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Northern Securities Co. v. United States
Supreme Court of the United States (1904) | 193 U.S. 197; 24 S. Ct. 436; 48 L. Ed. 679; 1904 U.S. LEXIS 933
TL;DR: The Supreme Court affirmed that a holding company formed to acquire the stock of two competing interstate railroads was an illegal combination in restraint of trade under the Sherman Antitrust Act, ordering its dissolution.
Legal Significance: This landmark decision established that the Sherman Act applies to stock acquisitions and holding companies used to eliminate competition, significantly expanding federal antitrust power under the Commerce Clause and marking the first major victory for federal “trust-busting” efforts.