Document: 41 L.Ed.2d 978 94 S.Ct. 2856 418 U.S. 602 UNITED STATES, Appellant,v.MARINE BANCORPORATION, INC., et al. No. 73—38. Argued April 23, 1974. Decided June 26, Syllabus The United States brought this civil antitrust action under § 7 of the Clayton Act to challenge a proposed merger between two commercial banks, which would substitute acquiring bank for acquired in Spokane, Wash., and permit former first time participate directly Spokane market. bank, appellee National Bank Commerce (NBC), is large, nationally chartered based Seattle, wholly owned subsidiary Marine Bancorporation, Inc., terms assets, deposits, loans second largest banking organization with headquarters Washington, operating 107 branches State, including 59 Seattle metropolitan area 31 lesser developed eastern sections but none area. or target Washington Trust (WTB), medium-size, state-chartered located seven branches, six city one suburb, eighth ninth controlling 17.4% 46 offices holding 18.6% third percentage total deposits (The banks percentages hold 42.1% 31.6% respectively deposits.) Government bases its case exclusively on potential-competition doctrine, seeking establish that 'may . substantially lessen competition' meaning 7: (i) by eliminating prospect NBC, absent acquisition market share represented WTB, enter de novo through smaller thus assist deconcentrating over long run; (ii) ending present procompetitive effects allegedly produced NBC's perceived presence fringe market; (iii) terminating alleged probability WTB as an independent entity develop internal expansion mergers other medium-size into regional ultimately statewide actual competitor NBC large banks. District Court held against all aspects dismissed complaint. Held: 1. As 'a necessary predicate' deciding whether contravenes Act, properly found relevant product was 'business banking' geographic entire State not, despite Government's contrary contention, appropriate 'section country' within 7, since purpose 'relevant market' are same, being firm actual, direct competitor, moreover has not shown effect basis be 7. Pp. 618—623. 2. While extension must pass muster application doctrine take account extensive unique federal state regulatory restraints entry line commerce, controls number charters granted, prior agency approval opening state-law restrictions, such those branching multibank companies. 626—630. 3. evidence concentration ratios established prima facie sufficiently concentrated invoke appellees did demonstrate inaccurately depicted economic characteristics 630—632. 4. In view legal barriers entry, notably prohibitions branching, from branch office, companies, failed sustain burden proof challenged violates likelihood that, merger, means sponsorship-acquisition foothold small area, it either alternative methods feasible offered substantial producing deconcentration significant effects. 632—639. 5. failure offering reasonable determinative contention without regard possibility future market, illegal because eliminates potential entrant. Assuming bankers aware render unlikely insignificant entrant except improbable, light barriers, exerts any meaningful influence 'standing wings.' 639—640. 6. record amply supports Court's finding 'failed there will expand markets,' at no 70-year history outside another received offer than issue here. 640—641. Affirmed. Daniel M. Friedman, D.C., appellant. R. A. Moen, Bancorporation others. Lee Loevinger, Comptroller Currency. Mr. Justice POWELL delivered opinion Court. 1 38 Stat. 731, amended, 15 U.S.C. 18, opposite end Spokane. competitors degree part State. They have each other's home cities. agreement operate participant 2 Act. It contends if prohibited, find more competitive entering further submits terminate presently due 3 After full trial, case. We affirm court's judgment. applying banking, courts regulation particularly commerce. instant case, compel us conclude violation 4 * BACKGROUND 5 Facts. 6 national association principal office Washington. Located northwest corner registered company, Inc. (Marine), At 1971, had assets of.$1.8 billion, of.$1.6 $881.3 million.1 operates order population, four major areas Tacoma, Everett. latter three areas. founded 1902, extreme approximately 280 road miles Seattle. population 170,000 corporate limits 200,000 overall metopolitan industrial base. surrounding region sparsely populated devoted largely agriculture, mining, timber. serves trade center region. longstanding interest securing 8 offices, Opportunity, suburb. $112 million, $95.6 $57.6 million. 12 middle-size (i.e., $30 million $250 range). 9 well managed profitable. From December 31, 1966, 30, 1972, increased organizations 16.6% 18.6%. amount grew 50% during period, somewhat higher rate increase exhibited same time.2 Although pattern moderate growth, expanded 10 were 91 five 74.3% State's operated 61.3% offices. time, Seattle-First 51.3% 36.5% Washington.3 There One organization, Bancshares, separate their respective midyear aggregate Bank, comparison, 31.6%. placing behind Bank. Thus, taken together, 92% None remaining holds larger 3.1%.4 these Farmers & Merchants only 11 business may reflect severity Washington's statutory permits restrictions placed method growth stringent. Subject supervisor sufficient paid-in capital open town located, unincorporated county incorporated communities office. Wash.Rev.Code Ann. 30.40.020 (Supp.1973). But law, 'shall place trust company regularly transacts business, taking existing ..' Ibid. Since law subjects limitations imposed counterparts,5 restricted acquisitions cities towns pre-existing organizations. ability acquire also limited provision requiring incorporating include articles incorporation clause forbidding new merging permitting period least years, consent banking. 30.08.020(7) (1961 Supp.1973).6 addition, once acquires takes bank's cannot bank. enters containing obtained acquisition. Moreover, companies prohibited 30.04.230 (Supp.1973).7 Under corporation own, hold, control 25% stock Violations one-bank statute gross misdemeanors carrying possible penalty forfeiture charter. Accordingly, achieve rough equivalent free aggregating unit company.8 13 February Marine, agreed merge NBC. surviving eight March applied Currency pursuant Merger 1966 merger.9 required see 1828(c)(4), requested 'reports factors involved' Attorney General, Federal Deposit Insurance Corporation, Board Governors Reserve System. Each agencies submitted negative report merger. General relied reasons advanced conclusions primarily whole. 14 approved issued September 24, 1971. He concluded precluded 'effectively prevented' causing formed could later treated partner. noted prevented boundaries chartered, been 1965, subject minimum 10-year restriction sale set out Supp.1973). heavily contribute convenience needs customers bringing them services previously provided WTB. Acting 30-day limitation 1828(c)(7), then commenced Western challenging legality Act.10 result, automatically stayed. 1828(c)(7)(A). Pursuant 1828(c)(7)(D), intervened support party defendant. 16 Prior trial dropped allegations concerning competition partners.11 remainder complaint addressed competition. sought ways: counterweight power theory—alleged blocked—was primary upon presented Court.12 17 close final oral argument following week-long Judge ruled defendants bench. Two weeks he adopted change defendants' findings facts consisting sentences. 1973—1 Trade Cas. 74,496, p. 94,244 (1973).13 court 'substantially' 'no inherent anticompetitive probability' 'reasonably foreseeable future.' Id., 94,245. 18 According Court, forbade establishing 'available reasonably acceptable future, all.' attempt assisting formation newly 'even legally accomplished,'14 undertake acquisition, economically feasible. addition noting past projected slow essential effective business. unable made helped form These rendered 'negative' prospects sponsored started scratch. This confirmed experience entered 1964 subsequently 94,245—94,246. 19 perceptible deriving premerger 94,246. carry proving beyond combination 'entrenched dominant area' result trigger series defensive 94,246 94,247.15 20 On findings, thereupon appeal Expediting 32 823, 29. probable jurisdiction. 414 907, 228, 145 (1973). II THE RELEVANT MARKETS 21 Determination markets v. E. I. Du Pont De Nemours Co., 353 586, 593, 77 872, 877, 1057 (1957); Brown Shoe Co. States, 370 294, 324, 82 1502, 1523, 510 (1962). 'within judged' (and cluster products denoted thereby) 94,243. parties do dispute finding, event accord our precedents.16 22 'consisting City immediately adjacent thereto, extending easterly suburb Opportunity toward Idaho border 94,244. extends west south north east city. considerably County surrounded region, nearby centers. contains record, we reason doubt constitutes approximation 'localized' local consumers can practicably turn alternatives. E.g., Phillipsburg 399 350, 362—365, 90 2035, 2042—2044, 26 658 (1970). where 'the immediate .,' purposes Philadelphia 374 321, 357, 83 1715, 1738, 915 (1963). determining 23 stipulated participant. Nevertheless, conceded asserts differentiated delineate insulated most forms out-of-state argues others trigger, lead eventually domination few facing network local, oligopolistic markets. assumed eventual linkage markets, argued, enhance parallel, standardized, behavior. concern consequences appears important recent efforts block 7.17 24 reading 'any section phrase variance cases, reject it. Without exception identical,18 defined concept goods marketed firm. supra, 357—362, S.Ct., 1738—1741.19 cases regional, basis, acknowledged existence market.20 previous determined measuring competitor. urging gauged suggesting precisely step, because, concedes, country far greatest portion services, predominantly localized character area.21 precedents, decline invitation. like one, 25 Apart fact approach supported simply too speculative record. persuasive showing To sure, designed arrest 'at when trend lessening commerce (is) still incipiency.' U.S., 317, 1520. See, e.g., Von's Grocery 384 270, 277, 86 1478, 1482, 555 (1966). proscription expressed 'when 'tendency' monopoly (a) 'reasonable likelihood' shown,' Penn-Olin Chemical 378 158, 171, 84 1710, 1717, 775 (1964), applies alike actualand cases. remembered deals 'probabilities,' 'ephemeral possibilities.' 323, 1522, 510.22 underlying is, least, closer possibilities' 'probabilities.' assume, essentially evidence, tend produce oligopolies espouse per se rule No gone far,23 so today. For same—the III POTENTIAL-COMPETITION DOCTRINE term 'potential competitor' appeared El Paso Natural Gas 376 651, 659, 1044, 1048, (1964). reality, however, actual-competition rather case.24 potentialcompetition subsequent Falstaff Brewing Corp., 410 526, 93 1096, 35 475 (1973).25 Unequivocal actually rarely available.26 indicates, focus likely position developing recognized unlawful concentrated, characteristics, capabilities, incentive noto entrant, firm's tempered behavior participants words, interpreted encompassing what commonly known 'wings effect'—the prompted firms novo. Falstaff, 531—537, 1100—1103.27 elimination 27 accepted theory places reliance not. resolved proscribes solely ground long-term might forbidden undertaking (a so-called toehold acquisition). expressly reserved issue.28 28 proceeds steps. First, force Second, doctrine. Third, urges resolve favor question left Falstaff. Fourth, Finally, eliminate WTB's shall address points presented. 29 Application Doctrine Commercial Banks. 30 (1963), general rule, standard principles applicable unregulated industries apply See First 665, 1033, Congress reacted 'convenience needs' defense uniquely 1828(c)(5)(B) (c)(7)(B). Subsequent revealed, comes play after district determination status Third 390 88 882, 1015 (1968); 386 361, 87 1088, 151 (1967). standards Philadelphia, 627 preserved 1966.' 358, 2040.29 involved combinations element distinguishes factually they nevertheless strong precedents doctrines Failure misconceptions go heart itself. evolved decided unfavorably views.30 conceptual difficulty approach, why uniformly unsuccessful courts, fails weight banking.31 omission great importance, ease central premise doctrine.32 33 Unlike, example, beer industry, field 'wholly matter governmental grace .' 'far easy.' 367, n. 44, 1744. Beer manufacturers base decisions regarding scale nonregulatory considerations, own financial long-range goals cost creating production distribution facilities, above profit need give thought public convenience. comparable freedom exists Ease presumes exit—i.e., withdrawal collapse certain Reflecting country's bitter decades ago '(a) community disaster .,'33 exit extensively regulated Governments. supervisory limit particular prevent failures. id., 328, 1722. branch, how small, opened agency. earlier, statutes forbid expanding does maintain operate, 609—611. Similarly, Supra, 611—612. 34 conclusion scrutinized care 352, 367—370, 372, 1735, 1743—1745, 1746. difficult Such often significantly reduce, eliminate, source benefits entry. permissible 'alternative route 370, 1745. contrast, serious questions route' functional B. Structure Market. 36 judged imperative determine country. That engaging interdependent parallel capacity effectively price output services. If performs traditional terms, occasion fashion already accomplished performing competitively. Likewise, about genuinely competitive. 37 effort oligopolistic, indicating (including WTB) point, highly existed 'does suffer practices attributable undue power.' apparently gave testimony banks' expert witnesses indicates neither nor undertook study performance, compared structure, introducing magnitude here candidate aspect show ratios, unreliable indicators behavior, Dynamics 415 486, 1186, 39 530 (1974), accurately depict view, burden, erred contrary. Appellees introduced absence pricing providing Spokane.34 note hardly surprising structurally concentrated. witness conceded, concentrated.35 policy judgment restrict promote safety. factor usually renders theoretical cases—regulatory make invalidates 40 step argument, resolution Court36 us. Utilization run effects, compete vigorously initially share. preconditions exist before theory, proved, establishes determined: available WTB; sharp disagreement possesses capability enter. controversy turns realistically various 42 undisputed parent Entry therefore distinct alternatives benefit 43 arrange 'sponsorship'), insure friendly hands, respond violate spirit letter branching. require issuance charter, assert authorities grant charter static, 'well-banked' argued officials refuse scheme avoid requirements law.37 inalienable years officials, 30.08.020(7), argue sponsorship plan. 44 counters pointing instances occurred apparent knowledge asserted less bank.38 Indeed, sponsoring unrelated ultimate conversion reply occasionally occurred, nonetheless tolerated illegality convert process one. denies ever engaged insists even guarantee sponsor, some willing outbid it, bank.39 point out, used fact, cross-examination his 'wouldn't consider trying use getting into' city.40 45 conclusions, statutes.41 similarly decide issue. intricate procedure espoused scarcely opportunities enterprises producers, arguendo, conceivably succeed indefinite future. follow assumption, contrary, affect allow acquired. frozen level initial trapped single market.42 little realistic hope share, sum, blinks reality opportunity sponsorship, assuming availability, cases43 truly unfettered loss undertaken 47 area.44 city, peripheral viewed 1965 until 1971 NBC—WTB agreement. 48 Granting partners distant again market-structure predicted Government. Once strongly suggests finds 1964, country, Seattlebased subsidiary, Eight Pacific mere 2.2% date 2, supra. An officer called Government, attributed poor inability Spokane.45 49 unpersuasive precondition existed. Putting difficulties aside, precondition. structural improvement insofar concerned, anomalous opposing introduce full-service now operating, appear effect.46 theory. present, reach express reiterate concerns industry 50 fourth argument. Rational assumed, improbable 51 threat consummation extent exists, therein.' making 'appraised facts' 'in sense (NBC) said competition.' 533—534, 1101 (footnote omitted). Our review error. hard effect' memorandum written 1962 expressing engage approached Evidence expression official decade 52 Elimination Potential Growth. 53 challenges found, finding. Nor bank47 here.48 speculation. provides sound overturning holding. IV CONCLUSION 54 must, noted, affirmance rests stringent entrenchment, grounded relative firm—will seldom bar hearing involving should factors, created charters. Testimony responsible entitled weight, although determinative. danger subjecting enforcement laws policies agency, look size participating granting determinative, pertinent feasibility capabilities firm, performance 55 56 DOUGLAS took decision 57 WHITE, whom BRENNAN MARSHALL join, dissenting. 58 Term, anti-trust majority chipped away sustained failing-company guise. Here, redefines elements dramatically escalates dealing severely conceded. APPENDIX TO OPINION OF COURT 60 TOTAL DEPOSITS HELD BY LARGEST, AND REMAININGCOMMERCIAL BANKING ORGANIZATIONS STATE WASHINGTON IN OFWASHINGTON—June 1972 61 Percent Deposits Rank Organizations Offices Total 000's ------------ Bank-Seattle 144 20.96 $2,054,951 31.71 Commerce-Seattle 15.57 1,268,132 19.57 LARGEST 251 36.54 $3,323,083 51.27 -Seattle 64 9.32 650,342 10.03 Peoples 8.01 468,063 7.22 Baneshares, Inc.-Spokane 7.42 372,739 5.75 421 61.28 $4,814,227 74.28 Puget Sound -Tacoma 4.22 227,429 3.51 California-Seattle Tacoma .29 199,878 3.08 Savings 3.78 172,801 2.67 Bank-Spokane 1.16 96,518 1.49 Everett 1.89 91,034 1.40 499 72.63 $5,601,887 86.43 81 REMAINING 188 27.37 $879,183 13.57 687 100.00 $6,481,070 62 Note: Due rounding, figures add totals. probably cause ways. proved resources desire deprived requisite effect. obvious waiting wings, very exercised restraining 63 quibble extend activities billion branched widely having 100 Spokane; itself seriously negotiated Given opportunity, obviously there; given authorities. fairly contributing banks—a 'toehold' Another mode instrumental forming course merged 'sponsored' institution. unavailable NBC,1 sponsored-bank frequently barred law. refrains assumption authorities, began operations; past. 65 feasible, modes attractive branch. incredible allowable way. equally understandably proceeded 66 assumes goes acquired, chance extent. Also, inroads shares nothing fear current 67 I point. impenetrable doing so; plain chose deprive my opinion, which, rebuttal, 68 sole answer 'little market.' institution confined market,' failed. 69 accept able newcomer considered influence, warrant true putative successful wide 70 Small profitable, grow rapidly. proves this. profitable profits American downtown rose $27,740 $132,527 grown. $379.2 $513.5 35% years. stagnant concerns. $14.9 $39.4 160%. Their relatively 3.9% 7.8%. Of course, grew. slightly, lost 38.3% 31.6%, combined 96% 92.3%. importence necessarily deemed recognition 7.2 71 42.1%, 3.1% 2.5% unless saved convenience-and-needs proviso Depriving similar short readily considering mergers. 72 details individual elsewhere record; unbelievable grown large. New way, head-to-head Some others, accept, notion forever impact community.3 me ignored entrenched powers 73 100-mile radius Those $103 $4.4 customers. $11 deposits. totaling $10.2 interests. lending equipped penetrate aside fast quite untenable vigorous protections 7.4 74 availability consideration, forgotten headquartered majority, nevertheless, though competitors, referred to, branches. 75 create infrastructure outsider. states 'probably unrealistic' 'multiply problems' obtaining agencies. sheer speculation; idea attitude regard. Furthermore, situations, and, recognizes, Apparently, relationships themselves value, 76 Viewed light, becomes threadbare indeed declined. unreasonable think Commercial, eight. errs represents injury disagree stated. Beyond waiting-in-the-wings objective indicate perception minded Predictions success just makes much Bank—a three-office suburban $13 President Maxwell Carlson, times Director Philip Stanton, expected day. wonders, majority's branch-disability correct, discussed did, fair assume informal contacts, discussions, interest. believe interested, enough restrain practices. certainly possible, doubted surely was, losses substantial, competed anticipated, countermeasures refraining 78 last analysis, one's rules devises assessing barred, structure 362—363, 1740—1742; 170—171, 1716 (1964); 331—332, 1527—1528, dangers acute 'if costs credit allowed become excessive pressures, virtually costs, economy, affected 1746; 2040, 79 Unless otherwise serve community, requires instance judge normal standards. agree narrow 80 With respect depriving start-up risks attendant undertaking. long-lived, today, businesses. backed enterprise, competing thesis erects formidable lines commerce.5 exercising competition, prove willingness enter, along probability, certainty, suffice successfully increasing shares. examine conditions expectation delivers coup imposing visions markets: unlimited authority involved, who authority, merit attain, let say, percent authority. financed be. claiming prescience effectiveness worth modest beginnings, reaches passes comprehension refuses concede By $2.8 of.$2.5 of.$1.4 billion. text operations figures, see, 3, infra, App. 1220. table depicts mid-1972. DISTRIBUTION SPOKANE METROPOLITAN AREA, 1966—1972 (dollars thousands) 12-31-66 6-30-72 % Banking Organization $ Inc.* 155,885 41.1 216,340 42.1 145,251 38.3 162,220 31.6 63,102 16.6 95,464 18.6 Sub 364,238 96.1 474,024 92.3 3,552 .9 15,739 3.1 5,593 1.5 12,558 2.5 Bank** 5,801 11,152 2.2 379,184 100.0 513,473 Inc.,a owns subsidiaries Old FirstNational deposit totals consolidated table. ** bottom (with offices) multistate $14 1165. indicated forth Appendix opinion. 643. decade. 12-year stable decreasing 1.5% 1.4%. 1960 five. 36(c). Dickinson, 396 122, 337, 312 (1969); Walker 385 252, 492, 343 Cf. 1722, provides, part, initiated state: '(7) stated ten twenty voting shall, supervisor, affirmatively voted proposal sale, conversion, consolidation with, affiliated interest, transfer ownership, otherwise, (b) consummate subdivision, (c) revoked, altered, amended shareholders (d) subdivision copy hereof certificates corporation.' provides: 'A organized state, licensed transact hereafter aggregate, enable twenty-five association: Provided, However, foregoing commitments 27, 1933: And Further, additional January 1, 1961. person does, conspires doing, act guilty misdemeanor. A section, whose hereof, forfeit domestic corporation, license foreign corporation; enforced attorney general.' wisdom inflexible questioned. Baker, Branch Barriers Future Shock—Will Walls Come Tumbling Down?, L.J. 119 (1974); Comment, Branching Washington: Need Reappraisal, Wash.L.Rev. 611 inhibit resort many exist, ostensibly encountering overextending themselves, failures 1930's. safety purpose, deserve reconsideration today range supervision charters, rates investments, insurance, regular, intensive inspections. Whatever efficacy, ours resolve, life proceedings. 1828(c)(2)(A) (c)(5). 'acquiring, assuming, resulting receive 1828(c)(2)(A). approve transaction 'whose monopoly, manner restraint trade, clearly outweighed meeting served.' 1828(c)(5) (B). Section 1125, part: 'No acquire, indirectly, whole jurisdiction Commission monopoly.' complaint, overlap correspondent County, pretrial stipulation, 'there country.' 367. Brief 27—28. adopting, verbatim, complicated action, heed admonition voiced ago. 656—657, 1047, added reviewing hampered transcript citations findings. direct-appeal 'clearly erroneous' Fed.Rule Civ.Proc. 52(a), appeals governed §§ 1291 1292. (1974). welcome assistance role, do, undoubtedly, appeals. skeletal trials complex factual records, come sifting Courts Appeals.' 663, 1050 (separate Harlan, J.). analyzing helpful guidance. reservations analogous substance yet citing 27. essence constitute sub rosa regard, 'great weight' Regional Administrator Banks granted 1828(c)(5)(B). bring broad size, provide. included loan limits, different types loans, international computer enhanced benefits. led violated lawful 1966. pp. 94,247—94,251. defense. 359—362, 2041—2043, (1970); 182 15, 889, 356—357, 1737—1738. Aluminum Company America, 377 271, 275 1283, 1286, 314 667, 1034, Competition Banking: Greeley, What?, 362 (1973); Solomon, Policy Problems: Linkage Theory Oligopoly, 89 116 (1972). 'geographic breath, (1962) ('a (the country')'), 356, 1737 ("section (relevant geographical market)'). 2042—2044. Identity 527, 1098, Continental Can 441, 447, 1742, 953 joint venture plan simultaneously, georgraphic enterprise goods. Pabst 546, 1665, 765 language 549—550, 1667—1668, suggestion opinions White, 555, 1670, joined Stewart, Ibid., Fortas. 561, 1673. products—a Nation 550—551, 1668 1669. Thus while stands proposition abandon demonstrates several ways influence. 90.1% accounts originated area; 4.1% County; came western States. 1861. Marshall 1112 opinion), 'remote possibilities satisfy test 7.' Rather, 'which imminent' 458, 1748. put power, partner dominate entrenchment). FTC Procter Gamble 568, 1224, 303 531, 1100. allegation entrenchment declared 'removed merely potential, competitor.' Turner, Conglomerate Mergers Harv.L.Rev. 1313, 1371 (1965). Accord, Berger Peterson, Criteria Defining Entrants, Antitrust Bulletin 489, 498 Davidow, Concentration Seven: Limitations Anti-Merger Col.L.Rev. 1231, 1242 (1968). Paso, tentative supply contract compelling delivery concessions retain customer. 654—655, 1046—1047, 1048. 'shown (the) (relevant) 658, achieved presenting situation. penetration Ford Motor 405 562, 567—568, 92 1142, 1146—1147, 492 (1972); 591—592, 1158—1159 Burger, C.J.); supra; Brodley, Oligopoly Power Sherman Acts—From Economic Legal Policy, Stan.L.Rev. 285, 357—358 also, Robinson, Developments: 1973, 163, 180—190 1362—1386; Hale Hale, Supreme Crystal Ball, Sup.Ct.Rev. 171; Note, Corporation: Re-examined, Mich.L.Rev. 837 537, 1103. 'We leave day applicability marketplace exactly hurt helped, challengeable grounds have, 'toe-hold' manner.' Kintner Hansen, Review Law Mergers, B.C.Ind. Com.L.Rev. 213 Alcorn, Beyond—Developing Trends Substantive Standards Houston L.Rev. 417 Shull Horvitz, 1960: Decade After, 859 (1971); Lifland, Congress, Contemp.Prob. (1967); Via, Amended Holding Acts: Search Standards, Va.L.Rev. 1115 Wu Connell, Myopia: View Decisions 860 Connecticut F.Supp. 240 (Conn.1973), vacated remanded, 656, 2788, 1016; Virginia Bankshares, 347 891 (E.D.Va.1972); 329 1003 (Colo.1971), aff'd curiam, 577, 1434, 507 315 261 (Idaho 1970); Maryland, 310 157 (Md.1970); Jackson, 301 1161 (S.D.Miss.1969); Crocker-Anglo 277 133 (N.D.Cal.1967) (three-judge court). 189 162; Shenefield, Annual Survey Developments—The Year Regulated Industry, Wash. 37—39 179. repeatedly factor. 580, 1231; 464—465, 1750—1751. J. Bain, Industrial (2d ed. 1968): 'The condition determines regulator conduct sellers P. Areeda, Analysis 517 (1967): sight 'waiting market's edge' emphasize threat, identifiable reminding high attract outsiders.' 375, 1747 (Harlan, J., dissenting). marketing controlled government regulation. regulation, produces parallelism savings charged mortgage loans. individualized judgments prome regardless among public, evidenced much-advertised differences activity especially conduct, type 534. C. Novo Foothold Entry. cross-examination, testified proper chartering statutes. 768—770. 611, 626—628 assisted starting. south-central response clients contractual right 614. During commented bench 'anything civilly wrong' approach. possible. 870. position, 47. Undertaking unrealistic, multiply problems event, lengths place. E.g. 303. company. presses foothold-acquisition vigor remain same. 1115, Marshall, J.): 'If remained exerting normally gain strengthens firm.' (Footnote omitted.) D. Perceived 931. 933. practices, entirely employed Columbia Center shopping techniques organizer sublease land approval, sure hands. 246—280. abounds examples technique banks; disclosed applications sponsors. forbids supervisor. Suffice earlier Surely fragmentary fears overturn seems perfectly well-established odds statute. formally ruling rely garnered vice president disappointing market—its 4.6%—was interested party. Upon witness' outcome hinge. equality capability, weight. statement National; self-serving keeps profess 534—535, 1101—1103, (1973), rest evidence. Washington—Seattle, Everett—totally undercuts deconcentration. California, 1970, representing 6.27% 9.38% California-Tacoma $65.4 15.55% Compare 3.17% Bank-Tacoma, Everett, Washington-Everett, $17.2 10.83% main component cluster, profits, provide elsewhere, effecting segment profitability correlated comparing Bancshares net income $2.2 latter, $3.5 year, $45.6 National, edge $7.2 professes 'an Governments.' decided, 'barriers' effected, easily industries. lays arguments economic, legal, competitors. another; blurs two.

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