CONTROL OF THE MARKET 1.Standard Oil controlled 95% of the Oil Market. 2.Prices were cut to prevent competition. 3.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 1 st Billionaire by creating 1 st Billion $ Company, US Steel.