Businesses' increased ability to raise capital by selling stock led to the emergence of large corporations as a major force in the United States after 1865. A. Large businesses developed more efficient administrative structures, which allowed them to consolidate through horizontal integration, vertical integration, or both. B. Even though consolidation initially developed in manufacturing, it was J. P. Morgan in the banking industry who came up with the most successful consolidation technique. C. The most famous corporation was Rockefeller's Standard Oil, which acquired many competing businesses and controlled its supply sources, eventually establishing itself as a holding company. D. In order to limit competition as effectively as they could, industrialists created pool arrangements and then later trusts and holding companies. E. The rise of corporations as the dominant force in the American economy forced certain states to pass new laws that resulted in direct state control over consolidation. F. Corporate consolidation was an extremely complex process, and required enormous amounts of capital for carrying out various integration procedures.