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Answer
The Sherman Antitrust Act ~ The Standard Oil Company of New Jersey inspired imitation.
During the 1880's trust's appeared in numerous industries, from sugar refining to the manufacture of matches. Small producers who were pushed out cried for help. And the public became alarmed about the decline of competition. Stories of Rockefeller's ruthless methods of business contributed to the outcry. His competitor complained of intimidation and spying.
In 1890, Congress passed the Sherman Antitrust Act, which outlawed "every combination or conspiracy in restraint of trade."
The intent seemed clear enough - to break up the trusts - but the wording was disastrously vague. What actually was a combination?
The courts outlawed combinations that were conspiracies, such as cartels, but they permitted open mergers, such as the purchase of one company by another. The US Supreme Court ordered Standard Oil be divided into 34 independent companies, each with a unique board of directors.
Standard Oil Co. of New Jersey v. US, 221 US 1 (1911)
In 1911, the US Supreme Court used a novel interpretation of "restraint of trade" to rule Standard Oil Company of New Jersey held a monopoly on gasoline production and distribution, and was in violation of the Sherman Antitrust Act. In order to resolve what the Court considered unfair trade practices, they ordered the Standard Oil be divided into 34 independent companies with different boards of directors. Some of the more familiar petroleum company names originally part of Standard Oil are Esso, Mobile, (now Exxon/Mobile), Amoco, Sinclair, Standard, Chevron, and a host of small regional companies bearing the original Standard Oil name (e.g., Standard Oil of New Jersey, Standard Oil Company of New York, aka Socony). They also split off 24 non-gasoline petroleum enterprises.
For more information, see Related Questions, below.
What else can I help you with?
John D Rockefeller's oil company?
Standard Oil Company. Standard Oil Company.
Who wrote The History of the Standard Oil Company?
Ida Tarbell wrote The History of The Standard Oil Company
Identify John D Rockefeller and the standard oil company and rise of trust and monopolies?
Identify John D Rockefeller and the standard oil company and rise of trust and monopolies?
Who wrote an article exposing the evils of the standard oil company?
The woman that wrote an article and a book exposing the evils of the Standard Oil Company is Ida Tarbell. Tarbell was a teacher and journalist who was born in Erie County, Pennsylvania on November 5, 1857. The book is called, The History of the Standard Oil Company, and it was published in 1904.
Muckraker who wrote a series of articles exposing the ruthless practices of the standard oil company?
Ida Tarbell was a muckraker who wrote a series of articles exposing the ruthless practices of the Standard Oil Company.
The subject of Wealth against Commonwealth was?
critical examination of the standard oil company
Who was the muckraker who wrote history of the standard oil company which described how john d Rockefeller standard oil company begain swallowing up independent oil companies?
The muckraker who wrote "History of the Standard Oil Company" was Ida Tarbell. Her investigative work, published in 1904, detailed the unethical practices used by John D. Rockefeller to monopolize the oil industry by absorbing independent oil companies. Tarbell's revelations played a significant role in raising public awareness about corporate greed and contributed to the eventual antitrust actions against Standard Oil.
What company did muckrakers Ida Tarbell write about?
standard oil
John D Rockefeller's oil company?
Standard Oil Company. Standard Oil Company.
Who wrote The History of the Standard Oil Company?
Ida Tarbell wrote The History of The Standard Oil Company
Who was the person responsible for creating standard oil company?
Who was the person responsible for creating standard oil company? Answer this question…
What company was exposed as a monopoly by Ida Tarbell?
standard oil
What companies did john d Rockefeller organize in 1870?
standard oil company of Ohio.
What company did muckraker Ida Tarbell white about?
Ida Tarbell wrote about the Standard Oil Company in her book, "The History of the Standard Oil Company," which exposed the company's business practices and monopolistic tendencies, contributing to the public outcry that led to the breakup of the company.
Why was George Rice against the Standard oil company?
Because he was a small company which was forced out of business due to Rockefeller lowering his prices of oil by up to 3 cents cheaper than Rice was capable of.
What did john Rockefeller transport on the railroad?
He transported standard oil from his Standard Oil Company.
Which company had a monopoly in the late 1800s?
Standard Oil Company
