Yellowstone monitor. [volume] (Glendive, Mont.) 1905-1928, 1911-12-07
MESSAGE OF THF PRESIDENT
Continued from page

Us mere cnaTtse OF garments nave nos
given consideration to the Inevitable
working of the decree and understand
little the personal danger OF attempt
ing to evade or set at naught the sol
emn injunction OF a court whose object
IS made plain by the decree and whose
inhibitions are set forth with q detail
and comprehensiveness unexampled In
the history of equity Jurisprudence.
Voluntary Reorganizations of Other
Trusts at Hand.
The effect of these two decisions has
led to DEGREES dissoIying the combina-
ton Of manufacturers OF electric
lamps, southern wholesale grocefs'
association. an interlocutory decree
against the powder trust, with direc-
tons by the circuit court compelling
dissolution, and other combinations OF
q similar history are now negotiating
with the department Of justice looking
to d1sintegration by decree and re
organization IL accordance with law.
1t seems possible to bring about these
reorganizations without general bust
ness disturbance
Movement For Repeal of the Anti
trust Law.
But now that the antitrust act Is
seen to be effective for the accomplish
ment Of the purpose Of its enactment
we are met by a cry from many differ
ent quarters for its repeal. It 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 and normal growth
In the recent decisions. the supreme
court makes clear that there is moth
ing in the statute which condemns
combinations OF capital or mere big
ness Of plant organized to secure econ
omy in production and reduction OF
its cost. It is only when the purpose
or necessary effect OF the organization
and maintenance OF the combination
or the aggregation Of immense s.ze are
the sitting of competition, actual and
potential, and the enhancing OF prices
and establishing a monopoly that the
statute is violated. Mere size Is no
sin against the law. The merging OF
two or more business plants necessari-
1y eliminates competition between the
units thus combined, but this el1miaa~
ton is in contra ventfon Of the statute
only when the combination is made for
purpose of ending this particular COM
petition in order to secure control OF
and enhance prices and create mo-
nopoly,
Lack of Definiteness In the Statute.
The complaint is made Of the stat
ute that it is not sufficiently definite
A. It's description OF that which Is for
hidden TO enable business men TO avoid
its violation. The suggestion Is that
we may have combination OF two
corporations which may run on for
years and that subsequently the at
torney general may conclude that it
was violation OF the statute and that
which WAS supposed by the combiners
TO be innocent then turns out to be
combination In violation Of the statute
The answer to this hypothetical case
is that when men attempt 10 amass
such stupendous capital as win enable
them to suppress competition, control
prices and establish monopoly they
know the purpose Of their acts. Men
do not do such thing without having
at clearly in mind. 1f what they do Is
merely for the purpose OF reducing the
cost Of production, without the thought
OF suppressing competition by use OF the
6igness Of the plant they are creating,
then they cannot be convicted at the
time the union Is made, nor cen they
be convicted later unless Il happen
that later on they conclude to sup
press competition and take the usual
methods for Doing so and thus estab
hsh for themselves q monopoly. They
can In such a case hardly complain II
the motive which subsequently lie dis
closed is attributed by the court to the
original combination.
New Remedies Suggested.
Much is said Of the repeal OF this
statute and Of constructive legislation
intended to accomplish the purpose
and blaze i clear path for honest mer-
chants and business men to follow. &c
may be that such plan will be
evolved, but I submit that the discus
sions which have been brought out In
recent days by the fear OF the con
tinued execution Of the antitrust law
have produced nothing but glittering
generalities and have offered no line
Of distinction or rule or action MS def
mite and as clear as that which the su-
preme court itself lays down IN en-
forcing the statute
Supplemental Legislation Needed. Not
Repeal or Amendment.
see no objection. and indeed can
zee decided advantages, In the enact
12ent Of law which shall describe
and denounce methods OF competition
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