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

3. Rich and poor are impacted when even Tom Scott faces ruin and disgrace from Texas Pacific Railroad default unless what happens?

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

5. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.

Short Essay Questions

1. Why does Carnegie hire Alexander Holley?

2. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.

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

4. Describe Carnegie's replacement of equipment.

5. What does Frick's chairmanship mark?

6. 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.

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

8. What happens when Carnegie goes to Scotland?

9. What is a second dimension necessary to effect this integration?

10. Describe the economic collapse. How are Carnegie and others affected by it?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie's insistence on knowing the costs continues for his twenty-five years in the steel business.

Part 1) How and why does cost matter throughout Carnegie's career in the steel business, as well as previous business ventures? How might this compare to the importance of cost to other companies? Use the text to support your response.

Part 2) How has this focus on cost influenced other businesses? How does it continue to be important to businesses today? How does this focus on cost aid in the creation of big business?

Part 3) When you make important decisions, on what do you focus? What aspects of a decision are important to you? How does your decision-making process compare to Carnegie's?

Essay Topic 2

Woodruff is the cornerstone of Carnegie's fortune.

Part 1) What is Woodruff? How has Carnegie's fortune grown up to this point? How does it become the cornerstone of Carnegie's fortune? How does this then lead to Columbia Oil?

Part 2) What important decisions does he make regarding these two companies that make them the cornerstone of his fortune? How do these companies lead to future growth in his wealth? Does he make a good decision by getting out of the oil business, investing in other businesses and finally ending up in the steel business? Explain.

Part 3) How do the decisions you have made in the past affect you today? How much of an impact will the decisions you make today have on your future? Do you believe that Carnegie's decisions were well-thought out or based on instinct and experience? Use the text to support your decision. Are most of your most influential decisions and actions based on organized plans or on your own instinct and knowledge?

Essay Topic 3

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?

(see the answer keys)

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