, and other economic disasters? Explain.

Essay Topic 2

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

Essay Topic 3

The start of ET coincides with the Panic of 1873.

Part 1) What is ET? Why is it significant that the start of ET coincides with this panic? How does this affect Carnegie, his partners, and the investors?

Part 2) How does Carnegie deal with this panic? What decisions does he make? How much of an impact do these decisions have on his company? What do his decisions and actions reveal and reinforce about him?

Part 3) How would you have reacted if you had lived during the Panic of 1873? Would you have been as clear-headed and forward-thinking at Carnegie? Why or why not?

(see the answer keys)

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