![]() ![]() ![]() However, in practice these companies remained a part of the same national conglomerate, thanks to a group of shareholders owning stakes in multiple Standard Oil divisions and covertly directing their operations in coordination with each other. ![]() The state of Ohio sued Standard Oil on the basis of this law, and in 1892 the company was forced to separate its structure into regional companies, such as Standard Oil of New Jersey, Standard Oil of Ohio, and Standard Oil of California (the branch with which Daniel deals in the film, and which in real life was led by H.M. In 1890, Congress passed the Sherman Antitrust Act, which outlawed companies from engineering the markets to restrict fair and competitive business. By the late 1880s, Standard Oil had accumulated hundreds of millions of dollars in revenue (not adjusted for inflation) and controlled about 88% of the national oil marketplace. He was able quickly to expand Standard Oil in part through legitimate business practices and improved efficiency, but mostly due to tactics such as buying out competing businesses, negotiating exclusive discount deals with rail companies for transporting products, and secretly colluding with other companies to control the markets. Rockefeller was born into a working-class family but quickly accumulated a significant amount of money through his early business ventures. Standard Oil was founded in 1870 in Ohio by John D. ![]()
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