The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-06

but TO reconstruct; not to demolish, but
TO rccrcate in accordance with the
conditions which tae Congress has de-
clared snail exist among the people
OF the United states
CommOu-stock Ownership.
1t has been assumed that the pres
ent pro rata ana common ownership
III all these companies oy former STOCK
hoioers OF the trust would insure a
continuance of the same old single
control of all the companies into wnIch
the trust has by decree been dlsln-
teSrated. This is erroneous and is
innocuousness OF judicial injunctions
Ihe companies are cnJoincd from CO.
operation or combinations; they have
inherent managers, directors, purchas-
lnS ana sales agents. II all or many OF
the numerous stockholders. reaching
into the thousands, attempt TO secure
concerted action OF the companies witn
II view 10 the control or the market
their number Is so urge that such an
attempt could not wei be concealed,
and its prime movers and all its par
ticipants would be at once subject TO
contempt proceedings and imprlson-
! inent Of summary character. The
immediate result of the present situa-
ZION Will necessarily be activity by all
The companies under different man
ayers, and then competition must fol-
low, or there Will be activity by one
company and stagnatlon by another.
Only q short time Will inevitably lead
-
as all opportunity for continued CO.
operation must disappear. TRosc cri-
ties who speak of this disintegration in
the trust as ii mere change OF gar
mcnts nave not given consideration to
the inevitable working of the decree
and understand little the personal dan
ger OF attempting to evade or set at
naught the solemn Injunction of a
! court whose object is made plain by
the decree and whose inhibitions are
set forth with detail and compre-
hensivcneSS uneXamplcd in the history
OF equity Jurisprudence
Voluntary ReorEunizntions of Other
Trusts ut Hand.
The effect of these two decisions
/ has led to DEGREES dissolving the com
hination of manufacturers of electric
lamps, Southern wholesale grocers'
association, an interlocutory decree
against the Powder Trust with dlrec-
tons by the Circuit Court compelling
dissolution, and other combinations OF
a similar history are now negotiating
with the Department of Jus zee look
ing 10 a disintegration by decree and
reorganization in accordance with law.
II seems possible TO bring about these
denominations without general bust
ness disturbance,
Movement for RepcnI of the Antitrust
But now that the antitrust act is
seen 10 DC effective for the accom-
plishmcnt OF the purpose of its enact
nent, We are met by cry from many
ulHerent quarters for its repeal 1t
is said TO be obstructive of business
progress. 10 be an attempt to restore
old-fashioned methods of destructive
competition between small units, and
to make impossible those useful com
binations of capital and the rcduc ton
of the cost Of production that are
essential to continued prosperity and
normal growth.
In the recent decisions the Supreme
Court makes clear that there Is moth
n
combinations of capital or mere big.
, ness OF plant organized to secure econ
omN in production and a reduction OF
its cost. 1t is only when the purpose
| or necessary effect of the organiza-
ton and maintenance of the combina-
lion or the aggregation of immense
size arc the stifling of competition, act
nal 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 mcrg-
Ing of two or more business plants
necessarily eliminates competition be-