trust allowed Standard Oil Company to take over more companies in the oil refining industry, creating a monopoly. In 1890, the Sherman Antitrust Act was passed by Congress to ban trusts. The act prohibited contracts made "in restraint of trade," but it did not define what this meant. The Standard Oil Company continued its monopoly in the oil industry until 1911 when the Supreme Court ruled that the company had broken the law. At this time, the company was broken up into several smaller companies.
Cornelius…
Words 3322 - Pages 14