Industrialists

© Mark BatikJesuit College Preparatory

Andrew Carnegie Steel industrialist Benefit of timing for

the widespread application of steel

Gospel of Wealth Philanthropist

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

JD Rockefeller Standard Oil

Trust Global

Corporation Benefit of

margins

J.P. Morgan Banker Railroads and Steel Purchased

Carnegie Steel and created US Steel

First billion dollar company

Vertical Integration Owning all levels of production For example: Carnegie Steel Company Benefits

– No supply problems– Controls costs– Operate company as needed

Trusts Begun from inheritance or beneficial

trusts People held the control of a company

in trust

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