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By the mid-1890s, Barber Asphalt had paved streets in over 70 cities, responsible for about half of all asphalt used in the United States. His success earned him the nickname "King of Asphalt," and he became a wealthy industrialist.
Industry Consolidation and the Rise and Fall of a Monopoly
In 1899, sensing impending competition, Barber attempted to consolidate the asphalt industry by creating the "Asphalt Trust," a near-monopoly through a $30 million stock offering. This move garnered headlines, and Barber stepped back from daily management, spending some time in London as the trust took shape.