John D. Rockefeller created Standard Oil Trust by trading stockholders’ shares for trust certificates. The trust was designed to allow Rockefeller and other Standard Oil stockholders to get around state laws prohibiting one company from owning stock in another.
Construction of the world’s first skyscraper, designed by William LeBaron Jenney, was completed in Chicago. At ten stories, the Home Insurance Building rose to a height of 138 feet. Two additional stories were added in 1890.
The Statue of Liberty, conceived by French historian Edouard de Laboulaye as a gift to the United States to honor American democracy, was dedicated. Completed as a joint effort between the two nations, the statue itself was built in France and its pedestal in the US.