A German cartel sent a man to Michigan A German cartel sent a man to Michigan to tell one chemist to stop selling to tell one chemist to stop selling to tell one chemist to stop selling bromine. He said no, so they set out to bromine. He said no, so they set out to bromine. He said no, so they set out to bankrupt him. In 1904, bromine is in bankrupt him. In 1904, bromine is in bankrupt him. In 1904, bromine is in medicine and in film, and Germany medicine and in film, and Germany medicine and in film, and Germany controls all of it. 30 companies, one controls all of it. 30 companies, one controls all of it. 30 companies, one cartel, one price, fixed worldwide at 49 cartel, one price, fixed worldwide at 49 cartel, one price, fixed worldwide at 49 cents a pound. Nobody can compete with cents a pound. Nobody can compete with cents a pound. Nobody can compete with them, except for a man in Midland, them, except for a man in Midland, them, except for a man in Midland, Michigan, named Herbert Dow. He's Michigan, named Herbert Dow. He's Michigan, named Herbert Dow. He's figured out how to pull it out of brine figured out how to pull it out of brine figured out how to pull it out of brine with electricity, and he's selling it with electricity, and he's selling it with electricity, and he's selling it for 36 cents. So, the cartel decides to for 36 cents. So, the cartel decides to for 36 cents. So, the cartel decides to flood America with bromine at 15 cents a flood America with bromine at 15 cents a flood America with bromine at 15 cents a pound, way below cost. They'll lose pound, way below cost. They'll lose pound, way below cost. They'll lose money on every pound until Dow is dead. money on every pound until Dow is dead. money on every pound until Dow is dead. Then they'll put the price back up when Then they'll put the price back up when Then they'll put the price back up when they control the markets. That's the they control the markets. That's the they control the markets. That's the whole plan, and it's worked for them whole plan, and it's worked for them whole plan, and it's worked for them multiple times already. Dow can't make multiple times already. Dow can't make multiple times already. Dow can't make bromine for 15 cents. Nobody can. But bromine for 15 cents. Nobody can. But bromine for 15 cents. Nobody can. But he's noticed something. It's 15 cents in he's noticed something. It's 15 cents in he's noticed something. It's 15 cents in America and 49 cents in Europe. So, he America and 49 cents in Europe. So, he America and 49 cents in Europe. So, he has an agent in New York quietly buy has an agent in New York quietly buy has an agent in New York quietly buy hundreds of thousands of pounds of the hundreds of thousands of pounds of the hundreds of thousands of pounds of the cartel's own bromine at 15 cents, ships cartel's own bromine at 15 cents, ships cartel's own bromine at 15 cents, ships it back across the Atlantic, and sells it back across the Atlantic, and sells it back across the Atlantic, and sells it for 27 cents in Europe, in Germany. it for 27 cents in Europe, in Germany. it for 27 cents in Europe, in Germany. The cartel can't figure out what's The cartel can't figure out what's The cartel can't figure out what's happening. American demand's through the happening. American demand's through the happening. American demand's through the roof, and somebody is undercutting them roof, and somebody is undercutting them roof, and somebody is undercutting them now in their own backyard with bromine now in their own backyard with bromine now in their own backyard with bromine they can't trace. So, they cut the they can't trace. So, they cut the they can't trace. So, they cut the American price again. 12 cents. Dow buys American price again. 12 cents. Dow buys American price again. 12 cents. Dow buys more. 10 and a half cents. Dow buys more. 10 and a half cents. Dow buys more. 10 and a half cents. Dow buys more. They were paying to ship bromine more. They were paying to ship bromine more. They were paying to ship bromine across an ocean at a loss, so that Dow across an ocean at a loss, so that Dow across an ocean at a loss, so that Dow could ship it right back to them at a could ship it right back to them at a could ship it right back to them at a profit. In 1908, the cartel gave up and profit. In 1908, the cartel gave up and profit. In 1908, the cartel gave up and signed a deal. And the company Dow built signed a deal. And the company Dow built signed a deal. And the company Dow built with that money is still called Dow with that money is still called Dow with that money is still called Dow Chemical to this day.