Top 12 companies of 1897

By 1897, the landscape of corporate power was shifting slightly from the pure railroad dominance of the 1880s toward massive industrial trusts. This was the peak of the "Gilded Age," where mergers were creating the first billion-dollar entities.

Here are the most valuable and influential companies of 1897 and the men who led them.

The Corporate Giants of 1897

Historical Highlights of 1897

​The Rise of Charles M. Schwab: In 1897, Andrew Carnegie appointed the young, energetic Charles M. Schwab as President of Carnegie Steel. Schwab would later become a pivotal figure in the formation of U.S. Steel a few years later.

​The Sugar Trust: The American Sugar Refining Company (often called the Sugar Trust) was one of the most powerful industrials of the era, controlling about 98% of the sugar processing capacity in the U.S. at its peak.

​The Lincoln Connection: Following the death of George Pullman in 1897, Robert Todd Lincoln (the son of President Abraham Lincoln) took over as the acting president of the Pullman Palace Car Company.

​Standard Oil’s Persistence: Despite increasing legal scrutiny, Rockefeller’s Standard Oil remained the most profitable industrial entity in the world, operating with a level of efficiency and vertical integration that modern tech companies still study today.

​The Beginning of the "Dow": The Dow Jones Industrial Average had only been created a year prior (1896). In 1897, it was still composed of just 12 stocks, many of which (like American Sugar and U.S. Rubber) are featured on this list.