jan 1, 1889 - New Jersey passes law enabling trusts to operate in the state

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-ppl wear afraid of trsuts and near monopolies
-some states outlawed trutsts
-NEw JErsey wanted corporate headquarters there
-let ppl create holding companies and other combinations
-Delaware followed suit
-"A wave of mergers further concentrated corporate power during the depression of the 1890s, as weaker firms succumbed to powerful rivals. By 1900, America’s largest one hundred companies controlled a third of the nation’s productive capacity. Purchasing several steel companies in 1901, including Carnegie Steel, the financier J. P. Morgan created U.S. Steel, the nation’s first billion-dollar corporation."

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