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Available in 34 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-34" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">34 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86" title="ائتمان – Arabic" lang="ar" hreflang="ar" data-title="ائتمان" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Trest" title="Trest – Azerbaijani" lang="az" hreflang="az" data-title="Trest" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%A2%D1%80%D1%8D%D1%81%D1%82" title="Трэст – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Трэст" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Trust_(ekonomija)" title="Trust (ekonomija) – Bosnian" lang="bs" hreflang="bs" data-title="Trust (ekonomija)" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Trust" title="Trust – Catalan" lang="ca" hreflang="ca" data-title="Trust" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Trust" title="Trust – Danish" lang="da" hreflang="da" data-title="Trust" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Trust_(Wirtschaft)" title="Trust (Wirtschaft) – German" lang="de" hreflang="de" data-title="Trust (Wirtschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A4%CF%81%CE%B1%CF%83%CF%84" title="Τραστ – Greek" lang="el" hreflang="el" data-title="Τραστ" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Trust" title="Trust – Spanish" lang="es" hreflang="es" data-title="Trust" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Trusto" title="Trusto – Esperanto" lang="eo" hreflang="eo" data-title="Trusto" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Trust" title="Trust – Basque" lang="eu" hreflang="eu" data-title="Trust" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%B1%D8%A7%D8%B3%D8%AA_(%DA%A9%D8%B3%D8%A8%E2%80%8C%D9%88%DA%A9%D8%A7%D8%B1)" title="تراست (کسب‌وکار) – Persian" lang="fa" hreflang="fa" data-title="تراست (کسب‌وکار)" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Trust_(%C3%A9conomie)" title="Trust (économie) – French" lang="fr" hreflang="fr" data-title="Trust (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gd mw-list-item"><a href="https://gd.wikipedia.org/wiki/Urras" title="Urras – Scottish Gaelic" lang="gd" hreflang="gd" data-title="Urras" data-language-autonym="Gàidhlig" data-language-local-name="Scottish Gaelic" class="interlanguage-link-target"><span>Gàidhlig</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B2%95%EC%9D%B8%EC%8B%A0%ED%83%81" title="법인신탁 – Korean" lang="ko" hreflang="ko" data-title="법인신탁" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8F%D6%80%D5%A5%D5%BD%D5%BF" title="Տրեստ – Armenian" lang="hy" hreflang="hy" data-title="Տրեստ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Trust" title="Trust – Croatian" lang="hr" hreflang="hr" data-title="Trust" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A2%D1%80%D0%B5%D1%81%D1%82" title="Трест – Kazakh" lang="kk" hreflang="kk" data-title="Трест" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%A2%D1%80%D0%B5%D1%81%D1%82" title="Трест – Kyrgyz" lang="ky" hreflang="ky" data-title="Трест" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Trests" title="Trests – Latvian" lang="lv" hreflang="lv" data-title="Trests" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Trestas" title="Trestas – Lithuanian" lang="lt" hreflang="lt" data-title="Trestas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Tr%C3%B6szt" title="Tröszt – Hungarian" lang="hu" hreflang="hu" data-title="Tröszt" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%88%E3%83%A9%E3%82%B9%E3%83%88_(%E4%BC%81%E6%A5%AD%E5%BD%A2%E6%85%8B)" title="トラスト (企業形態) – Japanese" lang="ja" hreflang="ja" data-title="トラスト (企業形態)" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Trest" title="Trest – Uzbek" lang="uz" hreflang="uz" data-title="Trest" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Trust_(gospodarka)" title="Trust (gospodarka) – Polish" lang="pl" hreflang="pl" data-title="Trust (gospodarka)" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Truste" title="Truste – Portuguese" lang="pt" hreflang="pt" data-title="Truste" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A2%D1%80%D0%B5%D1%81%D1%82" title="Трест – Russian" lang="ru" hreflang="ru" data-title="Трест" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Trust" title="Trust – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Trust" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Trusti_(taloustiede)" title="Trusti (taloustiede) – Finnish" lang="fi" hreflang="fi" data-title="Trusti (taloustiede)" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Trust" title="Trust – Tagalog" lang="tl" hreflang="tl" data-title="Trust" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Tr%C3%B6st_(tekel)" title="Tröst (tekel) – Turkish" lang="tr" hreflang="tr" data-title="Tröst (tekel)" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A2%D1%80%D0%B5%D1%81%D1%82" title="Трест – Ukrainian" lang="uk" hreflang="uk" data-title="Трест" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C6%A1-r%E1%BB%9Bt" title="Tơ-rớt – Vietnamese" lang="vi" hreflang="vi" data-title="Tơ-rớt" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%89%98%E6%8B%89%E6%96%AF" title="托拉斯 – Chinese" lang="zh" hreflang="zh" data-title="托拉斯" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit 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class="mw-diff-usereditcount"><span>1,549,811</span> edits</div></div></div><div id="mw-diff-otitle3"> <span class="comment comment--without-parentheses">embed authority control with wikidata information</span></div><div id="mw-diff-otitle5"></div><div id="mw-diff-otitle4"><a href="/w/index.php?title=Trust_(business)&diff=prev&oldid=662632141" title="Trust (business)" id="differences-prevlink">← Previous edit</a></div></td> <td colspan="2" class="diff-ntitle diff-side-added"><div id="mw-diff-ntitle1"><strong><a href="/w/index.php?title=Trust_(business)&oldid=666401139" title="Trust (business)">Revision as of 22:37, 10 June 2015</a> <span class="mw-diff-edit"><a href="/w/index.php?title=Trust_(business)&action=edit&oldid=666401139" title="Trust (business)">edit</a></span><span class="mw-diff-timestamp" data-timestamp="2015-06-10T22:37:25Z"></span> <span class="mw-diff-undo"><a href="/w/index.php?title=Trust_(business)&action=edit&undoafter=662632141&undo=666401139" title=""Undo" reverts 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It allows adding a reason in the summary.">undo</a></span></strong></div><div id="mw-diff-ntitle2"><a href="/wiki/User:Mdd" class="mw-userlink" title="User:Mdd" data-mw-revid="666401139"><bdi>Mdd</bdi></a> <span class="mw-usertoollinks">(<a href="/wiki/User_talk:Mdd" class="mw-usertoollinks-talk" title="User talk:Mdd">talk</a> | <a href="/wiki/Special:Contributions/Mdd" class="mw-usertoollinks-contribs" title="Special:Contributions/Mdd">contribs</a>)</span><div class="mw-diff-usermetadata"><div class="mw-diff-userroles"><a href="/wiki/Wikipedia:Autopatrolled" title="Wikipedia:Autopatrolled">Autopatrolled</a>, <a href="/wiki/Wikipedia:Extended_confirmed_editors" class="mw-redirect" title="Wikipedia:Extended confirmed editors">Extended confirmed users</a></div><div class="mw-diff-usereditcount"><span>54,568</span> edits</div></div></div><div id="mw-diff-ntitle3"> <span class="comment comment--without-parentheses">+ image(s)</span></div><div id="mw-diff-ntitle5"></div><div id="mw-diff-ntitle4"><a href="/w/index.php?title=Trust_(business)&diff=next&oldid=666401139" title="Trust (business)" id="differences-nextlink">Next edit →</a></div></td> </tr><tr> <td colspan="2" class="diff-lineno">Line 1:</td> <td colspan="2" class="diff-lineno">Line 1:</td> </tr> <tr> <td class="diff-marker"></td> <td class="diff-context diff-side-deleted"><div>{{Other uses|Trust (disambiguation){{!}}Trust}}</div></td> <td class="diff-marker"></td> <td class="diff-context diff-side-added"><div>{{Other uses|Trust (disambiguation){{!}}Trust}}</div></td> </tr> <tr> <td colspan="2" class="diff-empty diff-side-deleted"></td> <td class="diff-marker" data-marker="+"></td> <td class="diff-addedline diff-side-added"><div>[[File:The Rockefeller-Morgan Family Tree, 1904.jpg|thumb|The Rockefeller-Morgan Family Tree (1904), the first great U.S. business trust.]]</div></td> </tr> <tr> <td class="diff-marker" data-marker="−"></td> <td class="diff-deletedline diff-side-deleted"><br /></td> <td colspan="2" class="diff-empty diff-side-added"></td> </tr> <tr> <td class="diff-marker"></td> <td class="diff-context diff-side-deleted"><div>A '''trust''' or '''corporate trust''' is an [[American English]] term for a large business with significant [[market power]]. It is often used in a historical sense to refer to [[monopoly|monopolies]] or near-monopolies in the [[United States]] during the [[Second Industrial Revolution]] in the 19th century and early 20th century. </div></td> <td class="diff-marker"></td> <td class="diff-context diff-side-added"><div>A '''trust''' or '''corporate trust''' is an [[American English]] term for a large business with significant [[market power]]. It is often used in a historical sense to refer to [[monopoly|monopolies]] or near-monopolies in the [[United States]] during the [[Second Industrial Revolution]] in the 19th century and early 20th century. </div></td> </tr> <tr> <td class="diff-marker"></td> <td class="diff-context diff-side-deleted"><br /></td> <td class="diff-marker"></td> <td class="diff-context diff-side-added"><br /></td> </tr> </table><hr class='diff-hr' id='mw-oldid' /> <h2 class='diff-currentversion-title'>Revision as of 22:37, 10 June 2015</h2> <div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/Trust_(disambiguation)" class="mw-redirect mw-disambig" title="Trust (disambiguation)">Trust</a>.</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_Rockefeller-Morgan_Family_Tree,_1904.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/18/The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg/220px-The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg" decoding="async" width="220" height="180" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/18/The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg/330px-The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/18/The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg/440px-The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg 2x" data-file-width="1799" data-file-height="1475" /></a><figcaption>The Rockefeller-Morgan Family Tree (1904), the first great U.S. business trust.</figcaption></figure> <p>A <b>trust</b> or <b>corporate trust</b> is an <a href="/wiki/American_English" title="American English">American English</a> term for a large business with significant <a href="/wiki/Market_power" title="Market power">market power</a>. It is often used in a historical sense to refer to <a href="/wiki/Monopoly" title="Monopoly">monopolies</a> or near-monopolies in the <a href="/wiki/United_States" title="United States">United States</a> during the <a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">Second Industrial Revolution</a> in the 19th century and early 20th century. </p><p>Originally, the corporate trust was a legal device used to consolidate power in large American corporate enterprises.<sup id="cite_ref-Orbach_1-0" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In January 1882, Samuel C.T. Dodd, Standard Oil’s General Solicitor, conceived of the corporate trust to help <a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a> consolidate his control over the many acquisitions of <a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a>, which was already the largest corporation in the world.<sup id="cite_ref-Orbach_1-1" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The Standard Oil Trust was formed pursuant to a "trust agreement" in which the individual shareholders of many separate <a href="/wiki/Corporation" title="Corporation">corporations</a> agreed to convey their shares to the trust; it ended up entirely owning 14 corporations and also exercised majority control over 26 others.<sup id="cite_ref-Orbach_1-2" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Nine individuals held trust certificates and acted as the trust's board of trustees.<sup id="cite_ref-Orbach_1-3" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Of course, one of those trustees was Rockefeller himself, who held 41% of the trust certificates; the next most powerful trustee only held about 12%.<sup id="cite_ref-Orbach_1-4" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This kind of arrangement became popular and soon had many imitators.<sup id="cite_ref-Orbach_1-5" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>An 1888 article explained the difference between trusts in the traditional sense and the newfangled corporate trusts: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>A trust is . . . simply the case of one person holding the title of property, whether land or chattels, for the benefit of another, termed a beneficiary. Nothing can be more common or more useful. But the word is now loosely applied to a certain class, of commercial agreements and, by reason of a popular and unreasoning dread of their effect, the term itself has become contaminated. This is unfortunate, for it is difficult to find a substitute for it. There may, of course, be illegal trusts; but a trust in and by itself is not illegal: when resorted to for a proper purpose, it has been for centuries enforced by courts of justice, and is, in fact, the creature of a court of equity.</p><div class="templatequotecite">— <cite>Theodore Dwight, Political Science Quarterly <sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>Although the "corporate trusts" were initially created to improve the organization of large businesses, they soon faced widespread accusations of abusing their market power to engage in <a href="/wiki/Anti-competitive_practices" title="Anti-competitive practices">anticompetitive business practices</a>. This caused the term "trust" to become strongly associated with such practices among the American public and led to the enactment of the <a href="/wiki/Sherman_Antitrust_Act" title="Sherman Antitrust Act">Sherman Antitrust Act</a> in 1890, the first federal competition statute. </p><p>Meanwhile, "trust agreements", the legal instruments used to create the corporate trusts, received a hostile reception in <a href="/wiki/State_court_(United_States)" title="State court (United States)">state courts</a> during the 1880s and were quickly phased out in the 1890s in favor of other clever devices for maintaining corporate control.<sup id="cite_ref-Orbach_1-6" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> For example, the Standard Oil Trust terminated its own trust agreement in March 1892.<sup id="cite_ref-Orbach_1-7" class="reference"><a href="#cite_note-Orbach-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Regardless, the name stuck, and American competition laws are known today as antitrust laws (or anti-trust laws) as a result of the historical public aversion to trusts, while other countries use the term "competition laws" instead. </p><p>In 1898, President <a href="/wiki/William_McKinley" title="William McKinley">William McKinley</a> launched the "trust-busting" era when he appointed the U.S. <a href="/wiki/Industrial_Commission" title="Industrial Commission">Industrial Commission</a>. The report of the Commission was seized upon by <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a>, who based much of his presidency on "<a href="/wiki/Trust-busting" class="mw-redirect" title="Trust-busting">trust-busting</a>". </p><p>Prominent trusts included Standard Oil,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> <a href="/wiki/U.S._Steel" title="U.S. Steel">U.S. Steel</a>,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/American_Tobacco_Company" title="American Tobacco Company">American Tobacco Company</a><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/International_Mercantile_Marine_Company" title="International Mercantile Marine Company">International Mercantile Marine Company</a>.,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and the match companies controlled by <a href="/wiki/Ivar_Kreuger" title="Ivar Kreuger">Ivar Kreuger</a>, the <i>Match King.</i> <a href="/wiki/De_Beers" title="De Beers">De Beers</a> had a dominant role in the supply of diamonds. </p><p>Other trusts were formed by several companies, such as the <a href="/wiki/Motion_Picture_Patents_Company" title="Motion Picture Patents Company">Motion Picture Patents Company</a> or <i>Edison Trust</i> which controlled the movie patents. Patents were also important to the <a href="/wiki/Bell_Telephone_Company" title="Bell Telephone Company">Bell Telephone Company</a>, as indicated by the massive litigation that came to be known as <a href="/wiki/The_Telephone_Cases" title="The Telephone Cases">The Telephone Cases</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <ul><li><a href="/wiki/Trust_company" title="Trust company">Trust company</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-Orbach-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Orbach_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Orbach_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Orbach_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Orbach_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Orbach_1-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Orbach_1-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Orbach_1-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Orbach_1-7"><sup><i><b>h</b></i></sup></a></span> <span class="reference-text">Barak Orbach and Grace E. Campbell Rebling, "<a rel="nofollow" class="external text" href="http://ssrn.com/abstract=1856553">The Antitrust Curse of Bigness</a>", <span style="font-variant: small-caps;"> 85 S. Cal. L. Rev. 605</span> (2012).</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFDwight1888" class="citation journal cs1">Dwight, Theodore (1888). "The Legality of "Trusts"<span class="cs1-kern-right"></span>". <i>Political Science Quarterly</i>. <b>3</b>: 592.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Political+Science+Quarterly&rft.atitle=The+Legality+of+%22Trusts%22&rft.volume=3&rft.pages=592&rft.date=1888&rft.aulast=Dwight&rft.aufirst=Theodore&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoody" class="citation book cs1">Moody. "Standard Oil Company. 'The Oil Trust'<span class="cs1-kern-right"></span>". <i>The Truth About The Trusts</i>. pp. 109–132.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Standard+Oil+Company.+%27The+Oil+Trust%27&rft.btitle=The+Truth+About+The+Trusts&rft.pages=109-132&rft.au=Moody&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoody" class="citation book cs1">Moody. "United States Steel Corporation. 'The Steel Trust'<span class="cs1-kern-right"></span>". <i>The Truth About The Trusts</i>. pp. 133–204.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=United+States+Steel+Corporation.+%27The+Steel+Trust%27&rft.btitle=The+Truth+About+The+Trusts&rft.pages=133-204&rft.au=Moody&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoody" class="citation book cs1">Moody. "Consolidated Tobacco Company and Affiliated Corporations. 'The Tobacco Trust'<span class="cs1-kern-right"></span>". <i>The Truth About The Trusts</i>. pp. 69–96ff.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Consolidated+Tobacco+Company+and+Affiliated+Corporations.+%27The+Tobacco+Trust%27&rft.btitle=The+Truth+About+The+Trusts&rft.pages=69-96ff&rft.au=Moody&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoody" class="citation book cs1">Moody. "International Mercantile Marine Company. 'The Shipping Trust'<span class="cs1-kern-right"></span>". <i>The Truth About The Trusts</i>. pp. 97–107.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=International+Mercantile+Marine+Company.+%27The+Shipping+Trust%27&rft.btitle=The+Truth+About+The+Trusts&rft.pages=97-107&rft.au=Moody&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohn_Moody1904" class="citation book cs1"><a href="/wiki/John_Moody_(financial_analyst)" title="John Moody (financial analyst)">John Moody</a> (1904). <i>The Truth About The Trusts: A Description and Analysis of the American Trust Movement</i>. New York: Moody Publishing. XIII. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1832950">1832950</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Truth+About+The+Trusts%3A+A+Description+and+Analysis+of+the+American+Trust+Movement&rft.place=New+York&rft.pages=XIII&rft.pub=Moody+Publishing&rft.date=1904&rft_id=info%3Aoclcnum%2F1832950&rft.au=John+Moody&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Unknown parameter <code class="cs1-code">|nopp=</code> ignored (<code class="cs1-code">|no-pp=</code> suggested) (<a href="/wiki/Help:CS1_errors#parameter_ignored_suggest" title="Help:CS1 errors">help</a>)</span></li> <li>Boudreaux, Donald J., and Thomas J. Dilorenzo. "<a rel="nofollow" class="external text" href="http://mises.org/journals/rae/pdf/R62_3.PDF">The Protectionist Roots of Antitrust </a> " <i><a href="/wiki/The_Review_of_Austrian_Economics" title="The Review of Austrian Economics">The Review of Austrian Economics</a></i> 6, no. 2 (1993): 81-96.</li> <li>Barak Orbach and Grace Campbell, <i><a rel="nofollow" class="external text" href="http://ssrn.com/abstract=1856553">The Antitrust Curse of Bigness</a></i>, Southern California Law Review (2012).</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl 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