The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-12-05
among the people OF the United
States
Common.Stock Ownership.

eul pIO-ldtd anu tOlnlupH O"uci ohiP
I'm all these companies by former
stockholders of the trust would insure
continuance of the same old single
control of all the companies Into
disintegrated. This Is erroneous and
Is based upon the assumed inefiicacy
and innocuousness of judicial injunc-
tions. The companies are enjoined
from cooperation or combination;
they have different managers, direc-
tors purchasing and sales agents. III
all or any OF the numerous stockhold;
ers. reaching into the thousands, at
tempt to secure concerted action or
the companies with a view 10 the con-
troll OF the market, their number Is so
large that such an attempt could not
we'll be concealed and Its prime NOV
ers and all its participants would be
at once subject TO contempt proceed
ings and Imprisonment OF a summary
character. The immediate result or
the present situation will necessarily
be activity by all the companies un-
der different managers. and then COM
petition must follow. or there Will
he activity by one company and stag
nation by another. Only short time
will inevitably lead to a change In
ownership of the stock, az all oppor-
tunity for continued cooperation must
disappear. Those critics who speak
OF this disintegration in the trust az
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 evade or set at naught the sol
emn injunction OF court whose ob-
iect Is made plain by the decree ana
whose inhibitions are set forth with
detail and comprehensveness unex-
ampled In the history OF equity jurls-
prudence.
The effect of these two decisions has
led to DEGREES dissolying the combina-
tion of manufacturers Of electric lamps,
a southern wholesale grocers' assocla-
tion, an interlocutory decree against
the powder trust with directions by
the circuit court compelling dissolu-
ton, and other combinations OF a sim
liar history are now negotiating with
the department OF justice looking to
disintegration by decree and reorgan-
ization In accordance with law. IL
seems possible to bring about these re-
ORGANIZATIONS without general business
disturbance.
Movement for Repeal Of tho Antitrust
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. 1t Is said
to be obstructive Of business progress,
to be an attempt to restore old-fash-
ioned methods of destructive competl-
tion between small units, and to make
impossible those useful combn ations
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
ombinations OF capital or mere big
ness of plant organized to secure
economy In production and reduc-
tion OF its cost. 1t is only when the
purpose or necessary effect of the or
ganization and maintenance OF the
or the aggregation Of I'M
mense size are the sitting OF competi-
tion, actual and potential, and the en-
hancing of prices and establishing a
that the statute Is violated.
Mere size Is no sin against the law
che merging OF two or. more business
plants necessarily eliminates competl
tion between the units thus combined,
but this elimination is in cOntravention
tion Is made for purpose OF ending this
particular competition In order to Sc
cure control OF, aud enhance, prices
and create a monopoly.
Lack Of Definiteness In the Statute.
The complaint Is made OF the statute
that 1t Is not sufficiently definite In
its description OF that which is forbid.
den. to enable business men to avoid
It's violation. The suggestion Is, that
we may have combination OF two
corporations, which may run on for
years, and that subsequently the attor-
ney general may conclude that it was
a violation of the statute, and that
which was supposed by the combiners
to be innocent then turns out to be a
in violation of the stat.
ute The answer to this hypothetical
ease Is that when men attempt to
amass stupendous capital as will en-
able them to suppress competition,
control prices and establish a monop-
)ly they know the purpose OF their |
acts. Men do not do such a thing
without having it clearly In mind. IL /
what they do is merely for the purpose
)f reducing the cost OF production,
without the thought OF suppresslng
by use Of the bgness of |
The plant they are creating. then they !
,annot be convicted at the time the