Document: 35 L.Ed.2d 475 93 S.Ct. 1096 410 U.S. 526 UNITED STATES, Appellant,v.FALSTAFF BREWING CORPORATION et al. No. 71—873. Argued Oct. 17, 1972. Decided Feb. 28, 1973. Syllabus Respondent Falstaff, the Nation's fourth largest beer producer, which was desirous of achieving national status, agreed to acquire seller in New England market rather than enter de novo. The District Court dismissed Government's resultant suit charging violation § 7 Clayton Act, finding that entry by acquisition, court found only way respondent intended penetrate market, would not result a substantial lessening competition. Held: erred assuming that, because have entered novo, it could be considered potential competitor. should whether competitor sense its position on edge exerted beneficial infuence market's competitive conditions. Pp. 531—583. 332 F.Supp. 970, reversed and remanded. Thomas E. Kauper, Washington, D.C., for appellant. Matthew W. Goring, Providence, R.I., appellees. Mr. Justice WHITE, delivered opinion Court. 1 Alleging Falstaff Brewing Corp.'s acquisition Narragansett Co., 1965 violated 38 Stat. 731, as amended, 15 U.S.C. 18,1 United States brought this antitrust under theory competition may substantially lessened acquisition. held contrary, 970 (1971), we noted probable jurisdiction2 determine trial applied an erroneous legal standard so deciding, 405 952, 92 1175, 31 229 (1972). We remand proper assessment 2 As stipulated parties, relevant product is production sale beer, six States3 compose geographic market. While sales increased approximately 9.5% four years preceding eight sellers their share these from 74% 81.2%. In 1960, 50% were made sellers; 1964, 54%; 1965, year 61.3%. number brewers operating plants decreased 32 1935, 11 1957, 1964.4 3 Of 10 two others did sell England; three had closest brewery.5 relation sold western Ohio, west south. 4 acquired firm, Narragansett, at time with 20% market; been five years; constantly expanded brewery capacity between 1960 1965; either assets or trademarks several smaller around 5 producer regional brewer6 5.9% having grown steadily since beginning brewer 1933 through expansion other breweries. January States, but Northeast, area composed such York Jersey; being highest consumption region States. Between 1955 1966, company's net income almost doubled, 1964 planning 10-year, $35 million program expand existing plants. 6 met increasingly strong 1960's who all significant markets. National possess advantages they are able advertise nationwide basis, beers greater prestige local beers, less affected weather labor problems particular region. Thus concluded must convert 'regional' 'national' if compete effectively producers.7 For publicly expressed desire distribution8 after making efforts early Northeast 1965. Before accomplished, suit9 alleging violate effect lessen This contention based grounds: entrant eliminated existed novo so-called 'toe-hold' acquisition.10 completed motions injunctive relief denied, operate separate subsidiary until otherwise ordered court. 8 After merits, highly competitive; becoming entering Northeast; management committed against entry; diminished acquisition.11 then held: 9 'The contentions said into deprived additional supported evidence. On credible evidence establishes beyond reasonable doubt executive consistently decided attempt unless viable distribution system possessed Narragansett. Said executives carefully possible alternatives (1) small east coast, (2) shipping breweries, nearest located Ft. Wayne, Indiana, (3) building new coast alternatives, none effected probability profitable my plaintiff has failed establish fair preponderance any means Consequently cannot therein.' F.Supp., 972. Also Government competition, judgment complaint. * Section Act forbids mergers line commerce where tend create monopoly. section proscribes many competitors v. Continental Can 378 441, 84 1738, 12 953 (1964); Brown Shoe Co. 370 294, 82 1502, 510 (1962); also bars certain acquisitions noncompetitor, merger threatens dominate upset conditions detriment Competition, FTC Procter & Gamble 386 568, 578—580, 87 1224, 1230—1231, 18 303 (1967). Suspect company competing situated likely exercise influence behavior. Entry company, although conduct mirror image nevertheless eliminates exercising present Id., U.S., 580 581, S.Ct., 1231—1232; Penn-Olin Chemical 158, 173—174, 1710, 1718—1719, 775 (1964). stated supra, 174, 1719, existence aggressive, well equipped financed corporation engaged same related lines waiting anxiously oligopolistic incentive underestimated.' case before us, nor contended represented dominant force. It urged, however, 7. Court, relying heavily testimony officers, no intent except therefore Having put aside competitor, followed adversely affect England. 13 matter law. error lay assumption fact, never More specifically, give consideration positioned 14 A similar Appeals one reasons Commission's entrant, independently, procompetitive fringe 575, 1228—1229. struck down there ever entry, 'amply evidence,' id., 1231—1232, 'clearly show(ed) most entrant,' 580, 1231, 'clear industry considerable market,' 1231. Thus, fact done so, does ipso facto dispose potential-competition issue. specific question respect phase what Falstaff's internal decisions whether, given financial capabilities consider Surely, record general interest unknown;12 appear rational merchants might build supply northeastern becomes suspect appraised economic facts about order realistic competition.13 mean officials actual intentions irrelevant looked upon suspicion; theirs necessarily last word arriving conclusion how terms status 16 Since appears entertained too narrow view Court's posed threat automatically make II 17 Because on-the-fringe necessary reach market-extension whose whatsoever state market—that is, will force current marketplace. leave another day applicability marketplace exactly was, neither hurt helped, challengeable grounds could, not, manner. There traces our cases, see Ford Motor 562, 567, 1142, 1146, 492 (1972); 587, 1156 (Burger, C.J., concurring part dissenting part); 1231; 586, 1234 (Harlan, J., concurring); 173, 1718, squarely faced qestion,14 reason necessity it. See supra; El Paso Natural Gas 376 651, 1044, dismissing complaint reversed, remanded further proceedings consistent opinion. 19 So ordered. 20 Reversed 21 BRENNAN took decision case. POWELL 22 DOUGLAS, part. 23 Although I join Part remanding opinion, offer following observations reach. 24 can sufficient prove show 492; 303; 775; 12. But, do be-lieve prerequisite marked immediate, i.e., present, anticompetitive effects. 25 evidences definite concern protecting require 'merely appraisal immediate impact prediction future . ..' Philadelphia Bank, 374 321, 362, 83 1715, 1741, 915. 170—171, 1717, said: 26 grand design original 7, stock acquisitions, Celler-Kefauver Amendment, assets, arrest incipient threats Sherman ordinarily follows restraints need proved. requirements amendment satisfied when 'tendency' toward monopoly 'reasonable likelihood' shown.' 27 Moreover, concerned probabilities, certainties. 323, 1522—1523, 510. 28 Prior time, country wanted become allow more brewers. conceded brief 'given acceptable level profit capability market.' 29 During 9.5%. Nevertheless, concentrated. accounted sales; From 1957 breweries 6. addition, remaining interested acquired. And, own admissin, '(a)t growth shares just occur.' 30 One principal purposes stem "rising tide' concentration American business.' Pabst 384 546, 552, 86 1665, 1669, 765. When signs decreasing 'tend accelerate concentration.' Ibid.; 346, 1535. implications amended 18, much, much broader customary power Louis D. Brandeis testified favor bill became 1914. 'You true citizenship, you preserve political liberty, secure standards living some degree industrial liberty accompanies it.'1 He went say2 answer George Perkins, bill: 'Mr. Perkins' argument efficiency proceeds assumption, first place, mainly increase size comes efficiency. If proposition laid subject, would, opposite. course, business unit efficient, equally large efficient. And circumstances attending today temptation creation units small. tendency great, larger efficiency, owner great deal money he increases volume his ten-fold, even process reduced one-half. may, therefore, capital, obtain capital cost, forfeit degree, him, profits, business. Now, very cases so. 33 'And why increasing inefficiency perfectly obvious stops consider. Anyone critically analyzes learns this: That success failure enterprise depends usually man; quality man's judgment, and, above things, needed direct others.' 34 Celler Committee reporting 1971 conglomerates types mergers3 'Preservation seen essential avoid thought social system.'4 Control transferred communities distant cities men 54th floor balance sheets loss statements them decide fate little relationship. losing major corporate headquarters satellites control.5 laws favored wide diffusion control; aim largely defeated serious consequences. recent Wisconsin study shows '(t)he aggregate employment companies out-of-state corporations declined those in-state corporations.'6 connection, Report states:7 found, also, 53 percent slower rate payroll growth. Payroll growth, notably firms out-of-State corporations, depressed mergers. Inflation markedly raised wages salaries. expect payrolls companies, inflation, advanced employment. report states: frequently happen lead believe acquirers portion higher salaried employees location outside Wisconsin. Such transfers talent, retail expenditures, personal taxes economies Wisconsin's state." adverse affairs gone unnoticed opinions. 'the desirability retaining 'local control' over protection businesses' comment 315—316, 1518—1519, strengthening passage Act. 36 By laws, accounting dollar costs profits measure public curtailed. look suspicion companies. apt suffer, drop off, responsible entrepreneurs counties replaced clerks. 37 point Goldendale State Washington. thriving community—an ideal place raise family—until owned sawmill bought giant. auditors faraway City, knew glories Goldendale, close mill truck logs Yakima. greatly crippled. Exhibit concern, effects often community, contrasted beneficient nation clerks anathema dream. spawning federal regulatory agencies police mounting power. path want develop unhindered leads predictably socialism antagonistic system. Blake Jones, Goals Antitrust: Dialogue Policy—In Defense Antitrust, 65 Col.L.Rev. 377 (1965). 39 background assess leading 40 660, 1049, indicated determined nature extent nearness absorbed it, eagerness resourcefulness, on.' president below brewer. With both entrant.' allowed Narragansett,8 say unwilling ripe infusion At replacing brewer, trend concentration. 41 conclude 'may competition.' Accordingly, inclined reverse Judge afford appropriate relief. agree principles set forth proceedings. 42 MARSHALL, result. 43 majority's law agree, majority bases remand. 44 accuses neglecting explanation failing simple. alleged exerting influence,1 introduced scrap support view,2 stage proceedings, seemingly disclaims reliance theory.3 45 leaves hapless unenviable taks reassessing nonexistent parties. submit civil litigation complicated enough judge confines attention arguments offered parties avoids investigation hypothetical lawsuits brought. 46 departure self-evident startling realizes eschews well-established, plainly applicable body questions properly DOUBLAS ably domonstrates, ante, 539—540, hold reasonably eliminate infra, 560—562. know suggesting principle consequences, cites authority proposition. 47 course nine-day trial, voluminous theory. But action covering scant one-half pages Federal Supplement4 without findings conclusions law.5 Corp., (RI 1971). 48 'was Consequently, personnel 'Falstaff Narragansett.' Ibid. 49 Inasmuch grounded dismissal conclusions, think responsibility validity derived. where, here, objective indicates firm rely solely firm's subjective conduct. probative issue inherently unreliable used care. Ordinarily, district presume objectively measurable forces govern Only compelling demonstration follow self-interest predicting Even then, preferred weak contradictory. apply standards, consideration. 50 ultimately turns law, satisfactorily understood appreciation factual context arises. somewhat detailed description commerce, structure provided order. A. Product Market 51 beer. divided categories: national, regional, local. firms, Anheuser-Busch, Schlitz, Pabst, Miller, throughout basis. contrast, Hamm's, Carling, Coors, Bohemian, narrower geographical areas varying size. Local area, sometimes single State. 52 Originally, high cost transporting distributor years. recently, overcome difficulty decentralizing facilities. extra transportation associated now outweighed centralized especially, advertising. years, while whole expanded, dramatically. 550, 1668, 765 (1966). Whereas 1935 684 brewing 178. Economies scale, relatively low margin, barriers led among few B. Geographic These trends reflected constitute 9.5%—a gain, period. precipitately. six, smallest merging 54 Not surprisingly, decline accompanied selling participants claimed sales, figure risen Examination rose 54% 61.3% part, figures probably explicable Seven including, England, small, disappeared. 55 yet seem produced blatantly anti-competitive prices remained fairly stable despite rising costs, seems intense Still, seeds '(a)s (an oligopolistic) condition develops, likelihood parallel policies mutual advantage, emerge.' Aluminum America, 271, 280, 1283, 1289, 314 commentator's aptly characterizes situation England: unlikely entrance rivals poses industry. far, collusion populated fewer possibility enhanced engaging tacit collusion—given inelastic demand—to joint maximizing price output. Similarly, chances slimmer individual truly independent strategy, vigorously striving take away rival come awareness behavior feasible.' Elzinga, Beer Industry, Adams, Structure Industry 189, 213 (4th ed. C. Narragansett—The Acquired Firm 56 miniscule Within successful. twenty-first 1.4% until, 1.275 barrels, Net $417,284 $713,083 1964. 57 Notwithstanding felt itself pressure brewers.6 closely Haffenreffer family, stockholders apparently diversify holdings Falstaff—The Acquiring 58 Like successful Beginning 100,000-barrel plant St. shortly repeal Prohibition, grown. marketing 5.8 total production. 59 Throughout history, pattern acquiring expanding extend still network distributorships far competed. year, operated West, Midwest, South. Sixteen added period 1950. However, virtually Northeastern including composing area. marketed company-owned branches 600 distributorships.7 60 immediately prior steady continued. $77 $139.5 grew $4.3 $7 million. announced 10-year prepared invest 61 Yet, encouraging trend, like handicapped advantages—in particular, advertising—enjoyed distributors. logical extension Northeast. seemed particularly initiate expansion. above, seven manufacturers already healthy rate, appeared fertile 62 1958, commissioned Arthur Little, Inc., feasibility Little Report, making, sometime within next clear move northeast method obvious. careful review estimates ratio earnings worth, recommended construction serve '(t)here ample buying (and) entrances predicated availability purchase.' 63 Despite analysis, return inordinately low.8 argued strong, pre-existing entry. cf. n. supra. An economist, Dr. Ira Horowitz, behalf 6.7% characterized 'a very, poor investment indeed.' account increment margin newly gained modern eastern Nation—the primary motivation place. Horowitz recognized materialize, unable estimate size.9 compares favorably purchase, mere 3.7%. 64 event, whatever abstract merits dispute, preferable avenue 1962, discussions Liebmann, P. Ballantine Sons,10 Piel Brothers, Dawsons, percentage All possibilities eventually rejected, finally settled promising available brewery. background, articulate resolution Purposes 66 face, designed excessive caused marriage competitors. 'It basic premise (§ 7) vital 'when sellers, share." 1289. 67 prohibit prohibits monopoly.' use subjunctive Congress though, occur, cause See, e.g., 577, 1229—1230, To sure, remote satisfy test halting incipiency, intend merger. predictive required involves scrutiny consequences unjustifiable, speculative interference traditional freedoms. 1522, (1962): 'Congress words competition' (emphasis supplied), indicate Statutes dealing clear-cut menaces competition; statute sought ephemeral possibilities. Mergers proscribed Act.' 1669; 171, 68 legislative history makes plain Congress. 1950, prohibited 'between acquisition.'11 deleted instead 'in country' outlawed. 1126. whereas Amendment reached entire merger.12 'Section incipiency. core requires merger's future. certainly requirement manifest called play. enforcement turned practices, congressional policy thwarting practices incipiency frustrated.' 1229. 69 repeatedly competed willing define liberally 'incipiency.' Phillipsburg Bank Trust 399 350, 90 2035, 658 (1970); (1966); 1903, 915 (1963); (1962). keeping spirit competes. fall broad categories which, overlapping, dealt separately analytical purposes. 70 1. Dominant Entrant.—In situations, overpowering resources bear effect. drive marginal out business, thus creating oligopoly, entrants discouraged Cf. 567—568, 1146—1147, 1228—1229.13 danger especially concentrated unusually enters 71 2. Perceived Potential Entrant.—Even removal presence ready lowered, deter pointed 1718—1719: (is) perspective lingering important pricing decisions. lost offsetting gain seeking decrease pressure.14 659—660, 1048—1049, 72 3. Actual Entrant.—Since perceived perception difficult prove. competitive, all.15 nonetheless eliminating merely assumes pressures. Had pressures exerts effect, end promise effective date. 73 Obviously, normally Indeed, strengthens firm.16 prima facie entrant. example, might, inability shoulder start-up powerful hesitated ascribe role occur 74 light assertion (this) question' inexplicable. (1964), defendant containers Hazel-Atlas (the firm) each hence 462, 1749. White, writing rejected argument, holding '(i)t lack uses metal glass significantly insulate presently directing Continental, possessing so.' 464, 1751. (Emphasis added). says 'only arbitrary' read language referring Hazel-Atlas' effects, indeed, held, actually enhance long-run 465, 1751 (1967); 75 Problems Proof—The Role Subjective Evidence 76 deals possibilities, forms involve events are, uncertain. Whether clearly 'not kind suspectible precise cases. future; meant tendencies 'incipiency." 1741. 77 unavoidable proof compounded relevance managers firm. susceptible least measured quantified. exists good evaluating statement manager 78 Fortunately, Clearly, reduce taken steps filed, irrelevant. 79 probative. perceive entertain not. exert intention long intention.17 irrelevant.18 80 First, management's together reasons, provide expert drawn trier forces. Just introduce inform guide judgments derived data, entitled evaluation 'experts' include personnel. obviously biased self-serving, admissible 81 significantly, intent, believed, affects entrant's unequivocal absolutely exists. all, character essentially factor determining potential-entry utility sharply limited. suggested 175, said, 'Unless going evidence, array reaches stage. indicated, statutory certainty. do.' added.) Nor courts bound emphasized basis weighted according credibility. testimony. 585, 1233 concurring). indicate, has, best, play case, data rebuttal, rare evenly divided, conceivable extremely tip balance. intent.19 limiting discern. weight credible. usual worthy credit.20 self-serving. wishes ability convince prevented. strongly represent novo—a representation subject external verification predicate perjury charge. 85 favors asks us implication act self-interest. profit-making institutions, absent special circumstances, expected courses maximize profits.21 should, suggestion opportunity seize deliberate self-abnegation route selected legally foreclosed contrary simply believed. threshold credibility gap breached, outweigh contrary. remains change mind factors favoring perceived. adamantly continue eyes chance install new, competent officers better interests. abruptly irrevocably aborted materialize prevented, permitted. trigger contrary.22 summarize, always expert, biased, commentary counterweight inconclusive data. believed points intent. III 88 press theories, rejecting them. appear, infected court's determinations. factfinding made. 89 gaining produce overtly behavior, real soon emerge field. suggests undisputed near begin actions conclusion. doubted excellant credit rating, had, excess finance project. feasible attacks findings, accepted relied 91 tending true. assumed rational, profit-maximizing corporation, offers alternative. maximizing. purpose channels procompetitive. alternative denied occurred. chose ignore totally. Instead, himself representations credible, insufficient Findings instance, documentary, appellate reluctant aside. deficient, fundamentally different. duty judged. judged wrong standard, error-free determination. 94 REHNQUIST, whom STEWART concurs, dissenting. 95 Civil common-law conducted framework time-honored claim factually meritorious. However societal assigns vindication interests courts, exception rule. plaintiff, private, satisfaction jury laws. Yellow Cab 338 338, 177, L.Ed. 150, (1949). exclusive weigh, sees fit, resolving disputed issues ibid., overturned appeal reviewing left conviction mistake committed.' Gypsum 333 364, 395, 525, 542, 746 (1948). disregards principles. 96 remands 'whether Ante, 532—533. underlying relative aware periphery, ostensible sufficiently tempted enter. challenging can, premised theory, introduced, determination appeal. 97 Brother MARSHALL convincingly demonstrates, proceeded advance, concisely summarized opposition motion dismiss. 98 'In opening attempted prove—and have—that nation, continuous intensive carried negotiations serving methods Falstaff; concentrated; hands 99 brewery, up, 1, thereby years.' Transcript, Vol. 3, p. 100 drastic unwarranted review. originally fact. uncommon form casualty, immune 341, 179. resuscitates 'casualty' transplant, allowing second vindicate arguing different propounded rescue operation 'litigation casualty,' succeeds flagrantly disregarding axioms judicial founded. 101 agreeing MARSHALL'S criticism reconsideration. based, erroneously believe, notion identifiable difference 'objective' 'subjective' this. My weigh field forecasting general, distinction illusory. incorrect 'objectively' 'is self-interest.' guesswork. term 'economic self-interest' convenient shorthand describing connote simple, mechanical formula determines input values, assigned weight, decisionmaking. simple subjective. instant established Its 'actual competitor' entirely factual. deciding province evidence; peculiarly 102 'Findings design, motive depend witnesses hear 103 '. (to erroneous' rule review) permits Government), amounts design.' 341—342, 104 rewrite rules chance, uniformly litigants, provides part: 'No shall acquire, directly indirectly, jurisdiction Trade Commission country, 18. 1950 section's scope, 1125, 311—323, 1516—1523, Jurisdiction lies Expediting 823, 29. Maine, Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island. Nationally, 663 140 'top ten' ranked nationally, ranking eighth ninth. Boston, distance 844 miles, ninth sellers' 1,385 2,000 miles respectively. 'regional,' profits. recommended, inter alia, Alstaff product, East Coast buy. releases publication desires distribution, panel discussion October response reaction stated: 'For range aiming distribution. Naturally coming East.' App. 82. Suit filed later, filed. Hereinafter, reference includes well. Over objections Government, post-acquisition dropped 21.5% 15.5% 1969, 16.5% 35.8%. 8, accompanying text. (1967), 'considerable influence' 'market influenced predictions competitors, potential'; 'barriers significant' company; elimination insignificant'; influence, view. ascribes arbitrary meaning elimininated stimulate allegation encompassed 'on-the-fringe consider, allegation. members reacted circumstantial lifeblood Zenith Radio Corp. Hazeltine Research, 395 100, 1562, 129 (1969); Interstate Circuit, Inc. 306 208, 221, 467, 472, 610 (1939); Frey Son, Cudahy Packing 256 210, 451, 452, 892 (1921), 'with certainties,' 1522—1523. 1718 '(p)otential test. 'susceptible answer." impact. shows, Fastaff admittedly ways, known prior-acquisition discussions. were, Marshall violated, influence. 580—581, 173 1718—1720; proceed view, informed deposition 'to wings What capable develop, term, terminology Company.' 124. Further presentation proof, introducing concentration, your Honor, pretrial brief, fresh extreme importance.' 170. theories proceeding apparent Falstaff. statement, 'Now, determinations concerned, comparatively new. You handed Bendix-Fram Corporation, typed reproduced copy Commissioner Elman 'That officially reported. .. relies ambit vague, undefined creature, decision, say, announces doctrine toe-hold doctrine, goes 'If standing wings, says, there, chooses. remain forbear fancies manufacturer ill-defined concept Bendix position. Fram, one, beefed up expenditures afford, full-blown acceptance approval Supreme know, (than) here. served unilaterally, steam, distinct 182—183 witness economics, 257, officer 376, testify stating 1750, 1751, proved overall notwithstanding, again assume quoted in-fluence containers. Hearings S.Res. Senate Commerce, 62d Cong., 1155. 1147. Investigation Conglomerate Corporations, Staff Antitrust Subcommittee House Judiciary H.Res. 161, 92d 1st Sess. (Comm.Print). 52—53. 53. 54. profitable. Management (Falstaff) acquisition.' eliminated.' true, asserts, 'potential influence,' 534 13, nowhere alleges occurred Significantly, indicating deterred fringe. Brethren concede Falstaff,' ibid. contends 'circumstantial evidence' entrant—not economist testifying defense 'had effect' (App. 257). director 376). discounted harder dismiss documentary showing continued vigorous threating emerged removed. accounts continuing absence practices. follows: Brief 2—3. 663, 1050, (1964) (opinion Harlan, J.): 'Both practitioner once contested government defendant, foundered illuminating Courts forget trials complex records, here benefit sifting Appeals. handicap instance.' Fed.Rule Civ.Proc. 52(a). 656—657, 1047 1048. during Narragansett's slipped 15.5%, Anheuser-Busch combined learned experience organization distributors success. 25% itself. expected, belied history. successfully purchasing facilities turning recommendations disastrous Little's unrealistic, penetration mid-Atlantic Horowitz' $1.16 per barrel, currently enjoyed company. earned $2.50 barrel Ultimately, March 6, 1972, plans Ballantine's tradename. '(N)o restrain commerce.' 731. traced detail deletion 'acquiring-acquired' Commission. presenting proposed change, Counsel Kelley points: implied illegality merger; tests whole; incorporation tests, 'rule reason,' inadequate reaching interest; middle ground overly restrictive insofar lenient concerned. Congressman Kefauver proposal incorporated adopted (before Judiciary) H.R. 515, (80th Sess.) 23, 117—119, 238—240, 259; 2734, 81st 147.' 317 30, 1519. CI Modes Competition functionally indistinguishable forbid. 'surely antimerger socially 370, 1745, (1963). evil burden practical crucial deterrent increases. shoes grow though risk situation, market—what entrant—could emerge. name suggests, step removed exertion actual, accordingly—particularly strengthened upsets drives takes characteristics dominent 558—560 14. nonacquisitive 166, 1714 testimony, unlikely, 1718. continually threatening enter,' Public relevant. admissible, mind, but, rather, controlling 'inherently subjective' derive futile. observation people must, conceded. fraught uncertainty, taken. cases.' controversies resolve, scheme demands resolution. ago, argument: 'So conception generality enforced power, unsound. generically enumerates acts prevent. propositions insist judiciary generic provision. propositions, this, final meaning, substance deny challenge right perform duties department beginning.' Standard Oil Jersey 221 69—70, 502, 519, 619 (1911). prediction, disagree reaches. disagreement delegate decision-making strike heart conflict light, gives judges juries facts. '(i)f justice ascertained, doing refusing try.' O. Holmes, Common Law 48. directs dramatically illustrates challenged Bethlehem Steel's Youngstown Steel proceeding, Midwestern steel disallowed, 168 576 (SDNY 1958), elected Moody's Industrial Manual 2861 imagine maximization conservatism inertia exceedingly lawsuit. suits type triggered tries hitherto foreign territory caught hardly heard uninterested good-faith unfavorable. stronger, correspondingly decreases, clear, minimis. demonstrate page. verifiable unknown Wright Council City Emporia, 407 460—462, 2196, 2202, NLRB Erie Resistor 373 227—228, 1139, 1144 1145, 308 perhaps oldest evidence—that man presumed natural acts—is common law's preference Utah Pie Baking 685, 702—703, 1326, 1335—1336, 406 394, 541,

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