2.3 Vocabulary Captains of Industry

used in engines for fuel/lubrication because of its combustible properties; plastics, too

• oil/petroleum

• Angel Island

• Ellis Island

• urbanization

commercial iron

• steel

• oil/petroleum

• Angel Island

• Ellis Island

financial institution licensed to receive deposits and make loans.

• banking

• steel

• oil/petroleum

• Angel Island

processing of raw materials and manufacturing of goods in factories.

• industries

• banking

• steel

• oil/petroleum

John D. Rockefeller, 90% of petroleum production in US from 1870-1911

• Standard Oil Company

• industries

• banking

• steel

Andrew Carnegie, Pittsburgh, PA, supplied iron for railroads, bridges, and skyscrapers

• American steel industry

• Standard Oil Company

• industries

• banking

business expansion by acquiring another company that operates before or after them in the supply chain.

• Vertical integration

• American steel industry

• Standard Oil Company

• industries

business expansion by acquiring a similar company in their industry at the same point of the supply chain

• Horizontal integration

• Vertical integration

• American steel industry

• Standard Oil Company

the exclusive possession or control of a commodity or service

• monopolies

• Horizontal integration

• Vertical integration

• American steel industry

fiduciary (financial) arrangement where a third party holds the assets on behalf of a beneficiary (this person runs the cash flow for another)

• trusts

• monopolies

• Horizontal integration

• Vertical integration