Excerpt from The Sherman Law, an Anchor-to Yesterday: A Plea for Its Modernization in the Interest of "Self-Government in Business," With Particular Reference to Trade Associations

The decision of the Supreme Court in the Hardwood case throws up a new obstruction on a new road - that taken by the co-operative move ment as expressed in the form of trade associations. The trust move ment, against which the Sherman Law was directed, has lost momentum largely as a result of internal modifications, the growth in that direction having been stopped at the limit set by the law of maturity. The co-opera tive movement expressed in trade associations is in its infancy - is a quite unforseen development of our industrial system. Mr. Farrell's plea for an era of Self Government In Industry is predicated upon a belief that our economy is about to develop a new form of industrial co-operation which will harmonize very closely with our political institutions. His discussion of the situation created by the Hardwood decision, which was published in serial form in the New York Commercial under the general title, Why the Sherman Law Should Be Repealed, has aroused nation wide interest among those interested in fundamental questions, and hasalready resulted in various spontaneous steps toward reform, and also in increased and better informed discussion in the popular press. The boldness of his attack upon the Sherman Law effectively destroyed the notion that a bad law can be sanctified. His conclusions, however, do not call for a repeal of the law, but for its modification.

In its original form, Mr. Farrell's discussion was necessarily limited by his efforts to adapt the discussion to current developments. As now presented, in revised and rearranged form, the discussion is developed in a more orderly manner, but it nevertheless retains evidences of its original form, which could not have been eliminated except at the cost of a complete rewriting. In view of an immediate demand for publication of the complete discussion a rewriting is impracticable, and the result is herewith presented in full confidence that it will serve its purpose, and that is as a contribution to the solution of our fundamental problem of arriving at mutual understandings of one another's aims and intentions in relation to the general welfare.

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