jul 2, 1890 - The Sherman Antitrust Act

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Despite Carnegie’s defense of millionaires, the
government was concerned that expanding corporations would stifle free competition. In 1890, the Sherman Antitrust Act made it illegal to form a trust
that interfered with free trade between states or with other countries.
Prosecuting companies under the Sherman act was not easy, however, because
the act didn’t clearly define terms such as trust. In addition, if firms such as
Standard Oil felt pressure from the government, they simply reorganized into single corporations. The Supreme Court threw out seven of the eight cases the federal government brought against trusts. Eventually, the government stopped trying
to enforce the Sherman act, and the consolidation of businesses continued.

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