Trust Busting and Regulation of Big Business by Clayton Devries, Neftali Genao, Kevin Maier and Jimmy Molzan

Sherman Antitrust Act ● Prohibits certain business activities that Fed. Gov’t regulators deem to be anti-competitive. ● Requires Federal Gov’t to investigate and pursue trusts, companies and organizations suspected of being in violation.

Northern Securities ● Before Teddy Roosevelt was in office many of the other president favored big business. ● The Sherman Antitrust Act was passed but it was not really used Northern Securities- a big railroad trust of Industrialist and financiers led by J.P. Morgan ● The Justice Department filed a suit against Northern Securities in 1902 ● Northern Securities violated the Sherman Antitrust Act because it was a monopoly ● It told big businesses that Teddy was not going to let the big business rule the market.

Railroad Regulation ● Regulated the economics of transportation of trucks, buses, railroads and oil pipelines. ● First introduced due to the abuses and bad working condition of railroads. Teddy roosevelt helped to enforce this. “A man who is good enough to shed his blood for his country is good enough to be given a square deal afterwards.” -Theodore Roosevelt

Elkins Act of 1903 ● The Elkins Act of 1903 was Teddy Roosevelt's first attempt at trying to regulate railroad business. ● Many people favored this because many small businesses and people depended on railroads. ● Elkins Act- ended the practice of railroad companies granting shipping rebates to certain companies. ● At first it worked, but the big businesses found a way around the act. ● Roosevelt needed something better to actually stop the big railroad companies from abusing their power.

Hepburn Act ● To fix the problems that Roosevelt had with rebates he passed the Hepburn Act ● Senators that were friendly with railroad business made it hard for the bill to get passed. In the end it still did ● Hepburn Act- gave the Interstate Commerce Commission the additional power to regulate shipping rates on railroads. ● Before the act, courts would review on individual cases.

Federal Trade Act ● Authorized to “Cease and Desist” orders to large corporations to curb unfair trade practices. ● Gave more flexibility to the US Congress for Judicial matters.

Clayton Antitrust ● Supplemented the Sherman Antitrust Act. ● Prohibited slashing prices to undercut local businesses who could not compete. ● Regulation of mergers

The Coal Strike of 1902 ● Was a strike by the United Mine Workers of America ● Complained about their poor and dangerous working conditions. ● Asked for higher wages, shorter work days, and the recognition of their union

Big Business Today ● Big business today still occurs, but there is much more regulation than during the progressive era. ● In 1984 the Bell Telephone Company was split up into various companies.

When you gotta problem with big business. When you gotta problem with big business Who you gonna call?

Trust Busters!

Works Cited ● ● ● commission.html commission.html ● testrike.htm testrike.htm ● TR/Themes/Capitalism-and-Labor/The-Elkins-Act.aspx TR/Themes/Capitalism-and-Labor/The-Elkins-Act.aspx