The American Fur Company was founded by John Jacob Astor in 1808. The company grew to monopolize the fur trade in the United States by 1830, and became one of the largest businesses in the country.
The company was one the first great trusts in American business and one of the first major competitive ventures to challenge British business interests in North America. During the 18th century furs had become a major commodity in Europe and North America become a major supplier. Several British companiess, most notably the Hudson's Bay Company, capitalized on the lucrative trade in furs. When the U.S. gained its independence at the end of the 18th century, it rapidly moved to challenge British business dominance in North America, with the fur trade becoming an especially important issue. Astor's company was able to capitalize on the young nation's anti-British sentiments to take over many formerly British fur-trapping regions and trade routes. It was thus able to expand very rapidly and successfully.
Unfortunately for the company, demand for furs in Europe began to decline during the early 1800s leading to the stagnation of the fur trade by the mid 19th century. Competition among fur suppliers became fierce. The American Fur Company ultimately went out of business in 1842.
Read more about American Fur Company: Influence
Famous quotes containing the words american, fur and/or company:
“Our security depends on the Allied Powers winning against aggressors. The Axis Powers intend to destroy democracy, it is anathema to them. We cannot provide that aid if the public are against it; therefore, it is our responsibility to persuade the public that aid to the victims of aggression is aid to American security. I expect the members of my administration to take every opportunity to speak to this issue wherever they are invited to address public forums in the weeks ahead.”
—Franklin D. Roosevelt (1882–1945)
“I have no doubt that they lived pretty much the same sort of life in the Homeric age, for men have always thought more of eating than of fighting; then, as now, their minds ran chiefly on the “hot bread and sweet cakes;” and the fur and lumber trade is an old story to Asia and Europe.”
—Henry David Thoreau (1817–1862)
“It’s given new meaning to me of the scientific term black hole.”
—Don Logan, U.S. businessman, president and chief executive of Time Inc. His response when asked how much his company had spent in the last year to develop Pathfinder, Time Inc.’S site on the World Wide Web. Quoted in New York Times, p. D7 (November 13, 1995)