Morgan originated, and made large profits from, numerous other mergers. Acting as primary banker to numerous railroads, moreover, he effectively muted competition among them. His organizational efforts brought stability to
American industry by ending price wars to the disadvantage of farmers and small manufacturers, who saw him as an
oppressor. In 1901, when he established the Northern Securities Company to control a group of major railroads,
President Theodore Roosevelt authorized a successful Sherman Antitrust Act suit to break up the merger.
"J. P. Morgan and Finance Capitalism,"
Outline of U. S. History,
Alonzo Hamby
A trust, as developed by John D. Rockefeller and facilitated by J. P. Morgan, can best be described as
O a legal formalization of vertical integration within a market.
a legal combination of firms managed as a single monopoly or near-monopoly.
a legal collusion of a small group of separate firms that control prices.
O a legal form by which new corporations are created to increase competition.