President Theodore Roosevelt was known as a President that broke up trusts. While he was President, 44 lawsuits were filed against big businesses. His successor, President Taft, filed 90 lawsuits against big businesses. Both presidents wanted to break up the trusts.
The most famous trust that was broken up by President Roosevelt was the one involving the Northern Securities Company. This company was created as a result of a big stock battle between J.P. Morgan,...
President Theodore Roosevelt was known as a President that broke up trusts. While he was President, 44 lawsuits were filed against big businesses. His successor, President Taft, filed 90 lawsuits against big businesses. Both presidents wanted to break up the trusts.
The most famous trust that was broken up by President Roosevelt was the one involving the Northern Securities Company. This company was created as a result of a big stock battle between J.P. Morgan, James Hill, and E.H. Harriman. This stock battle nearly sent the economy into a downward spiral. President Roosevelt believed that when businesses acted in their own self-interest and, as a result, put the interests of the country second, he would go after those businesses. J.P. Morgan wanted to settle this lawsuit without going to court. J.P. Morgan uttered the famous line about Roosevelt’s guys should meet with Morgan’s guys to settle this. However, this case went to court, and the Supreme Court ruled the Northern Securities Company had to be dissolved. President Roosevelt did go after big businesses while he was President.
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