Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1912-02-28

ton is merely q holding company
engaged in no business except the
control through stock ownership of
the subidiary companies.
There were acquired and brought
under single control, upwards of 1870
concerns in lines OF business allied
with the steel making business, in.
Guiding ore owning and mining CON-
panies (which are now restrained
from competing the sale of ore" trans
portation compani through consoli-
dation of which every possibility of
competition between these roads is
prevented. pig iron plants, Goa! and
coke companies, and many others.
There were acquired large num-
Der of major concerns at much in
flated valuations, succeeding several
increases in the capitalization of pre-
ceding interpretations. due in some
cases, to the greater combination
value or merger of the consolidation.
in which of course the units combined
were restrained of any competitive
activity. Specific instances are given
under this head relating to three
processes of combination as follows:
"The original combination of major
concerns to eliminate all possibility
Of competition. Combinations admit
teddy or internally having "a direct
effect to remove competition or in the
accomplishment of which the removal
of competition was the declared or
inferred object of the consolidation.
"Other acquisitions in related lines
of business for which no explanation
has been offered and none appears
except the visible consequence, the
removal of such concerns from the
field.
1.-THE requirement of a large mum.
Der of plants which never We're oper-
ated and some of t. EN-. dismantled.
being removed from the competitive
field"
The requirement of other plants,
such as the Clarion Steel company,
the Tennessee Coal & Iron company
and others, of which the report says:
"Isolatedly considered in acquiring
independent concerns may be entirely
colorless, but when considered in con
nection with the acquisition of other
independent plants admittedly or in.
ferably to terminate competition, the
continued policy and practice of &C.
curing control Of companies engaged
In it's own line of business. may be
corroboratory Of the conclusion that
the intention was to prevent competi-
tion Of the concerns acquired, If not,
per Sc indicative of such intention"
In this competition after lengthy
ANALYSIS of the taking over of the
Tennessee Coal & Iron company in
1907. the report says:
It may not be possible to state the
true intention in acquiring the Ten
nessee comany, in a way which would
be admitted by the men in control Of
the steel corporation, inasmuch as it
appears to many experienced men:
who are also disinterested, that the
intention which impelled its acquisi-
ton was merely the desire t. bring
under the control of the steel corpora
ton the great possibilities for COM
petition possessed by the Tennessee
|, company. The consequence of the
acquisition should and must be held
. to have been intended in legal con-
temptation, even If the result so de.
duced conflicted with the intention
declared to be in the minds OF those
, responsible"
The requirement of forty.f1ve plants
listed in the report including many
small bridge, wire. nail, sheet steel
and other concerns, consolidated for
the restriction of competition" and
when considered collectively with
many similar Of absorbing and com.