On July 2, the Sherman Antitrust Act was passed by Congress and it represented the first federal effort reign in monopolies. Named for U.S. Senator John Sherman, the act contained two key provisions. First, it outlawed parties from restraining trade between states or foreign nations. The practice of restraining referred to price-fixing, share markets, limits on industrial output, and the exclusion of competition. Second, the act made illegal all attempts to monopolize any facet of trade or commerce in the United States. Though passed in 1890, it was not until the Roosevelt administration that the Sherman Act was applied to the U.S. economy.
Richert, Lucas Paul. "Sherman Antitrust Act". The Literary Encyclopedia. First published 01 February 2009
[http://www.litencyc.com/php/stopics.php?rec=true&UID=5983, accessed 28 July 2014.]