The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1911-12-05


~ n6hopc iia y
he decree de- eel- tnese uEL Q
I'll con b sElEl 81 Zen the
! plant have been dir1dedEe shall have
accomplished the useful purpose OF
the statue
leSnIissaif5 "a, Nee the PpEposo Of che
9tatute.
It IS not the puFpOseaof the stafnte
to conhscnte the property and cnpital
! OF the ofiendIng frusts Methods OF
|. punfshuaent BIZ one or Imprisonment
OF the fndiyiduuf Re1ders. By me OF
|. the coTp oF1ti0n yoF BY forfeiture OF Its
goods In transportation are RFoytdefl.
but the proceeding in equity Is a spe-
eide remedy TO stop the operation Of
the trust by injunction ana prevent
l-tiae future. NE OF the plant ana capital
! IN violation of the statute
Effectiveness Of Decree.
I venture TO saX that not In the his
tory OF American law has decree
more enectiye for suct a purpose been
! entered BY court than thnt against
the tobacco trust. AS Circuit Judge
iTNoyes said in his Judgment approving
the decree:
.sThe extent to whichsit has been
| necessary to tear apart this combine
4 tion nnd force Il into new forms with
! the snttehdant,lu burdens ought to demon
4 EtrIIte that the federal antitrust statute
I Is n drastic starute which ncccmphshes
| effective results. which so long as 1t
! stands on the statute books must be
! obeyed md which cannot be disobey-
\ ed without mourning fHrreaching pen
| altfes. And. on the other hand. the
| 0p this
eanizatIon should tench that the effect
/ of enforcing this statute IS not to de-
stroy. but to reconstruct: not to de-
mofish. but to recreafe In accordance
| With the conditions which the congress
| has declared shall exist among the
people OF the United States"
Common Stock ownerssip-
! If has been assumed TINT the pres
emit Ero rata and common ownership in
I all these companies by former stock
/ holders of the trust would insure
I continuance Of the same old single con-
troll of all the companies into which
! the truse has by decree been disinte-
! grated. This is erroneous and IS based
upon the assumed inefIicacy and fnnoc-
uousness of judicial tnjunctiOnS. The
companies are enjofned from co-opera-
| ton or combination: they have diher-
| ent managers. directors. purchasing
| and sales agents. II NIL OF many OF
the numerous stockholders. reaching
| into the thousands attempt to secure
| concerted action OF the companies with
! a view to the control OF the market
! their number Is so large that such an
| ATTEMPT could not well be concealed
and fits prime movers and all IFS paFtic-
| Ipantss would be at oncc subject to con-
TEMPT proceedings and Imprisonment
! of a summary character The tmmedi-
| ate result of the present situation will
necessarily be activity by all the cont
panieS under different managers. ana
! then competition must follow or there
! viii be activity by, one company ana
staGnation by another. Only short
dime will Inevitably lead to II change
In ownership OF the stock. as all OPP
portunity for continued cooperation
must disappear Those critics who
spenlS OF this dislntcsrarion in the trust
as a mere change OF garments have not
Given consideration to the inevitable
working of the decree and understand
little the personal. danger OF attempt
ing to eraCle or set ut naught the SOL
emn injunction OF n court whose object
IS made plain Uy the decree and whose
inhibitionS are set forth with detnil
and eemprebeusIyencsS unexampled in
the history OF equity Jurisprudence.
Voluntary Reorsanizations Of othor
Trusts at Hand.
The erect Of these two decisions has
led to DEGREES dlssolvinE the combina-
ton OF manufacturers OF electric
lamps. southern wholesale grocers
association. nm interlocutory decree
against the powder trust, with direc-
lions by the circuit court compelling
dissolution. and other combinations OF
n similar history are now negotiating
with the department OF Justice looking
TO n disintegration by decree and re-
: organization in accordance with law.
1 It seems possible to bring about these
/, congratulations without general btist-
1 ness disturbance.
Movement For Repeat of the Anti
trust Law.
But now that the antitrust act is
/ seen to be effective for the accomplish
ment of the purpose OF it's enactment
we are met by cry from many differ
ent quarters for It's repeal. 1t is said
! to be obstructive OF business progress
to be an attempt to restore old fash
toned methods of destructive competi-
ton between small units and to make
impossible those useful. combinations
| of capital and the reduction OF the cost
OF production that are essential to con-
tinued prosperity aud normal growth