Reviews of Books That portion of the Oldfield bill "de signed to amend the Sherman act, so far as it applies to businesses involving patent rights" is summarily disposed of by the minority. "No bill for this pur pose," the minority state, "was ever considered by the committee, no hear ings were had upon the subject, and there was no public announcement that the committee contemplated such legisla tion, until after these provisions had been inserted as a part of the substitute for the original Oldfield bill, after very brief discussion by the committee in executive session. ... As there was no proper consideration of these amend ments, the undersigned do not feel called upon to express any opinion at all as to whether or not the amendments
have merit as a matter of general legis lation. Certainly they are unfair as applied alone to those dealing in pat ented articles, for the reason that such legislation would amount to a lessening of the value of patents, to which we have already stated we are opposed. The House has a right to presume that matters favorably reported from its committees have been considered in committee. This presumption is abso lutely not supported by fact in this case, so far as the proposed Sherman law amendments are concerned." With the views thus expressed by the minority, "the sentiment of the coun try," which Congressman Oldfield last August expressed his desire to learn, will undoubtedly heartily agree.
Reviews of Books MONOPOLY AND COMPETITION The New Competition; an examination of the conditions underlying the radical change that is taking place in the commercial and industrial world — the change from a competitive to a co-opera tive basis. By Arthur Jerome Eddy, author of The Law of Combinations, etc. D. Appleton & Co., New York and London. Pp. 343 + 17 (appen dices) + 14 (index). ($2 net.) The Control of Trusts. By John Bates Clark and John Maurice Clark. Rewritten and enlarged. Macmillan Co.. New York. Pp. 202. Control of the Market; a legal solution of the trust problem. By Bruce Wyman, A.M., LL.B., Professor of Law in Harvard University and Lec turer in the Department of Economics. Moffat, Yard & Co., New York. Pp. 277 + 5 (table of cases discussed). ($1.50 net.) Railroads: Rates and Regulation. By William Z. Ripley, Ph.D., Nathaniel Ropes Professor of Economics in Harvard University. With 41 maps and diagrams. Longmans, Green & Co., New York. Pp. xviii, 640 + 2 (appendix) + 11 (index). (*3 net.) Industrial Competition and Combination. Annals of the American Academy of Political and Social Science, v. 42. no. 131. July 1912. Philadelphia, Pa. Pp. 333, appendix. (Sl). MR. EDDY, notwithstanding what he says about the change in the industrial world from a competitive to a
co-operative basis, believes in compe tition — a competition purged of all unfair, deceptive practices. His open price association, based upon a number of existing trade associations which have accomplished fruitful results, would not aim to fix prices, but would afford every facility for fair competitive bidding. Thus the chief danger of legalized combination, that of discour agement of progressive enterprise by an artificially maintained stability of prices, would be avoided. Mr. Eddy's open price association would therefore not be objectionable as tending to oppres sive monopoly — it would rather tend toward that monopoly which is legiti mately achieved and is conducive to the general welfare. He would regulate without suppressing monopoly, by com pelling all corporations engaged in inter state commerce to furnish complete and truthful information regarding costs,