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COMMITTEE ON THE JUDICIARY

EMANUEL CELLER, New York, Chairman FRANCIS E. WALTER, Pennsylvania

EARL O. MICHENER, Michigan SAM HOBBS, Alabama

CHAUNCEY W. REED, Illinois WILLIAM T. BYRNE, New York

LOUIS E. GRAHAM, Pennsylvania JOSEPH R. BRYSON, South Carolina

FRANK FELLOWS, Maine THOMAS J. LANE, Massachusetts

JOHN JENNINGS, JR., Tennessee MARTIN GORSKI, Illinois

CLIFFORD P. CASE, New Jersey MICHAEL A. FEIGHAN, Ohio

KENNETH B. KEATING, New York FRANK L. CHELF, Kentucky

WILLIAM M. MCCULLOCH, Ohio ED GOSSETT, Texas

J. CALEB BOGGS, Delaware J. FRANK WILSON, Texas

ANGIER L. GOODWIN, Massachusetts
ROBERT L. RAMSAY, West Virginia
DIXIE GILMER, Oklahoma
BOYD TACKETT, Arkansas
EDWIN E, WILLIS, Louisiana
WINFIELD K, DENTON, Indiana
JAMES B. FRAZIER, JR., Tennessee

BESS EFFRAT DICK, Chief Clerk
VELMA SMEDLEY, Acting Chief Clerk
C. MURRAY BERNHARDT, Committee Counsel

WILLIAM R. FOLEY, Committee Counsel
WALTER M. BESTERMAN, Legislative Assistant

WALTER R. LEE, Legislative Assistant
CHARLES J. ZINN, Law Revision Counsel

SUBCOMMITTEE ON STUDY OF MONOPOLY POWER

EMANUEL CELLER, New York, Chairman FRANCIS E. WALTER, Pennsylvania

EARL C. MICHENER, Michigan JOSEPH R. BRYSON, South Carolina

KENNETH B. KEATING, New York THOMAS J. LANE, Massachusetts

WILLIAM M. MCCULLOCH, Ohio J. FRANK WILSON, Texas WINFIELD K. DENTON, Indiana

C. MURRAY BERNHARDT, General Counsel

DAVID C. COYLE, Consultant
JERROLD L. WALDEN, Assistant Counsel

EILEEN R. BROWNE, Clerk

INTRODUCTION

Investigations of monopoly have not been lacking in recent years, but inquiries in this field which have had as their aim concrete legislation have been few. While the proceedings of the Temporary National Economic Committee were of broad scope and great accomplishment in the fact-finding field, it was not a legislative committee. The significance of H. Res. 137 and H. Res. 156 (81st Cong.), therefore, cannot be overlooked. For these two resolutions have led to the establishment of the Subcommittee on Study of Monopoly Power of the House Judiciary Committee. Armed with subpena power, this subcommittee has been directed to make a searching inquiry into the present antitrust laws and to report the results of its studies and investigations with such recommendations for legislation as may be deemed desirable.

In the short time of its existence, the subcommittee has taken large strides toward its ultimate goal of legislation. Hearings were held from July 11 through August 5, 1949. During this period, representatives from various interests with many points of view appeared and testified before the subcommittee. Their provocative suggestions and ideas are all contained in this volume of the hearings. A special meeting of the subcommittee was also convened on August 24, 1949, to receive a significant report from the Federal Trade Commission on the extent of corporate concentration in the United States as of 1947. The explanation of this report by representatives of the Commission iş also included as part of the subcommittee hearings.

The subcommittee staff has endeavored to make this volume of lasting value and of increased utility to those interested in the general subject of monopoly and to the public. It has therefore included as part of this publication a concise digest of the daily testimony taken before the subcommittee for those to whom time does not permit a thorough perusal of the entire text of the hearings. Usefulness of the digest has been enhanced by the addition of marginal page references to the complete text.

In addition, an organized compilation of all Federal laws bearing upon antitrust and its enforcement has been prepared for inclusion in this volume so that relevant statutory provisions are made available in a single place. Included also is an alphabetical topical index to facilitate reference to the body of the hearings and, as well, a recapitulation of the conclusions and recommendations of all witnesses. It is believed that the inclusion of such useful features in the printing of a congressional hearing is novel.

It must be emphasized, finally, that none of the material appearing herein in any way reflects the conclusions of the subcommittee or any of its members except direct statements made by the latter in the course of the hearings. The subcommittee itself has garnered much knowledge and many fertile suggestions during these preliminary hearings. We hope that this and succeeding volumes will help to bring this vital information home to the American people who must ultimately determine our economic policy.

EMANUEL CELLER, M. C.

Chairman, House Judiciary Committee. WASHINGTON, D. C., September 30, 1949.

CONTENTS

Page

III

1

11

JULY 13, 1949

Testimony of

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

107

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

129

JULY 15, 1949

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

Navy-

145

Additional and supporting documents introduced:

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...

186

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

Agriculture, explaining liquidation of REA loans.-

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

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JULY 20, 1949

Testimony of—

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

Commission, continued.--

199

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

228
Hon. Ellis Arnall, former Governor of the State of Georgia.

264

Additional and supporting documents introduced:

Excerpt from H. Rpt. No. 1191 to accompany H. R. 2734, 81st Cong- 204

Chart of organization of United States Steel Co----

209

Memorandum of agreement between North Chicago Rolling Mill Co.,

Cambria Iron Co., and Pennsylvania Steel Co., dated August 2,
1887...

212

Charts of number of mergers and acquisitions in manufacturing and

mining between 1919 and 1948.

214

Chart of horizontal and other acquisitions of the Borden Co., 1940–48. 216

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

217

Cases brought by the Federal Trade Commission to prohibit acquisi-

tions of stock defeated through subsequent acquisition of assets.. 218

Vertical and other acquisitions of Safeway Stores, 1940-47---

219

Conglomerate and other acquisitions of American Home Products Co. 220

Growth in economic concentration, 1909–42.

221

Chart of integration of Anaconda Copper Mining Co..

222

Chart of integration of Union Carbide & Carbon Co.

223

Chart of integration of Deere & Co.

224

Chart of integration of Continental Baking Co..

225

Chart of integration of Pittsburgh Plate Glass Co.

226

Chart of integration of General Foods Corp.

227

Chart of United States capital market.

230

Memorandum submitted by Adolph A. Berle, Jr.

255

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. 323

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

types of fabrics usable in women's garment manufacture, 1937-. 324

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

325

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

326

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

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

326

332

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