American Paegent Chapter 24 Outline
Subject:
US History [1]
1. Rebates- were given to large companies that shipped large quantities of goods. This caused problems for farmers as they had to pay more for shorter distances. 2 . John D. Rockefeller ? The oil baron. Maker of the Standard Oil Company in 1870. He would make trust packs with his competition to monopolize the business, this was called horizontal integration. He was an aggressive monopolist. 3. J. Pierpont Morgan ? The banker?s banker. He?d place bankers of his own syndicate on various boards of directors, this was called, interlocking directorates. Bought Carnegie?s business for $400 million and made it the first billion dollar company. 4. President Cleveland ? Gave away land to railroad companies and grudgingly passed the Interstate Commerce Act of 1887.