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HEARINGS

BEFORE THE

ANTITRUST SUBCOMMITTEE

(SUBCOMMITTEE NO. 5)

conques.fev. c, (SUBCOMMITTEE NO. 5)

COMMITTEE ON THE JUDICIARY.
HOUSE OF REPRESENTATIVES

EIGHTY-FIFTH CONGRESS

FIRST SESSION

ON

H. R. 264 and H. R. 2143

BILLS TO AMEND THE CLAYTON ACT, AS AMENDED, BY
REQUIRING PRIOR NOTIFICATION OF CORPORATE
MERGERS AND ACQUISITIONS, AND FOR

OTHER PURPOSES

MARCH 6, 7, 8, 20, AND 21, 1957

Printed for the use of the Committee on the Judiciary

Serial No. 2

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1957

90675

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EMANUEL CELLER, New York, Chairman FRANCIS E. WALTER, Pennsylvania KENNETH B, KEATING, New York THOMAS J. LANE, Massachusetts

WILLIAM M. MCCULLOCH, Ohio MICHAEL A. FEIGHAN, Ohio

PATRICK J. HILLINGS, California FRANK CHELF, Kentucky

WILLIAM E. MILLER, New York EDWIN E. WILLIS, Louisiana

DEAN P. TAYLOR, New York JAMES B. FRAZIER, JR., Tennessee

USHER L. BURDICK, North Dakota PETER W. RODINO, JR., New Jersey LAURENCE CURTIS, Massachusetts E, L. FORRESTER, Georgia

JOHN M. ROBSION, JR., Kentucky BYRON G. ROGERS, Colorado

DEWITT S. HYDE, Maryland HAROLD D. DONOHUE, Massachusetts RICHARD H. POFF, Virginia JACK B. BROOKS, Texas

WILLIAM C. CRAMER, Florida WILLIAM M. TUCK, Virginia

ARCH A. MOORE, JR., West Virginia ROBERT T. ASHMORE, South Carolina RUSSELL W. KEENEY, Illinois CHARLES A. BOYLE, Illinois

F. JAY NIMTZ, Indiana
EARL CHUDOFF, Pennsylvania
JOHN DOWDY, Texas
LESTER HOLTZMAN, New York

Bess E. Dick, Staff Director
WILLIAM R. FOLEY, General Counsel
WALTER M. BESTERMAN, Legislative Assistant
WALTER R. LEE, Legislative Assistant
CHARLES J. ZINN, La Revision Counsel
CYRIL F. BRICKFIELD, Counsel
E. WILLOUGHBY MIDDLETON, Jr., Associate Counsel

ANTITRUST SUBCOMMITTEE

SUBCOMMITTEE No. 5

EMANUEL CELLER, New York, Chairman PETER W. RODINO, JR., New Jersey KENNETH B. KEATING, New York BYRON G. ROGERS, Colorado

WILLIAM M. MCCULLOCH, Ohio LESTER HOLTZMAN, New York

WILLIAM E. MILLER, New York
HERBERT N. MALETZ, Chief Counsel
KENNETH R. HARKINS, Cocounsel
SAMUEL R. PIERCE, Jr., As8ociate Counsel
LEONARD APPEL, Assistant Counsel
HERBERT FUCHS, Assistant Counsel
JULIAN H. SINGMAN, Assistant Counsel

II

CONTENTS

358

Text of—

H. R. 264.

H. R. 2143

Testimony of,

Alvord, Ellsworth C., American Mining Congress

Barnes, Hon. Wendell B., Administrator, Small Business Admin-

istration --

Barton, William, general counsel, Chamber of Commerce of the United

States.

Bison, Henry, Jr., National Association of Retail Grocers..

Boyd, George, Jr., American Paper & Pulp Association..

Brott, M., general counsel, committee on Federal legislation, American

Bankers Association..

Brownell, Hon. Herbert, Jr., Attorney General of the United States.-

Burger, George J., National Federation of Independent Business

Castle, B. F., Milk Industry Foundation...

Coburn, Royal L., General Counsel, Federal Deposit Insurance Corpo-

ration..

Cook, Hon. H. E., Chairman, Board of Directors, Federal Deposit

Insurance Corporation.

Cramer, Edison H., Chief, Division of Research and Statistics, Federal

Deposit Insurance Corporation.

Crow, Harvey M., associate general counsel, National Association of

Manufacturers

Davis, Ross D., Assistant General Counsel, Small Business Admin-

istration.

DuBois, Ben, executive secretary, the Independent Bankers Asso-

ciation.

Durand, Don, Air Transport Association.

Englert, Roy T., Assistant Counsel, Comptroller of the Currency-

Farley, Ernst W., Jr., chairman, industrial problems committee, Nør

tional Association of Manufacturers.-

Fort, James F., assistant to general counsel, American Trucking

Association..

Funk, Carl W., American Bar Association.

Gidney, Hon. Ray M., Comptroller of the Currency

Greensides, Neil G., Assistant to Chairman, Federal Deposit Insur-

ance Corporation.

Gwynne, Hon. John W., Chairman, Federal Trade Commission.

Hackley, Howard H., Assistant General Counsel, Federal Reserve

Board...

Hagedorn, George, associate director, research department, National

Association of Manufacturers

Hall, Robert E. Lee, general counsel, National Coal Association.
Hansen, Victor R., Assistant Attorney General in charge of the Anti-

trust Division, Department of Justice-
Harl, Maple T., Director, Division of Research and Statistics, Federal

Deposit Insurance Corporation.

Howell, Charles R., commissioner of banking and insurance for the

State of New Jersey -

Jennings, L. A., Deputy Comptroller of the Currency

Kintner, Earl W., General Counsel, Federal Trade Commission..

McCallum, Philip, General Counsel, Small Business Administration..

McClure, H. M., Jr., Independent Petroleum Association of America.

Martin, Hon. William McC., Jr., Chairman, Board of Governors, Fed-

eral Reserve System.

263

303

9

215

Testimony of—Continued

Miller, Lee P., chairman, committee on Federal legislation, American

Bankers Association.

Nash, Frederick C., General Counsel, Department of Commerce..

Peel, Fred W., American Mining Congress-

Vest, George B., General Counsel, Federal Reserve System..

Waage, Don Lester, secretary, finance committee, Chamber of Com-

merce of the United States-

Wagner, Richard, Chamber of Commerce of the United States.

Welsh, Philip F., general attorney, Association of American Railroads.

Additional information-

Barnes, Wendell B., letter, March 12, 1957, to Hon. Emanuel Celler..

Bergson, Herbert A., letter, March 20, 1957, to Hon. Emanuel Celler..

Campbell, Rolla D., letter, March 20, 1957, to Hon. Emanuel Celler,

with enclosure..

Celler, Hon. Emanuel, letter, April 1, 1957, to Hon Ray M. Gidney--
Crow, Harvey M., letter, April 1, 1957, to Hon. Kenneth B. Keating-
Extract from Interim Report of the Antitrust Subcommittee on Cor-

porate and Bank Mergers, December 1955, pp. 26-30..
Gidney, Ray M.:

Letter, March 18, 1957, to Hon. Emanuel Celler..
Letter, March 21, 1957, to Hon. Emanuel Celler.
Letter, March 21, 1957, to Hon. Emanuel Celler.
Letter, March 21, 1957, to Hon. Emanuel Celler-
Letter, April 10, 1957, to Hon. Emanuel Celler--

Letter, April 11, 1957, to Hon. Emanuel Celler.
Gwynne, Hon. John W.:

Letter, March 5, 1957, to Hon. Emanuel Celler, with enclosures..

Letter, March 5, 1957, to Hon. Emanuel Celler, with enclosures..

H. R. 1417, 84th Congress, 1st session, amending an act entitled "An

act to supplement existing laws against unlawful restraints and

monopolies, and for other purposes," approved October 15, 1914,

as amended (64 Stat. 1125; U. S. C. 18) -

Hansen, Victor R.:

Letter, January 25, 1957, to James S. Rockefeller.

Letter, March 20, 1957, to Hon. Emanuel Celler----

Martin, William McC., letter, March 15, 1957, to Hon. Emanuel

Celler..

Mergers, Chamber of Commerce of the United States..

Objections and recommendations to premerger notification bills intro-

duced during 84th Congress, submitted by Department of Justice -

Omnibus banking bill, section 23, chapter 6, title III.-

Scribner, Hon. Fred C., Jr., letter, March 6, 1957, to Hon. Emanuel

Celler-

Some reasons for mergers and acquisitions, submitted by Richard

Wagner --

Some reasons for sale of companies, submitted by Richard Wagner--

Statements submitted for record-

Allied States Association of Motion Picture Exhibitors.

American Merchant Marine Institute.

American Hotel Association.---

American Research and Development Corp--

Alvord, Ellsworth C..

Boyd, George, Jr.

Brownell, Hon. Herbert, Jr., Attorney General of the United

States

Burck, Arthur A.

California State Chamber of Commerce

Campbell, Rolla D.

Castle, B. F.

The Chicago Bar Association.

Commerce & Industry Association of New York.

Committee on Corporate Law of the Association of the Bar of the

City of New York.

Davis, Charles W.

Diversification Institute, Inc..

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Durand, Don..

Farley, Ernst W., Jr.

432

434

435

260

288

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