The American Fur Company was founded by John Jacob Astor in 1808. The company grew to monopolize the fur trade in the United States, and became one of the largest businesses in the country. The company was one the first great trusts in American business. John Jacob Astor (July 17, 1763 - March 29, 1848) made a fortune in fur trading and real estate. ... Events January 1 - Importation of slaves into the United States is banned February 11 - Russia issues an ultimatum to France, Finland. ... This article is about economic monopoly. ... The fur trade was a huge part in the early economic development of North America. ... The United States of America — also referred to as the United States, the U.S.A., the U.S., America, the States, or (archaically) Columbia—is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii). ... A cartel is a group of producers whose goal it is to fix prices, to limit supply and to limit competition. ...

History

The American Fur Company began in 1808 with fur trading posts in the Midwest and the Great Lakes region as well as the Pacific Northwest. The company formed subsidiaries to manage the company's business in these areas. The South West Company handled the Midwestern fur trade, while the Pacific Fur Company dealt with operations in Oregon Country. The early operations of the company were often in competition with the great Canadian and British fur trading companies: the Hudson's Bay Company and the North West Company. During the War of 1812 many of the American Fur Company's trading posts were lost to the British. For a time it seemed that the company had been destroyed, but following the war the United States passed a law excluding foreign traders from operating on U.S. territory. This freed the American Fur Company from its competition with the Canadian and British companies, and ensured a monopoly for the American Fur Company in the Great Lakes region and the Midwest. In the 1820s the company expanded its monopoly into the Great Plains and the Rocky Mountains. To maintain control of the industry, smaller competitors were bought out or destroyed by the American Fur Company's ruthless business tactics. By 1830, the company had near complete control of the fur trade in the United States. For alternative meanings, see Fur (disambiguation). ... Midwest States (United States of America, ND to OH) The Midwest is a common name for a region of the United States of America. ... The Great Lakes from space The Great Lakes are a group of five large lakes on or near the United States-Canadian border. ... Darker red states are always part of the Pacific Northwest. ... The Pacific Fur Company was founded by John Jacob Astor on June 23, 1810, as a subsidiary of his American Fur Company. ... Oregon Country was a region of western North America that originally consisted of the land north of 42°N latitude, south of 54°40N latitude, and west of the Rocky Mountains to the Pacific Ocean. ... Canada is a sovereign state in northern North America, the northern-most country in the world, and the second largest in total area. ... The United Kingdom of Great Britain and Northern Ireland is a country in western Europe, and member of the Commonwealth of Nations, the G8, the European Union, and NATO. Usually known simply as the United Kingdom, the UK, or (inaccurately) as Great Britain or Britain, the UK has four constituent... The Hudsons Bay Company building in Montreal The Hudsons Bay Company (HBC) is the oldest corporation in Canada and is one of the oldest in the world still in existence. ... The North West Company was a fur trading business headquartered in the city of Montreal in British North America. ... The War of 1812 was a conflict fought in North America between the United States and Great Britain. ... Events and Trends Nationalistic independence movements helped reshape the world during this decade: Greece declares independence from the Ottoman Empire (1821). ... The Great Plains states. ... Rocky Mountain National Park (photo courtesy of NPS) View of Colorado Rockies. ... 1830 was a common year starting on Friday (see link for calendar). ...

The company's time at the top of America's business world was short lived. Sensing the eventual decline of fur's popularity in fashion, John Jacob Astor withdrew from the company in 1834. The company split up, and the Pacific Fur Company became independent. The midwestern outfit would continue to be called the American Fur Company, and was now lead by Ramsey Crooks. To cut down on expenses, the company began closing many of its trading posts. Through the 1830s, competition began to resurface. At the same time, the availability of furs in the Midwest declined. By the 1840s, silk was replacing fur as the clothing fashion in Europe. The company was unable to cope with all these factors. Despite efforts to increase profits by diversifying into other industries like lead mining, the American Fur Company folded in 1842. The assets of the company were split into several smaller operations, most of which failed by the 1850s. Events January 1 - Abolition of customs charges at borders within Germany. ... Events and Trends Dutch-speaking farmers known as Voortrekkers emigrate northwards from the Cape Colony. ... Events and Trends First signing of the Treaty of Waitangi (Te Tiriti o Waitangi) on February 6, 1840 at Waitangi New Zealand. ... Silk (< OE sioloc probably < L. SERICVS / Gr. ... For the lead in news writing, see news style. ... Events February 21 - John J. Greenough patents the sewing machine. ... Events and Trends Crimean war (1854 - 1856) fought between Imperial Russia and an alliance consisting of the United Kingdom, the Second French Empire, the Kingdom of Sardinia and the Ottoman Empire. ...

Impact

During its heyday, the American Fur Company was one of the largest businesses in the United States, holding an almost total monopoly of the fur trade in the U.S. The company provided the money for the land investments that catapulted John Jacob Astor to the position of richest man in the world. Astor remains the fourth wealthiest American of all time, after John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt. Part of Astor's fortune went to found a library in New York City that later merged with the Lenox Library to create the New York Public Library. 1917 painting by John Singer Sargent. ... Andrew Carnegie (November 25, 1835–August 11, 1919) was a Scottish-American businessman and philanthropist. ... Cornelius Vanderbilt Cornelius Vanderbilt (May 27, 1794 – January 4, 1877) was a U.S. entrepreneur who built his wealth in shipping and railroads and is the patriarch of the Vanderbilt family. ... Lenox Library is one of the cornerstones of the New York Public Library. ... New York Public Library, central block, built 1897–1911, Carrère and Hastings, architects (June, 2003) The New York Public Library (NYPL) is one of the United States of Americas leading libraries, and one of three public library systems serving New York City. ...

On the frontier, the American Fur Company opened the way for the settlement and economic development of the Midwestern and Western United States. Mountain men working for the company would carve the trails that led settlers into the West. Many cities in the Midwest and West, such as Astoria, Oregon, grew up around American Fur Company trading posts. The American Fur Company played a major role in the development and expansion of the young United States. Mountain men were trappers and explorers that roamed the Rocky Mountains from about 1810 to the early 1840s. ... Astoria is the county seat of Clatsop County, Oregon6, situated near the mouth of the Columbia River. ...