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143-565: The Act was signed into law by President Theodore Roosevelt on January 26, 1907, and was named for its sponsor, South Carolina Senator Ben Tillman . In 1905, a New York state investigation into ties between the major insurance companies and Wall Street banks accidentally discovered evidence that the New York Life Insurance Company had made a $ 48,700 ($ 1.65 million in modern dollars) contribution to Theodore Roosevelt's 1904 presidential campaign. This discovery

286-669: A deputy sheriff in Billings County, North Dakota . He and ranch hands hunted down three boat thieves. The severe winter of 1886–1887 wiped out his herd and over half of his $ 80,000 investment ($ 2.71 million in 2023). He ended his ranching life and returned to New York, where he escaped the damaging label of an ineffectual intellectual. On December 2, 1886, Roosevelt married his childhood friend, Edith Kermit Carow , at St George's, Hanover Square , in London , England. Roosevelt felt deeply troubled that his second marriage

429-794: A felony .... Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony .... Federal judges quickly began struggling with the broad wording of the Sherman Act, recognizing that interpreting it literally could make even simple business associations such as partnerships illegal. They began developing principles for distinguishing between "naked" trade restraints between rivals that suppressed competition and other restraints that were merely "ancillary" to cooperation agreements that promoted competition. The Sherman Act gave

572-403: A felony , and, on conviction thereof, shall be punished by fine not exceeding $ 100,000,000 if a corporation , or, if any other person, $ 1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in the discretion of the court. — Sherman Act 1890 § 1 Preventing collusion and cartels that act in restraint of trade is an essential task of antitrust law. It reflects

715-539: A 1904 run, but was uncertain about whether he should seek re-election as governor in 1900. United States antitrust law In the United States , antitrust law is a collection of mostly federal laws that govern the conduct and organization of businesses in order to promote economic competition and prevent unjustified monopolies . The three main U.S. antitrust statutes are the Sherman Act of 1890 ,

858-625: A Ranchman , Ranch Life and the Hunting-Trail , and The Wilderness Hunter . Roosevelt successfully led efforts to organize ranchers to address the problems of overgrazing and other shared concerns, which resulted in the formation of the Little Missouri Stockmen's Association. He formed the Boone and Crockett Club , whose primary goal was the conservation of large game animals and their habitats. In 1886, Roosevelt served as

1001-569: A clear precedent, to which the situation is analogous, proof of an anti-competitive effect is more difficult. The reason for this is that the courts have endeavoured to draw a line between practices that restrain trade in a "good" compared to a "bad" way. In the first case, United States v. Trans-Missouri Freight Association , the Supreme Court found that railroad companies had acted unlawfully by setting up an organisation to fix transport prices. The railroads had protested that their intention

1144-601: A combined assault with the Regulars, under Roosevelt's leadership, the Rough Riders became famous for charges up Kettle Hill and San Juan Hill. Roosevelt was the only soldier on horseback, as he rode back and forth between rifle pits at the forefront of the advance up Kettle Hill, an advance that he urged despite the absence of orders. He was forced to walk up the last part of Kettle Hill because his horse had been entangled in barbed wire . The assaults would become known as

1287-579: A concerted effort to uniformly enforce New York's Sunday closing law ; in this, he ran up against Tom Platt and Tammany Hall —he was notified the Police Commission was being legislated out of existence. His crackdowns led to protests. Invited to one large demonstration, not only did he accept, but he delighted in the insults and lampoons directed at him, and earned goodwill. Roosevelt chose to defer rather than split with his party. As Governor of New York State, he would later sign an act replacing

1430-401: A driving force for anti-trust and Progressive policies. A sickly child with debilitating asthma , Roosevelt overcame health problems through a strenuous lifestyle . He was homeschooled and began a lifelong naturalist avocation before attending Harvard College . His book The Naval War of 1812 established his reputation as a historian and popular writer. Roosevelt became the leader of

1573-658: A high and positive profile in New York publications. Roosevelt's anti-corruption efforts helped him win re-election in 1882 by a margin greater than two-to-one, an achievement made more impressive by the victory that Democratic gubernatorial candidate Grover Cleveland won in Roosevelt's district. With Conkling's Stalwart faction of the Republican Party in disarray following the assassination of President James Garfield , Roosevelt won election as party leader in

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1716-612: A legislative investigation into corruption of the New York City government , which arose from a bill proposing power be centralized in the mayor's office. For the rest of his life, he rarely spoke about his wife Alice and did not write about her in his autobiography. In 1881 , Roosevelt won election to the New York State Assembly , representing the 21st district , then centered on the "Silk Stocking District" of New York County's Upper East Side . He served in

1859-513: A lesser extent in the European Union , the modern law governing monopolies and economic competition is known by its original name — "antitrust law". The term "antitrust" came from late 19th-century American industrialists ' practice of using trusts —legal arrangements where one is given ownership of property to hold solely for another's benefit—to consolidate separate companies into large conglomerates. These " corporate trusts " died out in

2002-463: A lieutenant of New York machine boss Thomas C. Platt , asked Roosevelt to run in the 1898 gubernatorial election . Prospering politically from the Platt machine , Roosevelt's rise to power was marked by the pragmatic decisions of Platt, who disliked Roosevelt. Platt feared Roosevelt would oppose his interests in office and was reluctant to propel Roosevelt to the forefront of national politics, but needed

2145-445: A monopoly in any line of commerce. — Clayton Act 1914 §3 In theory predatory pricing happens when large companies with huge cash reserves and large lines of credit stifle competition by selling their products and services at a loss for a time, to force their smaller competitors out of business. With no competition, they are then free to consolidate control of the industry and charge whatever prices they wish. At this point, there

2288-534: A monopoly. The FTC and the Justice Department both have the authority to file lawsuits seeking to block or invalidate unlawful mergers. The FTC may challenge a merger in its own administrative court instead of filing a lawsuit in a United States district court , although defendants can appeal the FTC's decisions to one of the United States courts of appeals . In addition to the FTC and the Justice Department,

2431-552: A monopoly. Third, Section 2 of the Sherman Act prohibits monopolization. Federal antitrust laws provide for both civil and criminal enforcement. Civil antitrust enforcement occurs through lawsuits filed by the Federal Trade Commission (FTC), the Antitrust Division of the U.S. Department of Justice , and private parties who have been harmed by an antitrust violation. Criminal antitrust enforcement

2574-467: A number of exemptions. Mergers and joint agreements of professional football, hockey, baseball, and basketball leagues are exempt. Major League Baseball was held to be broadly exempt from antitrust law in the Supreme Court case Federal Baseball Club v. National League . The court unanimously held that the baseball league's organization meant that there was no commerce between the states taking place, even though teams traveled across state lines to put on

2717-443: A party must wait 30 days while the FTC or the Justice Department reviews the merger and decides whether to seek to block it. The 30-day period usually ends with the FTC or Justice Department taking one of three actions: declining to challenge the merger, filing a lawsuit to challenge the merger, or issuing a "Second Request" that extends the waiting period and formally asks the party for all its documents and other information relating to

2860-515: A poor section of Cambridge. Roosevelt did well in science, philosophy, and rhetoric courses but struggled in Latin and Greek. He studied biology intently and was already an accomplished naturalist and a published ornithologist . He read prodigiously with an almost photographic memory. Roosevelt participated in rowing and boxing , and was a member of the Alpha Delta Phi literary society,

3003-550: A private party may also file a lawsuit under the Clayton Act if an unlawful merger has injured its ability to compete for business. Under the Hart–Scott–Rodino (HSR) Act of 1976 , any party wanting to execute a merger or acquisition must report it in advance to the FTC and the Justice Department, unless the sizes of the transaction and the parties executing it are both below certain thresholds. After filing its HSR report,

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3146-610: A proposed merger was illegal even though the resulting company would have controlled only five percent of the relevant market. In a now-famous line from his dissent in the 1966 decision United States v. Von's Grocery Co. , Supreme Court justice Potter Stewart remarked: "The sole consistency that I can find [in U.S. merger law] is that in litigation under [the Clayton Act], the Government always wins." The "structuralist" interpretation of U.S. antitrust law began losing favor in

3289-401: A reporter asked if he would support Blaine, Roosevelt replied, "I decline to answer." In the end, he realized he had to support Blaine to maintain his role in the party and did so in a press release. Having lost the support of many reformers, and still reeling from the deaths of his wife and mother, Roosevelt decided to retire from politics and moved to North Dakota . Roosevelt first visited

3432-416: A small number of competitors or oligopolists , have led to significant controversy over whether or not antitrust authorities should intervene. Fourth, vertical agreements between a business and a supplier or purchaser "up" or " downstream " raise concerns about the exercise of market power , however they are generally subject to a more relaxed standard under the "rule of reason". Some practices are deemed by

3575-478: A speech convincing delegates to nominate African American John R. Lynch , an Edmunds supporter, to be temporary chair. Roosevelt fought alongside the Mugwump reformers against Blaine. However, Blaine gained support from Arthur's and Edmunds's delegates, and won the nomination. In a crucial moment of his budding career, Roosevelt resisted the demand of fellow Mugwumps that he bolt from Blaine. He bragged: "We achieved

3718-608: A strong candidate due to the unpopularity of the incumbent Republican governor, Frank S. Black . Roosevelt agreed to become the nominee and to try not to "make war" with the Republican establishment once in office. Roosevelt defeated Black in the Republican caucus, and faced Democrat Augustus Van Wyck , a well-respected judge, in the general election. Roosevelt campaigned on his war record, winning by just 1%. As governor, Roosevelt learned about economic issues and political techniques that proved valuable in his presidency. He studied

3861-478: A victory in getting up a combination to beat the Blaine nominee for temporary chairman...this needed...skill, boldness and energy... to get the different factions to come in... to defeat the common foe." He was impressed by an invitation to speak before an audience of ten thousand, the largest crowd he had addressed up to then. Having gotten a taste of national politics, Roosevelt felt less aspiration for advocacy on

4004-420: Is a cartel . It is irrelevant whether or not the businesses succeed in increasing their profits, or whether together they reach the level of having market power as might a monopoly . Such collusion is illegal per se . Bid rigging is a form of price fixing and market allocation that involves an agreement in which one party of a group of bidders will be designated to win the bid. Geographic market allocation

4147-426: Is also little motivation for investing in further technological research, since there are no competitors left to gain an advantage over. High barriers to entry such as large upfront investment, notably named sunk costs , requirements in infrastructure and exclusive agreements with distributors, customers, and wholesalers ensure that it will be difficult for any new competitors to enter the market, and that if any do,

4290-411: Is an agreement between competitors not to compete within each other's geographic territories. If an antitrust claim does not fall within a per se illegal category, the plaintiff must show the conduct causes harm in "restraint of trade" under the Sherman Act §1 according to "the facts peculiar to the business to which the restraint is applied". This essentially means that unless a plaintiff can point to

4433-688: Is done only by the Justice Department's Antitrust Division. Additionally, U.S. state governments may also enforce their own antitrust laws, which mostly mirror federal antitrust laws, regarding commerce occurring solely within their own state's borders. The scope of antitrust laws, and the degree to which they should interfere in an enterprise's freedom to conduct business, or to protect smaller businesses, communities and consumers, are strongly debated. Some economists argue that antitrust laws actually impede competition, and may discourage businesses from pursuing activities that would be beneficial to society. One view suggests that antitrust laws should focus solely on

Tillman Act of 1907 - Misplaced Pages Continue

4576-476: Is the youngest person to become U.S. president . As a leader of the progressive movement , he championed his " Square Deal " domestic policies, which called for fairness for all citizens, breaking bad trusts , regulating railroads, and pure food and drugs . Roosevelt prioritized conservation and established national parks , forests , and monuments to preserve U.S. natural resources. In foreign policy , he focused on Central America , beginning construction of

4719-498: The 1882 , 1883 , and 1884 sessions of the legislature. He began making his mark immediately: he blocked a corrupt effort of financier Jay Gould to lower his taxes. Roosevelt exposed the collusion of Gould and Judge Theodore Westbrook and successfully argued for an investigation, aiming for the judge to be impeached. Although the investigation committee rejected the impeachment, Roosevelt had exposed corruption in Albany and assumed

4862-447: The 1886 election . Roosevelt accepted the nomination despite having little hope against United Labor Party candidate Henry George and Democrat Abram Hewitt . Roosevelt campaigned hard, but Hewitt won with 41%, taking the votes of many Republicans who feared George's radical policies. George was held to 31%, and Roosevelt took third with 27%. Fearing his political career might never recover, Roosevelt turned to writing The Winning of

5005-526: The 1892 presidential election , the winner, Grover Cleveland, reappointed him. Roosevelt's close friend and biographer, Joseph Bucklin Bishop , described his assault on the spoils system: The very citadel of spoils politics, the hitherto impregnable fortress that had existed unshaken since it was erected on the foundation laid by Andrew Jackson , was tottering to its fall under the assaults of this audacious and irrepressible young man... Whatever may have been

5148-639: The 1912 Republican presidential nomination . He founded the new Progressive Party and ran in 1912 ; the split allowed the Democratic Woodrow Wilson to win. Roosevelt led a four-month expedition to the Amazon basin , where he nearly died of tropical disease . During World War I, he criticized Wilson for keeping the U.S. out; his offer to lead volunteers to France was rejected. Roosevelt's health deteriorated and he died in 1919. Polls of historians and political scientists rank him as one of

5291-482: The Alps in 1869, Roosevelt discovered the benefits of physical exertion to minimize his asthma and bolster his spirits. Roosevelt began a heavy regimen of exercise. After being manhandled by older boys on the way to a camping trip, he found a boxing coach to train him. Roosevelt was homeschooled. Biographer H. W. Brands wrote that, "The most obvious drawback...was uneven coverage of...various areas of...knowledge." He

5434-663: The Asiatic Squadron with the backing of Roosevelt, later credited his victory at the Battle of Manila Bay to Roosevelt's orders. After giving up hope of a peaceful solution, McKinley asked Congress to declare war on Spain, beginning the Spanish–American War . With the beginning of the Spanish–American War in 1898, Roosevelt resigned as Assistant Secretary of the Navy. Along with Army Colonel Leonard Wood , he formed

5577-721: The Assistant Secretary of the Navy in 1897. Secretary of the Navy John D. Long was in poor health and left many major decisions to Roosevelt. Influenced by Alfred Thayer Mahan , Roosevelt called for a build-up in naval strength, particularly the construction of battleships . Roosevelt also began pressing his national security views regarding the Pacific and the Caribbean on McKinley and was adamant that Spain be ejected from Cuba. He explained his priorities to one of

5720-466: The Attorney General , to institute proceedings in equity to prevent and restrain such violations. Such proceedings may be by way of petition setting forth the case and praying that such violation shall be enjoined or otherwise prohibited. When the parties complained of shall have been duly notified of such petition the court shall proceed, as soon as may be, to the hearing and determination of

5863-577: The Clayton Act of 1914 , and the Federal Trade Commission Act of 1914 . These acts serve three major functions. First, Section 1 of the Sherman Act prohibits price fixing and the operation of cartels , and prohibits other collusive practices that unreasonably restrain trade. Second, Section 7 of the Clayton Act restricts the mergers and acquisitions of organizations that may substantially lessen competition or tend to create

Tillman Act of 1907 - Misplaced Pages Continue

6006-545: The Dakota Territory in 1883 to hunt bison . Exhilarated by the western lifestyle and with the cattle business booming, Roosevelt invested $ 14,000 ($ 457,800 in 2023) in hope of becoming a prosperous cattle rancher. For several years, he shuttled between his home in New York and ranch in Dakota. Following the 1884 United States presidential election , Roosevelt built Elkhorn Ranch 35 mi (56 km) north of

6149-481: The Delta Kappa Epsilon fraternity, and the prestigious Porcellian Club . In 1880, Roosevelt graduated Phi Beta Kappa (22nd of 177) with an A.B. magna cum laude . Henry F. Pringle wrote: Roosevelt, attempting to analyze his college career and weigh the benefits he had received, felt that he had obtained little from Harvard. He had been depressed by the formalistic treatment of many subjects, by

6292-403: The Federal Trade Commission , can bring civil lawsuits enforcing the laws. The United States Department of Justice alone may bring criminal antitrust suits under federal antitrust laws. Perhaps the most famous antitrust enforcement actions brought by the federal government were the break-up of AT&T's local telephone service monopoly in the early 1980s and its actions against Microsoft in

6435-683: The First U.S. Volunteer Cavalry Regiment . His wife and many friends begged Roosevelt to remain in Washington, but Roosevelt was determined to see battle. When the newspapers reported the formation of the new regiment, Roosevelt and Wood were flooded with applications. Referred to by the press as the "Rough Riders", it was one of many temporary units active only during the war. The regiment trained for several weeks in San Antonio, Texas ; in his autobiography, Roosevelt wrote that his experience with

6578-527: The GTE Sylvania Court ruled that non-price vertical restrictions in contracts were no longer per se illegal and should be analyzed under the rule of reason. Overall, the Supreme Court's antitrust rulings during this era on collusion cases under section 1 of the Sherman Act reflected tension between the older "absolutist" approach and the newer Chicago endorsing the rule of reason and economic analysis. The Justice Department and FTC lost most of

6721-466: The Netscape browser. In 2000, the trial court ordered Microsoft to split in two, preventing it from future misbehavior. Microsoft appealed to the U.S. Court of Appeals for the D.C. Circuit , which affirmed in part and reversed in part. In addition, it removed the judge from the case for discussing the case with the media while it was still pending. With the case in front of a new judge, Microsoft and

6864-543: The New York Daily Tribune both called on Congress to reintroduce a bill to prohibit corporate contributions that former New Hampshire Republican Senator William E. Chandler had drafted in 1901. With the investigation and the media focusing attention on his 1901 bill, Chandler tried to get one of his fellow Republicans to reintroduce it in the upcoming Fifty-Ninth Congress. When none of them agreed to do so, he turned to his old friend Tillman. who introduced

7007-614: The New York National Guard enabled him to immediately begin teaching basic soldiering skills. Diversity characterized the regiment, which included Ivy Leaguers , athletes, frontiersmen, Native Americans , hunters, miners, former soldiers, tradesmen, and sheriffs. The Rough Riders were part of the cavalry division commanded by former Confederate general Joseph Wheeler . Roosevelt and his men landed in Daiquirí , Cuba, on June 23, 1898, and marched to Siboney . Wheeler sent

7150-622: The Noerr-Pennington doctrine . Also, regulations by states may be immune under the Parker immunity doctrine . Fourth, the government may grant monopolies in certain industries such as utilities and infrastructure where multiple players are seen as unfeasible or impractical. Fifth, insurance is allowed limited antitrust exemptions as provided by the McCarran-Ferguson Act of 1945. Sixth, M&A transactions in

7293-702: The Panama Canal . Roosevelt expanded the Navy and sent the Great White Fleet on a world tour to project naval power. His successful efforts to end the Russo-Japanese War won him the 1906 Nobel Peace Prize , the first American to win a Nobel Prize. Roosevelt was elected to a full term in 1904 and groomed William Howard Taft to succeed him in 1908 . Roosevelt grew frustrated with Taft's brand of conservatism and tried, and failed, to win

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7436-525: The Progressive Era prompted public officials to increase enforcement of antitrust laws. The Justice Department sued 45 companies under the Sherman Act during the presidency of Theodore Roosevelt (1901–09) and 90 companies during the presidency of William Howard Taft (1909–13). In 1911, the U.S. Supreme Court reframed U.S. antitrust law as a " rule of reason " in its landmark decision Standard Oil Co. of New Jersey v. United States . At trial,

7579-657: The Rough Riders , a unit that fought the Spanish Army in Cuba to great publicity. Returning a war hero, Roosevelt was elected New York's governor in 1898 . The New York state party leadership disliked his ambitious agenda and convinced McKinley to choose him as his running mate in the 1900 presidential election ; the McKinley–Roosevelt ticket won a landslide victory. Roosevelt assumed the presidency aged 42, and

7722-695: The Sherman Act 1890 §7, these may be trebled, a measure to encourage private litigation to enforce the laws and act as a deterrent. The courts may award penalties under §§1 and 2, which are measured according to the size of the company or the business. In their inherent jurisdiction to prevent violations in future, the courts have additionally exercised the power to break up businesses into competing parts under different owners, although this remedy has rarely been exercised (examples include Standard Oil , Northern Securities Company , American Tobacco Company , AT&T Corporation and, although reversed on appeal, Microsoft ). Three levels of enforcement come from

7865-677: The United States Civil Service Commission , where he served until 1895. While many of his predecessors had approached the office as a sinecure , Roosevelt fought the spoilsmen and demanded enforcement of civil service laws. The Sun described Roosevelt as "irrepressible, belligerent, and enthusiastic". Roosevelt clashed with Postmaster General John Wanamaker , who handed out patronage positions to Harrison supporters, and Roosevelt's attempt to force out several postal workers damaged Harrison politically. Despite Roosevelt's support for Harrison's reelection in

8008-558: The associationalist view that close collaboration among business leaders and government officials could efficiently guide the economy. Some Americans abandoned faith in free market competition entirely after the Wall Street Crash of 1929 . Advocates of these views championed the passage of the National Industrial Recovery Act of 1933 and the centralized economic planning experiments during

8151-594: The 26th president of the United States , serving from 1901 to 1909. He previously was involved in New York politics, including serving as the state's 33rd governor for two years. He was the vice president under President William McKinley for six months in 1901, assuming the presidency after McKinley's assassination . As president, Roosevelt emerged as a leader of the Republican Party and became

8294-582: The Battle of San Juan Heights. The victories came at a cost of 200 killed and 1,000 wounded. In August, Roosevelt and other officers demanded the soldiers be returned home. Roosevelt recalled San Juan Heights as "the great day of my life". After returning to civilian life, Roosevelt preferred to be known as "Colonel Roosevelt" or "The Colonel"; "Teddy" remained much more popular with the public, though Roosevelt openly despised that moniker. Shortly after Roosevelt's return, Republican Congressman Lemuel E. Quigg ,

8437-603: The Civil Service Reform Association called "superior to any civil service statute heretofore secured in America". Chessman argues that as governor, Roosevelt developed the principles that shaped his presidency, especially insistence upon the public responsibility of large corporations, publicity as a first remedy for trusts, regulation of railroad rates, mediation of the conflict of capital and labor, conservation of natural resources and protection of

8580-729: The Federal Trade Commission (FTC) as an independent agency that has shared jurisdiction with the Justice Department over federal civil antitrust enforcement and has the power to prohibit "unfair methods of competition". Despite the passage of the Clayton Act and the FTC Act, U.S. antitrust enforcement was not aggressive between the mid-1910s and the 1930s. Based on their experience with the War Industries Board during World War I , many American economists, government officials, and business leaders adopted

8723-634: The Federal government, primarily through the Department of Justice and the Federal Trade Commission, the governments of states, and private parties. Public enforcement of antitrust laws is seen as important, given the cost, complexity and daunting task for private parties to bring litigation, particularly against large corporations. The federal government, via both the Antitrust Division of the United States Department of Justice and

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8866-657: The Ford Franchise-Tax bill, which taxed public franchises granted by the state and controlled by corporations, declaring that "a corporation which derives its powers from the State, should pay to the State a just percentage of its earnings as a return for the privileges it enjoys". He rejected Platt worries that this approached Bryanite Socialism, explaining that without it, New York voters might get angry and adopt public ownership of streetcar lines and other franchises. Power to make appointments to policy-making positions

9009-618: The House of Representatives. Most states soon passed their own laws banning corporate campaign contributions. The state laws were first tested with the rise of the Prohibition movement, when state governments sued breweries that had used corporate funds against ballot measures to ban the sale of alcoholic beverages. The first case brought under the Tillman Act, United States v. United States Brewers’ Association , 239 F. 163 (1916) [2] ,

9152-477: The Justice Department had successfully argued that American petroleum conglomerate Standard Oil had violated the Sherman Act by building a monopoly in the oil refining industry through economic threats against competitors and secret rebate deals with railroads. On appeal, the Supreme Court affirmed the trial court's verdict, holding that Standard Oil's high market share was proof of its monopoly power and ordering it to break itself up into 34 separate companies. At

9295-622: The Justice Department's Antitrust Division , which had been established in 1919. This intellectual shift influenced American courts to abandon their acceptance of sector-wide cooperation among companies. Instead, American antitrust jurisprudence began following strict "structuralist" rules that focused on markets' structures and their levels of concentration . Judges usually gave little credence to defendant companies' attempts to justify their conduct using economic efficiencies , even when they were supported by economic data and analysis. In its 1940 decision United States v. Socony-Vacuum Oil Co. ,

9438-570: The NFL as a "cartel" of 32 independent businesses subject to antitrust law, not a single entity. Third, antitrust laws are modified where they are perceived to encroach upon the media and free speech, or are not strong enough. Newspapers under joint operating agreements are allowed limited antitrust immunity under the Newspaper Preservation Act of 1970 . More generally, and partly because of concerns about media cross-ownership in

9581-460: The Navy's planners in late 1897: I would regard war with Spain from two viewpoints: first, the advisability on the grounds both of humanity and self-interest of interfering on behalf of the Cubans, and of taking one more step toward the complete freeing of America from European dominion; second, the benefit done our people by giving them something to think of which is not material gain, and especially

9724-501: The Police Commission with a Police Commissioner. In the 1896 presidential election , Roosevelt backed Thomas Brackett Reed for the Republican nomination, but William McKinley won the nomination and defeated William Jennings Bryan in the general election. Roosevelt strongly opposed Bryan's free silver platform, viewing many of Bryan's followers as dangerous fanatics. He gave campaign speeches for McKinley. Urged by Senator Henry Cabot Lodge, President McKinley appointed Roosevelt as

9867-463: The Rough Riders on a parallel road northwest running along a ridge up from the beach. Roosevelt took command of the regiment; he had his first experience in combat when the Rough Riders met Spanish troops in a skirmish known as the Battle of Las Guasimas . They fought their way through Spanish resistance and, together with the Regulars, forced the Spaniards to abandon their positions. On July 1, in

10010-452: The Sherman Act outlawed "monopoliz[ation]" and "every contract, combination ... or conspiracy in restraint of trade". Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of

10153-483: The Sherman Act. American courts were even stricter when hearing merger challenges under the Clayton Act during this era, due in part to Congress's passage of the Celler-Kefauver Act of 1950 , which banned consolidation of companies' stock or assets even in situations that did not produce market dominance. For example, in its 1962 decision Brown Shoe Co. v. United States , the Supreme Court ruled that

10296-935: The Sherman and Clayton Acts. Much of their economic analysis involved game theory , which showed that some conduct that had been thought uniformly anticompetitive, such as preemptive capacity expansion, could be either pro- or anticompetitive depending on the circumstances. The writings of Yale Law School professor Robert Bork and University of Chicago Law School professors Richard Posner and Frank Easterbrook , who all later became prominent federal appellate judges, translated Chicago economists' analytical advances into legal principles that judges could readily apply. Pointing out that economic analysis showed that some previously condemned practices were actually procompetitive and had economic benefits that outweighed their dangers, they argued that many antitrust bright-line per se rules of illegality were unwarranted and should be replaced by

10439-782: The Supreme Court refused to apply the rule of reason to an agreement between oil refiners to buy up surplus gasoline from independent refining companies. It ruled that price-fixing agreements between competing companies were illegal per se under section 1 of the Sherman Act and would be treated as crimes even if the companies claimed to be merely recreating past government planning schemes. The Court began applying per se illegality to other business practices such as tying , group boycotts , market allocation agreements, exclusive territory agreements for sales, and vertical restraints limiting retailers to geographic areas. Courts also became more willing to find that dominant companies' business practices constituted illegal monopolization under section 2 of

10582-507: The Supreme Court's 1974 decision United States v. General Dynamics Corp. , the federal government lost a merger challenge at the Supreme Court for the first time in over 25 years. In 1999 a coalition of 19 states and the federal Justice Department sued Microsoft . A highly publicized trial in the U.S. District Court for the District of Columbia found that Microsoft had strong-armed many companies in an attempt to prevent competition from

10725-550: The Supreme Court's decision in Standard Oil represented an effort by conservative federal judges to "soften" the Sherman Act and narrow its scope. Congress reacted in 1914 by passing two new laws: the Clayton Act, which outlawed using mergers and acquisitions to achieve monopolies and created an antitrust law exemption for collective bargaining ; and the Federal Trade Commission Act, which created

10868-409: The U.S. Department of Justice the authority to enforce it, but the U.S. presidents and U.S. Attorneys General in power during the 1890s and early 1900s showed relatively little interest in doing so. With little interest in enforcing the Sherman Act and courts interpreting it relatively narrowly, a wave of large industrial mergers swept the United States in the late 1890s and early 1900s. The rise of

11011-730: The United States , regulation of media is subject to specific statutes, chiefly the Communications Act of 1934 and the Telecommunications Act of 1996 , under the guidance of the Federal Communications Commission . The historical policy has been to use the state's licensing powers over the airwaves to promote plurality. Antitrust laws do not prevent companies from using the legal system or political process to attempt to reduce competition. Most of these activities are considered legal under

11154-594: The Washington social set. Soon after, he realized he had missed an opportunity to reinvigorate a dormant political career. He retreated to the Dakotas; Edith regretted her role in the decision and vowed there would be no repeat. William Lafayette Strong won the 1894 mayoral election and offered Roosevelt a position on the board of the New York City Police Commissioners . Roosevelt became president of commissioners and radically reformed

11297-607: The West , tracking the westward movement of Americans; it was a great success, earning favorable reviews and selling all copies from the first printing. After Benjamin Harrison unexpectedly defeated Blaine for the presidential nomination at the 1888 Republican National Convention , Roosevelt gave stump speeches in the Midwest in support of Harrison. On the insistence of Henry Cabot Lodge , President Harrison appointed Roosevelt to

11440-706: The adoption of the Seventeenth Amendment in 1913.) The bill that Congress passed in 1907 was more narrow in scope. The Senate struck out the first provision, which rested on Congress’s broad authority to regulate interstate commerce. The Senate instead prohibited corporate contributions based on Congress’s authority to regulate elections to the House of Representatives. The final bill prohibited national banks and federally chartered corporations from contributing to election campaigns at any level, national, state, or local, and prohibited “any corporation whatever” from making contributions in elections for president and

11583-502: The benefit done our military forces by trying both the Navy and Army in actual practice. On February 15, 1898, the armored cruiser USS  Maine exploded in the harbor of Havana, Cuba , killing hundreds of crew. While Roosevelt and many other Americans blamed Spain for the explosion, McKinley sought a diplomatic solution. Without approval from Long or McKinley, Roosevelt sent out orders to several naval vessels to prepare for war. George Dewey , who had received an appointment to lead

11726-428: The benefits to consumers and overall efficiency, while a broad range of legal and economic theory sees the role of antitrust laws as also controlling economic power in the public interest. Surveys of American Economic Association members since the 1970s have shown that professional economists generally agree with the statement: "Antitrust laws should be enforced vigorously." In the United States and Canada , and to

11869-477: The bill in the Senate. President Roosevelt joined the growing support for such a prohibition in his December 1905 message to Congress: ""All contributions by corporations to any political committee or for any political purpose should be forbidden by law." Tillman got the Senate to pass the bill, without debate, in 1906, and the House passed it, also without debate, in 1907. Chandler’s original bill had two provisions;

12012-516: The boomtown of Medora, North Dakota . Roosevelt learned to ride western style, rope, and hunt on the banks of the Little Missouri . A cowboy, he said, possesses, "few of the emasculated, milk-and-water moralities admired by the pseudo-philanthropists; but he does possess, to a very high degree, the stern, manly qualities that are invaluable to a nation". He wrote about frontier life for national magazines and published books: Hunting Trips of

12155-474: The case; and pending such petition and before final decree, the court may at any time make such temporary restraining order or prohibition as shall be deemed just in the premises. — Sherman Act 1890 § 4 The remedies for violations of U.S. antitrust laws are as broad as any equitable remedy that a court has the power to make, as well as being able to impose penalties. When private parties have suffered an actionable loss, they may claim compensation. Under

12298-450: The close of business at 2:00   pm each day at any price other than that day's closing price did not violate the Sherman Act. The Court said that although the rule was a restraint on trade, a comprehensive examination of the rule's purposes and effects showed that it "merely regulates, and perhaps thereby promotes competition." During the mid-1930s, confidence in the statist centralized economic planning models that had been popular in

12441-407: The condition , agreement, or understanding that the lessee or purchaser thereof shall not use or deal in the goods, wares, merchandise, machinery, supplies, or other commodities of a competitor or competitors of the lessor or seller, where the effect of such lease, sale, or contract for sale or such condition, agreement, or understanding may be to substantially lessen competition or tend to create

12584-461: The course of such commerce, to lease or make a sale or contract for sale of goods , wares, merchandise, machinery, supplies, or other commodities, whether patented or unpatented, for use, consumption, or resale within the United States or any Territory thereof or the District of Columbia or any insular possession or other place under the jurisdiction of the United States, or fix a price charged therefor, or discount from, or rebate upon, such price, on

12727-513: The court must ordinarily consider the facts peculiar to the business to which the restraint is applied, its condition before and after the restraint was imposed, the nature of the restraint, and its effect, actual or probable. Section 7 of the Clayton Act makes it illegal to execute a merger or acquisition if the effect "may be substantially to lessen competition, or to tend to create a monopoly." No person engaged in commerce or in any activity affecting commerce shall acquire, directly or indirectly,

12870-401: The courts to be so obviously detrimental that they are categorized as being automatically unlawful, or illegal per se . The simplest and central case of this is price fixing . This involves an agreement by businesses to set the price or consideration of a good or service which they buy or sell from others at a specific level. If the agreement is durable, the general term for these businesses

13013-411: The decisions of a single enterprise, or a single economic entity, even though the form of an entity may be two or more separate legal persons or companies. In Copperweld Corp. v. Independence Tube Corp. it was held an agreement between a parent company and a wholly owned subsidiary could not be subject to antitrust law, because the decision took place within a single economic entity. This reflects

13156-464: The defense sector are often subject to greater antitrust scrutiny from the Department of Justice and the Federal Trade Commission . The several district courts of the United States are invested with jurisdiction to prevent and restrain violations of sections 1 to 7 of this title; and it shall be the duty of the several United States attorneys, in their respective districts, under the direction of

13299-443: The discretion of the court. — Sherman Act 1890 §2 The law's treatment of monopolies is potentially the strongest in the field of antitrust law. Judicial remedies can force large organizations to be broken up, subject them to positive obligations , impose massive penalties, and/or sentence implicated employees to jail. Under Section 2 of the Sherman Act, every "person who shall monopolize, or attempt to monopolize ... any part of

13442-544: The early 1970s in the face of harsh criticism by economists and legal scholars from the University of Chicago . Scholars from the Chicago school of economics had long called for reducing price regulation and limiting barriers to entry . Newer Chicago economists like Aaron Director argued that there were economic efficiency explanations for some practices that had been condemned under the structuralist interpretation of

13585-504: The early 20th century as U.S. states passed laws that made it easier to create new corporations . In most other countries, antitrust law is now called " competition law " or "anti-monopoly law". American antitrust law formally began in 1890 with the U.S. Congress 's passage of the Sherman Antitrust Act , although a few U.S. states had passed local antitrust laws during the preceding year. Using broad and general terms,

13728-564: The early stages of the New Deal . The Supreme Court's decisions in antitrust cases during this period reflected these views, and the Court had a "largely tolerant" attitude toward collusion and cooperation between competitors. One prominent example was the 1918 decision Chicago Board of Trade v. United States , in which the Court ruled that a Chicago Board of Trade rule banning commodity brokers from buying or selling grain forwards after

13871-623: The early years of the New Deal era began to wane. At the urging of economists such as Frank Knight and Henry C. Simons , President Franklin D. Roosevelt 's economic advisors began persuading him that free market competition was the key to recovery from the Great Depression . Simons, in particular, argued for robust antitrust enforcement to “de-concentrate” American industries and promote competition. In response, Roosevelt appointed "trustbusting" lawyers like Thurman Arnold to serve in

14014-442: The feelings of the (fellow Republican party) President (Harrison)—and there is little doubt that he had no idea when he appointed Roosevelt that he would prove to be so veritable a bull in a china shop—he refused to remove him and stood by him firmly till the end of his term. In 1894, reform Republicans approached Roosevelt about running for Mayor of New York again; he declined, mostly due to his wife's resistance to being removed from

14157-403: The first would have prohibited any corporation engaged in interstate commerce from contributing to election campaigns at any level, national, state, or local; the second would have prohibited any corporation from contributing to presidential and congressional elections. (At the time that would have covered only elections to the House of Representatives; U.S. senators were not popularly elected until

14300-404: The fullest, and defend their borders. It has been believed Roosevelt's naval ideas were derived from Mahan's book, but naval historian, Nicolaus Danby felt Roosevelt's ideas predated Mahan's book. In 1880, Roosevelt married socialite Alice Hathaway Lee . Their daughter, Alice Lee Roosevelt , was born on February 12, 1884. Two days later, the new mother died of undiagnosed kidney failure , on

14443-533: The games. That travel was merely incidental to a business which took place in each state. It was subsequently held in 1952 in Toolson v. New York Yankees , and then again in 1972 Flood v. Kuhn , that the baseball league's exemption was an "aberration". However Congress had accepted it, and favored it, so retroactively overruling the exemption was no longer a matter for the courts, but the legislature. In United States v. International Boxing Club of New York , it

14586-491: The government settled, with the government dropping the case in return for Microsoft agreeing to cease many of the practices the government challenged. Every contract , combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of

14729-536: The greatest American presidents. Roosevelt was born on October 27, 1858, at 28 East 20th Street in Manhattan . He was the second of four children born to Martha Stewart Bulloch and businessman Theodore Roosevelt Sr. He had an older sister ( Anna ), younger brother ( Elliott ) and younger sister ( Corinne ). Roosevelt's youth was shaped by his poor health and debilitating asthma attacks, which terrified him and his parents. Doctors had no cure. Nevertheless, he

14872-410: The headquarters of New York's 21st District Republican Association. Though Roosevelt's father had been a prominent member of the Republican Party , Roosevelt made an unorthodox career choice for someone of his class, as most of Roosevelt's peers refrained from becoming too closely involved in politics. Roosevelt found allies in the local Republican Party and defeated a Republican state assemblyman tied to

15015-424: The industry to sector specific regulation (frequently done, for example, in the cases water , education , energy or health care ). The law on public services and administration goes significantly beyond the realm of antitrust law's treatment of monopolies. When enterprises are not under public ownership, and where regulation does not foreclose the application of antitrust law, two requirements must be shown for

15158-475: The law does not seek to prohibit every kind of agreement that hinders freedom of contract , it developed a " rule of reason " where a practice might restrict trade in a way that is seen as positive or beneficial for consumers or society. Third, significant problems of proof and identification of wrongdoing arise where businesses make no overt contact, or simply share information, but appear to act in concert. Tacit collusion , particularly in concentrated markets with

15301-420: The law draws a "basic distinction between concerted and independent action". Multi-firm conduct tends to be seen as more likely than single-firm conduct to have an unambiguously negative effect and "is judged more sternly". Generally the law identifies four main categories of agreement. First, some agreements such as price fixing or sharing markets are automatically unlawful, or illegal per se . Second, because

15444-549: The market's closing time (and then finalise the deals when it opened the next day). The reason for the Board of Trade having this rule was to ensure that all traders had an equal chance to trade at a transparent market price. It plainly restricted trading, but the Chicago Board of Trade argued this was beneficial. Justice Brandeis, giving judgment for a unanimous Supreme Court, held the rule to be pro-competitive, and comply with

15587-481: The merger. Every person who shall monopolize , or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony , and, on conviction thereof, shall be punished by fine not exceeding $ 100,000,000 if a corporation, or, if any other person, $ 1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in

15730-413: The monopolization cases they brought under section 2 of the Sherman Act during this era. One of the government's few anti-monopoly victories was United States v. AT&T , which led to the breakup of Bell Telephone and its monopoly on U.S. telephone service in 1982. The general "trimming back" of antitrust law in the face of economic analysis also resulted in more permissive standards for mergers. In

15873-543: The offense of monopolization. First, the alleged monopolist must possess sufficient power in an accurately defined market for its products or services. Second, the monopolist must have used its power in a prohibited way. The categories of prohibited conduct are not closed, and are contested in theory. Historically they have been held to include exclusive dealing , price discrimination , refusing to supply an essential facility , product tying and predatory pricing . It shall be unlawful for any person engaged in commerce, in

16016-400: The police force: he implemented regular inspections of firearms and physical exams, appointed recruits based on their physical and mental qualifications rather than political affiliation, established Meritorious Service Medals , closed corrupt police hostelries, and had telephones installed in station houses. In 1894, Roosevelt met Jacob Riis , the muckraking Evening Sun journalist who

16159-560: The political machine of Senator Roscoe Conkling closely. After his election victory, Roosevelt dropped out of law school, later saying, "I intended to be one of the governing class." While at Harvard, Roosevelt began a systematic study of the role played by the United States Navy in the War of 1812 . He ultimately published The Naval War of 1812 in 1882. The book included comparisons of British and American leadership down to

16302-477: The poor. Roosevelt sought to position himself against the excesses of large corporations and radical movements. As chief executive of the most populous state, Roosevelt was widely considered a potential presidential candidate, and supporters such as William Allen White encouraged him to run. Roosevelt had no interest in challenging McKinley for the nomination in 1900 and was denied his preferred post of Secretary of War . As his term progressed, Roosevelt pondered

16445-604: The problems of trusts, monopolies, labor relations, and conservation. G. Wallace Chessman argues that Roosevelt's program "rested firmly upon the concept of the square deal by a neutral state". The rules for the Square Deal were "honesty in public affairs, an equitable sharing of privilege and responsibility, and subordination of party and local concerns to the interests of the state at large". By holding twice-daily press conferences—an innovation—Roosevelt remained connected with his middle-class base. Roosevelt successfully pushed

16588-478: The reform faction of Republicans in the New York State Legislature . His first wife and mother died on the same night, devastating him psychologically. He recuperated by buying and operating a cattle ranch in the Dakotas . Roosevelt served as assistant secretary of the Navy under McKinley, and in 1898 helped plan the successful naval war against Spain . He resigned to help form and lead

16731-461: The rest of his life. His father, a devout Presbyterian , regularly led the family in prayers. Young Theodore emulated him by teaching Sunday School for more than three years at Christ Church in Cambridge. When the minister at Christ Church, which was an Episcopal church, eventually insisted he become an Episcopalian to continue teaching, Roosevelt declined, and began teaching a mission class in

16874-423: The rigidity, the attention to minutiae that were important in themselves, but which somehow were never linked up with the whole. Roosevelt gave up his plan of studying natural science and attended Columbia Law School , moving back into his family's home in New York. Although Roosevelt was an able student, he found law to be irrational. Determined to enter politics, Roosevelt began attending meetings at Morton Hall,

17017-458: The rule of reason. Judges increasingly accepted their ideas from the mid-1970s on, motivated in part by the United States' declining economic dominance amidst the 1973–1975 recession and rising competition from East Asian and European countries. The "pivotal event" in this shift was the Supreme Court's 1977 decision Continental Television, Inc. v. GTE Sylvania, Inc . In a decision that prominently cited Chicago school of economics scholarship,

17160-417: The rule of reason. It did not violate the Sherman Act §1. As he put it, Every agreement concerning trade, every regulation of trade, restrains. To bind, to restrain, is of their very essence. The true test of legality is whether the restraint imposed is such as merely regulates and perhaps thereby promotes competition or whether it is such as may suppress or even destroy competition. To determine that question,

17303-408: The same day as Roosevelt's mother Martha died of typhoid fever . In his diary, Roosevelt wrote a large "X" on the page and then, "The light has gone out of my life." Distraught, Roosevelt left baby Alice in the care of his sister Bamie while he grieved; he assumed custody of Alice when she was three. After the deaths of his wife and mother, Roosevelt focused on his work, specifically by re-energizing

17446-471: The same time, however, the Court also held that although the Sherman Act prohibited "every" restraint of trade, it actually banned only those that were "unreasonable". It ruled that the Sherman Act was to be interpreted as a "rule of reason" under which the legality of most business practices would be evaluated on a case-by-case basis according to their effect on competition, with only the most egregious practices being illegal per se . Many observers thought

17589-436: The ship-to-ship level. It was praised for its scholarship and style, and remains a standard study of the war. With the 1890 publication of The Influence of Sea Power upon History , Alfred Thayer Mahan was hailed as the world's outstanding naval theorist by European leaders. Mahan popularized a concept that only nations with significant naval power had been able to influence history, dominate oceans, exert their diplomacy to

17732-572: The state assembly. He allied with Governor Cleveland to win passage of a civil service reform bill. Roosevelt won re-election and sought the office of Speaker , but Titus Sheard obtained the position. Roosevelt served as Chairman of the Committee on Affairs of Cities, during which he wrote more bills than any other legislator. With numerous presidential hopefuls, Roosevelt supported Senator George F. Edmunds of Vermont. The state Republican Party preferred incumbent president, Chester Arthur , who

17875-551: The state level; he retired to his new "Chimney Butte Ranch" on the Little Missouri River . Roosevelt refused to join other Mugwumps in supporting Cleveland, the Democratic nominee in the general election. After Blaine won the nomination, Roosevelt carelessly said he would give "hearty support to any decent Democrat". He distanced himself from the promise, saying that it had not been meant "for publication". When

18018-479: The theory of predatory pricing ). Antitrust laws do not apply to, or are modified in, several specific categories of enterprise (including sports, media, utilities, health care , insurance , banks , and financial markets ) and for several kinds of actor (such as employees or consumers taking collective action ). First, since the Clayton Act 1914 §6, there is no application of antitrust laws to agreements between employees to form or act in labor unions . This

18161-426: The trade or commerce among the several States" commits an offence. The courts have interpreted this to mean that monopoly is not unlawful per se , but only if acquired through prohibited conduct. Historically, where the ability of judicial remedies to combat market power have ended, the legislature of states or the Federal government have still intervened by taking public ownership of an enterprise, or subjecting

18304-399: The trust will have ample advance warning and time in which to either buy the competitor out, or engage in its own research and return to predatory pricing long enough to force the competitor out of business. Critics argue that the empirical evidence shows that "predatory pricing" does not work in practice and is better defeated by a truly free market than by antitrust laws (see Criticism of

18447-441: The view that each business has a duty to act independently on the market, and so earn its profits solely by providing better priced and quality products than its competitors. The Sherman Act §1 prohibits "[e]very contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce." This targets two or more distinct enterprises acting together in a way that harms third parties. It does not capture

18590-474: The view that if the enterprise (as an economic entity) has not acquired a monopoly position, or has significant market power , then no harm is done. The same rationale has been extended to joint ventures , where corporate shareholders make a decision through a new company they form. In Texaco Inc. v. Dagher the Supreme Court held unanimously that a price set by a joint venture between Texaco and Shell Oil did not count as making an unlawful agreement. Thus

18733-403: The way they all did", and lived to respect him, though he swore at him, as the one of them all who was stronger than pull... that was what made the age golden, that for the first time a moral purpose came into the street. In the light of it everything was transformed. Roosevelt made a habit of walking officers' beats at night and early in the morning to make sure that they were on duty. He made

18876-458: The whole or any part of the stock or other share capital and no person subject to the jurisdiction of the Federal Trade Commission shall acquire the whole or any part of the assets of another person engaged also in commerce or in any activity affecting commerce, where in any line of commerce or in any activity affecting commerce in any section of the country, the effect of such acquisition may be substantially to lessen competition, or to tend to create

19019-415: Was a key role for the governor. Platt insisted he be consulted on major appointments; Roosevelt appeared to comply, but then made his own decisions. Historians marvel that Roosevelt managed to appoint so many first-rate people with Platt's approval. He even enlisted Platt's help in securing reform, such as in spring 1899, when Platt pressured state senators to vote for a civil service bill that the secretary of

19162-400: Was also a Prohibition case, but it was about contributions to candidates for the U.S. Senate and House of Representatives. The breweries raised First Amendment objections to the state and federal laws, but the courts rejected them and upheld the laws. Theodore Roosevelt Theodore Roosevelt Jr. (October 27, 1858 – January 6, 1919), also known as Teddy or T.   R. , was

19305-590: Was energetic and mischievously inquisitive. His lifelong interest in zoology began aged seven when he saw a dead seal at a market; after obtaining the seal's head, Roosevelt and cousins formed the "Roosevelt Museum of Natural History". Having learned the rudiments of taxidermy , he filled his makeshift museum with animals he killed or caught. Aged nine, he recorded his observation in a paper entitled "The Natural History of Insects". Family trips, including tours of Europe in 1869 and 1870, and Egypt in 1872, shaped his cosmopolitan perspective. Hiking with his family in

19448-520: Was followed by daily revelations about other corporate contributions. The presidents of all the big insurance firms, and many of the smaller ones, testified that they had made corporate contributions to the Republican presidential campaigns of 1896, 1900, and 1904. "[I]t is obvious," the New York Times said, "that a deterrent, an actual prohibition, is needed to shut off the corrupting stream that flows from corporation treasuries." The Times and

19591-711: Was held that, unlike baseball, boxing was not exempt, and in Radovich v. National Football League (NFL) , professional football is generally subject to antitrust laws. As a result of the AFL-NFL merger , the National Football League was also given exemptions in exchange for certain conditions, such as not directly competing with college or high school football. However, the 2010 Supreme Court ruling in American Needle Inc. v. NFL characterised

19734-598: Was known for passing the Pendleton Civil Service Reform Act . Roosevelt succeeded in influencing the Manhattan delegates at the state convention. He then took control of the convention, bargaining through the night and outmaneuvering supporters of Arthur and James G. Blaine ; consequently, he gained a national reputation as a key politician in his state. Roosevelt attended the 1884 Republican National Convention in Chicago , where he gave

19877-629: Was opening the eyes of New Yorkers to the terrible conditions of the city's immigrants with such books as How the Other Half Lives . Riis described how his book affected Roosevelt: When Roosevelt read [my] book, he came... No one ever helped as he did. For two years we were brothers in (New York City's crime-ridden) Mulberry Street . When he left I had seen its golden age... There is very little ease where Theodore Roosevelt leads, as we all of us found out. The lawbreaker found it out who predicted scornfully that he would "knuckle down to politics

20020-614: Was seen as the "Bill of Rights" for labor, as the Act laid down that the "labor of a human being is not a commodity or article of commerce". The purpose was to ensure that employees with unequal bargaining power were not prevented from combining in the same way that their employers could combine in corporations , subject to the restrictions on mergers that the Clayton Act set out. However, sufficiently autonomous workers, such as professional sports players have been held to fall within antitrust provisions. Second, professional sports leagues enjoy

20163-464: Was solid in geography and bright in history, biology, French, and German; however, he struggled in mathematics and the classical languages. In September 1876, he entered Harvard College . His father instructed him to, "take care of your morals first, your health next, and finally your studies." His father's sudden death in 1878 devastated Roosevelt. He inherited $ 60,000 (equivalent to $ 1,894,345 in 2023), enough on which he could live comfortably for

20306-455: Was soon after the death of his first wife and he faced resistance from his sisters. The couple had five children: Theodore "Ted" III in 1887, Kermit in 1889, Ethel in 1891, Archibald in 1894, and Quentin in 1897. They also raised Roosevelt's daughter from his first marriage, Alice , who often clashed with her stepmother. Upon Roosevelt's return to New York, Republican leaders approached him about running for mayor of New York City in

20449-462: Was to keep prices low, not high. The court found that this was not true, but stated that not every "restraint of trade" in a literal sense could be unlawful. Just as under the common law, the restraint of trade had to be "unreasonable". In Chicago Board of Trade v. United States the Supreme Court found a "good" restraint of trade. The Chicago Board of Trade had a rule that commodities traders were not allowed to privately agree to sell or buy after

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