Part 1, Chapter 5 Summary

The Old House could not eliminate commercial competitors anywhere, and state courts and legislatures were examining its ruthless business practices. Management failed to understand the depth of public hostility. Standard hired the best and most expensive legal talent, perfected the art of timely political contribution, purchased advertising space in newspapers, and planted favorable articles. It set up "blind tigers," distribution companies seemingly independent but in fact well controlled. In 1892, the Standard Trust dissolved in response to an Ohio court decision and transferred shares to 20 companies. Control nevertheless remained with the original owners. The companies grouped together to form the "Standard Oil Interests" and the executive committee gave way to informal meetings of presidents, but this arrangement did not afford sufficient legal protection. New Jersey, anxious to become more business-friendly, therefore revised its laws to recognize holding companies. In 1899, Standard Oil of...