Chapters 22-23 Summary and Analysis

By the mid-1890s, public sentiment is to curtail the trusts. In 1897, the Ohio Attorney General finds that the trust is still in force and the certificates cannot be redeemed for show. He feels the Ohio company is in contempt of court. During the proceedings, Archbold engages in a shouting match with Flagg, an assistant to Attorney General Mennett. Standard Oil has burned some records that have been requested by the court.

A change in New Jersey law legalizes holding companies. There are numerous oil finds in various parts of the country and new oil companies come into existence. After the assassination of McKinley, Theodore Roosevelt becomes President. Roosevelt says that Standard Oil is an example of a bad trust. In 1902, he brings an antitrust suit against Northern Securities Company, a holding company of J. P. Morgan.

The Elkins...