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Sherman Antitrust Act Passed
The first federal law to limit monopolies and promote fair competition. Aimed at "trust-busting" large companies like Standard Oil and U.S. Steel. -
Panic of 1893
Over-speculation in railroads and shaky banking practices caused a severe economic depression. It began in February and lasted eight months, but had lingering effects.Resulted in bank failures, business bankruptcies, and high unemployment. -
Pullman Strike
A nationwide railroad strike protesting wage cuts and high rent in company-owned housing. Crippled rail traffic and required federal intervention by President Cleveland. -
U.S. Steel was Founded
The first billion-dollar corporation, founded by J.P. Morgan. Signified the massive scale of American industry and finance. -
Panic of 1907
Another financial crisis, caused by a failed attempt to corner the copper market. Led to widespread bank runs and sparked the movement for central banking reform. -
Breakup of Standard Oil
The Supreme Court ruled that Standard Oil was an illegal monopoly under the Sherman Antitrust Act.
Split into 34 smaller companies (e.g., Exxon, Chevron). -
16th Amendment Ratified
Allowed Congress to levy a federal income tax for the first time. Gave the federal government a steady revenue source. -
Federal Reserve Act Signed
Created the Federal Reserve System (the U.S. central bank). Aimed to stabilize the economy, regulate banks, and prevent future financial panics.