Morgan controlled nearly 70 percent of the steel industry—following the cre...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
Morgan controlled nearly 70 percent of the steel industry—following the creation of US Steel in 1901—and at least one-fifth of all corporations trading on the New York Stock Exchange.1 His power intensified when the railroad industry began to crumble under the weight of too much speculation at the turn of the twentieth century.
chapter: Introduction: When the President Needed the Bankers