J.P. Morgan, Andrew Carnegie, and John D. Rockefeller - WH10

Where and when did Carnegie get the process?

"1872 He met Henry Bessemer in England" "1860's"

Approximately how much of the oil industry did Rockefeller control?

"90 percent of U.S. refineries and pipelines."

How did he use that industry to takeover other industries?

"He became an industry consolidator, reorganizing financially troubled railroads by cutting their costs, restructuring their debt, placing their stock in trusts he managed and appointing senior executives who were loyal to him."

what year did Carnegie found his company?

"In the early 1870's"

What does Rockefeller believe about competition?

"Rockefeller saw Standard Oil's takeover of the Cleveland refiners as inevitable. He said it illustrated 'the battle of the new idea of cooperation against competition.' In his mind, large industrial combinations, more commonly known as monopolies, would replace individualism and competition in business."

What did Carnegie write detailing how wealth should be spent?

"The Gospel of Wealth"

What hostile takeover is he most famous for?

"Use the econ crisis of 1893 to buy weak companies, sell of pieces, and make them profitable."

What type of monopoly did Rockefeller build?

"oil monopoly"

Where did Carnegie build his mill?

"outside Pittsburgh, Pennsylvania."

How did Rockefeller eliminate competition?

"predatory pricing and colluding with railroads"

He created the first ______________ dollar business in the United States.

*billion*

When does Rockefeller invest in his first oil refinery?

1863

What year does Rockefeller create his company?

1870

What year did Rockefeller form his trust?

1882

What process allowed carnegie to mass produce steel on a grand scale?

Bessemer Converter

Approximately how much of the steel industry did Carnegie control?

He controlled "the most extensive integrated iron and steel operations ever owned by an individual in the United States."

What is his greatest accomplishment?

JPMorgan Chase

What famous inventor did Morgan hire?

Thomas Edison

In what industry was J.P. Morgan a tycoon?

financial

What type of monopoly did Carnegie build?

vertical