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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John D. Rockefeller; Standard Oil
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J. P. Morgan; U.S. Steel
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John D. Rockefeller; U.S. Steel
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Leland Stanford; Central Pacific Railroad
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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: -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-3: -Sale. Carnegie Steel Company was sold in 1901 to U.S. Steel, a newly formed organization set up by J. P. Morgan.
Detailed explanation-4: -In 1901, banker John Pierpont Morgan (1837-1913) purchased Carnegie Steel for some $480 million, making Andrew Carnegie one of the world’s richest men. That same year, Morgan merged Carnegie Steel with a group of other steel businesses to form U.S. Steel, the world’s first billion-dollar corporation.
Detailed explanation-5: -Birth of An American Icon 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.