More than two decades have passed since the enactment of the Sherman Anti-Trust law, and during that time many different phases of experience under it have succeeded one another. The act has not been amended, although changes in its working have been brought about by legislation on related subjects. The measure has been enforced only sporadically and today the question is still urgent: What shall be done with the law ? So unsatisfactory has it been, to all appearance; so general has been the demand for something to take its place; so extensively have "trusts" and combinations of capital developed in spite of its existence, that future students of American economic history must inevitably be surprised at the apparent inability of Congress to do anything that would remedy what appears to be an intolerable situation, either by repealing an act which seems to have attained no object, or by correcting admitted defects in it. Before anything can be done toward changing the present status under the Anti-Trust law, it will be necessary, therefore, to understand why Congress does not act regarding it and what are the obstacles, apparently insuperable, that have so effectually blocked progress.