1. Industrialists © Mark Batik Jesuit College Preparatory

3. Andrew Carnegie  Steel industrialist  Benefit of timing for the widespread application of steel  Gospel of Wealth  Philanthropist

4. John D. Rockefeller  Secretly bought new oil related companies such as engineering and pipeline firms  Another tactic was to buy up a competing oil company  Used secret deals with the railroads

5. JD Rockefeller  Standard Oil Trust  Global Corporation  Benefit of margins

6. J.P. Morgan  Banker  Railroads and Steel  Purchased Carnegie Steel and created US Steel  First billion dollar company

7. Vertical Integration  Owning all levels of production  For example: Carnegie Steel Company  Benefits –No supply problems –Controls costs –Operate company as needed

8. Trusts  Begun from inheritance or beneficial trusts  People held the control of a company in trust

9. Holding Company  Where one company owns outright or a controlling interest in another company  Used to integrate the activities of many companies  Rockefeller uses its application