The Railroad Monopoly: An Instrument of Banker Control of the American Economy

The Railroad Monopoly: An Instrument of Banker Control of the American Economy

The Railroad Monopoly: An Instrument of Banker Control of the American Economy

The Railroad Monopoly: An Instrument of Banker Control of the American Economy

Excerpt

This study briefly reviews the causes and methods important in the successful campaign to exempt the railroad industry from the antitrust laws. The causes (Part One) are the Government case in the Federal District Court in Nebraska (U. S. v. The Association of American Railroads, The Western Association of Railway Executives, et al., 4 F.R.D. 510), and the case filed by the State of Georgia in the United States Supreme Court (Georgia v. The Pennsylvania Railroad Company, et al., 324 U. S. 439). In each of the cases the defendant railroads and associations are charged with conspiracy to violate the antitrust laws.

The statement made by Senator McFarland of Arizona during the debate in the Senate on the Reed-Bulwinkle bill indicates the basis of the campaign to exempt the railroads from the antitrust laws:

"We are faced here with a powerful pressure movement to get Congress, by legislative action, to preempt the courts and anticipate a court decision. Ostensibly this pressure emanates from the railroads and kindred interests. This pressure is a fear of the judicial results; . . . ."

Part One, Chapters II and III and Appendixes J and K present the major outlines of the charges and some of the more important evidence submitted by the Government and the State of Georgia to sustain their allegations of coercive and discriminatory price fixing by the defendant railroads and railroad associations in violation of the Sherman Act. Three observations seem justified on the basis of the evidence.

The defendants in the Western and Georgia cases deny that rate bureau procedure eliminates the right of independent action by individual carriers and point to the provisions of the rate bureau procedural agreements which especially mention . . .

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