Study of Monopoly Power

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Testimony of—

JULY 11, 1949

Hon. Tom C. Clark, Attorney General of the United States...

Hon. Joseph C. O'Mahoney, United States Senator from the State

of Wyoming--

Additional and supporting documents introduced:

Page

III

Letter of the President of the United States to Chairman Celler, dated

July 8, 1949.

Memorandum of the President of the United States to Government

bureaus and agencies dated July 8, 1949_.

Prepared statement of Hon. Tom C. Clark, Attorney General of the

United States___

Testimony of

JULY 13, 1949

John D. Clark, member, Council of Economic Advisers.

Morris L. Ernst, attorney at law, New York City, N. Y.

JULY 15, 1949

Testimony of Hon. Francis P. Matthews, Secretary, Department of the

Navy.

Additional and supporting documents introduced:

107

129

145

Chart showing proportion of National Military Establishment pro-

curement orders placed with small business_

147

Statement of policy of National Military Establishment approved by

the Munitions Board....

149

Chart showing geographical dispersal of armed services procurement

contracts..

150

Supplementary letter from Hon. Francis P. Matthews, Secretary,

Department of the Navy...

161

JULY 18, 1949

Testimony of

Hon. Charles F. Brannan, Secretary of Agriculture.

163

Dr. John M. Blair, Chief, Division of Economics, Federal Trade

Commission__---

192

Additional and supporting documents introduced:

Chart of farmer's share of consumer's dollar spent for farm products. 173

Supplemental statement of Hon. Charles F. Brannan, Secretary of

Agriculture containing operating budget of Commodity Credit

Corporation.

177

Statement of estimated costs of Brannan price-support plan..

Supplemental statement of Hon. Charles F. Brannan, Secretary of

Agriculture, explaining liquidation of REA loans...

186

189

Letter from Chairman Celler to Herman W. Steinkraus, president, United

States Chamber of Commerce, dated July 15, 1949--

191

Letter from Earl Bunting, National Association of Manufacturers, to

C. Murray Bernhardt, general counsel, and reply thereto. --

191

Dr. John M. Blair, Chief, Division of Economics, Federal Trade

Commission, continued...

Adolph A. Berle, Jr., professor of corporation law, Columbia Law

School

Hon. Ellis Arnall, former Governor of the State of Georgia..

Additional and supporting documents introduced:

Excerpt from H. Rpt. No. 1191 to accompany H. R. 2734, 81st Cong..

Chart of organization of United States Steel Co..

Memorandum of agreement between North Chicago Rolling Mill Co.,
Cambria Iron Co., and Pennsylvania Steel Co., dated August 2,
1887.

Charts of number of mergers and acquisitions in manufacturing and

mining between 1919 and 1948..

Chart of horizontal and other acquisitions of the Borden Co., 1940-48-

Chart of acquisitions of United States Steel Corp. since 1939-

Cases brought by the Federal Trade Commission to prohibit acquisi-

tions of stock defeated through subsequent acquisition of assets.

Vertical and other acquisitions of Safeway Stores, 1940-47

Conglomerate and other acquisitions of American Home Products Co.

Growth in economic concentration, 1909-42-

264

212

Chart of integration of Anaconda Copper Mining Co..

Chart of integration of Union Carbide & Carbon Co..

Chart of integration of Deere & Co..

Proposed agreement marked "confidential" to Mr. J. Arthur Rank,

Sir Henry French, and Sir Alexander Korda__

281

JULY 22, 1949

Testimony of-

Walter Hamilton, attorney at law, Washington, D. C..

285

Lazare Teper, director of research, International Ladies' Garment

Workers' Union...

299

Additional and supporting documents introduced:

Number of establishments and workers, dress industry, New York

metropolitan area, by type of establishments, 1947----

321

Distribution of women's, misses', and juniors' outerwear manufac-

turers by size, United States, 1946.

322

Distribution of women's coat and suit manufacturers and jobbers, by

size, 1945 and 1947____

322

Distribution of dress industry firms by sales volume, 1946.

322

Distribution of women's coat and suit and dress manufacturers and

jobbers, by the number of years in business _ _

323

New firms entering business, women's coat and suit and dress in-

dustries, New York metropolitan area, by type of operation, 1948--

Extent of control of fabric of four largest textile producers for several

types of fabrics usable in women's garment manufacture, 1937..

Growth of major textile companies in United States, 1939-48-.

Corporate earnings, textile industry, United States, 1929-48..

Sales of chain and mail order firms and independent stores which sell

women's garments, by type of stores, 1935, 1948---

Everett M. Kassalow, associate director of research, CIO..

327

Walter Adams, assistant professor of economics, Michigan State

College...

335

Additional and supporting documents introduced: CIO Preliminary Pro-
gram to Curb Monopoly-June 1947---

332

JULY 27, 1949

Testimony of

Hon. Herbert A. Bergson, Assistant Attorney General, in charge of the

Antitrust Division, Department of Justice-

Donald R. Richberg, attorney at law, Washington, D. C.

Additional and supporting documents introduced: Three bills introduced

by Representative Victor Murdock in 1913____

Hon. Thurman Arnold, attorney at law, Washington, D. C...

H. A. Toulmin, Jr., attorney at law, Dayton, Ohio..

Additional and supporting documents introduced: Excerpt from Allen

Bradley Co. v. Local No. 3, 325 U. S. 797, 801 ff__

AUGUST 1, 1949

Testimony of Leroy A. Lincoln, president, Metropolitan Life Insurance Co.

Additional and supporting documents introduced:

Statement of Emil Schramm, president of New York Stock Exchange

from Congressional Record, May 4, 1949_-

Letter of July 29, 1949 from Louis Loss, associate general counsel,

Securities and Exchange Commission to Chairman Celler..

474

Table showing comparison of securities placed privately with all cor-

porate offerings, 1934-49.

476

Table showing corporate bonds placed privately.

476

Table of corporate bonds placed privately and offered publicly,
1934-49__

476

477

478

497

Table of all private placements classified by type of security, 1934-49--

All private placements classified by major industry, 1934-49..

Graph, new corporate securities offered for cash sale in the United

States-publicly offered and privately placed, 1934-48-.

Number of policyholders qualified to vote in elections of Metropolitan

Life Insurance Co.

Extended remarks of Leroy Lincoln, president of Metropolitan Life

Insurance Co., regarding subsequent employment of State insurance

commissioners__

Insurance commissioners of the States of New York and New Jersey

and their subsequent affiliations with insurance firms..

Supplemental memorandum submitted by Leroy Lincoln, president,

Metropolitan Life Insurance Co., including 1926 address by Hon.

Charles Evans Hughes..

Letter from Hon. Emanuel Celler to Leroy Lincoln dated September 9,
1949.

500

501

502

511

Letter from Leroy Lincoln to Hon. Emanuel Celler dated September
15, 1949.

511

Chart of interlocking directorates of 17 large life insurance companies
in 1948___

Appendix

Statement of Hon. Sumner Pike before Temporary National Economic
Committee..

Appendix

AUGUST 3, 1949

Testimony of Edward R. Johnston, attorney at law, Chicago, Ill.-------

513

AUGUST 5, 1949

Testimony of Milton Handler, professor of law, Columbia Law School----

Additional and supporting documents introduced:

533

Letter dated August 3, 1949, from Herman W. Steinkraus, president,

United States Chamber of Commerce, to Chairman Celler--

TNEC Monograph No. 38, pp. 88-90..

Hon. Lowell B. Mason, Acting Chairman, Federal Trade Commission

Dr. John M. Blair, Chief, Division of Economics, Federal Trade

Commission..

Additional and supporting documents introduced:

Chart of industries showing percentage of control by 3 companies____

Chart of industries showing percentage of control by 6 companies____

Chart of industies showing percentage of control by 14 companies____

Chart showing concentration in steel industry..

Chart showing concentration in copper industry-

Chart showing concentration in aluminum industry.

Chart showing concentration in tin-can industry..

Chart showing concentration in distilled liquors..

Letter dated September 27, 1949 from Armstrong Cork Co. to Federal

Trade Commission...

594

Response of Federal Trade Commission dated October 27, 1949 to

Armstrong Cork letter of September 27, 1949_.

596

APPENDIX

Directorships held in other companies by the directors of 17 large life

insurance companies in 1948..........

Final report investigation of concentration of economic power, Friday,

February 28, 1941, statement of Hon. Sumner T. Pike, Commissioner,

Securities and Exchange Commission...

Letter of Leroy Lincoln to Chairman Celler, dated September 29, 1949

Letter of Armstrong Cork Co. to Chairman Celler, dated October 31, 1949__

The Antitrust Laws, a Basis for Economic Freedom...

INDEX___

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Study of Monopoly Power: Hearings Before the Subcommittee on Study of ...