Dodd, Samuel Calvin Tate

Dodd, Samuel Calvin Tate,

1836–1907, American lawyer, b. Franklin, Pa. He was admitted to the Pennsylvania bar in 1859. Dodd was employed by the Rockefeller interests and is credited with devising the business trusttrust,
in law, arrangement whereby property legally owned by one person is administered for the benefit of another. Three parties are ordinarily needed for the relation to arise: the settlor, who bequeaths or deeds the property for another's benefit; the trustee, in whose hands
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 arrangement by which John D. RockefellerRockefeller, John Davison,
1839–1937, American industrialist and philanthropist, b. Richford, N.Y. He moved (1853) with his family to a farm near Cleveland and at age 16 went to work as a bookkeeper.
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 was able to consolidate control of many companies engaged in producing oil. Dodd strongly opposed the Sherman Antitrust ActSherman Antitrust Act,
1890, first measure passed by the U.S. Congress to prohibit trusts; it was named for Senator John Sherman. Prior to its enactment, various states had passed similar laws, but they were limited to intrastate businesses.
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 (1890). He organized (1899) the Standard Oil Company of New Jersey, the result of Rockefeller's consolidations and one of the earliest of the large holding companies. His view that only "unreasonable" combinations in restraint of trade should be illegal was adopted by the Supreme Court in 1911; later revisions of this decision declared certain actions to be unreasonable per se.
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