JUDICIAL INTERPRETATION OF THE SHERMAN ACT
We come now to the interpretation of the Sherman Anti- trust Act by the courts. No attempt is here made to consider all the cases involving the Sherman Act that have arisen in the courts; only the leading cases that are significant for the purposes of this book are treated.1 Generally speaking, reference is made only to the decisions of the Supreme Court, though in two instances--the harvester and the glucose cases--the decisions of the lower courts are briefly outlined.
The first case to come before the Supreme Court was United States v. E. C. Knight Company. In 1892 the American Sugar Refining Company, producing about 65 per cent of all the sugar refined in the United States, had purchased control of E. C. Knight Company and three other independent sugar refining companies, producing among them some 33 per cent of the country's output of refined sugar.3 The government charged that the contracts under which these purchases had been made constituted combinations in restraint of trade; and it brought suit to compel their cancellation. Both the Circuit Court4 and the Circuit Court of Appeals5 ordered the suit dismissed. Thereupon an appeal was taken to the Supreme Court.
The Supreme Court in its decision rendered on January 21, 1895, sustained the lower courts. "The fundamental question,"____________________