The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1911-12-07

alties And. on the other hand, the
successful reconstruction OF this Or
eanizatlon should teach that the effect
OF enforcing this statute Is not 20 de.
stroy, but 10 reconstruct, not TO de.
mollsh. but 10 recreate In accordance
with the conditions which the congress
has declared shall exist among the
people Of the United States"
Common Stock Ownership.
II has been assumed that the pres.
ent pro rata and common ownership In
\ all these companies by former stock.
holders OF the trust would insure 4
continuance OF the same old single con.
troll OF oil the companies into which
4 the trust has by decree been dlsinte
4 grated. This Is erroneous and Is based
I upon the assumed ineilicacy and innoc.
uousness OF judicial injunctIons. The
companies are enjolned from co-opera
4 iion or combination; they have differ
ent managers. directors, purchasing
and sales agents. II all or many Of
the numerous stockholders. reaching
'n'o 'ne 'iousau's' "''''ll'' W eeeu,e
''neetteu "e,'oh VI tuv e'uii,'n'ea WV
view 70 'ne oou''o' Vi 'he i''a' Nel
'a.ir nuiuuc, 's 80 nrSe 'u'' s'ieu ="
and its nrlmo movers md nh IT'S partle.
ipants would be at once subject TO con
tempt proceedings aud Imprisonment
OF n summary character The immedl.
ate result of the present situation will
necessarily be activity by MI the com
panles under different managers, and
then competition must follow or there
will be activity by one company nnd
stagnation by another Only short
time will inevitably lead TO a change
IN ownership OF tue STOCK as an OPP
portunity Tor continued cooperation
must disappear Ihose crlucs VINO
speak OF TINS dlslntegfatioh ~ tne trust
as mere chhhge OF garments nave noe
given consideration 10 the iheVltaple
working Oh the uectee anu unuerstahu
llttle the personal danger OF htteihpt
ing TO evade or set at haugnt the sol
einh ihJnnetioh oi court whose ouJeei
IS mace pam py Tue uecree ahu Wnose
ihhipitions are SET iorth WIN ue.ai
ana coinprenehsiVehess uneAaiipieu ~
Tue HISTORY Oh equity 9u'isi''uueieo
Movement For Repeal Of the Anti
trust Law.
Rut NOW that the antitrust act IL
seen IA he affective for the aceompllsb.
ment of tha nurnose of IFS ennctmont
we arc mot hv n crv from many diGer.
ant ouorters for its reneal II is saId
70 he obstructive Of business prorress
n he nm ottomnt IN restore old fash
,oned me,bods of destructive competi.
tIon he,weon email units ma 10 make
tmnossihIo those useful combinations
~ canitoI and tho REDUCTION Of the cost
Of nroduction that are essential to con. |
tinued prosperity aud normal growth |
In the recent decisions the supreme
court makes clear that there is noth'
Ing In the statute which condemns
combinations OF capital or mere Dig
ness OF plant organized 70 secure econ
omy in production and reduction OF
Its cost IL Is only when the purpose
or necessary effect OF the organization
and maintenance or the combination
or the aggregation OF immense size are
the sitting OF competition actuai ana
potential, and the enhancing OF prices
and establishing monopoly that the
statute Is violated. Mere SIZE ~ no
sin against the law Inc merging q
two or more business pants hecessali
ly eliminates competition between the
units thus combined out this ehhilna'
tion Is In eontrayention OF the statute
only when the combination y uiade iof
purpose or ending TINS particular poni
petition-in order 70 secure eoptto' ~
and enhance prices ana create u ipo
nopoly
Lack of pefniteness In the Statute.
The comptnint Is made Of the stat
ute fiat II ia not sufIlciently definite
m ~ descrintion ~ that which is FOR
hidden 10 enable business men 10 avoid
us yiolatIon The suggestion IL tha' |
we may hnye combination OF two
cornorations which may run on for
years and fhAt subsequently the a.
torney ceueral may conclude TINT Il
was = vlola,ion OF the statute ana that
which was sunnosed by The conblners
10 be innocent then turns out % We
combination In violation OF the statute
The answer TO this Hypothetical case
Is that when men attempt % ainass
such stupendous capital az VIII enable
them TO suppress competition. control
prices and establish o monopoly they
know the purpose Of their acts Men
do not do such thing without having
It clearly in mind. y what they DO is
merely for the purpose of reducing the