The Formation of the Federal Reserve: The Early History of America’s Central Banking System by Charles River Editors

Author:Charles River Editors
Language: eng
Format: epub
Publisher: Charles River Editors
Published: 2022-12-11T00:00:00+00:00

At this point, there was one more hurdle to overcome: President Theodore Roosevelt. The progressive Republican had a reputation as a “trustbuster,” and he took a particularly dim view of men like J.P. Morgan. In fact, Morgan had tangled with Roosevelt in 1902 after the Treasury Department had filed suit against the Northern Securities Company under the Sherman Antitrust Act. The Northern Securities Company was a “holding company” that pooled Morgan’s railroad stock with that of James J. Hill and Edward H. Harriman. As such, they controlled several different railroad lines, which allowed the Northern Securities Company’s directors to coordinate their railroads’ activities and fix prices. The federal government won its case before the Supreme Court in 1904, which resulted in the Northern Securities Company’s dissolution.

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