The greatest advantage of this war was originally to help the United States enhance its political influence. Through this war, the nation demonstrated its rise to the world and quickly emerged as a major power. It was during this time that the United States established its position, providing favorable conditions for its economic and political expansion.
The ideology of the nation was spread as well. The reshuffling of colonies also meant a change in the world order, with the United States at the forefront of the rise of new strong nations. Through this battle, the United States defeated Spain, which had dominated the world for centuries, reshaping the old political landscape.
Former colonial empires could no longer bask in the glory of their ancestors; the new strong nations were bound to push the old colonial empires aside. This was just the beginning.
Because the United States had a predominantly white population, its significance to other countries was not as significant as the Russo-Japanese War. It was only when Japan defeated Imperial Russia that it became clear that white nations could be defeated. In Sheffield's eyes, white nations could have been defeated even without the First Sino-Japanese War. If the combined fleets and Beiyang Fleet had faced Spain, a colonial empire with a weaker foundation, victory would have been achievable.
There were still colonial empires with weak military forces, such as the Netherlands, but the United States had no reason to take action against them. Moreover, if the United States continued to target Spain and the Netherlands, European countries might truly wake up and reevaluate this emerging power in the Americas. That would be like handing a gun to the German Empire, and such a thing couldn't be done.
The Battle of Manila Bay had turned George Dewey into a hero among citizens. Newspapers were filled with articles praising his calmness in the face of danger and his decisive command. A new wave of hero worship had been unleashed.
Even before the smoke of the Battle of Manila Bay had cleared, preparations for an expeditionary force on U.S. soil had begun. During this window of opportunity, Theodore Roosevelt in New Orleans had finally raised a decent force that could accompany him to the Cuban battlefield.
If it weren't for the fact that the Spanish fleet in the Atlantic had not yet appeared, and control of the seas had not been secured, Theodore Roosevelt might have already set off. But thanks to the news of victory in the Asian naval battles, the future president was in a very good mood lately and often spoke highly of George Dewey. "William, do you know this hero?"
Theodore Roosevelt, who had always had a hero complex, asked with a smile. Sheffield paused for a moment, nodding, "I've heard of him!" After all, George Dewey had blockaded the South during the Civil War, helping the Union capture New Orleans, the largest city in the South. After the capture of New Orleans, the South surrendered everywhere except Texas.
Of course, this was not worth mentioning; it was all in the past. In any case, Texas had a special status.
"Now is the time, my dear son." At the headquarters of ****, old Morgan was in high spirits in front of his son, not at all troubled by the recent minor setbacks, in fact, he had never been troubled. Although his last attempt to disrupt the electrification of the South using Westinghouse Electric had failed, it didn't matter. The South was vast but sparsely populated, with few large corporations, and General Electric still held the advantage.
"Father, I just don't know if this time will go smoothly," young Morgan obviously didn't take setbacks as lightly as his father did. After manipulating Coca-Cola company stocks for a long time, he had to bow to the prosperity of the market. Even with his family's strength in the financial industry, he couldn't distort the market for long. In the end, he missed the opportunity to teach the landowners of Texas a lesson.
"It will certainly go smoothly. I have made preliminary preparations. This time, I will start with a small steel company and slowly approach the target. I will gradually achieve my goals. In this process, patience is key, and I will be prepared for everything my opponents might throw at me." Old Morgan smiled cunningly, like an Arctic fox. "While Rockefeller was the first to create the trust model, he was also the first to be targeted by the federal government because of it. I have been operating in the highly complex and ever-changing financial industry for many years, and without several years of investigation, no one knows how many companies I hold shares in. Standard Oil has always stood there, and it can actually allow me to accomplish many things."
"The move by that Southern joint venture was just a result of the stubbornness of the Dixie folks and doesn't mean the heir of Annabelle is particularly formidable. Besides, I'm ready to close the net now." Old Morgan put on his coat and turned to his son. "Come on, let's go talk to our prey together."
For this operation, Morgan had prepared for quite some time and formulated a series of strategies. He compiled a list of all the steel companies nationwide, sorted ownership based on asset conditions, established investigative teams to delve into the inner workings of these companies, starting with their finances, to grasp the ownership and management structure. They implemented a capital increase plan to provide reinvestment opportunities and issued stocks to attract social capital into the companies, leveraging their reputation.
While some of these steps may not seem entirely legal, Morgan had taken precautions in the legal field, even investing heavily in the personal lawyers of many of his acquisition targets.
Every economic downturn presented a golden opportunity for a true financial titan. Just like the economic crisis twenty years ago, due to the economic downturn, the transportation volume of the United States' railroad system had significantly declined. Many railroads were still operating but only to cover part of their fixed costs. With more competition and fewer profits, the railroad industry had become fiercely competitive.
On popular mainline railroads between major cities, competition forced railroad companies to significantly reduce freight rates to capture transportation volumes. To compensate for these losses, they raised prices on their controlled branch lines, ultimately benefiting larger customers and exploiting smaller ones. This escalated conflicts and led to angry farmers attacking both the railway companies and government agencies.
In the field of railroads, Morgan wasn't exactly at the forefront, but he had seized the opportunity during the last economic crisis. He had seen how the railroad stocks, which had accounted for more than half of the trading volume in New York, had turned into a suicide-making machine. During the economic crisis of the 1870s, he was still in the learning phase, but in the 1880s, he had experience and made his first move during the economic crisis, becoming a figure on par with the Vanderbilt family.
However, compared to the well-known Railroad King, Vanderbilt, Morgan, a financial banker who entered the scene later, remained relatively unknown. He had concealed himself through a series of trusts and cross-ownership of stocks.
This time, Morgan saw the recovery after the economic crisis, coinciding with the ongoing war between the United States and Spain, as an opportunity. The steel industry had entered his field of vision. The current environment made him reminiscent of the time he infiltrated the railroad industry after the economic crisis a decade ago. No, the environment now was even better because the war favored his concealment.
Prior to this, he had used financing methods to place high-ranking Morgan executives in Illinois Steel and Minnesota Steel, thereby gaining control over these two steel companies. It was a preparatory move for entering the steel industry and laying the foundation for future acquisitions.
As Morgan entered the conference room of his company, followed closely by his son, young Morgan witnessed firsthand how his father took a firm step into the steel industry. On the other side of the table sat the opponent, John Engate of the American Steel Company. From the beginning of the negotiations, Morgan firmly held the initiative, knowing everything about Engate's company, including the ownership structure, financial expenses, and profits – all were crystal clear.
One by one, Morgan resolved the objections raised by John Engate. Finally, he pointed to the lawyer John Engate had brought along and said, "If Mr. Engate believes that I am exaggerating, you can ask your long-trusted lawyer."
"Sir, I'm sorry, but Mr. Morgan is stating the true current condition of the company," John Engate's lawyer reluctantly spoke up, with a tinge of guilt in his voice. However, John Engate did not notice.
Soon after, the news of the establishment of the United States Steel Corporation caused a massive stir in the steel industry. This new steel company was reported to have been established under the leadership of Morgan.
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