THE WEBB-POMERENE ACT
The only important anti-trust legislation enacted since 1914 is the Webb-Pomerene Act, designed to promote the American export trade through the legalization of export associations. It is proposed in this chapter to outline briefly the conditions that gave rise to a demand for such legislation; to trace the progress of the bill through Congress; to describe the provisions of the act; and to call attention to some possible objections. First as to the conditions that led to the passage of the Webb Act.
During the early years of the twentieth century it was freely predicted that American manufacturers, combined as many of them were in the modern trust, were to capture the markets of the world. Only a few years later the opinion was as commonly expressed that without legislation permitting coöperation in the American export trade our manufacturers were no match for their foreign competitors. Several reasons were given for the unequal conditions of competition. In the first place, American manufacturers in striving for business abroad had to meet the vigorous rivalry of powerful foreign combinations, often international in scope. These combinations were frequently aided by their respective governments, and in some cases participated in by these governments. The stock illustration was Germany, which had achieved the most notable success in the____________________