Answer:
Cleveland Massacre was a step towards oil monopoly and was initiated by John Rockefeller.
Explanation:
Introduction: John with his business partner started a shipping company. After sometime, they realized to expand their investment so they invested their money crude oil company. At that time, they were the owners of two oil companies.
Massacre end: to make an edge in this business, he started shipping at the discount prices that could not last long his business. So, the business collapsed itself. In 1872, he just ended up the Cleveland massacre.
Positive edge: soon the Cleveland massacre ended, John established its enough strong position in the market as he controls 25% of the shipping of oil to the standard oil companies at best bargained prices.
Monopoly: after this clear position in the market, he did not stop. He started a network of pipelines in 1874. John started buying shares of other companies to claim its ownership over them and soon the Standard oil company ownership was in his hands. And then by the ends of 1880, he created and oil monopoly.
Allegation: he created the first ever industrial monopoly. So according to the violation of charter named Ohio, he was banned for the shipping of its oil outside the state. Therefore in New York he started shipping oil under the name of “trust”.
Answer Detail:
Level: High School
Subject: History
Keywords:
• Monopoly
• Massacre
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