The Panic of 1910–11 was a minor economic depression that followed the enforcement of the Sherman Antitrust Act, which regulates the competition among enterprises, trying to avoid monopolies and, generally speaking, a failure of the market itself. The short-term panic lasted approximately 1 year and led to a drop of the major U.S. stock market index by ~26%. It mostly affected the stock market and business traders who were smarting from the activities of trust busters, especially with the breakup of the Standard Oil Company and the American Tobacco company. January 1910 – January 1912 · 2 years Business activity: −14.7% This was a mild but lengthy recession. The national product grew by less than 1%, and commercial activity and industrial activity declined. The period was also marked by deflation. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link