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· John D. Rockefeller formed the Standard Oil trust in 1890. · The Standard Oil trust ended competition, forming a monopoly. · The Sherman Antitrust Act was passed in 1890, banning the formation of trusts and monopolies. The Role of Banks · J. Pierpont Morgan used profits earned as a banker to purchase other major corporations. · By 1898, Morgan controlled most of the major rail lines in America. · By 1901, Morgan became head of the U.S. Steel Company, which became the first U.S. company to be worth over $1 billion. |
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