THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the J.P Morgan Steel Trust
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Northern Securities Company
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U.S. Steel
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Standard Oil Trust
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Detailed explanation-1: -J. P. Morgan formed U.S. Steel on March 2, 1901 (incorporated on February 25, 1901), by financing the merger of Andrew Carnegie’s Carnegie Steel Company with Elbert H. Gary’s Federal Steel Company and William Henry “Judge” Moore’s National Steel Company for $492 million ($17.1 billion today).
Detailed explanation-2: -U.S. Steel was capitalized at $1.4 billion and became the first billion-dollar corporation in American history. Schwab was named president (but resigned in 1903 to join Bethlehem Steel), and Gary was made chairman of the board (a post that he held until his death in 1927).
Detailed explanation-3: -U. S. Steel was formed with the joining of American business icons Andrew Carnegie, J.P. Morgan and Charles Schwab, led by Elbert H. Gary, U. S. Steel’s first chairman.
Detailed explanation-4: -Early in 1901, J. P. Morgan, the country’s most powerful banker, merged Andrew Carnegie’s Carnegie Steel Corporation with nine other steel companies to form the world’s largest corporation.
Detailed explanation-5: -founding by Carnegie In the 1870s Carnegie’s new company built the first steel plants in the United States to use the new Bessemer steelmaking process, borrowed from Britain.