The Age of Mergers 107 
and members of his cabinet urged this revision. The 
national Democratic platform included a plank 
which, while demanding strict enforcement of the 
anti-trust laws, called for “enactment of other laws” 
if necessary, to preserve the right of the small mer- 
chant and manufacturer by proper associational 
agreements to ‘earn a legitimate profit from his 
business.” President Hoover and the Republican 
party have approved combinations big and little. It 
is true that here and there a voice is raised against 
the rapid formation of mergers, such as that of 
Henry Ward Beer, President of the Federal Bar 
Association and formerly Assistant United States 
Attorney General. Mr. Beer predicted that the 
country would see a ‘new trust-busting crusade” 
when President-Elect Hoover should assume office. 
But there has been no crusade, and for obvious 
reasons. 
More, Betier, and Cheaper Goods 
Most mergers produce profits by producing more, 
better and cheaper commodities and services. That 
is why the Hahn system has formed a chain of de- 
partment stores across the country to effect total 
sales of a billion a year. It is the reason for the 
pioneer Atlantic and Pacific chain of grocery stores, 
and for the Woolworth and Kresge chains. It is 
why Standard Industries, headed by Stone, Webster 
and Blodgett, Inc., has been formed to concentrate 
on promising enterprises and ‘‘create a new combina- 
tion of business leadership and financial control,”