The Captains of Industry

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Presentation transcript:

The Captains of Industry

Trusts Trusts: A single business of share holders which controls an entire industry (a monopoly)

Standard Oil Co. John D. Rockefeller Henry M. Flagler

Horizontal Integration

Oil Refining http://www.history.com/topics/john-d-rockefeller/videos/john-d-rockefeller-oil-money-and-power

Control of the Market Standard Oil controlled 95% of the Oil Market. Prices were cut to prevent competition. Helped greatly by the creation of the automobile.

Standard Oil Stock

How BIG was standard Oil?

Standard oil Develops Florida

Carnegie Steel 1. Created by Andrew Carnegie, a Scottish Immigrant. 2. Based out of Pittsburgh, PA 3. Used the “Bessemer Process” to create the strongest steel in the world. http://www.history.com/topics/andrew-carnegie/videos/andrew-carnegie

Vertical Integration 1. Carnegie believes in owning every step of production, to eliminate the “middle man”. 2. Reduced costs, lower the price of his steel. 3. Controlled 25% of the world’s steel market.

John Pierpont (JP) Morgan 1. Financier, who made his fortune investing in the Trusts. 2. Used “interlocking directories” of joint share holders on multiple Corporate Boards. 3. Spends $400 million to buy Carnegie Steel. 4. Becomes 1st Billionaire by creating 1st Billion $ Company, US Steel.