Fill in the blanks using these lecture notes.

STEEL: This metal was very expensive to make until the BESSEMER PROCESS was perfected in the 1850s by Henry Bessemer and William Kelly of KY. It involves blasting air into molten iron, which burns off carbon and other impurities. By 1880, the leading iron and steel producer in the US was ANDREW CARNEGIE, who recognized the need for efficiency in business. He cut costs while buying up bankrupt mines, which led to the rise of his Carnegie Steel Co. Carnegie wanted to work for charity after be­coming rich. This help to the poor is called PHILANTHROPY. He sold his company to J.P. Morgan in 1901, gaining $250 million for himself. Morgan then created U S. Steel. Carnegie’s companies out~ sold all the competition because he owned all of its parts. Building one phase of the business upon the next is called VERTICAL INTEGRATION.


OIL:  John D. Rockefeller's Standard Oil Company sold oil at low prices, forcing smaller companies out of business. Oil was lust discovered by EDWARD DRAKE in Titusville, PA in 1859. It soon became an important source of heat and electricity. Rockefeller paid close attention to detail, and after the Civil War, he bought up all of his competition. He created the first TRUST when he started STANDARD OIL Co.

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