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Hiral Jain
Content writer • 1y
Hey there! Ready for the John and Flagler again! (p-5) As we have seen J&F cracked deals with both railroads and both parties were in a win-win situation. The only parties who were at a loss were P Railroads and the competitors of Standard Oil. Now because of the deal Cleveland became the biggest refining center and gained attention. P railroad were now in tough times. Now here starts the game, because John new that his competitiors are paying more than him so he decided to break prices And he continued it to acquire market and in order to not lose the customers other businesses followed the suit. Therefore he was the only one earning profits and many of his competitors left the business! Later he boosted the prices again and tried to become a monopolist. But soon things went bad, due to the surplus of oil and new oil fields being found in Pennsylvania they fell more, but due to the railway rebates, he continued to stay profitable whilst others weren't Until next time! Surprise 👇
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