WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Developing independent councils to oversee stock transactions
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Placing companies under control of boards of trustees
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Involving labor union leaders in workplace decisions
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Creating new political parties and personally running for political offices
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Detailed explanation-1: -John D. Rockefeller’s Standard Oil Company acquired pipelines and terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. Those practices enabled the company to negotiate with railroads for favoured rates on its shipments of oil.
Detailed explanation-2: -Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. He rose from modest beginnings to become the founder of Standard Oil in 1870 and ruthlessly set about destroying his competitors to create a monopoly of the oil industry.
Detailed explanation-3: -Rockefeller sold his original business and invested it in a new company he set up with Andrews called Standard Oil. One of the business problems that Rockefeller encountered was the high cost of transporting his oil to his Cleveland refineries (40 cents a barrel) and the refined oil to New York ($2 a barrel).
Detailed explanation-4: -His fortune primarily came from his firm, Standard Oil Company, which grew to dominate the oil industry and become the first great American business trust. Through Standard Oil, Rockefeller controlled ninety percent of all oil in the United States, making him one of the most powerful businessmen in American history.