The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1911-11-17


long ago settled the problems that
arc now keeping the American bust.
ness world I'm constant state u
disorder and disturbance. European
lawmakers have long ago recognized
the folly Of attempting to tight
economic evolution with legs alton.
In the European countries, large
business combinations have been
fostered for many years
The attitude Of the English law
toward large business corporations
was definitely settled In 1894. In
that year. the Nordcnfelt Company,
manufacturers of arms and ammuni-
ton, sold its entire plant 70 the
Maxim Nordtnfelt company. The
combination was alleged TO DO In
restraint OF trade. A combination
in restraint of trade was held for
many years 10 be Illegal under the
common law Of England. When this
case came up fol trial, however. be-
fore the house Of lords acsins as the
highest court in the land, broad
principle was laid down which has
governed such cases since that time.
In announcing It's decision. the Eng
lish court declared that:
in osden times all restraints OF
trading were considered prima facisl
void. An exception Was introduced
when the agreement TO restrain
from trading was only from trading
In particular place and upon rea-
sonabie consideration. leaving stili
invalid agreements to restrain from
trading at all. Such a general re-
straint was m the then stale OF
things considered 10 be OF no benefit
even to the covenantee himself: hut
we have now reached a period when
II may be said that science and IN
vention have almost annihiIated
both time and space. Consequently
there should no longer exist any
csst-lron rule making void any
agreement not 10 carr on a trade
anywhere"
In spite OF the bitter prejudice
against all trade restraining corpora
lions engendered In the mind OF the
English people BY the operations Of
the famous East India Company,
which played so important a part
in English politics a, one period.
they we're willing to recognize near
~ twenty years ago that the strictly
competitive method OF carrying on
business had become obsolete and
that a new order In Industry had
arrived At about the Tine the Eng
lish people we're laying doxn these
principles. the agitation Of the aues-
ton In the United States began. and
the agitation has gradually grown
in intensity since that time. In
stead OF settling the question wisely
for all time as was done in England.
We must 20 through PEARS Of poiit.-
cal wrsngling and destructive agifa-
ton. Our lawmakefs Will hnally
reach the same cone,pslon thar Vas
reached by English statesmen twen-
y years ago. but american business
and industry must be hsraszed aud
retarded and burdened with unwise
legislation for another decade or 80
before this conclusion ~ reached.
Very much the same conditions
that pertain 10 England exist also in
Germany and France. In Germany
there are about 400 large business
combinations, that do a nation wide
business. There are more than
10000 business establishments that
are members Or these syndlcates.
These large combinations are foster
ed b. German Law. German law-
makers would no sooner entertain
the Idea Of frsmips legislation de-
signed TO destroy any Of thess
combination than they woaId con.
template framing laws 10 stop bust.
ness entirely.
u France. the same conditions
exist All Of the larger manufae.
turing and industrial companies are
organized into large combinations
There Is definite understanding a.
70 prices. wages to he paid employees
and supply = regulated within Ger.
tain bounds 80 al 70 prevent over
production.
y might be well for the demo.
cratic congressional committee. which
Is now framing more rigid antitrust
legislation. 10 take some of these
facts Into confederation. II mighl
also be we'll for some Of our ron.
temporarlee Win ara .f,se,.a wt,h