saying that the case shows an "ever present manifestation
. . . of conscious wrong-doing" by the Trust, whose history is "replete
with the doing of acts which it was the obvious purpose of the statute
to forbid, . . . demonstrative of the existence from the beginning of a
purpose to acquire dominion and control of the tobacco trade, not by the
mere exertion of the ordinary right to contract and to trade, but by
methods devised in order to monopolize the trade by driving competitors
out of business, which were ruthlessly carried out upon the assumption
that to work upon the fears or play upon the cupidity of competitors
would make success possible." The letters from and to various officials
of the Trust, which were put in evidence, show a literally astounding
and horrifying indulgence by the Trust in wicked and depraved business
methods--such as the "endeavor to cause a strike in their [a rival
business firm's] factory," or the "shutting off the market" of an
independent tobacco firm by "taking the necessary steps to give them a
warm reception," or forcing importers into a price agreement by causing
and continuing "a demoralization of the business for such length of time
as may be deemed desirable" (I quote from the letters). A Trust guilty
of such conduct should be absolutely disbanded, and the only way to
prevent the repetition of such conduct is by strict Government
supervision, and not merely by lawsuits.

The Anti-Trust Law cannot meet the whole situation, nor can any
modification of the principle of the Anti-Trust Law avail to meet
the whole situation. The fact is that many of the men who have called
themselves Progressives, and who certainly believe that they are
Progressives, represent in reality in this matter not progress at
all but a kind of sincere rural toryism. These men believe that it is
possible by strengthening the Anti-Trust Law to restore business to
the competitive conditions of the middle of the last century. Any such
effort is foredoomed to end in failure, and, if successful, would
be mischievous to the last degree. Business cannot be successfully
conducted in accordance with the practices and theories of sixty years
ago unless we abolish steam, electricity, big cities, and, in short, not
only all modern business and modern industrial conditions, but all the
modern conditions of our civilization. The effort to restore competition
as it was sixty years ago, and to trust for justice solely to this
p