The Captains of Industry: Trusts
Trusts were single businesses owned by shareholders that controlled an entire industry. This created a monopoly, and one of the most well-known examples was the Standard Oil Company, led by John D
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Slide1THE CAPTAINS OFINDUSTRY
Slide2TRUSTS• Trusts: A single business of share holders which controls an entire industry (a monopoly)
Slide3STANDARD OIL CO.John D. Rockefeller Henry M. Flagler
Slide4HORIZONTAL INTEGRATION
Slide5OIL REFININGhttp://www.history.com/topics/john-d- rockefeller/videos/john-d-rockefeller- oil-money-and-power
Slide6CONTROL OF THE MARKET1. Standard Oil controlled 95% of the Oil Market. 2. Prices were cut to prevent competition. 3. Helped greatly by the creation of the automobile.
Slide7STANDARD OILSTOCK
Slide8HOW BIG WASSTANDARD OIL? •
Slide9STANDARD OIL DEVELOPSFLORIDA •
Slide10CARNEGIE STEEL1. 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
Slide11VERTICAL 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.
Slide12JOHN 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.
