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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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<div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Business group designed to reduce competition in a market</div> <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">This article is about the grouping of business interests. Not to be confused with <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust law</a>.</div> <figure 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/320px-The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg" decoding="async" width="320" height="262" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/18/The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg/480px-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/640px-The_Rockefeller-Morgan_Family_Tree%2C_1904.jpg 2x" data-file-width="1799" data-file-height="1475" /></a><figcaption>The <a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">Rockefeller-Morgan</a> <i>Family Tree</i> (1904), which depicts how the largest trusts at the turn of the 20th century were in turn connected to each other</figcaption></figure> <p>A <b>trust</b> or <b>corporate trust</b> is a large grouping of business interests with significant <a href="/wiki/Market_power" title="Market power">market power</a>, which may be embodied as a <a href="/wiki/Corporation" title="Corporation">corporation</a> or as a group of corporations that cooperate with one another in various ways. These ways can include constituting a <a href="/wiki/Trade_association" title="Trade association">trade association</a>, owning <a href="/wiki/Stock" title="Stock">stock</a> in one another, constituting a <a href="/wiki/Corporate_group" title="Corporate group">corporate group</a> (sometimes specifically a <a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">conglomerate</a>), or combinations thereof. The term <i>trust</i> 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. The use of corporate trusts during this period is the historical reason for the name "<a href="/wiki/United_States_antitrust_law" title="United States antitrust law">antitrust law</a>". </p><p>In the broader sense of the term, relating to <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust law</a>, a trust is a legal arrangement based on principles developed and recognised over centuries in English law, specifically in <a href="/wiki/Equity_(law)" title="Equity (law)">equity</a>, by which one party conveys legal possession and title of certain property to a second party, called a trustee. The trustee holds the property, while any benefit from the property accrues to another person, the beneficiary. Trusts are commonly used to hold inheritances for the benefit of children and other family members, for example. In business, such trusts, with corporate entities as the trustees, have sometimes been used to combine several large businesses in order to exert complete control over a market,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> which is how the narrower sense of the term grew out of the broader sense. </p><p>In the United States, the use of corporate trusts died out in the early 20th century as U.S. states passed laws making it easier to create new <a href="/wiki/Corporation" title="Corporation">corporations</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Trust_(business)&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The OED (Oxford English Dictionary) dates use of the word <i>trust</i> in a business organization sense from 1825.<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> </p><p>The business or "corporate" trust came into use in the 19th-century United States, during the <a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>, as a legal device to consolidate industrial activity across state lines. In 1882 <a href="/wiki/John_D._Rockefeller" title="John D. Rockefeller">John D. Rockefeller</a> and other owners of <a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a> faced several obstacles to managing and profiting from their large oil refining business. The existing approach of separately owning and dealing with several companies in each state was unwieldy, often resulting in turf battles and non-uniform practices. Furthermore, the Pennsylvania legislature proposed to tax out-of-state corporations on their entire business activity. Concerned that other states could follow, Standard Oil had its attorney <a href="/wiki/Samuel_Calvin_Tate_Dodd" title="Samuel Calvin Tate Dodd">Samuel C. T. Dodd</a> adapt the <a href="/wiki/Common_law" title="Common law">common law</a> instrument of a <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust</a> to avoid cross-state taxation and to impose a single management hierarchy.<sup id="cite_ref-Orbach_3-0" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<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_3-1" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<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_3-2" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> One of those trustees, Rockefeller himself, held 41% of the trust certificates; the next most powerful trustee held about 13%. This trust became a model for other industries.<sup id="cite_ref-Orbach_3-3" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>An 1888 article explained the difference between trusts in the traditional sense and the new 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 <a href="/wiki/Court_of_equity" title="Court of equity">court of equity</a>.</p><div class="templatequotecite">— <cite><a href="/wiki/Theodore_William_Dwight" title="Theodore William Dwight">Theodore Dwight</a>, Political Science Quarterly <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></cite></div></blockquote> <p>Although such corporate trusts were initially set up 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> (in order to establish and maintain monopolies). Such accusations caused the term <i>trust</i> to become strongly associated with such practices among the American public and led to the enactment in 1890 of the <a href="/wiki/Sherman_Antitrust_Act" title="Sherman Antitrust Act">Sherman Antitrust Act</a>, the first U.S. federal competition statute.<sup id="cite_ref-McEachern_Page_342_5-0" class="reference"><a href="#cite_note-McEachern_Page_342-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Standard_oil_octopus_loc_color.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Standard_oil_octopus_loc_color.jpg/260px-Standard_oil_octopus_loc_color.jpg" decoding="async" width="260" height="159" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Standard_oil_octopus_loc_color.jpg/390px-Standard_oil_octopus_loc_color.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Standard_oil_octopus_loc_color.jpg/520px-Standard_oil_octopus_loc_color.jpg 2x" data-file-width="3600" data-file-height="2196" /></a><figcaption>Octopus representing <a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</a> with arms wrapped around U.S. Congress and steel, copper, and shipping industries, and reaching for the White House</figcaption></figure> <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 devices like <a href="/wiki/Holding_company" title="Holding company">holding companies</a> for maintaining centralized corporate control.<sup id="cite_ref-Orbach_3-4" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<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_3-5" class="reference"><a href="#cite_note-Orbach-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Regardless, the name stuck, and American competition laws are known today as antitrust laws as a result of the historical public aversion to trusts, while other countries use the term <i>competition laws</i> instead. </p><p>Monopoly pricing had also become a contentious issue, with several states passing <a href="/wiki/Granger_Laws" title="Granger Laws">Granger Laws</a> to regulate railroad and grain elevator prices to protect farmers. The <a href="/wiki/Interstate_Commerce_Act_of_1887" title="Interstate Commerce Act of 1887">Interstate Commerce Act of 1887</a> created the <a href="/wiki/Interstate_Commerce_Commission" title="Interstate Commerce Commission">Interstate Commerce Commission</a> for similar purposes, federalizing the movement against anti-competitive business practices. </p><p>In 1898, President <a href="/wiki/William_McKinley" title="William McKinley">William McKinley</a> launched the <i><a href="/wiki/Trust-busting" class="mw-redirect" title="Trust-busting">trust-busting</a></i> era (one aspect of the <a href="/wiki/Progressive_Era" title="Progressive Era">Progressive Era</a>) when he appointed the U.S. <a href="/wiki/Industrial_Commission" title="Industrial Commission">Industrial Commission</a>. <a href="/wiki/Theodore_Roosevelt" title="Theodore Roosevelt">Theodore Roosevelt</a> seized upon the commission's report and based much of his presidency (1901–1909) on <i>trust-busting</i>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2018)">citation needed</span></a></i>]</sup> </p><p>Prominent trusts included: </p> <ul><li><a href="/wiki/Standard_Oil" title="Standard Oil">Standard Oil</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></li> <li><a href="/wiki/U.S._Steel" title="U.S. Steel">U.S. Steel</a><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li> <li>the <a href="/wiki/American_Tobacco_Company" title="American Tobacco Company">American Tobacco Company</a><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>the <a href="/wiki/International_Mercantile_Marine_Company" title="International Mercantile Marine Company">International Mercantile Marine Company</a><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></li> <li>the match companies controlled by <a href="/wiki/Ivar_Kreuger" title="Ivar Kreuger">Ivar Kreuger</a>, the <i>Match King</i></li></ul> <p>Other companies also formed trusts, 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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Trust_(business)&action=edit&section=2" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Chaebol" title="Chaebol">Chaebol</a></li> <li><a href="/wiki/Keiretsu" title="Keiretsu">Keiretsu</a></li> <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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Trust_(business)&action=edit&section=3" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">[See William L. Letwin, Congress and the Sherman Antitrust Law: 1887-1890, 23 U.Chi.L.Rev 221 (1956)]</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="CITEREFReference-OED-trust" class="citation encyclopaedia cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.oed.com/search/dictionary/?q=trust">"trust"</a></span>. <i><a href="/wiki/Oxford_English_Dictionary" title="Oxford English Dictionary">Oxford English Dictionary</a></i> (Online ed.). <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=trust&rft.btitle=Oxford+English+Dictionary&rft.edition=Online&rft.pub=Oxford+University+Press&rft_id=https%3A%2F%2Fwww.oed.com%2Fsearch%2Fdictionary%2F%3Fq%3Dtrust&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span> <span style="font-size:0.95em; font-size:95%; color: var( --color-subtle, #555 )">(Subscription or <a rel="nofollow" class="external text" href="https://www.oed.com/public/login/loggingin#withyourlibrary">participating institution membership</a> required.)</span>. "A group of companies, industries, etc., organized to reduce or eliminate competition, or to control production and distribution for their common advantage. Also: spec. such a group with a governing body of trustees holding a majority of the stock of each participating company, and therefore having a controlling vote in their conduct."</span> </li> <li id="cite_note-Orbach-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Orbach_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Orbach_3-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Orbach_3-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Orbach_3-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Orbach_3-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Orbach_3-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOrbachCampbell_Rebling2012" class="citation journal cs1">Orbach, Barak; Campbell Rebling, Grace E. (2012-05-17). <a rel="nofollow" class="external text" href="https://southerncalifornialawreview.com/wp-content/uploads/2018/01/85_605.pdf">"The Antitrust Curse of Bigness"</a> <span class="cs1-format">(PDF)</span>. <i>Southern California Law Review</i>. <b>85</b> (605) (published 2012): 610<span class="reference-accessdate">. Retrieved <span class="nowrap">2018-04-05</span></span>. <q>Standard Oil continued expanding uninterruptedly, but state laws and organizational complexities made its size an impediment. Samuel Calvin Tait Dodd, who served as Standard Oil's general solicitor from 1881 to 1905,[...] devised a solution. He created a legal instrument to manage size — the 'trust.'[...] In January 1882, Dodd converted the common-law apparatus to a corporate device that would promote the accumulation of capital and managerial efficiency.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Southern+California+Law+Review&rft.atitle=The+Antitrust+Curse+of+Bigness&rft.volume=85&rft.issue=605&rft.pages=610&rft.date=2012-05-17&rft.aulast=Orbach&rft.aufirst=Barak&rft.au=Campbell+Rebling%2C+Grace+E.&rft_id=https%3A%2F%2Fsoutherncalifornialawreview.com%2Fwp-content%2Fuploads%2F2018%2F01%2F85_605.pdf&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="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> (4): 592–632. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2139114">10.2307/2139114</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2139114">2139114</a>.</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.issue=4&rft.pages=592-632&rft.date=1888&rft_id=info%3Adoi%2F10.2307%2F2139114&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2139114%23id-name%3DJSTOR&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-McEachern_Page_342-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-McEachern_Page_342_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcEachern2017" class="citation book cs1">McEachern, William (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mnccCgAAQBAJ&pg=PA342"><i>Microeconomics: A Contemporary Introduction</i></a>. Boston: Cengage Learning. p. 342. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781305887596" title="Special:BookSources/9781305887596"><bdi>9781305887596</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">2 January</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Microeconomics%3A+A+Contemporary+Introduction&rft.place=Boston&rft.pages=342&rft.pub=Cengage+Learning&rft.date=2017&rft.isbn=9781305887596&rft.aulast=McEachern&rft.aufirst=William&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DmnccCgAAQBAJ%26pg%3DPA342&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. "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-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</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-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</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-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Trust_(business)&action=edit&section=4" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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></li> <li>Boudreaux, Donald J., and Thomas J. Dilorenzo. "<a rel="nofollow" class="external text" href="https://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="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Trust_(business)&action=edit&section=5" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Private_Trust_Company" class="extiw" title="commons:Category:Private Trust Company">Private Trust Company</a> at Wikimedia Commons</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJenks1911" class="citation encyclopaedia cs1">Jenks, Jeremiah Whipple (1911). <span class="cs1-ws-icon" title="s:1911 Encyclopædia Britannica/Trusts"><a class="external text" href="https://en.wikisource.org/wiki/1911_Encyclop%C3%A6dia_Britannica/Trusts">"Trusts" </a></span>. <i><a href="/wiki/Encyclop%C3%A6dia_Britannica_Eleventh_Edition" title="Encyclopædia Britannica Eleventh Edition">Encyclopædia Britannica</a></i>. Vol. 27 (11th ed.). pp. 334–339.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Trusts&rft.btitle=Encyclop%C3%A6dia+Britannica&rft.pages=334-339&rft.edition=11th&rft.date=1911&rft.aulast=Jenks&rft.aufirst=Jeremiah+Whipple&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATrust+%28business%29" class="Z3988"></span></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 ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol 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