1 00:00:00,501 --> 00:00:03,501 - NARRATOR: Previously, on "The Men Who Built America:" 2 00:00:04,004 --> 00:00:07,134 The country has bounced back from a long civil war, 3 00:00:07,216 --> 00:00:09,126 and is now stronger than ever. 4 00:00:10,427 --> 00:00:12,717 Cornelius Vanderbilt used brute force 5 00:00:12,805 --> 00:00:16,465 and intimidation to build a railroad empire 6 00:00:16,558 --> 00:00:18,138 that unites the country. 7 00:00:20,604 --> 00:00:23,404 John D. Rockefeller rose from humble beginnings, 8 00:00:24,900 --> 00:00:27,940 and with complete confidence and ruthlessness, 9 00:00:28,028 --> 00:00:30,698 created a total monopoly of the oil industry. 10 00:00:34,618 --> 00:00:38,408 Then, a new product transformed the American landscape. 11 00:00:38,497 --> 00:00:40,787 - CARNEGIE: I am convinced that steel is the future. 12 00:00:41,709 --> 00:00:44,789 - NARRATOR: And thanks to Andrew Carnegie's steel, 13 00:00:44,878 --> 00:00:47,378 America's cities now reach the sky. 14 00:00:49,508 --> 00:00:50,798 - Nothing's impossible. 15 00:00:52,553 --> 00:00:54,053 - NARRATOR: But after his name is linked 16 00:00:54,138 --> 00:00:57,178 to one of the worst disasters in American history, 17 00:01:00,477 --> 00:01:02,807 Carnegie's empire begins to fray. 18 00:01:04,231 --> 00:01:07,111 His chairman, Henry Frick, pushes his workers 19 00:01:07,192 --> 00:01:08,652 to the breaking point... 20 00:01:08,736 --> 00:01:09,776 - (explosion) 21 00:01:09,862 --> 00:01:11,452 - (man screaming) 22 00:01:11,530 --> 00:01:13,660 - NARRATOR: ...causing them to fight back... 23 00:01:13,741 --> 00:01:15,991 - MAN: All of those in favor of striking, 24 00:01:16,076 --> 00:01:16,946 raise your hands. 25 00:01:17,035 --> 00:01:18,695 - (crowd cheering) 26 00:01:19,496 --> 00:01:23,456 - NARRATOR: ...barricading Carnegie Steel's flagship plant, 27 00:01:24,084 --> 00:01:26,884 and when Frick decides to take it back by force... 28 00:01:26,962 --> 00:01:27,882 - Fire! 29 00:01:34,261 --> 00:01:36,891 - NARRATOR: ... an attempt is made on his life. 30 00:01:38,390 --> 00:01:39,470 - Mr. Frick! 31 00:01:39,558 --> 00:01:40,638 - (gunshot) 32 00:01:53,238 --> 00:01:54,698 - NARRATOR: Andrew Carnegie is forced 33 00:01:54,782 --> 00:01:56,282 to rethink everything. 34 00:01:59,244 --> 00:02:03,044 - (Blues Saraceno playing "Save My Soul") 35 00:02:13,425 --> 00:02:15,635 ♪ When I got to Memphis ♪ 36 00:02:16,720 --> 00:02:18,510 ♪ To put my ol' baby down ♪ 37 00:02:19,306 --> 00:02:22,926 ♪ He said, "I can't take you to Heaven" ♪ 38 00:02:24,311 --> 00:02:26,441 ♪ "I can't save your soul" ♪ 39 00:02:27,689 --> 00:02:29,939 ♪ "I can't promise forever" ♪ 40 00:02:30,025 --> 00:02:35,395 ♪ Whoa, yeah, got my heart in your hands ♪ 41 00:02:36,323 --> 00:02:37,873 ♪ I can't feel ♪ 42 00:02:39,493 --> 00:02:41,043 ♪ Feel my soul ♪ 43 00:02:54,007 --> 00:02:56,257 - NARRATOR: With his chairman shot, 44 00:02:56,343 --> 00:03:00,053 and his workers rebelling, Andrew Carnegie's back 45 00:03:00,138 --> 00:03:01,638 is against the wall. 46 00:03:03,141 --> 00:03:05,391 His company-- and his reputation-- 47 00:03:05,477 --> 00:03:06,977 are under threat. 48 00:03:07,771 --> 00:03:10,731 And the empire he spent a lifetime building 49 00:03:10,816 --> 00:03:12,726 is on the verge of collapse. 50 00:03:14,945 --> 00:03:16,775 Hoping to salvage his legacy, 51 00:03:16,864 --> 00:03:19,204 Carnegie cuts short his trip abroad, 52 00:03:20,659 --> 00:03:22,579 and returns to Pittsburgh. 53 00:03:23,579 --> 00:03:25,409 - (ship horn blows) 54 00:03:26,999 --> 00:03:29,379 - (bell tolls) 55 00:03:36,550 --> 00:03:40,640 - NARRATOR: Henry Frick survives the attempt on his life. 56 00:03:45,767 --> 00:03:47,017 - FRICK: Ahh! 57 00:03:47,102 --> 00:03:50,652 - NARRATOR: Only three days after being shot and stabbed, 58 00:03:50,731 --> 00:03:53,361 he's back in his office at Carnegie Steel. 59 00:03:55,527 --> 00:03:56,737 - (grunting) 60 00:04:04,119 --> 00:04:05,659 - NARRATOR: Frick's brush with death only 61 00:04:05,746 --> 00:04:07,366 strengthens his resolve. 62 00:04:09,416 --> 00:04:12,076 But for his boss, Andrew Carnegie, 63 00:04:12,878 --> 00:04:16,548 it's a reminder that his chairman is a liability. 64 00:04:18,050 --> 00:04:19,300 - DAVID NASAW: There came a time when Frick 65 00:04:19,384 --> 00:04:22,224 thought to himself, "I'm running this business. 66 00:04:22,304 --> 00:04:23,934 I'm the one in Pittsburgh. 67 00:04:24,014 --> 00:04:26,314 I'm the one working the twelve-hour days. 68 00:04:26,391 --> 00:04:29,141 I'm the one taking the bullet in the head. 69 00:04:29,227 --> 00:04:30,897 I deserve to be number one." 70 00:04:35,484 --> 00:04:37,654 - NARRATOR: Carnegie's relationship with Frick 71 00:04:37,736 --> 00:04:38,816 deteriorates, 72 00:04:40,989 --> 00:04:43,949 and he realizes he needs to make a change. 73 00:04:45,243 --> 00:04:47,203 - DAVID NASAW: Carnegie isn't happy. 74 00:04:47,287 --> 00:04:50,997 He whispers to newspaper reporters in Pittsburgh 75 00:04:51,083 --> 00:04:52,383 that if he had have been around, 76 00:04:52,459 --> 00:04:53,829 it would've been different. 77 00:04:53,919 --> 00:04:56,209 That there wouldn't have been this bloodshed. 78 00:04:56,296 --> 00:04:58,666 That he had more respect for the workers. 79 00:04:58,757 --> 00:05:00,297 And he undercuts Frick. 80 00:05:03,136 --> 00:05:05,046 - NARRATOR: But Frick refuses to accept 81 00:05:05,138 --> 00:05:06,508 any responsibility. 82 00:05:07,307 --> 00:05:10,427 Outraged that Carnegie has hung him out to dry, 83 00:05:11,061 --> 00:05:14,771 he even goes behind his back and attempts 84 00:05:14,856 --> 00:05:17,436 to orchestrate a hostile takeover. 85 00:05:25,117 --> 00:05:28,907 Carnegie Steel is eroding from the inside out. 86 00:05:33,792 --> 00:05:37,092 But the biggest challenge to Carnegie's empire 87 00:05:37,170 --> 00:05:38,960 isn't coming from within. 88 00:05:47,431 --> 00:05:49,641 A new threat is emerging. 89 00:05:51,184 --> 00:05:53,314 J.P. Morgan is a banker, 90 00:05:55,856 --> 00:05:59,226 who's made a fortune consolidating broken industries, 91 00:06:00,694 --> 00:06:02,364 buying out failing companies, 92 00:06:02,821 --> 00:06:05,201 and returning them to profitability. 93 00:06:06,700 --> 00:06:09,200 Companies like Carnegie Steel. 94 00:06:09,995 --> 00:06:11,575 - DONALD TRUMP: You look at J.P. Morgan, 95 00:06:11,663 --> 00:06:13,543 the way he controlled the banks. 96 00:06:13,623 --> 00:06:16,883 Basically he's one man who just literally dominated 97 00:06:16,960 --> 00:06:19,380 the banking industry, and, essentially, 98 00:06:19,463 --> 00:06:21,593 dominated financing in the country. 99 00:06:28,680 --> 00:06:30,640 - NARRATOR: Morgan most recently consolidated 100 00:06:30,724 --> 00:06:33,354 parts of the broken railroad industry, 101 00:06:33,935 --> 00:06:35,475 making them profitable 102 00:06:36,438 --> 00:06:39,358 by eliminating unnecessary competition. 103 00:06:39,441 --> 00:06:42,231 - We need an answer. - We'll win this war. 104 00:06:42,319 --> 00:06:44,239 - (rapping on table) - You wanna come to war? 105 00:06:44,321 --> 00:06:45,781 - I've heard enough. 106 00:06:45,864 --> 00:06:47,624 This is what's going to happen. 107 00:06:47,699 --> 00:06:50,279 There's going to be an end to this war. 108 00:06:50,368 --> 00:06:52,748 The Morgan Bank will buy the West Shore 109 00:06:52,829 --> 00:06:54,659 and lease it to the Central. 110 00:06:54,748 --> 00:06:56,668 They'll also buy the central stake in the South 111 00:06:56,750 --> 00:07:00,090 Pennsylvania in exchange for a share in other railroads. 112 00:07:01,254 --> 00:07:04,264 - MAURY KLEIN: He excelled at taking warring parties, 113 00:07:04,341 --> 00:07:06,511 who were destroying an industry, 114 00:07:06,593 --> 00:07:10,263 and bringing peace on terms that were suitable to them, 115 00:07:10,347 --> 00:07:11,847 profitable to him, 116 00:07:11,932 --> 00:07:15,432 and which gave him leverage in the business itself. 117 00:07:15,519 --> 00:07:19,019 Anyone who knew anything about him realized that, 118 00:07:19,106 --> 00:07:21,316 like him or not, he got things done. 119 00:07:27,114 --> 00:07:28,954 - NARRATOR: Due to Frick's callousness, 120 00:07:29,032 --> 00:07:32,412 Andrew Carnegie fears he might become Morgan's next target. 121 00:07:33,453 --> 00:07:35,083 He makes a bold move. 122 00:07:37,374 --> 00:07:39,634 One that's become all but inevitable. 123 00:07:52,347 --> 00:07:53,427 - (knocking) 124 00:07:54,933 --> 00:07:55,853 - Andy? 125 00:07:55,934 --> 00:07:58,484 - CARNEGIE: Henry. How are you? 126 00:07:59,062 --> 00:08:00,772 - Fine. - CARNEGIE: Good. 127 00:08:02,816 --> 00:08:05,106 The board of managers met yesterday. 128 00:08:08,405 --> 00:08:09,735 - I was unaware. 129 00:08:10,115 --> 00:08:12,655 - CARNEGIE: The board has decided that it's best 130 00:08:12,742 --> 00:08:15,622 if Carnegie Steel invoked the provision 131 00:08:15,704 --> 00:08:17,624 of their agreement with you. 132 00:08:34,097 --> 00:08:37,637 You will have to surrender your interest in the company. 133 00:08:37,726 --> 00:08:41,146 You will, of course, receive full compensation 134 00:08:41,855 --> 00:08:43,145 at book value. 135 00:08:50,864 --> 00:08:51,914 - Carnegie! 136 00:08:56,786 --> 00:08:57,996 - (pounding) 137 00:08:58,580 --> 00:09:00,080 - FRICK: Carnegie! 138 00:09:00,165 --> 00:09:01,995 - (toilet flushing) 139 00:09:09,591 --> 00:09:12,131 - NARRATOR: As Carnegie struggles to repair 140 00:09:12,219 --> 00:09:13,679 his broken empire, 141 00:09:16,431 --> 00:09:19,851 J.P. Morgan continues to target failing companies, 142 00:09:22,062 --> 00:09:25,192 working alongside his legendary father. 143 00:09:26,816 --> 00:09:28,606 Junius Morgan is the founder 144 00:09:28,693 --> 00:09:31,783 of one of the world's first modern investment banks, 145 00:09:32,405 --> 00:09:35,365 a financial empire that will come to be known 146 00:09:35,450 --> 00:09:37,330 as the House of Morgan. 147 00:09:38,078 --> 00:09:39,788 - H.W. BRANDS: J.P. Morgan was born 148 00:09:39,871 --> 00:09:41,001 into the banking business. 149 00:09:41,081 --> 00:09:43,251 His father was one of the first generation 150 00:09:43,333 --> 00:09:46,173 of trans-Atlantic bankers, and as a result 151 00:09:46,253 --> 00:09:49,633 he identified finance as the industry 152 00:09:49,714 --> 00:09:53,224 that was going to command all other industries. 153 00:10:03,687 --> 00:10:05,347 - NARRATOR: From the time he could count, 154 00:10:05,438 --> 00:10:08,818 J.P. is taught there is only one way to do business: 155 00:10:09,526 --> 00:10:10,816 the Morgan way. 156 00:10:13,363 --> 00:10:15,413 Investing other people's money 157 00:10:15,490 --> 00:10:17,530 to make a fortune for yourself. 158 00:10:20,287 --> 00:10:22,197 - I will return tonight. 159 00:10:22,289 --> 00:10:24,419 See that these accounts balance by then. 160 00:10:29,838 --> 00:10:30,878 - JENNIFER TONKOVICH: Morgan's father 161 00:10:30,964 --> 00:10:32,764 had a controlling presence. 162 00:10:33,091 --> 00:10:36,391 Junius really didn't sort of take his eye off Morgan 163 00:10:36,469 --> 00:10:37,969 for so many years. 164 00:10:39,973 --> 00:10:42,223 It was very difficult for him to bear. 165 00:10:47,314 --> 00:10:49,024 - Go ahead. Open it. 166 00:10:51,443 --> 00:10:54,283 Now pick it up. Feel the weight. 167 00:10:56,448 --> 00:10:58,028 You know what that is? 168 00:10:58,825 --> 00:11:01,945 That's what it feels like to hold a million dollars. 169 00:11:02,662 --> 00:11:03,622 Now, 170 00:11:06,750 --> 00:11:08,460 learn to earn it yourself. 171 00:11:10,795 --> 00:11:12,955 - NARRATOR: J.P. Morgan's strained relationship 172 00:11:13,048 --> 00:11:14,718 with his father continues. 173 00:11:17,302 --> 00:11:20,102 And by age forty, he's looking to create 174 00:11:20,180 --> 00:11:21,850 an identity of his own. 175 00:11:24,476 --> 00:11:27,306 - Is all this furniture really necessary? 176 00:11:28,813 --> 00:11:30,613 - That painting's four hundred years old. 177 00:11:30,690 --> 00:11:31,610 - Yes, sir. 178 00:11:31,691 --> 00:11:33,281 - I don't see why you feel the need 179 00:11:33,360 --> 00:11:35,570 to pillage Europe of its art. 180 00:11:35,862 --> 00:11:37,322 - I bought a few paintings, Father, 181 00:11:37,405 --> 00:11:38,735 not a whole gallery. 182 00:11:44,954 --> 00:11:46,714 - The bank of England have asked me to handle 183 00:11:46,790 --> 00:11:49,830 their next bond issue, so I'm assuming 184 00:11:49,918 --> 00:11:52,088 you're accompanying me back to London? 185 00:11:52,170 --> 00:11:54,510 - I have plenty of work to do here. 186 00:11:55,715 --> 00:11:58,505 - Just remember where our loyalties lie, Pierpont. 187 00:11:59,969 --> 00:12:01,469 - I'll try not to forget. 188 00:12:09,813 --> 00:12:11,863 - Let me know how you get on. 189 00:12:12,273 --> 00:12:15,363 I'll leave you in peace to arrange your paintings. 190 00:12:16,569 --> 00:12:17,489 - H.W. BRANDS: J.P. 191 00:12:17,570 --> 00:12:19,320 Morgan understood the game, 192 00:12:19,406 --> 00:12:21,816 and at some point he realized that, 193 00:12:21,908 --> 00:12:24,328 as successful as his father had been, 194 00:12:24,411 --> 00:12:26,661 he could become even more successful. 195 00:12:26,746 --> 00:12:28,706 - NARRATOR: Morgan's father always taught him 196 00:12:28,790 --> 00:12:31,000 to avoid taking big risks, 197 00:12:32,252 --> 00:12:36,462 but J.P.Morgan is tired of doing things his father's way. 198 00:12:39,884 --> 00:12:42,394 He doesn't want to simply buy businesses, 199 00:12:42,470 --> 00:12:45,390 he wants to build them from the ground up. 200 00:12:46,182 --> 00:12:49,732 He's watched as John Rockefeller and Andrew Carnegie 201 00:12:49,811 --> 00:12:51,901 have built empires from nothing, 202 00:12:53,940 --> 00:12:55,690 and he wants to be next. 203 00:12:56,693 --> 00:12:59,033 But to do that, Morgan needs to find 204 00:12:59,112 --> 00:13:01,162 an innovation to call his own. 205 00:13:01,865 --> 00:13:05,985 He sets his sights on one of the world's most famous inventors. 206 00:13:08,830 --> 00:13:11,870 Thomas Edison has been a renowned innovator 207 00:13:11,958 --> 00:13:13,748 since the age of nineteen. 208 00:13:14,461 --> 00:13:17,591 He first made his name by perfecting the telegraph 209 00:13:17,672 --> 00:13:20,632 before going on to invent the stock ticker, 210 00:13:20,717 --> 00:13:22,467 and the phonograph. 211 00:13:23,636 --> 00:13:25,926 In his lifetime, Edison will secure 212 00:13:26,014 --> 00:13:27,934 over one thousand patents. 213 00:13:30,852 --> 00:13:34,352 But now, at thirty-one, Edison is on the verge 214 00:13:34,439 --> 00:13:36,359 of his greatest innovation yet. 215 00:13:39,903 --> 00:13:43,203 - RICHARD PARSONS: Edison had that unique ability 216 00:13:43,281 --> 00:13:45,871 to sort of look at this thing, 217 00:13:45,950 --> 00:13:49,450 then figure out how to use it in a way 218 00:13:49,537 --> 00:13:52,407 that no one had thought of to use it before. 219 00:14:07,222 --> 00:14:09,392 - So this is where genius resides. 220 00:14:11,142 --> 00:14:13,562 - "Genius is eternal patience." 221 00:14:13,645 --> 00:14:14,845 - Michelangelo. 222 00:14:15,730 --> 00:14:18,690 - NARRATOR: One invention catches Morgan's eye: 223 00:14:18,775 --> 00:14:22,565 the light bulb, and the electricity that powers it. 224 00:14:24,822 --> 00:14:27,822 - A stream of invisible energy that heat 225 00:14:27,909 --> 00:14:30,829 tiny filaments in the bulbs that like magic, 226 00:14:30,912 --> 00:14:32,162 make them glow. 227 00:14:40,171 --> 00:14:43,881 - NARRATOR: Electric light will revolutionize the world. 228 00:14:44,759 --> 00:14:49,889 Like fire, or the wheel, it will transform human existence. 229 00:14:55,270 --> 00:14:58,480 J.P. Morgan sees the potential in the revolutionary new 230 00:14:58,565 --> 00:15:00,645 technology immediately, 231 00:15:04,362 --> 00:15:05,952 and knows it's his chance 232 00:15:06,030 --> 00:15:07,740 to create his own legacy. 233 00:15:08,533 --> 00:15:11,083 One that will change the world forever. 234 00:15:18,543 --> 00:15:20,343 As the turn of the twentieth century 235 00:15:20,420 --> 00:15:24,670 approaches, America is the most rapidly growing 236 00:15:24,757 --> 00:15:26,297 country on earth. 237 00:15:27,969 --> 00:15:28,889 Rail, 238 00:15:29,804 --> 00:15:30,894 oil, 239 00:15:31,431 --> 00:15:32,391 and steel 240 00:15:32,890 --> 00:15:34,770 have driven the expansion. 241 00:15:36,811 --> 00:15:39,151 But a new technology is emerging 242 00:15:40,523 --> 00:15:42,773 that may be even more powerful. 243 00:15:44,694 --> 00:15:46,744 Electricity has the potential 244 00:15:46,821 --> 00:15:48,821 to completely change the world, 245 00:15:50,158 --> 00:15:53,868 and J.P.Morgan sees it as something he can own. 246 00:15:55,496 --> 00:15:58,076 - RUSSELL SIMMONS: Most people are too busy 247 00:15:58,166 --> 00:16:00,326 looking on the outside to really check 248 00:16:00,418 --> 00:16:02,498 what their barometers say inside, 249 00:16:02,920 --> 00:16:03,710 so as an entrepreneur, 250 00:16:03,755 --> 00:16:04,915 if you look inside, you'll find things 251 00:16:05,006 --> 00:16:08,466 that they all need that could become immensely popular, 252 00:16:08,551 --> 00:16:10,891 if someone had the courage to promote. 253 00:16:11,262 --> 00:16:12,472 Or to build it. 254 00:16:14,682 --> 00:16:16,022 - NARRATOR: For years, 255 00:16:16,100 --> 00:16:18,600 J.P.Morgan has lived in the long shadow 256 00:16:18,686 --> 00:16:20,436 of his legendary father. 257 00:16:24,108 --> 00:16:27,028 He's desperate for a way to make his own mark, 258 00:16:30,198 --> 00:16:32,698 and electricity might be it. 259 00:16:36,371 --> 00:16:39,041 Morgan is considering an investment in Thomas 260 00:16:39,123 --> 00:16:42,133 Edison's company, and his newly-developed 261 00:16:42,210 --> 00:16:43,840 electric light bulb. 262 00:16:45,963 --> 00:16:48,723 He hires Edison to install electric lighting in his 263 00:16:48,800 --> 00:16:51,550 home on Fifth Avenue, in New York. 264 00:16:53,429 --> 00:16:55,309 - Sometimes you've got to take ownership. 265 00:16:55,390 --> 00:16:57,270 They call it "eating your own dog food", right? 266 00:16:57,350 --> 00:16:59,890 If you aren't willing to use your own product, 267 00:16:59,977 --> 00:17:03,227 then how is anybody else going to trust it and have confidence? 268 00:17:03,314 --> 00:17:04,654 You know, some people might call that being 269 00:17:04,732 --> 00:17:07,322 a showman, I call it demonstrating trust 270 00:17:07,402 --> 00:17:10,202 in your product, which any smart business has to do. 271 00:17:11,489 --> 00:17:13,449 - NARRATOR: The Morgan home quickly turns 272 00:17:13,533 --> 00:17:15,873 into a laboratory for Thomas Edison's 273 00:17:15,952 --> 00:17:18,042 famous electric experiments. 274 00:17:20,707 --> 00:17:24,077 Edison installs a small power plant in a shed 275 00:17:24,168 --> 00:17:25,748 on Morgan's property. 276 00:17:26,379 --> 00:17:29,009 He then runs four thousand feet of wiring through 277 00:17:29,090 --> 00:17:31,130 the walls and ceilings of the house, 278 00:17:32,552 --> 00:17:36,602 and installs nearly four hundred electric light bulbs, 279 00:17:37,473 --> 00:17:40,393 some of the first to ever be manufactured. 280 00:17:43,938 --> 00:17:46,108 After months of trial and error, 281 00:17:48,985 --> 00:17:51,395 the home is ready to be displayed. 282 00:17:52,071 --> 00:17:54,911 - JERRY WEINTRAUB: When I believe in something, 283 00:17:54,991 --> 00:17:57,531 and I want to sell it to somebody, 284 00:17:57,618 --> 00:17:59,698 I want to put it in the best light. 285 00:17:59,787 --> 00:18:03,077 I don't just package it, I creatively package it. 286 00:18:04,709 --> 00:18:07,839 - NARRATOR: Morgan invites many--including his father-- 287 00:18:07,920 --> 00:18:10,010 to see the marvel of electric lighting 288 00:18:10,089 --> 00:18:11,719 for the first time, 289 00:18:13,593 --> 00:18:15,933 knowing the demonstration will put him 290 00:18:16,012 --> 00:18:18,472 at the forefront of a new industry. 291 00:18:21,142 --> 00:18:22,772 - Ladies and gentlemen, 292 00:18:24,979 --> 00:18:27,439 behold the miracle of modern science. 293 00:18:28,983 --> 00:18:30,733 The gas lamp is dead. 294 00:18:33,613 --> 00:18:35,283 Long live the electric light. 295 00:18:37,450 --> 00:18:38,370 - (click) 296 00:18:41,454 --> 00:18:42,504 - (laughing) 297 00:18:42,580 --> 00:18:43,790 - (applause) 298 00:18:53,007 --> 00:18:56,337 - Every light you see is powered by electricity. 299 00:18:57,345 --> 00:19:00,095 There is no gas, no oil, no flame. 300 00:19:01,265 --> 00:19:04,015 Just a invisible stream of energy. 301 00:19:06,521 --> 00:19:08,271 - JILL JONNES: Electricity was viewed 302 00:19:08,356 --> 00:19:11,646 as something miraculous, and people were amazed. 303 00:19:11,734 --> 00:19:14,444 First of all, they didn't understand how it worked, 304 00:19:14,529 --> 00:19:16,609 because you can't see electricity, 305 00:19:16,697 --> 00:19:20,947 and so it was viewed as something almost magical 306 00:19:21,035 --> 00:19:22,325 by most people. 307 00:19:22,703 --> 00:19:25,123 - NARRATOR: J.P. Morgan's home 308 00:19:25,206 --> 00:19:28,576 is the first private residence in the world 309 00:19:28,668 --> 00:19:30,628 to be lit with electricity. 310 00:19:33,548 --> 00:19:35,668 - Well Father, what do you think? 311 00:19:36,968 --> 00:19:38,678 - You disappoint me, Pierpont. 312 00:19:40,805 --> 00:19:42,635 I thought you knew better. 313 00:19:43,766 --> 00:19:45,176 - This is the future. 314 00:19:45,268 --> 00:19:48,058 - This is the stuff of carnivals and fairs. 315 00:19:48,145 --> 00:19:50,355 And you've been played for a fool. 316 00:20:00,741 --> 00:20:03,491 - NARRATOR: Despite his father's disappointment, 317 00:20:03,578 --> 00:20:05,908 Morgan's event is a success. 318 00:20:09,584 --> 00:20:11,594 - You're about to become a very busy man. 319 00:20:11,669 --> 00:20:14,499 Darius Ogden Mills wants you to electrify his home. 320 00:20:14,589 --> 00:20:16,049 - He'll have to wait. 321 00:20:16,591 --> 00:20:19,011 The Vanderbilt family's next on my list. 322 00:20:21,721 --> 00:20:23,851 - NARRATOR: Electricity becomes a must-have 323 00:20:23,931 --> 00:20:25,681 for the country's elite, 324 00:20:28,936 --> 00:20:30,896 with one notable exception, 325 00:20:33,316 --> 00:20:35,066 John D. Rockefeller. 326 00:20:39,655 --> 00:20:42,195 Rockefeller has created the largest fortune 327 00:20:42,283 --> 00:20:46,163 in America by refining oil for kerosene lamps. 328 00:20:47,330 --> 00:20:50,040 He realizes electric light has the potential 329 00:20:50,124 --> 00:20:55,004 to replace kerosene as America's primary light source. 330 00:20:58,382 --> 00:21:00,552 If the technology goes mainstream, 331 00:21:00,635 --> 00:21:04,255 Rockefeller will face his biggest challenge ever. 332 00:21:11,646 --> 00:21:15,226 Following the success of his home lighting display, 333 00:21:15,316 --> 00:21:17,816 Morgan believes that electricity could be 334 00:21:17,902 --> 00:21:20,282 the opportunity he's been waiting for, 335 00:21:23,199 --> 00:21:27,079 his chance to control a new business from its start, 336 00:21:29,580 --> 00:21:33,790 and become a pioneer like Carnegie and Rockefeller. 337 00:21:36,754 --> 00:21:39,514 But investing in Edison goes against everything 338 00:21:39,590 --> 00:21:42,130 J.P. Morgan's father has ever taught him. 339 00:21:43,761 --> 00:21:46,391 - DONNY DEUTSCH: You have to be able to take risk. 340 00:21:46,472 --> 00:21:49,602 You can't have greatness in anything without 341 00:21:49,684 --> 00:21:51,394 putting it on the line. 342 00:21:51,477 --> 00:21:53,267 Otherwise, everybody would have it. 343 00:21:53,354 --> 00:21:54,944 If there was no apparent loss, 344 00:21:55,022 --> 00:21:57,442 if there was no chance of tremendous failure 345 00:21:57,525 --> 00:22:00,315 or tremendous setback, you can't have the upside. 346 00:22:15,751 --> 00:22:18,501 - To what do I owe the pleasure, Mr. Morgan? 347 00:22:20,506 --> 00:22:21,966 - There's a noise in the basement. 348 00:22:22,049 --> 00:22:23,629 It's upsetting my wife. 349 00:22:24,301 --> 00:22:25,641 - It's the generator. 350 00:22:26,345 --> 00:22:29,255 I'll send someone around to soundproof it. 351 00:22:38,691 --> 00:22:40,481 - (toy train whirs) 352 00:22:46,741 --> 00:22:49,281 - JUNIUS MORGAN: You disappoint me, Pierpont. 353 00:22:49,368 --> 00:22:50,948 I thought you knew better. 354 00:22:54,206 --> 00:22:56,036 - J.P. MORGAN: This is the future. 355 00:22:57,543 --> 00:23:01,173 - JUNIUS MORGAN: This is the stuff of carnivals and fairs. 356 00:23:01,922 --> 00:23:04,052 And you've been played for a fool. 357 00:23:22,610 --> 00:23:24,690 - How much competition do you have, Edison? 358 00:23:24,779 --> 00:23:26,239 - Nothing worthy of note. 359 00:23:27,281 --> 00:23:29,701 You know, if you could help me raise money 360 00:23:29,784 --> 00:23:31,994 to install a central power station, 361 00:23:32,078 --> 00:23:33,698 there'd be no need to have a generator 362 00:23:33,788 --> 00:23:34,998 in your basement. 363 00:23:35,790 --> 00:23:38,540 I could power anything within a half-mile radius. 364 00:23:40,628 --> 00:23:44,338 - What would it take to light all the homes in New York City? 365 00:23:44,423 --> 00:23:46,223 - I'd need a network of power stations. 366 00:23:46,300 --> 00:23:47,840 - J.P. MORGAN: What would the cost be? 367 00:23:47,927 --> 00:23:49,967 - EDISON: I'll have to go through my figures. 368 00:23:50,638 --> 00:23:52,598 - Bring them to me Monday morning. 369 00:23:55,851 --> 00:23:58,481 That model train set-- powered by electricity? 370 00:23:59,313 --> 00:24:00,273 - Yes. 371 00:24:01,982 --> 00:24:04,942 - I want one for my daughter's birthday next week. 372 00:24:15,037 --> 00:24:18,497 - NARRATOR: For Morgan, the potential reward is too great. 373 00:24:21,836 --> 00:24:23,746 Against his father's advice, 374 00:24:23,838 --> 00:24:26,298 he invests everything in electricity, 375 00:24:28,592 --> 00:24:31,472 determined to create his own legacy, 376 00:24:32,304 --> 00:24:34,814 even if it means going against everything 377 00:24:34,890 --> 00:24:36,470 he's ever been taught. 378 00:24:42,857 --> 00:24:45,977 America is undergoing amazing changes. 379 00:24:47,194 --> 00:24:50,114 Steel is building futuristic cities 380 00:24:50,197 --> 00:24:55,027 of unimaginable height, and kerosene is lighting homes 381 00:24:55,119 --> 00:24:56,579 across the country. 382 00:24:57,288 --> 00:25:00,708 But, a magical new innovation is emerging, 383 00:25:01,167 --> 00:25:04,667 and J.P. Morgan is determined to bring it to the world. 384 00:25:06,255 --> 00:25:07,835 - (laughter and applause) 385 00:25:07,923 --> 00:25:09,303 - NARRATOR: Electricity has captured 386 00:25:09,383 --> 00:25:12,303 the public's imagination, but the technology is 387 00:25:12,386 --> 00:25:15,846 still unproven, and virtually unused. 388 00:25:17,474 --> 00:25:21,234 But partnered with Thomas Edison, J.P. Morgan 389 00:25:21,312 --> 00:25:23,692 is convinced he can bring electricity 390 00:25:25,232 --> 00:25:26,732 to the entire country. 391 00:25:28,986 --> 00:25:32,776 - There is no success without risk taking, 392 00:25:33,115 --> 00:25:35,945 and I think that is actually what distinguishes 393 00:25:36,035 --> 00:25:38,865 the captains of industry from others. 394 00:25:40,581 --> 00:25:42,621 - NARRATOR: Morgan gives Edison what amounts 395 00:25:42,708 --> 00:25:45,038 to eighty-three million dollars today, 396 00:25:45,753 --> 00:25:48,213 and together they form a new business, 397 00:25:49,590 --> 00:25:51,880 the Edison Electric Light Company. 398 00:25:54,511 --> 00:25:57,561 Funding Edison is a huge risk for Morgan, 399 00:25:58,349 --> 00:26:01,139 and goes against everything his father taught him. 400 00:26:04,772 --> 00:26:07,862 For years, Morgan was instructed to avoid 401 00:26:07,942 --> 00:26:10,572 investing in new and unproven industries. 402 00:26:13,447 --> 00:26:15,817 But where his father sees risk, 403 00:26:16,200 --> 00:26:18,580 J.P. Morgan sees opportunity. 404 00:26:20,287 --> 00:26:21,747 - STEVE CASE: I think what's great 405 00:26:21,830 --> 00:26:24,540 about the truly transformative inventions 406 00:26:24,625 --> 00:26:27,665 and the entrepreneurial ideas that really end up having 407 00:26:27,753 --> 00:26:31,553 a significant impact is they start relatively small 408 00:26:31,632 --> 00:26:33,382 and most people don't quite understand 409 00:26:33,467 --> 00:26:36,427 even what you're talking about, and they take some time 410 00:26:36,512 --> 00:26:39,352 before they get traction, but eventually they break 411 00:26:39,431 --> 00:26:42,061 through and the impact's far broader than anybody, 412 00:26:42,142 --> 00:26:43,692 you know, could have imagined. 413 00:26:44,144 --> 00:26:46,694 - NARRATOR: Morgan and Edison get right to work, 414 00:26:48,440 --> 00:26:50,900 transforming a building in Lower Manhattan 415 00:26:50,985 --> 00:26:53,645 into the world's first central power station, 416 00:26:54,989 --> 00:26:58,279 a high-tech wonder filled with massive generators 417 00:26:59,743 --> 00:27:02,163 capable of lighting thousands of homes. 418 00:27:03,956 --> 00:27:06,496 - The idea was that from this central station 419 00:27:06,583 --> 00:27:08,543 would flow all this direct current, 420 00:27:08,627 --> 00:27:11,627 but it also meant that it had to be transmitted. 421 00:27:11,714 --> 00:27:14,174 - MAURY KLEIN: The future of electricity 422 00:27:14,258 --> 00:27:16,378 wasn't just illumination. 423 00:27:16,468 --> 00:27:20,598 It was power, and power required transmission 424 00:27:20,681 --> 00:27:22,271 over long distance. 425 00:27:25,269 --> 00:27:28,859 - NARRATOR: Edison's workers labor day and night, 426 00:27:29,398 --> 00:27:32,818 digging a network of ditches over fifteen miles long. 427 00:27:35,029 --> 00:27:37,949 They lay over one hundred thousand feet of thick 428 00:27:38,032 --> 00:27:41,622 copper wire, connecting Edison's power station 429 00:27:41,702 --> 00:27:45,202 to hundreds of homes and businesses throughout New York. 430 00:27:46,248 --> 00:27:49,628 Edison's power grid becomes the model for how electricity 431 00:27:49,710 --> 00:27:52,090 is transmitted in the United States. 432 00:27:54,381 --> 00:27:57,181 - JILL JONNES: He had never worked so long 433 00:27:57,259 --> 00:28:01,639 and so hard at any invention to make it functional 434 00:28:01,722 --> 00:28:04,022 as he did with electricity. 435 00:28:05,768 --> 00:28:09,098 - NARRATOR: With Edison's power station up and running, 436 00:28:09,188 --> 00:28:10,688 a new era dawns. 437 00:28:12,107 --> 00:28:14,857 The city lights up for the first time ever. 438 00:28:16,070 --> 00:28:19,820 And soon, Edison's power grid covers half of Manhattan. 439 00:28:21,950 --> 00:28:24,700 Electric streetlights line avenues, 440 00:28:26,413 --> 00:28:30,213 and homes throughout New York are buzzing with electricity. 441 00:28:32,503 --> 00:28:34,423 - JIM CRAMER: Edison had a big think approach 442 00:28:34,505 --> 00:28:39,335 which said that, "We can build giant distribution centers 443 00:28:39,426 --> 00:28:41,676 and make it so that electricity is cheap 444 00:28:41,762 --> 00:28:42,892 enough for the masses." 445 00:28:42,971 --> 00:28:44,351 What a brilliant idea. 446 00:28:47,893 --> 00:28:48,983 - NARRATOR: J.P. Morgan 447 00:28:49,061 --> 00:28:51,651 and Thomas Edison stand to make a fortune. 448 00:28:57,277 --> 00:28:59,357 But their success is bad news 449 00:28:59,446 --> 00:29:01,946 for the most powerful man in the country. 450 00:29:02,866 --> 00:29:05,326 Until now, John Rockefeller has been 451 00:29:05,411 --> 00:29:08,411 virtually unchallenged while providing light 452 00:29:08,497 --> 00:29:10,537 to homes from coast to coast. 453 00:29:14,253 --> 00:29:17,263 But as Edison's power grid expands over a greater 454 00:29:17,339 --> 00:29:23,549 and greater area, he realizes his kerosene empire is at risk. 455 00:29:25,681 --> 00:29:28,721 Every home Edison wires with electricity 456 00:29:29,184 --> 00:29:32,654 is a lost customer for John Rockefeller. 457 00:29:34,398 --> 00:29:37,108 - The great titans of the late 1800s, 458 00:29:37,192 --> 00:29:41,152 like Rockefeller, they tended to be very ruthless. 459 00:29:41,488 --> 00:29:44,118 They were interested in dominating the market, 460 00:29:44,199 --> 00:29:47,619 and moved in every way they could to get as big 461 00:29:47,703 --> 00:29:50,373 a chunk of the market as they could in order to 462 00:29:50,456 --> 00:29:51,866 ensure their own profits. 463 00:29:52,708 --> 00:29:53,878 - JIM CRAMER: The industrialists 464 00:29:53,959 --> 00:29:56,289 of that time are naked capitalists. 465 00:29:56,712 --> 00:29:58,212 They absolutely wanted to get rich, 466 00:29:58,297 --> 00:30:00,297 and they wanted to build something that lasted. 467 00:30:00,382 --> 00:30:02,932 Rockefeller wanted Standard Oil 468 00:30:03,010 --> 00:30:05,470 to be the greatest oil company in the world. 469 00:30:11,477 --> 00:30:13,307 - NARRATOR: Rockefeller launches a targeted 470 00:30:13,395 --> 00:30:15,725 campaign against electricity. 471 00:30:16,648 --> 00:30:19,358 Painting the new technology as dangerous, 472 00:30:19,776 --> 00:30:23,776 even deadly, he warns of mass electrocutions 473 00:30:24,615 --> 00:30:26,695 and out-of-control fires. 474 00:30:29,495 --> 00:30:32,405 Rockefeller knows if he can frighten the public, 475 00:30:32,498 --> 00:30:36,378 kerosene will continue to be the dominant light source. 476 00:30:38,003 --> 00:30:40,633 - JERRY WEINTRAUB: I am not a good enemy. 477 00:30:40,714 --> 00:30:42,424 I'm a terrible enemy. 478 00:30:42,508 --> 00:30:46,508 So, if you screw around with me, or you hurt me, 479 00:30:47,304 --> 00:30:49,144 I'm gonna hurt you back. 480 00:30:49,223 --> 00:30:52,933 Now that doesn't mean physically, but I will, 481 00:30:53,018 --> 00:30:54,188 in the end, win. 482 00:30:54,269 --> 00:30:57,649 Because I'm a winner, and I don't lose. 483 00:30:59,274 --> 00:31:01,904 - NARRATOR: But John D. Rockefeller 484 00:31:01,985 --> 00:31:05,695 is about to become the least of Morgan's problems. 485 00:31:06,782 --> 00:31:09,032 A new competitor emerges. 486 00:31:09,117 --> 00:31:12,617 - ANNOUNCER: Ladies and gentleman, Nikola Tesla! 487 00:31:12,704 --> 00:31:13,914 - (applause) 488 00:31:13,997 --> 00:31:17,537 - NARRATOR: A war over the future of electricity is coming, 489 00:31:20,212 --> 00:31:23,592 and J.P. Morgan could be the first casualty. 490 00:31:29,555 --> 00:31:32,635 America's explosive change transforms 491 00:31:32,724 --> 00:31:34,774 the world's view of the country. 492 00:31:35,352 --> 00:31:37,192 Where many once saw failure, 493 00:31:38,897 --> 00:31:41,937 innovation is now leading the nation into a new age. 494 00:31:43,110 --> 00:31:48,280 Railroads, oil, and steel have rebuilt the country, 495 00:31:49,199 --> 00:31:53,949 and electricity is creating unimagined advances. 496 00:31:59,501 --> 00:32:03,051 J.P. Morgan's attempt to unseat John D. Rockefeller 497 00:32:03,130 --> 00:32:05,970 as the man lighting America has led him 498 00:32:06,049 --> 00:32:08,799 to partner with Thomas Edison to form 499 00:32:08,885 --> 00:32:13,305 one of the first electric companies, and together, 500 00:32:13,390 --> 00:32:16,270 they're electrifying homes throughout New York. 501 00:32:17,978 --> 00:32:21,518 - The inventions, the things that literally 502 00:32:21,607 --> 00:32:23,477 almost come out of nowhere, 503 00:32:23,984 --> 00:32:27,404 require incredible vision and support 504 00:32:27,988 --> 00:32:31,988 from leadership, because those are big leaps. 505 00:32:32,534 --> 00:32:34,834 If a leader doesn't take that invention 506 00:32:34,911 --> 00:32:38,161 and really embrace it and own it, it won't happen. 507 00:32:39,875 --> 00:32:41,875 - NARRATOR: Morgan has gone against his father's 508 00:32:41,960 --> 00:32:45,340 advice by backing Edison, but he's maintained 509 00:32:45,422 --> 00:32:47,422 one of the rules he's learned. 510 00:32:48,091 --> 00:32:50,971 - How much competition do you have, Edison? 511 00:32:51,053 --> 00:32:52,723 - Nothing worthy of note. 512 00:32:54,264 --> 00:32:55,854 - NARRATOR: Edison is ignoring what's 513 00:32:55,932 --> 00:32:58,312 potentially the biggest challenge to his design 514 00:32:58,393 --> 00:33:02,733 for electricity, and it comes from inside his own lab. 515 00:33:04,691 --> 00:33:07,441 His apprentice, Nikola Tesla. 516 00:33:07,527 --> 00:33:10,067 - JILL JONNES: Nikola Tesla, 517 00:33:10,155 --> 00:33:13,445 from a very young age, was obsessed with electricity. 518 00:33:15,327 --> 00:33:17,697 And when he first meets Thomas Edison, 519 00:33:18,038 --> 00:33:20,038 initially he worships him... 520 00:33:20,749 --> 00:33:21,919 - Mr. Edison, sir. 521 00:33:23,418 --> 00:33:24,418 - What is it? 522 00:33:24,503 --> 00:33:26,673 - I was wondering if you had chance to look 523 00:33:26,755 --> 00:33:28,375 at my AC motor design. 524 00:33:30,676 --> 00:33:33,466 - Nobody's interested in your design, Tesla. 525 00:33:34,596 --> 00:33:36,636 Alternating current is not safe, 526 00:33:36,723 --> 00:33:39,023 which is why we use direct current. 527 00:33:47,776 --> 00:33:49,936 - NARRATOR: Tesla has developed a new form 528 00:33:50,028 --> 00:33:54,988 of electricity known as "alternating current", or "AC". 529 00:33:57,411 --> 00:34:00,371 But Edison believes that higher voltage AC 530 00:34:00,455 --> 00:34:03,825 is more dangerous than the direct current electric standard 531 00:34:03,917 --> 00:34:05,247 he's pioneered. 532 00:34:05,836 --> 00:34:08,166 - JILL JONNES: I think Edison probably saw Tesla 533 00:34:08,255 --> 00:34:09,705 as a junior employee. 534 00:34:09,798 --> 00:34:10,838 I mean, remember. 535 00:34:10,924 --> 00:34:14,844 Edison is world-famous, and Tesla's just one 536 00:34:14,928 --> 00:34:19,098 of many very bright young men who work for him, 537 00:34:19,182 --> 00:34:22,982 and the fact that he's pushing AC is no big deal 538 00:34:23,061 --> 00:34:26,611 to Edison, because Edison sees himself as the person 539 00:34:26,690 --> 00:34:29,900 who's really solved this problem and made it commercial. 540 00:34:40,328 --> 00:34:41,498 - What's this? 541 00:34:41,955 --> 00:34:43,205 - My resignation. 542 00:34:46,293 --> 00:34:48,883 - You won't find anybody else to employ you. 543 00:34:48,962 --> 00:34:50,672 - I'll set up my own company. 544 00:34:52,299 --> 00:34:54,339 - Good luck finding an investor. 545 00:35:13,612 --> 00:35:17,112 - NARRATOR: Now free to pursue his own ideas, 546 00:35:17,199 --> 00:35:19,579 Tesla begins looking for an investor 547 00:35:19,659 --> 00:35:21,909 to back his AC technology. 548 00:35:22,746 --> 00:35:25,956 He finds one in inventor-turned-businessman 549 00:35:26,041 --> 00:35:27,501 George Westinghouse. 550 00:35:29,211 --> 00:35:32,131 - TESLA: The magnetic field, when it moves, 551 00:35:32,214 --> 00:35:34,594 it carries the motor around. 552 00:35:35,759 --> 00:35:37,719 Motor powers itself. 553 00:35:40,055 --> 00:35:42,305 - How far do you think you can take AC? 554 00:35:42,390 --> 00:35:44,310 I mean, what is its potential? 555 00:35:44,392 --> 00:35:46,232 - TESLA: Build one power plant, 556 00:35:46,311 --> 00:35:48,561 can supply enough electricity to eastern 557 00:35:48,647 --> 00:35:50,187 part of United States. 558 00:35:53,902 --> 00:35:55,112 - That's amazing. 559 00:35:56,613 --> 00:35:59,703 - NARRATOR: Morgan and Edison may have lit up New York, 560 00:35:59,783 --> 00:36:02,663 but Westinghouse and Tesla believe alternating 561 00:36:02,744 --> 00:36:05,584 current's greater power is more effective... 562 00:36:05,664 --> 00:36:06,714 - Thank you. 563 00:36:08,083 --> 00:36:10,463 - NARRATOR: ...and they set out to prove it. 564 00:36:14,714 --> 00:36:16,344 - Good luck, Nikola. 565 00:36:17,008 --> 00:36:18,718 - Thank you, Mr. Westinghouse. 566 00:36:21,763 --> 00:36:23,723 - ANNOUNCER: Ladies and gentlemen, 567 00:36:23,807 --> 00:36:27,727 please welcome the new wizard of electricity, 568 00:36:28,436 --> 00:36:29,556 Nikola Tesla! 569 00:36:30,605 --> 00:36:31,855 - (applause) 570 00:36:34,860 --> 00:36:38,280 - My first demonstration is for those amongst you 571 00:36:38,363 --> 00:36:41,743 who fear that AC and high voltage will make 572 00:36:41,825 --> 00:36:43,275 the world unsafe. 573 00:36:47,205 --> 00:36:49,535 - (electricity humming) 574 00:37:02,304 --> 00:37:03,604 - (applause) 575 00:37:04,890 --> 00:37:06,720 - NARRATOR: Tesla travels the country, 576 00:37:06,808 --> 00:37:09,138 showing AC pulsing through him. 577 00:37:10,854 --> 00:37:13,404 The successful demonstrations have orders 578 00:37:13,481 --> 00:37:16,231 for Westinghouse power stations pouring in. 579 00:37:17,068 --> 00:37:20,698 - People who understood the science of electricity 580 00:37:20,780 --> 00:37:23,950 realized that Tesla was a new giant, 581 00:37:24,326 --> 00:37:26,736 and a significant rival. 582 00:37:26,828 --> 00:37:27,948 - (applause) 583 00:37:32,584 --> 00:37:34,594 - NARRATOR: J.P. Morgan 584 00:37:34,669 --> 00:37:38,459 suddenly finds himself in an unfamiliar position. 585 00:37:41,176 --> 00:37:43,586 - I thought you didn't have any competition. 586 00:37:43,678 --> 00:37:45,678 - None that are worthy of note. 587 00:37:47,557 --> 00:37:50,477 - I have just seen the drawings and descriptions 588 00:37:50,560 --> 00:37:53,270 of an electrical machine lately patented by 589 00:37:53,355 --> 00:37:56,515 Mr. Tesla, which will revolutionize the world's 590 00:37:56,608 --> 00:37:58,108 electrical business. 591 00:37:58,485 --> 00:38:01,395 - AC has a very high voltage, and is lethal. 592 00:38:02,614 --> 00:38:04,704 A young boy touched a straggling wire 593 00:38:04,783 --> 00:38:06,413 and was killed instantly. 594 00:38:07,077 --> 00:38:09,907 You, sir. You have DC running through your home. 595 00:38:11,164 --> 00:38:13,214 None of your family are at risk. 596 00:38:13,291 --> 00:38:17,091 - J.P. MORGAN: Edison, I see that the electrical industry 597 00:38:17,170 --> 00:38:20,170 has two competing systems right now: AC and DC. 598 00:38:20,882 --> 00:38:23,342 This world has room for only one of 'em. 599 00:38:34,729 --> 00:38:36,809 - NARRATOR: J.P. Morgan 600 00:38:36,898 --> 00:38:39,818 is staking everything on Thomas Edison. 601 00:38:47,659 --> 00:38:50,789 But as the battle to electrify the nation heats up, 602 00:38:51,621 --> 00:38:55,621 the pressure Morgan puts on Edison sends him 603 00:38:55,709 --> 00:38:57,289 down a dark path. 604 00:39:13,393 --> 00:39:16,063 America's advancement in the last three decades 605 00:39:16,146 --> 00:39:17,346 is staggering. 606 00:39:18,940 --> 00:39:22,440 Railroads have replaced wagon trails to unite the nation, 607 00:39:23,820 --> 00:39:27,740 and the country's cities stand tall on steel. 608 00:39:29,325 --> 00:39:32,115 First kerosene transformed the night, 609 00:39:34,080 --> 00:39:35,290 and now, 610 00:39:35,373 --> 00:39:39,793 electricity is about to light homes from coast to coast. 611 00:39:43,048 --> 00:39:45,418 Only John D. Rockefeller isn't about to let 612 00:39:45,508 --> 00:39:48,968 J.P.Morgan and Thomas Edison put him out of business. 613 00:39:50,555 --> 00:39:53,805 He's determined to keep kerosene the leader 614 00:39:53,892 --> 00:39:55,232 in the light game. 615 00:39:58,146 --> 00:40:01,226 He begins a campaign to stop electricity before 616 00:40:01,316 --> 00:40:05,736 it gains traction, though he may underestimate the draw 617 00:40:05,820 --> 00:40:07,780 of this magical new power. 618 00:40:10,033 --> 00:40:12,083 - (applause) 619 00:40:13,995 --> 00:40:14,785 - J.P. Morgan 620 00:40:14,871 --> 00:40:17,291 has more to worry about than Rockefeller. 621 00:40:18,374 --> 00:40:20,674 Morgan's father always told him to avoid 622 00:40:20,752 --> 00:40:22,542 competition at all costs. 623 00:40:24,672 --> 00:40:27,092 And now he and Thomas Edison are locked in 624 00:40:27,175 --> 00:40:29,715 a heated battle over what will become the dominant 625 00:40:29,803 --> 00:40:31,183 form of electricity. 626 00:40:36,017 --> 00:40:38,597 Nikola Tesla has developed a whole new way 627 00:40:38,686 --> 00:40:43,146 to transmit electricity, and his technology threatens 628 00:40:43,233 --> 00:40:46,443 to destroy everything Morgan and Edison have built. 629 00:40:47,153 --> 00:40:49,323 - J.P. MORGAN: The electrical industry 630 00:40:49,405 --> 00:40:52,525 has two competing systems right now: AC and DC. 631 00:40:52,617 --> 00:40:54,867 This world has room for only one of 'em. 632 00:40:58,289 --> 00:41:00,169 - NARRATOR: If Morgan loses, 633 00:41:00,250 --> 00:41:04,380 he risks ruining his reputation, and his name. 634 00:41:09,926 --> 00:41:13,006 Morgan ratchets up the pressure on Edison, 635 00:41:13,429 --> 00:41:17,019 telling him to take out the competition in any way he can. 636 00:41:19,561 --> 00:41:22,651 - ALAN GREENSPAN: J.P.Morgan was, really, 637 00:41:22,730 --> 00:41:25,150 an extraordinary character. 638 00:41:25,233 --> 00:41:29,033 He was steely-eyed, determined, very smart, 639 00:41:29,112 --> 00:41:32,822 and somebody who had that characteristic 640 00:41:32,907 --> 00:41:34,577 "I'll take charge". 641 00:41:35,326 --> 00:41:36,366 And he did. 642 00:41:39,747 --> 00:41:41,707 - NARRATOR: Feeling the pressure from Morgan, 643 00:41:41,791 --> 00:41:44,461 Edison sets out on a mission to prove his 644 00:41:44,544 --> 00:41:47,884 direct current is the safest form of electricity. 645 00:41:49,340 --> 00:41:52,220 - The War of the Electric Currents is the dark side 646 00:41:52,302 --> 00:41:53,512 of Thomas Edison. 647 00:41:54,095 --> 00:41:57,215 The tactic that Edison took was to persuade 648 00:41:57,307 --> 00:42:02,187 people that alternating current was the killer current. 649 00:42:03,271 --> 00:42:06,441 It is a side of Edison we don't normally see. 650 00:42:07,859 --> 00:42:09,529 - NARRATOR: He begins using Tesla's 651 00:42:09,611 --> 00:42:13,111 alternating current in a series of demonstrations, 652 00:42:14,449 --> 00:42:17,529 hoping to scare the public about AC's power. 653 00:42:19,078 --> 00:42:22,658 - Edison used all sorts of dirty tricks 654 00:42:22,749 --> 00:42:24,829 to try to discredit AC. 655 00:42:26,085 --> 00:42:29,085 He killed animals before an audience. 656 00:42:41,392 --> 00:42:45,102 - NARRATOR: But nothing seems to be slowing 657 00:42:45,188 --> 00:42:47,938 the enthusiasm for Tesla's stronger current. 658 00:42:52,528 --> 00:42:55,568 Growing ever more desperate to please Morgan, 659 00:42:55,657 --> 00:42:58,827 Edison is relieved when a letter arrives 660 00:42:58,910 --> 00:43:01,040 that could be his opportunity. 661 00:43:02,997 --> 00:43:05,117 A New York state prison has been looking 662 00:43:05,208 --> 00:43:09,038 to replace hanging as a means of execution. 663 00:43:10,463 --> 00:43:12,923 Many have come to believe that the medieval method 664 00:43:13,007 --> 00:43:15,007 is cruel and inhumane. 665 00:43:18,012 --> 00:43:21,312 Electricity could provide a useful alternative. 666 00:43:27,689 --> 00:43:30,229 The design Edison envisions is simple, 667 00:43:30,316 --> 00:43:31,686 yet groundbreaking. 668 00:43:45,289 --> 00:43:47,249 - NARRATOR: America's advancement 669 00:43:47,333 --> 00:43:50,923 in the last three decades is staggering. 670 00:43:51,546 --> 00:43:55,716 Railroads have replaced wagon trails to unite the nation. 671 00:43:56,968 --> 00:44:00,928 And the country's cities stand tall on steel. 672 00:44:02,015 --> 00:44:05,095 First Kerosene transformed the night. 673 00:44:06,686 --> 00:44:10,726 And now electricity is about to light homes 674 00:44:10,815 --> 00:44:12,565 from coast to coast. 675 00:44:15,695 --> 00:44:18,235 Only John D. Rockefeller isn't about to let 676 00:44:18,322 --> 00:44:21,782 J.P. Morgan and Thomas Edison put him out of business. 677 00:44:23,161 --> 00:44:25,701 He's determined to keep kerosene 678 00:44:25,788 --> 00:44:27,908 the leader in the light game. 679 00:44:30,752 --> 00:44:33,252 He begins a campaign to stop electricity 680 00:44:33,337 --> 00:44:35,587 before it gains traction... 681 00:44:35,673 --> 00:44:38,433 ...though he may underestimate the draw 682 00:44:38,509 --> 00:44:40,679 of this magical new power. 683 00:44:46,559 --> 00:44:49,519 J.P. Morgan has more to worry about than Rockefeller. 684 00:44:51,022 --> 00:44:53,442 Morgan's father always told him to avoid 685 00:44:53,524 --> 00:44:55,324 competition at all costs. 686 00:44:56,819 --> 00:44:59,649 And now he and Thomas Edison are locked 687 00:44:59,739 --> 00:45:01,779 in a heated battle over what will become 688 00:45:01,866 --> 00:45:04,156 the dominant form of electricity. 689 00:45:06,788 --> 00:45:10,618 - (Blues Saraceno playing "Save My Soul") 690 00:45:20,843 --> 00:45:23,303 ♪ When I got to Memphis ♪ 691 00:45:24,138 --> 00:45:26,518 ♪ I put my old baby down ♪ 692 00:45:26,849 --> 00:45:30,519 ♪ He said I can't take you to Heaven ♪ 693 00:45:31,854 --> 00:45:34,064 ♪ I can't save your soul ♪ 694 00:45:35,233 --> 00:45:37,823 ♪ I can't promise forever ♪ 695 00:45:37,902 --> 00:45:39,112 ♪ Whoo ♪ 696 00:45:39,862 --> 00:45:42,912 ♪ With my heart in your hands ♪ 697 00:45:43,866 --> 00:45:48,076 ♪ I can't feel, fell my soul ♪ 698 00:45:51,624 --> 00:45:54,504 - JILL JONNES: Edison became very happy to help 699 00:45:54,585 --> 00:45:58,545 develop an electric chair, as long as that electric 700 00:45:58,631 --> 00:46:03,181 chair used Westinghouse alternating current generators. 701 00:46:04,095 --> 00:46:06,885 - NARRATOR: Edison devotes his lab's attention to the 702 00:46:06,973 --> 00:46:10,393 development of the world's first electric chair. 703 00:46:13,646 --> 00:46:15,606 It's the perfect opportunity to prove 704 00:46:15,690 --> 00:46:18,360 that Tesla's AC is dangerous... 705 00:46:19,986 --> 00:46:21,066 ...even deadly. 706 00:46:27,493 --> 00:46:29,373 The prison invites the press to witness 707 00:46:29,453 --> 00:46:32,713 the most sensational demonstration imaginable. 708 00:46:34,041 --> 00:46:37,041 The world's first human execution... 709 00:46:37,128 --> 00:46:38,418 ...by electricity. 710 00:47:14,290 --> 00:47:15,170 - Is it ready? 711 00:47:15,249 --> 00:47:16,169 - Yes. 712 00:47:18,669 --> 00:47:20,299 - Goodbye, William. 713 00:47:44,612 --> 00:47:45,782 - He's dead. 714 00:47:48,241 --> 00:47:50,281 - PRISON OFFICIAL: He's bleeding. 715 00:47:50,368 --> 00:47:51,948 - He's breathing. 716 00:48:08,511 --> 00:48:09,971 - I'm gonna be sick. 717 00:48:16,769 --> 00:48:19,099 - JILL JONNES: They then essentially 718 00:48:19,188 --> 00:48:20,858 roasted this man alive. 719 00:48:21,899 --> 00:48:23,689 It was a botched execution. 720 00:48:25,945 --> 00:48:29,905 - NARRATOR: The gruesome act backfires on Edison. 721 00:48:29,991 --> 00:48:33,451 The public doesn't connect A.C. to Tesla. 722 00:48:34,912 --> 00:48:37,252 All they remember is that electricity 723 00:48:37,331 --> 00:48:39,041 was used to kill a man. 724 00:48:39,959 --> 00:48:42,289 And that Edison was behind it. 725 00:48:52,179 --> 00:48:55,719 The damage to his reputation is massive. 726 00:48:56,976 --> 00:49:00,516 And J.P. Morgan endures an even worse fate. 727 00:49:03,649 --> 00:49:05,359 - Now I have to read in the newspaper 728 00:49:05,443 --> 00:49:07,863 my son is funding Edison. 729 00:49:07,945 --> 00:49:09,605 A latter-day Frankenstein. 730 00:49:17,955 --> 00:49:19,245 - He didn't pull the switch. 731 00:49:19,332 --> 00:49:21,582 - Let me make a few points clear to you. 732 00:49:21,667 --> 00:49:23,247 I do not want the House of Morgan 733 00:49:23,336 --> 00:49:25,206 associated with electricity. 734 00:49:25,296 --> 00:49:27,206 Or any of the devil's works. 735 00:49:28,883 --> 00:49:31,593 I have spent my life making a name 736 00:49:31,677 --> 00:49:33,467 and I am not about to let you destroy it. 737 00:49:33,554 --> 00:49:35,224 - I have a chance to build here-- 738 00:49:35,306 --> 00:49:36,306 - Pierpont! 739 00:49:38,601 --> 00:49:39,601 It's over. 740 00:49:46,734 --> 00:49:49,404 I set sail for Monaco tomorrow. 741 00:49:49,487 --> 00:49:51,907 While I'm away, see to it you sell 742 00:49:51,989 --> 00:49:55,699 whatever stakes you have in these Edison companies. 743 00:50:01,165 --> 00:50:03,915 - NARRATOR: Morgan set out to become 744 00:50:04,001 --> 00:50:07,381 a legendary innovator in his own right. 745 00:50:08,005 --> 00:50:11,625 But now his dream has come crashing down. 746 00:50:14,261 --> 00:50:18,311 Edison has played directly into John Rockefeller's hands. 747 00:50:18,849 --> 00:50:23,189 Demonstrating electricity to be dangerous and deadly. 748 00:50:26,232 --> 00:50:29,112 Morgan knows that pulling his funds from Edison 749 00:50:29,193 --> 00:50:31,823 would completely destroy the electric industry. 750 00:50:32,822 --> 00:50:36,532 And leave Rockefeller at the top of the light game. 751 00:50:40,204 --> 00:50:42,664 But despite his father's objections... 752 00:50:42,748 --> 00:50:47,168 ...Morgan is still convinced that electricity is the future. 753 00:50:49,213 --> 00:50:54,223 And soon, news of a new project reignites his ambitions. 754 00:50:55,845 --> 00:51:00,555 A project that will remove the stain of Edison's experiments... 755 00:51:00,641 --> 00:51:04,601 ...and restore the public's trust in the electric industry. 756 00:51:06,021 --> 00:51:09,191 Electricity is about to go national. 757 00:51:14,196 --> 00:51:17,156 A company at Niagara Falls has begun work 758 00:51:17,241 --> 00:51:19,831 on one of the most ambitious construction projects 759 00:51:19,910 --> 00:51:21,120 ever undertaken. 760 00:51:27,501 --> 00:51:30,841 The world's largest power plant is being built. 761 00:51:32,756 --> 00:51:36,466 And 1 ,300 men are digging a massive tunnel 762 00:51:37,761 --> 00:51:39,761 2.5 miles into bedrock. 763 00:51:43,684 --> 00:51:46,564 Once complete, the raw power of the falls 764 00:51:46,645 --> 00:51:51,145 will generate a mind boggling 120,000 horse power. 765 00:51:53,861 --> 00:51:56,281 More than all the electricity being produced 766 00:51:56,363 --> 00:51:57,953 throughout the country... 767 00:51:58,032 --> 00:51:58,992 ...combined. 768 00:51:59,617 --> 00:52:03,197 - MAURY KLEIN: Niagara is a watershed in the history 769 00:52:03,287 --> 00:52:04,947 of the electric industry. 770 00:52:05,414 --> 00:52:08,374 It shows that it is not only feasible 771 00:52:08,459 --> 00:52:11,999 but practical to transmit electricity over distance. 772 00:52:13,255 --> 00:52:15,715 - NARRATOR: The Niagara power station will be capable 773 00:52:15,799 --> 00:52:18,219 of generating enough electricity to light 774 00:52:18,302 --> 00:52:20,092 the entire Northeast. 775 00:52:20,596 --> 00:52:23,806 - JILL JONNES: To take such a incredibly famous place 776 00:52:23,891 --> 00:52:27,691 that's got this extraordinary water power 777 00:52:27,770 --> 00:52:32,570 and harness it to electricity was going to make 778 00:52:32,650 --> 00:52:35,320 the case to the world that this was something 779 00:52:35,402 --> 00:52:36,742 you could do everywhere. 780 00:52:36,820 --> 00:52:39,910 - NARRATOR: But the Niagara Power Company 781 00:52:39,990 --> 00:52:42,910 hasn't yet decided who will power the generators... 782 00:52:44,286 --> 00:52:48,206 ...Morgan and Edison's D.C. Or Tesla's A.C. 783 00:52:55,047 --> 00:52:57,627 The world's biggest power station would be 784 00:52:57,716 --> 00:52:59,466 a huge game changer. 785 00:53:00,177 --> 00:53:02,677 J.P. Morgan knows it's his opportunity 786 00:53:02,763 --> 00:53:05,473 to create the empire he's always wanted. 787 00:53:06,016 --> 00:53:08,056 But he also knows that getting the contract 788 00:53:08,143 --> 00:53:12,273 to power Niagara would require a massive investment. 789 00:53:12,356 --> 00:53:14,766 One his father would never allow. 790 00:53:17,987 --> 00:53:20,987 Morgan agonizes over his next move... 791 00:53:22,616 --> 00:53:24,576 ...until tragedy strikes. 792 00:53:25,202 --> 00:53:26,242 - Sir. 793 00:53:36,463 --> 00:53:38,593 - NARRATOR: His father has been 794 00:53:38,674 --> 00:53:40,724 in a horrible carriage crash. 795 00:53:46,265 --> 00:53:49,385 Junius Morgan dies as a result of his injuries. 796 00:53:51,979 --> 00:53:56,479 J.P. is now left in charge of the House of Morgan. 797 00:54:09,079 --> 00:54:11,869 The empire includes a vast portfolio of businesses 798 00:54:11,957 --> 00:54:16,957 invested in railroads, real estate, shipping, 799 00:54:17,046 --> 00:54:18,496 manufacturing... 800 00:54:22,760 --> 00:54:24,220 ...and electricity. 801 00:54:26,930 --> 00:54:30,890 With his father gone, nothing is holding Morgan back. 802 00:54:31,894 --> 00:54:33,694 - JENNIFER TONKOVICH: When Junius died it 803 00:54:33,771 --> 00:54:36,611 was truly a devastating moment for Morgan. 804 00:54:37,107 --> 00:54:40,357 But also it ended up being a bit of a relief, 805 00:54:40,444 --> 00:54:44,914 because after his father's death he really came into his own. 806 00:54:44,990 --> 00:54:47,490 The freedom really helped him realize 807 00:54:47,576 --> 00:54:49,616 the full potential in some ways. 808 00:54:52,373 --> 00:54:57,133 - NARRATOR: Morgan's net worth more than quadruples. 809 00:54:58,671 --> 00:55:02,301 And instantly he has hundreds of millions of dollars. 810 00:55:05,302 --> 00:55:07,392 Money he plans on using 811 00:55:09,348 --> 00:55:11,808 to win the Niagara contract. 812 00:55:27,241 --> 00:55:30,911 - The best time to buy is when there's blood on the streets. 813 00:55:31,870 --> 00:55:34,160 - I'm not sure I follow you. 814 00:55:35,207 --> 00:55:38,457 - It's advice Lloyd Rothschild gave my father. 815 00:55:39,253 --> 00:55:40,963 It's advice he never took. 816 00:55:42,214 --> 00:55:44,884 I'm increasing my investment to $4 million. 817 00:55:44,967 --> 00:55:46,797 I'll give you an extra million dollars in cash 818 00:55:46,885 --> 00:55:48,755 to pursue other projects. 819 00:55:49,513 --> 00:55:51,313 - That shouldn't be a problem. 820 00:55:51,390 --> 00:55:56,980 - Good. The Niagara Falls Power Company is inviting bids 821 00:55:57,062 --> 00:56:00,152 for the new Niagara Falls central power station. 822 00:56:00,232 --> 00:56:02,572 They haven't yet decided if they want to go 823 00:56:02,651 --> 00:56:04,031 with A.C or D.C. 824 00:56:04,820 --> 00:56:07,490 I want you to prepare a bid, Edison. 825 00:56:07,573 --> 00:56:09,323 This is now a race. 826 00:56:11,577 --> 00:56:12,867 You better win. 827 00:56:22,421 --> 00:56:27,131 - RICHARD PARSONS: Timing is everything in business. 828 00:56:27,217 --> 00:56:29,547 Everybody wants to be the first mover. 829 00:56:29,636 --> 00:56:32,176 Everybody wants to be on the bleeding edge, 830 00:56:32,264 --> 00:56:33,434 or the cutting edge. 831 00:56:33,515 --> 00:56:35,515 You have to be on the pulse of the moment. 832 00:56:35,601 --> 00:56:38,311 Timing in business is just like timing in life. 833 00:56:38,395 --> 00:56:41,725 It is perhaps as important as any other single factor. 834 00:56:46,528 --> 00:56:50,028 - NARRATOR: Construction of the Niagara Power Station 835 00:56:50,115 --> 00:56:52,485 is continuing at a blistering pace. 836 00:56:53,494 --> 00:56:55,244 (explosions) 837 00:56:55,329 --> 00:56:57,459 Workmen are almost finished 838 00:56:57,539 --> 00:57:00,169 with a 2.5-mile-long tunnel. 839 00:57:01,210 --> 00:57:04,960 And it won't be long until water shoots through it... 840 00:57:05,047 --> 00:57:07,757 ...powering turbines the size of houses. 841 00:57:13,096 --> 00:57:14,756 Those turbines will generate enough 842 00:57:14,848 --> 00:57:18,308 electricity to light up the entire northeast. 843 00:57:22,648 --> 00:57:25,228 Morgan knows that to win the contract, 844 00:57:25,317 --> 00:57:28,147 he'll need to eliminate the competition. 845 00:57:32,908 --> 00:57:35,828 Tesla and Westinghouse are making headway 846 00:57:36,328 --> 00:57:37,948 with alternating current. 847 00:57:41,667 --> 00:57:44,837 But after their company's rapid expansion, 848 00:57:44,920 --> 00:57:47,760 Westinghouse is drowning in debt. 849 00:57:47,840 --> 00:57:50,840 And his business is struggling to stay afloat. 850 00:57:52,845 --> 00:57:56,005 J.P. Morgan sees an opportunity to take advantage 851 00:57:56,098 --> 00:57:57,718 of his vulnerability. 852 00:57:57,808 --> 00:57:59,308 - (crowd yelling) 853 00:58:07,359 --> 00:58:08,649 - JILL JONNES: J.P. Morgan 854 00:58:08,735 --> 00:58:12,235 was a huge power on the stock market 855 00:58:12,322 --> 00:58:14,912 when it was not at all regulated. 856 00:58:14,992 --> 00:58:17,662 In the case of George Westinghouse, 857 00:58:17,744 --> 00:58:21,044 his company on a number of occasions, 858 00:58:21,123 --> 00:58:25,843 was assaulted on the stock market by Morgan entities. 859 00:58:29,006 --> 00:58:31,466 - NARRATOR: Morgan capitalizes on a downturn 860 00:58:31,550 --> 00:58:32,930 in the economy. 861 00:58:34,136 --> 00:58:37,386 ...launching a smear campaign designed 862 00:58:37,472 --> 00:58:41,522 to trigger a sell-off of Westinghouse stock. 863 00:58:42,603 --> 00:58:44,313 - JOURNALISTS: Mr. Morgan! 864 00:58:44,396 --> 00:58:45,476 Mr. Morgan! 865 00:58:45,564 --> 00:58:47,154 - What is to be done about the panic? 866 00:58:47,232 --> 00:58:48,442 - There's no need to panic. 867 00:58:48,525 --> 00:58:50,645 - Mr. Morgan, are we on the verge of a depression? 868 00:58:50,736 --> 00:58:51,986 - Not if we act wisely. 869 00:58:52,070 --> 00:58:55,410 - Now how many more companies will go bust, Mr. Morgan? 870 00:58:57,951 --> 00:58:59,241 - The only companies at risk 871 00:58:59,328 --> 00:59:03,288 are those fast expanding capital intensive, 872 00:59:03,373 --> 00:59:04,713 debt-ridden ventures. 873 00:59:08,670 --> 00:59:09,920 Thank you, gentlemen. 874 00:59:10,005 --> 00:59:11,625 - Mr. Morgan! Mr. Morgan! 875 00:59:14,593 --> 00:59:16,973 - NARRATOR: Morgan's remarks are subtle. 876 00:59:17,054 --> 00:59:19,724 But his influence on Wall Street is so great, 877 00:59:19,806 --> 00:59:21,676 their effect is devastating. 878 00:59:23,101 --> 00:59:25,981 Over the next few weeks, investors sell off 879 00:59:26,063 --> 00:59:29,023 Westinghouse's stock, sending the company 880 00:59:29,107 --> 00:59:30,477 into a tailspin. 881 00:59:30,943 --> 00:59:33,903 Within days, it's almost bankrupt. 882 00:59:34,696 --> 00:59:36,106 - DONNY DEUTSCH: You get successful at something 883 00:59:36,198 --> 00:59:38,238 and all of a sudden you make a lot of money 884 00:59:38,325 --> 00:59:40,195 and the world says you're successful. 885 00:59:40,285 --> 00:59:41,485 There's no margin for failure anymore. 886 00:59:41,578 --> 00:59:43,578 There's only degrees of success. 887 00:59:43,956 --> 00:59:46,116 NARRATOR: With Westinghouse driven into debt, 888 00:59:46,208 --> 00:59:48,038 Morgan is convinced there's no longer 889 00:59:48,126 --> 00:59:51,376 any competition to win the contract for Niagara. 890 00:59:56,593 --> 00:59:59,053 Unable to raise additional funds, 891 00:59:59,137 --> 01:00:01,927 Westinghouse is ready to admit defeat. 892 01:00:03,058 --> 01:00:06,228 - Tesla, the reason I'm here is to tell you 893 01:00:06,311 --> 01:00:09,271 my company is on the verge of bankruptcy. 894 01:00:09,898 --> 01:00:11,568 - You have my A.C. motor designs, 895 01:00:13,193 --> 01:00:14,443 - It's the opposite. 896 01:00:14,528 --> 01:00:16,068 Nobody will lend me money 897 01:00:16,154 --> 01:00:18,744 because of your royalty deal on your patents. 898 01:00:21,493 --> 01:00:23,833 - The benefits that will come to civilization 899 01:00:23,912 --> 01:00:25,502 from my polyphase system 900 01:00:25,580 --> 01:00:27,920 will mean more to me than money involved. 901 01:00:28,000 --> 01:00:32,000 Mr. Westinghouse, you will save your company 902 01:00:32,087 --> 01:00:33,747 to develop my invention. 903 01:00:39,678 --> 01:00:43,808 This is my contract, and I will tear it to pieces, 904 01:00:43,890 --> 01:00:46,180 and you will no longer have any troubles 905 01:00:46,268 --> 01:00:47,808 from my royalties. 906 01:00:56,653 --> 01:00:58,113 - Thank you, Nikola. 907 01:00:58,196 --> 01:01:01,446 NARRATOR: Tesla gives Westinghouse control of A.C. 908 01:01:01,533 --> 01:01:04,743 and forgoes all claim to his patents. 909 01:01:05,537 --> 01:01:07,907 Investments soon pour in. 910 01:01:08,248 --> 01:01:11,498 And Westinghouse Electric is viable again. 911 01:01:13,879 --> 01:01:16,089 Westinghouse knows that to beat Morgan, 912 01:01:16,173 --> 01:01:18,053 he needs a bold move. 913 01:01:21,720 --> 01:01:25,220 And soon, he has the perfect opportunity. 914 01:01:25,891 --> 01:01:27,641 Chicago is about to host 915 01:01:27,726 --> 01:01:30,306 one of the globe's landmark events-- 916 01:01:30,395 --> 01:01:31,975 the World's Fair. 917 01:01:35,192 --> 01:01:37,862 Organizers want it to be the most stunning display 918 01:01:37,944 --> 01:01:39,824 of technology ever seen. 919 01:01:42,532 --> 01:01:47,042 They decide to light the entire event using electricity. 920 01:01:47,996 --> 01:01:49,826 - JILL JONNES: The managers and the creators 921 01:01:49,915 --> 01:01:53,705 of the Chicago World's Fair of 1893 want to have 922 01:01:53,794 --> 01:01:55,844 an entirely electric city. 923 01:01:55,921 --> 01:01:58,091 They want to be cutting edge. 924 01:01:58,632 --> 01:02:00,722 They invite companies to bid 925 01:02:00,801 --> 01:02:03,511 on this contract to electrify the fair. 926 01:02:03,595 --> 01:02:05,715 - NARRATOR: Morgan assumes that he and Edison 927 01:02:05,806 --> 01:02:08,386 are a lock to light the fair. 928 01:02:09,101 --> 01:02:11,561 But Westinghouse has other plans. 929 01:02:13,772 --> 01:02:16,522 He drastically underbids the project... 930 01:02:16,608 --> 01:02:18,648 ...claiming the can light the fair for less 931 01:02:18,735 --> 01:02:21,985 than a quarter of what Morgan and Edison have bid. 932 01:02:23,657 --> 01:02:25,947 The bold move secures the contract, 933 01:02:27,077 --> 01:02:29,867 and Westinghouse and Tesla immediately get to work 934 01:02:29,955 --> 01:02:31,495 wiring the fairgrounds. 935 01:02:34,960 --> 01:02:37,380 And finally, on opening night, 936 01:02:37,462 --> 01:02:40,172 with the eyes of the world on Chicago, 937 01:02:40,257 --> 01:02:42,047 they flip the switch. 938 01:02:44,636 --> 01:02:49,266 And instantly, over 200,000 light bulbs come to life. 939 01:02:55,647 --> 01:02:58,647 - JILL JONNES: 27 million people came to this Fair 940 01:02:58,733 --> 01:03:01,363 and saw an electrified world. 941 01:03:01,987 --> 01:03:04,567 And that had a huge, huge impact 942 01:03:04,656 --> 01:03:06,526 on spreading this technology. 943 01:03:06,616 --> 01:03:10,576 People realized there was a whole electrical future coming. 944 01:03:10,662 --> 01:03:11,832 - NARRATOR: It's a display 945 01:03:11,913 --> 01:03:14,253 unlike any the world has ever seen. 946 01:03:14,332 --> 01:03:17,042 And it's all powered using George Westinghouse 947 01:03:17,127 --> 01:03:20,587 and Nikola Tesla's alternating current electricity. 948 01:03:21,673 --> 01:03:24,223 The fair forever demonstrates the safety 949 01:03:24,301 --> 01:03:26,141 and viability of A.C. 950 01:03:31,474 --> 01:03:34,274 Westinghouse and Tesla's incredible display 951 01:03:34,352 --> 01:03:36,562 has another consequence. 952 01:03:37,397 --> 01:03:40,267 A decision is made on who will power 953 01:03:40,358 --> 01:03:42,188 the Niagara Falls station. 954 01:03:45,530 --> 01:03:47,240 Two letters go out... 955 01:03:51,203 --> 01:03:54,543 ...but only one man can win the contract. 956 01:04:02,547 --> 01:04:05,257 America is now the most technologically advanced 957 01:04:05,342 --> 01:04:07,012 nation on the planet. 958 01:04:08,136 --> 01:04:12,846 Trains, oil, and steel have built the country, 959 01:04:14,267 --> 01:04:17,557 and the newest sensation, is electric light. 960 01:04:19,356 --> 01:04:22,016 Showcased at the Chicago World's Fair, 961 01:04:22,108 --> 01:04:24,688 electricity is about to go national. 962 01:04:26,988 --> 01:04:28,858 But a battle has broken out. 963 01:04:29,574 --> 01:04:30,824 Pitting J.P. Morgan 964 01:04:30,909 --> 01:04:33,869 and Thomas Edison against George Westinghouse 965 01:04:33,954 --> 01:04:35,374 and Nikola Tesla. 966 01:04:36,081 --> 01:04:40,041 In a fight for control of the world's largest power plant... 967 01:04:41,294 --> 01:04:43,004 ...at Niagara Falls. 968 01:04:44,256 --> 01:04:46,166 - STEVE CASE: If you're really trying 969 01:04:46,258 --> 01:04:48,508 to not just to create a company, but to create a new industry 970 01:04:48,593 --> 01:04:50,183 and change the world in a fundamental way, 971 01:04:50,262 --> 01:04:52,682 you really need to believe in the idea and stick 972 01:04:52,764 --> 01:04:54,434 with it through thick and thin 973 01:04:54,516 --> 01:04:56,886 because it's going to be a tough road. 974 01:04:57,811 --> 01:04:59,441 - NARRATOR: J.P. Morgan has invested 975 01:04:59,521 --> 01:05:01,901 millions into the electric industry... 976 01:05:04,067 --> 01:05:06,357 ...hoping to replace John D. Rockefeller 977 01:05:06,444 --> 01:05:08,654 as the man lighting America... 978 01:05:11,116 --> 01:05:13,576 ...and the Niagara Power Plant could give him 979 01:05:13,660 --> 01:05:17,000 control over the future of electricity. 980 01:05:18,999 --> 01:05:21,629 - JILL JONNES: Whoever wins this contract 981 01:05:21,710 --> 01:05:26,380 is going to be the preeminent electrical company-- 982 01:05:28,383 --> 01:05:31,433 not just in America, but the world. 983 01:05:41,730 --> 01:05:45,900 - NARRATOR: The plant at Niagara Falls reaches a decision. 984 01:05:45,984 --> 01:05:48,154 And two letters go out. 985 01:05:59,581 --> 01:06:02,041 But there can only be one winner. 986 01:06:10,467 --> 01:06:12,177 In a shocking twist... 987 01:06:15,513 --> 01:06:17,813 ...George Westinghouse wins the contract 988 01:06:17,891 --> 01:06:19,681 for the power station. 989 01:06:20,435 --> 01:06:21,885 - JACK WELCH: You always want to be 990 01:06:21,978 --> 01:06:23,688 in the winning locker room. 991 01:06:25,315 --> 01:06:26,975 You don't want to be in the loser's locker room, 992 01:06:27,067 --> 01:06:29,027 with a towel around your head. 993 01:06:45,418 --> 01:06:48,708 - NARRATOR: J.P. Morgan has been badly defeated. 994 01:06:48,797 --> 01:06:50,667 His dream of building an industry 995 01:06:50,757 --> 01:06:53,127 from the ground up is over. 996 01:06:53,218 --> 01:06:56,138 His attempt to make his own name... 997 01:06:56,221 --> 01:06:57,221 ...ruined. 998 01:06:58,640 --> 01:07:01,850 - JUNIUS: This is the stuff of carnivals and fairs. 999 01:07:01,935 --> 01:07:04,435 And you've been played for a fool. 1000 01:07:05,772 --> 01:07:07,272 - NARRATOR: He realizes his father 1001 01:07:07,357 --> 01:07:09,527 may have been right all along. 1002 01:07:11,611 --> 01:07:14,201 But never willing to admit defeat... 1003 01:07:14,280 --> 01:07:19,280 ...J.P. Morgan sees a way to turn failure into opportunity. 1004 01:07:21,538 --> 01:07:22,408 - DONALD TRUMP: J.P. Morgan 1005 01:07:22,497 --> 01:07:24,667 made a mistake backing Thomas Edison. 1006 01:07:24,749 --> 01:07:27,209 I mean, they all make mistakes. 1007 01:07:27,293 --> 01:07:29,713 And I always say that you have to guard 1008 01:07:29,796 --> 01:07:31,376 against the downside. 1009 01:07:31,714 --> 01:07:34,724 Because it can be the greatest deal you've ever seen, 1010 01:07:34,801 --> 01:07:37,891 and there is a chance that that deal won't work out. 1011 01:07:37,971 --> 01:07:39,931 Don't let a deal like that take you down 1012 01:07:40,014 --> 01:07:41,604 if it doesn't work. 1013 01:07:42,392 --> 01:07:45,062 - NARRATOR: Morgan is determined to gain control 1014 01:07:45,145 --> 01:07:46,975 of the electric industry. 1015 01:07:48,440 --> 01:07:51,570 And he's going to do it the Morgan way. 1016 01:07:52,235 --> 01:07:55,275 - JILL JONNES: If you were on his bad side, 1017 01:07:55,363 --> 01:07:57,453 or he coveted your company, 1018 01:07:58,825 --> 01:08:02,155 or the technology that your company had, 1019 01:08:02,579 --> 01:08:05,619 you did not want to be in that position. 1020 01:08:08,501 --> 01:08:11,961 - NARRATOR: Morgan returns to the lessons of his father. 1021 01:08:12,046 --> 01:08:16,256 He's going to intimidate the competition into submission. 1022 01:08:16,718 --> 01:08:19,888 He starts his attack by going after Westinghouse, 1023 01:08:19,971 --> 01:08:21,721 and everything he owns... 1024 01:08:21,806 --> 01:08:25,476 ...including Tesla's A.C. electricity patents. 1025 01:08:29,189 --> 01:08:32,189 - MORGAN: Congratulations, Westinghouse. 1026 01:08:32,275 --> 01:08:35,435 I hear you won the Niagara Falls contract. 1027 01:08:36,613 --> 01:08:39,243 I'll be taking you to court for patent 1028 01:08:39,324 --> 01:08:41,664 infringement over A.C. designs. 1029 01:08:42,577 --> 01:08:44,157 - Why would you start a legal case 1030 01:08:44,245 --> 01:08:47,035 that will cost millions-- a case that you will lose? 1031 01:08:47,123 --> 01:08:48,373 - Because you don't have the resources 1032 01:08:48,458 --> 01:08:51,588 to fight such a case-- and you'll go under. 1033 01:08:54,047 --> 01:08:55,627 - What is it you want? 1034 01:08:58,051 --> 01:09:00,431 - You know the answer to that. 1035 01:09:02,180 --> 01:09:03,510 - (applause) 1036 01:09:04,724 --> 01:09:07,024 - My first demonstration 1037 01:09:07,101 --> 01:09:09,311 is for those amongst you who fear... 1038 01:09:10,438 --> 01:09:12,978 - NARRATOR: Westinghouse has no choice but to give in 1039 01:09:13,066 --> 01:09:14,686 to Morgan's demands. 1040 01:09:14,984 --> 01:09:17,154 Knowing that the cost of a lawsuit will put him 1041 01:09:17,237 --> 01:09:21,027 out of business, he's forced to sign over the patents 1042 01:09:21,115 --> 01:09:23,325 for Tesla's A.C. electricity. 1043 01:09:25,203 --> 01:09:28,163 But Morgan doesn't stop with Westinghouse. 1044 01:09:29,707 --> 01:09:32,537 With the loss of the Niagara contract, 1045 01:09:32,627 --> 01:09:37,007 the company Morgan started with Thomas Edison is broken. 1046 01:09:38,883 --> 01:09:42,893 And Edison's D.C. electricity looks like a failure. 1047 01:09:44,430 --> 01:09:46,890 - MAURY KLEIN: Thomas Edison is probably 1048 01:09:46,975 --> 01:09:50,845 the most brilliant inventor America every had. 1049 01:09:50,937 --> 01:09:54,607 And like many brilliant men he was capable 1050 01:09:54,691 --> 01:09:57,401 of spectacularly wrong choices. 1051 01:09:59,153 --> 01:10:01,993 - NARRATOR: As far as Morgan's concerned, 1052 01:10:02,073 --> 01:10:05,163 there's only one way to fix Edison Electric. 1053 01:10:06,452 --> 01:10:09,002 He's going to streamline the company. 1054 01:10:10,164 --> 01:10:14,004 And his first step is to eliminate Thomas Edison. 1055 01:10:17,797 --> 01:10:22,087 Morgan buys up additional shares of Edison Electric stock... 1056 01:10:23,136 --> 01:10:26,216 ...until he has complete control of the company. 1057 01:10:33,813 --> 01:10:37,363 - It's a device that shows moving pictures. 1058 01:10:38,776 --> 01:10:41,276 We'll put the Niagara business behind us, 1059 01:10:41,362 --> 01:10:43,202 and Edison General Electric will move forward 1060 01:10:43,281 --> 01:10:44,741 to greater things. 1061 01:10:45,199 --> 01:10:47,409 - The name of the company has been changed-- 1062 01:10:47,493 --> 01:10:48,913 to General Electric. 1063 01:10:48,995 --> 01:10:50,945 - But it's my company. 1064 01:10:51,497 --> 01:10:52,997 Surely I have a say. 1065 01:10:53,082 --> 01:10:57,002 - Not anymore--you no longer have a majority stake. 1066 01:11:06,512 --> 01:11:09,772 NARRATOR: Morgan's new electric company-- 1067 01:11:09,849 --> 01:11:12,729 general electric--is instantly one of the most powerful 1068 01:11:12,810 --> 01:11:14,600 corporations on earth... 1069 01:11:14,687 --> 01:11:18,477 ...valued at $50 million, or the modern equivalent 1070 01:11:18,566 --> 01:11:20,316 of over one billion. 1071 01:11:22,945 --> 01:11:24,815 With Edison out of the way, 1072 01:11:24,906 --> 01:11:28,656 Morgan converts the company to A.C. electricity. 1073 01:11:29,285 --> 01:11:32,325 The standard that's still used today. 1074 01:11:32,413 --> 01:11:34,123 - STEVE CASE: With General Electric, 1075 01:11:34,207 --> 01:11:38,127 you could tell they were building a big company 1076 01:11:38,211 --> 01:11:41,551 and something that was really going to change the world. 1077 01:11:41,881 --> 01:11:44,171 They were really trying to position 1078 01:11:44,258 --> 01:11:46,758 it in the marketplace as a significant, 1079 01:11:46,844 --> 01:11:48,854 lasting company. 1080 01:11:53,935 --> 01:11:56,765 NARRATOR: General Electric will go on to become 1081 01:11:56,854 --> 01:11:59,824 one of America's biggest corporations. 1082 01:12:00,274 --> 01:12:03,284 - DONNY DEUTSCH: The players change, the stakes change, 1083 01:12:05,571 --> 01:12:08,201 but the essence of the game stays the same. 1084 01:12:10,451 --> 01:12:13,331 Whether it's understanding who it is that you have 1085 01:12:13,413 --> 01:12:16,833 to kind of massage, who it is you gotta knock on the head, 1086 01:12:16,916 --> 01:12:19,996 who it is you have to buy off to do this. 1087 01:12:23,131 --> 01:12:24,381 That's the game. 1088 01:12:25,800 --> 01:12:28,640 - NARRATOR: With the creation of G.E. 1089 01:12:28,720 --> 01:12:31,810 J.P. Morgan has consolidated the electric industry. 1090 01:12:33,975 --> 01:12:36,635 Just like he did with the railroads. 1091 01:12:39,188 --> 01:12:40,688 And Wall Street. 1092 01:12:44,152 --> 01:12:46,492 It's a move he learned from his father. 1093 01:12:46,571 --> 01:12:49,241 A move J.P. Morgan has now made his own. 1094 01:12:51,701 --> 01:12:53,741 - STEVE WYNN: There's always a reason 1095 01:12:53,828 --> 01:12:57,368 why you can't do something, but if deep inside you 1096 01:12:57,457 --> 01:13:01,627 it's what you want very badly, you take chances, 1097 01:13:02,670 --> 01:13:06,920 you measure opportunity and get where you want to go. 1098 01:13:12,513 --> 01:13:15,973 - NARRATOR: J.P. Morgan joins Rockefeller and Carnegie 1099 01:13:16,058 --> 01:13:18,978 as one of the most powerful men in the country. 1100 01:13:22,940 --> 01:13:25,570 But Morgan's rapid rise to the top 1101 01:13:25,651 --> 01:13:27,821 makes him hungrier than ever. 1102 01:13:31,699 --> 01:13:33,869 And as his power grows... 1103 01:13:33,951 --> 01:13:36,791 ...his rivals are forced to adjust. 1104 01:13:41,876 --> 01:13:45,336 America is the fastest growing country on the planet. 1105 01:13:46,631 --> 01:13:49,801 Linked by railroads, fueled by oil, 1106 01:13:50,510 --> 01:13:52,220 and built on steel. 1107 01:13:52,845 --> 01:13:54,805 The nation has become a battleground 1108 01:13:54,889 --> 01:13:57,309 for magical new innovation. 1109 01:13:59,894 --> 01:14:02,564 Electricity is transforming the world. 1110 01:14:03,648 --> 01:14:05,358 And with General Electric, 1111 01:14:05,441 --> 01:14:09,491 J.P. Morgan is the uncontested leader in the industry... 1112 01:14:09,570 --> 01:14:11,950 ...using his millions to build power stations 1113 01:14:12,031 --> 01:14:13,621 from coast to coast. 1114 01:14:14,951 --> 01:14:18,661 Bringing electricity to the masses for the first time. 1115 01:14:18,746 --> 01:14:20,786 - STEVE CASE: Entrepreneurs want to 1116 01:14:20,873 --> 01:14:23,043 change the world, want to have a significant impact, 1117 01:14:23,125 --> 01:14:24,785 don't want to just build a company. 1118 01:14:24,877 --> 01:14:25,997 They want to build an industry. 1119 01:14:26,087 --> 01:14:28,207 They don't want to just create another product or service, 1120 01:14:28,297 --> 01:14:29,797 they really want to fundamentally improve 1121 01:14:29,882 --> 01:14:31,632 aspects of people's lives. 1122 01:14:31,717 --> 01:14:33,967 - NARRATOR: But J.P. Morgan 1123 01:14:34,053 --> 01:14:37,103 doesn't want to be confined to just one industry. 1124 01:14:39,058 --> 01:14:41,178 He wants to own them all. 1125 01:14:44,522 --> 01:14:47,522 As the head of the biggest investment bank in the world, 1126 01:14:47,608 --> 01:14:50,778 Morgan has unrivaled power and influence, 1127 01:14:50,862 --> 01:14:53,412 and he's returned to his old ways. 1128 01:14:55,032 --> 01:14:59,792 Only now he's taken the House of Morgan to another level. 1129 01:15:01,455 --> 01:15:03,745 - MAURY KLEIN: Morgan's reach was very broad 1130 01:15:03,833 --> 01:15:05,503 in American industry. 1131 01:15:05,918 --> 01:15:07,958 He becomes the most respected, 1132 01:15:08,045 --> 01:15:10,165 reliable and trusted figure, 1133 01:15:10,256 --> 01:15:14,336 not only because of the power and wealth that he wields, 1134 01:15:14,427 --> 01:15:16,597 but just because of his character. 1135 01:15:23,728 --> 01:15:27,358 - NARRATOR: After a two year depression, 1136 01:15:27,440 --> 01:15:31,480 the U.S. Treasury has become perilously close to bankruptcy. 1137 01:15:32,570 --> 01:15:36,070 And there is only one man the government can turn to. 1138 01:15:36,699 --> 01:15:40,159 J.P. Morgan is called to Washington to help. 1139 01:15:40,620 --> 01:15:42,200 - JIM CRAMER: We think of bankers now 1140 01:15:42,288 --> 01:15:45,118 as just greedy bankster-gangsters. 1141 01:15:45,207 --> 01:15:48,077 Morgan was maybe one of the greediest of all, 1142 01:15:48,169 --> 01:15:49,709 but he also really had this side of him 1143 01:15:49,795 --> 01:15:51,875 which just said I have faith in men, 1144 01:15:51,964 --> 01:15:55,474 I have faith in the country, and I am going to lend it. 1145 01:15:56,928 --> 01:15:59,548 - NARRATOR: Morgan puts together a loan 1146 01:15:59,639 --> 01:16:03,929 worth over $100 million, almost $3 billion today, 1147 01:16:04,977 --> 01:16:07,597 and bails out the federal government. 1148 01:16:08,481 --> 01:16:12,481 Saving the American economy from complete collapse. 1149 01:16:12,568 --> 01:16:13,938 - DONALD TRUMP: J.P. Morgan 1150 01:16:14,028 --> 01:16:15,698 was really the country's banker. 1151 01:16:15,780 --> 01:16:17,660 Today when you think of that, it's inconceivable. 1152 01:16:17,740 --> 01:16:20,660 But he would loan the country money, 1153 01:16:20,743 --> 01:16:22,663 when the country was in trouble. 1154 01:16:23,663 --> 01:16:25,833 - ALAN GREENSPAN: Morgan obviously was looking 1155 01:16:25,915 --> 01:16:30,625 at the national interest in the context of his own, 1156 01:16:30,711 --> 01:16:33,671 that is, saving the U.S. Treasury 1157 01:16:33,756 --> 01:16:36,836 was an act of basic self interest, 1158 01:16:36,926 --> 01:16:39,426 but it was an act of nationalism. 1159 01:16:41,222 --> 01:16:43,892 - NARRATOR: Morgan's newfound power is a huge 1160 01:16:43,975 --> 01:16:45,885 wakeup call to his rivals. 1161 01:16:49,689 --> 01:16:53,019 They see Morgan as a threat they need to deal with. 1162 01:16:54,235 --> 01:16:56,605 Before he deals with them. 1163 01:17:03,452 --> 01:17:05,502 John Rockefeller feels the pressure 1164 01:17:05,579 --> 01:17:08,539 to keep his empire intact like never before. 1165 01:17:12,795 --> 01:17:16,165 Despite his best efforts to stop it in its tracks... 1166 01:17:17,758 --> 01:17:20,548 ...electricity has gone mainstream. 1167 01:17:23,139 --> 01:17:25,179 - STEVE WOZNIAK: The people started these great companies, 1168 01:17:25,266 --> 01:17:28,436 they just think out solutions on their own to problems. 1169 01:17:28,519 --> 01:17:30,349 You don't do it the way it's been done before-- 1170 01:17:30,438 --> 01:17:31,518 that's in a book. 1171 01:17:31,605 --> 01:17:34,145 You go out and you try something new cause you think 1172 01:17:34,233 --> 01:17:36,613 it'll, that you'll be able to make it work... 1173 01:17:39,405 --> 01:17:42,025 - NARRATOR: To keep Standard Oil profitable, 1174 01:17:42,116 --> 01:17:45,616 Rockefeller needs to find a product to replace kerosene. 1175 01:17:49,248 --> 01:17:50,918 And the answer may have been 1176 01:17:51,000 --> 01:17:53,170 in front of him the entire time. 1177 01:17:59,133 --> 01:18:02,343 - Just over 100 degrees you get a mixture of alkanes. 1178 01:18:04,430 --> 01:18:06,850 Sadly it can't be used for anything. 1179 01:18:10,311 --> 01:18:11,731 - ROCKEFELLER: Why not? 1180 01:18:11,812 --> 01:18:13,312 - ANDREWS: Too volatile. 1181 01:18:25,493 --> 01:18:29,583 - NARRATOR: Rockefeller targets a byproduct of refining oil 1182 01:18:29,663 --> 01:18:32,333 that for years has been thrown away. 1183 01:18:33,584 --> 01:18:36,844 The highly flammable runoff is soaking fields 1184 01:18:36,921 --> 01:18:38,551 and polluting rivers. 1185 01:18:40,633 --> 01:18:43,803 The toxic substance is called gasoline... 1186 01:18:45,262 --> 01:18:49,432 ...and so far, no one has figured out a use for it. 1187 01:18:49,517 --> 01:18:51,937 - DONALD TRUMP: Oftentimes I'm asked 1188 01:18:52,019 --> 01:18:54,769 do you have to be ruthless to be very successful? 1189 01:18:54,855 --> 01:18:57,185 And I say, you do not have to be ruthless, 1190 01:18:57,274 --> 01:18:58,614 you have to be smart. 1191 01:18:58,692 --> 01:19:00,112 Smart is the key word. 1192 01:19:00,194 --> 01:19:01,534 You have to be smart. 1193 01:19:03,197 --> 01:19:05,777 - NARRATOR: Rockefeller hires a team of scientists 1194 01:19:05,866 --> 01:19:08,576 to try to find a use for the toxic substance. 1195 01:19:09,495 --> 01:19:11,905 First they create small products... 1196 01:19:11,997 --> 01:19:15,127 ...like synthetic beeswax and petroleum jelly. 1197 01:19:16,460 --> 01:19:19,340 But Rockefeller becomes convinced gasoline 1198 01:19:19,421 --> 01:19:21,011 has a bigger potential. 1199 01:19:26,053 --> 01:19:29,223 The quest to create a more powerful motor 1200 01:19:29,306 --> 01:19:33,516 leads to the development of the internal combustion engine. 1201 01:19:35,729 --> 01:19:38,819 The exact properties that make gasoline so dangerous, 1202 01:19:38,899 --> 01:19:42,529 also make it the perfect fuel to power this engine. 1203 01:19:44,572 --> 01:19:45,782 - JACK WELCH: You're always looking 1204 01:19:45,865 --> 01:19:47,445 for the next innovation. 1205 01:19:47,533 --> 01:19:48,913 The next niche. 1206 01:19:48,993 --> 01:19:50,833 The next product improvement. 1207 01:19:50,911 --> 01:19:52,661 The next service improvement. 1208 01:19:52,746 --> 01:19:54,826 You're always trying to get better. 1209 01:19:56,584 --> 01:19:59,674 - NARRATOR: The timing is perfect for Rockefeller. 1210 01:19:59,753 --> 01:20:02,513 Already in possession of the world's largest supply 1211 01:20:02,590 --> 01:20:05,680 of gasoline, he starts using gasoline powered 1212 01:20:05,759 --> 01:20:08,549 engines to run machines in his refineries. 1213 01:20:10,097 --> 01:20:12,847 The efficiency and power of the engine quickly make 1214 01:20:12,933 --> 01:20:16,563 it the standard in factories across the country. 1215 01:20:17,062 --> 01:20:19,482 But when the engine is put on wheels... 1216 01:20:19,565 --> 01:20:23,065 ...creating what's being called "the horseless carriage"... 1217 01:20:25,279 --> 01:20:28,409 ..Rockefeller realizes that gasoline could be 1218 01:20:28,490 --> 01:20:30,830 even bigger than kerosene. 1219 01:20:35,915 --> 01:20:37,415 But right when Rockefeller sees 1220 01:20:37,499 --> 01:20:40,039 the future of the oil industry... 1221 01:20:40,127 --> 01:20:42,047 - WILLIAM JENNINGS BRYAN: No man could earn a 1222 01:20:42,129 --> 01:20:43,959 million dollars honestly. 1223 01:20:44,048 --> 01:20:47,428 - NARRATOR: An outside threat emerges. 1224 01:20:48,469 --> 01:20:51,259 - WILLIAM JENNINGS BRYAN: I will tear down these trusts! 1225 01:20:51,347 --> 01:20:53,887 - NARRATOR: ...who could destroy everything he-- 1226 01:20:53,974 --> 01:20:56,394 and his rivals--have built. 1227 01:20:56,477 --> 01:20:58,387 - WILLIAM JENNINGS BRYAN: Do you hear me Carnegie? 1228 01:20:58,479 --> 01:21:00,479 Do you hear me Rockefeller? 1229 01:21:06,612 --> 01:21:09,822 - NARRATOR: As the 20th century approaches. 1230 01:21:10,699 --> 01:21:14,289 J.P. Morgan and John Rockefeller have been locked 1231 01:21:14,370 --> 01:21:18,920 in a battle pitting electricity against kerosene. 1232 01:21:20,501 --> 01:21:22,541 Their rival, Andrew Carnegie, 1233 01:21:22,628 --> 01:21:24,798 has stayed out of the fray. 1234 01:21:25,256 --> 01:21:29,296 He's been quietly building his steel empire bigger than ever. 1235 01:21:29,385 --> 01:21:31,755 Including landing lucrative contracts 1236 01:21:31,845 --> 01:21:35,425 with the U.S. Navy to provide steel for warships. 1237 01:21:35,516 --> 01:21:39,346 Making him one of the country's first defense contractors. 1238 01:21:41,855 --> 01:21:44,895 - DONNY DEUTSCH: The great business icons--it's not 1239 01:21:44,984 --> 01:21:47,194 that they were worth hundreds of millions, 1240 01:21:47,278 --> 01:21:48,778 or billions, or trillions of dollars, 1241 01:21:48,862 --> 01:21:51,112 it's that they moved society forward. 1242 01:21:52,032 --> 01:21:53,912 Whatever their motivations, 1243 01:21:53,993 --> 01:21:57,003 whatever it was, they--being here 1244 01:21:57,079 --> 01:22:01,539 and their lust for success, for power, for money, 1245 01:22:01,625 --> 01:22:03,705 for fame--moved us forward. 1246 01:22:10,050 --> 01:22:12,340 - NARRATOR: But now, J.P. Morgan 1247 01:22:12,428 --> 01:22:15,758 is about to take business to a whole new level. 1248 01:22:18,559 --> 01:22:21,639 He begins looking for other ways to make money. 1249 01:22:22,896 --> 01:22:25,436 Building on his father's business model. 1250 01:22:25,524 --> 01:22:28,074 He creates a tactic that's so innovative, 1251 01:22:28,152 --> 01:22:30,952 it becomes known as "Morganization." 1252 01:22:31,905 --> 01:22:33,735 - "Morganization," in effect, 1253 01:22:33,824 --> 01:22:37,544 means taking companies that were fighting each other, 1254 01:22:37,619 --> 01:22:39,499 bringing them together, 1255 01:22:39,580 --> 01:22:43,170 and managing the company in such a way that 1256 01:22:43,250 --> 01:22:46,590 competition is reduced, profits are increased. 1257 01:22:46,670 --> 01:22:49,760 In other words, trying to impose order on these 1258 01:22:49,840 --> 01:22:52,090 fiercely competitive industries. 1259 01:22:53,594 --> 01:22:56,184 - NARRATOR: Morgan starts restructuring companies 1260 01:22:56,263 --> 01:22:58,513 in industries across the country. 1261 01:22:58,599 --> 01:23:01,889 Firing workers and eliminating inefficiencies. 1262 01:23:01,977 --> 01:23:05,517 While prioritizing profits over everything else. 1263 01:23:09,610 --> 01:23:13,990 And soon, Morgan's rivals adopt the same approach. 1264 01:23:16,992 --> 01:23:21,502 - STEVE WYNN: The private sector--greed, ambition, 1265 01:23:21,580 --> 01:23:25,460 dreamers, the stuff of entrepreneurs; 1266 01:23:26,752 --> 01:23:29,422 look at it too closely, you may not admire it 1267 01:23:29,505 --> 01:23:31,585 as much as you do after the fact. 1268 01:23:34,218 --> 01:23:35,468 - NARRATOR: Carnegie and Rockefeller 1269 01:23:35,552 --> 01:23:37,932 begin Morganizing their own companies. 1270 01:23:39,223 --> 01:23:43,103 Maximizing profits by slashing their workforce. 1271 01:23:45,813 --> 01:23:47,563 Those who still have a job... 1272 01:23:47,648 --> 01:23:49,938 ...are forced to work longer hours. 1273 01:23:50,025 --> 01:23:51,645 For even less pay. 1274 01:23:54,071 --> 01:23:57,571 - JIM CRAMER: What we saw during this golden age 1275 01:23:57,658 --> 01:24:00,368 of capitalism was the unregulated side 1276 01:24:00,452 --> 01:24:03,372 of capitalism that make us feel, these days, 1277 01:24:04,331 --> 01:24:06,291 glad for federal government, 1278 01:24:06,375 --> 01:24:09,625 because no one else was keeping an eye on things. 1279 01:24:12,005 --> 01:24:14,415 - NARRATOR: Conditions for workers across the country 1280 01:24:14,508 --> 01:24:16,678 become almost unbearable... 1281 01:24:16,760 --> 01:24:18,850 ...as going to work for many Americans, 1282 01:24:18,929 --> 01:24:20,929 becomes a dangerous proposition. 1283 01:24:21,932 --> 01:24:24,142 - STEVEN WATTS: You had a working class 1284 01:24:24,226 --> 01:24:27,556 or even the unemployed who had a very hard time of it. 1285 01:24:27,646 --> 01:24:31,516 They had low paying jobs, if any at all in this 1286 01:24:31,608 --> 01:24:35,148 period, a little bit above starvation wages, 1287 01:24:35,237 --> 01:24:36,237 many of them. 1288 01:24:36,321 --> 01:24:37,991 So, there's a growing disparity of wealth 1289 01:24:38,073 --> 01:24:40,453 in this period that was very striking. 1290 01:24:40,534 --> 01:24:42,664 - DONNY DEUTSCH: What people defined 1291 01:24:42,744 --> 01:24:45,664 as haves and have-nots, super rich, hedge fund guys, 1292 01:24:45,747 --> 01:24:47,457 and people just trying to pay their mortgage. 1293 01:24:47,541 --> 01:24:49,961 It's still nowhere near what was going on 1294 01:24:50,043 --> 01:24:51,963 in the old days as far as, you know, 1295 01:24:52,045 --> 01:24:54,125 truly abusive conditions for workers. 1296 01:24:58,385 --> 01:25:00,005 - NARRATOR: The gap between the rich and the 1297 01:25:00,095 --> 01:25:01,845 poor continues to grow... 1298 01:25:02,431 --> 01:25:04,021 ...at a staggering rate. 1299 01:25:07,769 --> 01:25:10,439 While the working class struggles... 1300 01:25:11,565 --> 01:25:13,355 ...profits for Carnegie, Morgan, 1301 01:25:13,442 --> 01:25:16,152 and Rockefeller are better than ever. 1302 01:25:17,070 --> 01:25:19,610 To millions of workers around the country, 1303 01:25:19,698 --> 01:25:22,658 the titans of industry are a symbol of everything 1304 01:25:22,743 --> 01:25:24,333 wrong with America. 1305 01:25:26,580 --> 01:25:29,870 A seething undercurrent of anger takes hold. 1306 01:25:31,919 --> 01:25:34,589 One that quickly bubbles to the surface. 1307 01:25:37,382 --> 01:25:39,842 With an election year on the horizon, 1308 01:25:39,927 --> 01:25:42,547 a politician from Nebraska is channeling 1309 01:25:42,638 --> 01:25:44,098 the public's frustrations. 1310 01:25:44,181 --> 01:25:47,311 WILLIAM JENNINGS BRYAN: I will tear down those trusts. 1311 01:25:47,392 --> 01:25:49,062 - NARRATOR: And directing them right 1312 01:25:49,144 --> 01:25:50,904 at America's richest men. 1313 01:25:50,979 --> 01:25:52,729 - WILLIAM JENNINGS BRYAN: Do you hear me Carnegie? 1314 01:25:52,814 --> 01:25:55,154 Do you hear me Rockefeller? 1315 01:25:56,693 --> 01:25:59,453 - NARRATOR: William Jennings Bryan is an up 1316 01:25:59,530 --> 01:26:02,990 and coming political force who's drawing huge crowds... 1317 01:26:03,951 --> 01:26:07,581 ...vowing to put an end to the country's monopolies. 1318 01:26:10,332 --> 01:26:13,542 But Bryan's promise of change is bad news 1319 01:26:14,836 --> 01:26:17,546 for the leaders of American business. 1320 01:26:18,465 --> 01:26:23,715 - H.W. BRANDS: To many people it seemed as though big money, 1321 01:26:23,804 --> 01:26:25,894 big corporations, the biggest of all 1322 01:26:25,973 --> 01:26:28,773 Standard Oil, were taking over the country. 1323 01:26:29,434 --> 01:26:32,904 From this emerged the progressive movement. 1324 01:26:32,980 --> 01:26:39,690 And a major part of its platform was antitrust legislation. 1325 01:26:40,195 --> 01:26:44,275 Not just legislation, but antitrust prosecution. 1326 01:26:47,786 --> 01:26:49,196 - NARRATOR: Rockefeller, Carnegie, 1327 01:26:49,288 --> 01:26:53,578 and Morgan have built entire industries from the ground up. 1328 01:26:53,667 --> 01:26:57,037 They're not about to let a charismatic politician 1329 01:26:57,129 --> 01:26:59,089 destroy their empires. 1330 01:27:01,425 --> 01:27:04,965 But public opinion is solidifying against them. 1331 01:27:06,930 --> 01:27:10,220 And as Bryan begins a campaign for the White House... 1332 01:27:10,309 --> 01:27:14,059 ...the Titans know that stopping him won't be easy. 1333 01:27:15,522 --> 01:27:17,982 They devise a plan so bold, 1334 01:27:18,066 --> 01:27:20,856 no one has ever attempted it before. 1335 01:27:22,696 --> 01:27:24,696 There's only one problem... 1336 01:27:25,032 --> 01:27:27,912 ...to be successful, they can't work alone. 1337 01:27:30,037 --> 01:27:32,867 For the first time, America's most powerful 1338 01:27:32,956 --> 01:27:35,666 men will have to put their rivalries aside... 1339 01:27:37,794 --> 01:27:39,964 ...and start working together. 1340 01:27:43,300 --> 01:27:45,260 - CARNEGIE: What do you think? 1341 01:27:45,344 --> 01:27:47,554 - We need to buy the President.