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5._Dragon_Slain_Revised_S08

5._Dragon_Slain_Revised_S08 - 5 The Dragon Slain The...

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1 5. The Dragon Slain The Breakup of the Standard Oil Trust
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2 Some Major Themes Forces of competition were contributing to declining market share by Standard Business practices of SO became widely known - roots of hatred against big oil The Rise of Progressivism Public sought the Federal Government as the ultimate check on monopoly power Politics & business became intertwined
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3 Public opinion Public opinion had continued to mount against Standard This public dislike would lead to legal assaults that would change the company forever. The American economy had shifted from a decentralized and competitive economy of many small firms into one dominated by industrial trusts Americans looked to government to: Restore competition Control abuses Tame the economic and political power of trusts
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4 The Beginning of the End Ohio and Texas were the first states to launch minor legal assaults with anti-monopoly law suits. Ohio court decision in 1892 --> the trust was dissolved and shares were transferred throughout twenty companies 7 other states would also soon launch legal assaults against Standard.
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5 Holding Company (Could own stocks in other Corps) Standard was by no means politically helpless This dissolution did however keep Standard from motioning “official” control of the company In 1899, owners of Standard Oil Interests formed Standard Oil of New Jersey as the holding company of the entire operation SO of NJ held stock in 41 other companies These evasive tactics allowed Standard to maintain its power despite the legal actions against it
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6 Rockefeller Retires John D. Rockefeller Began to plan for retirement Stress related health problems (alopecia) On verge of nervous breakdown from stressfulness of business Decided to unofficially retire His doctor observed he could live to 100 given his three simple rules Avoid all worry Get plenty of exercise in the open air Get up from the table a little hungry
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7 His Successor “John D. Archbold, $4 a barrel” took over in 1897
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