brown shoe argued december decided june government brought suit enjoin consummation merger two corporations ground effect might substantially lessen competition tend create monopoly production distribution sale shoes violation clayton act amended district found merger increase concentration shoe industry manufacturing retailing eliminate one corporations substantial competitor retail field establish relationship deprive top firms industry fair opportunity compete therefore probably result substantial lessening competition increased tendency toward monopoly enjoined appellant acquiring interest business stock assets corporation required full divestiture appellant corporation stock assets ordered appellant propose immediate future plan carrying effect order divestiture held judgment affirmed pp district judgment final judgment within meaning expediting act jurisdiction direct appeal act pp legislative history amendments clayton act indicates congress provided definite quantitative qualitative tests enforcement agencies gauge effects given merger rather congress intended variety economic factors considered determining whether merger consistent maintaining competition industry merging companies operated pp record supports district findings conclusion shoe industry subjected cumulative series vertical mergers left unchecked may substantially lessen competition within meaning amended pp record case supports district finding relevant lines commerce men women children shoes pp district properly found predominantly shoes appellant manufactures occupy product market different predominantly shoes corporation sells defining product market district required employ finer distinctions recognized classifications men women children shoes pp insofar vertical aspect merger concerned relevant geographic market entire nation anticompetitive effects merger measured within range distribution trend toward vertical integration shoe industry combined appellant avowed policy forcing shoes upon retail subsidiaries seems likely foreclose competition substantial share market men women children shoes without producing countervailing competitive economic social advantages pp district correct concluding merger may tend lessen competition substantially retail sale men women children shoes overwhelming majority cities environs corporations sell owned controlled outlets pp district correctly defined men women children shoes relevant lines commerce analyze horizontal aspects merger district properly defined relevant geographic markets analyze horizontal aspects merger cities populations exceeding environs corporations retailed shoes controlled outlets pp evidence adequate support finding district result merger competition retailing men women children shoes may lessened substantially cities pp arthur dean argued cause appellant briefs robert mcroberts henry ess iii dennis mahoney solicitor general cox argued cause brief assistant attorney general loevinger william doolittle richard solomon philip marcus james coyle chief justice warren delivered opinion suit initiated november government filed civil action district eastern district missouri alleging contemplated merger kinney company kinney brown shoe company brown exchange kinney brown stock violate clayton act act amended provides pertinent part corporation engaged commerce shall acquire directly indirectly whole part stock share capital another corporation engaged also commerce line commerce section country effect acquisition may substantially lessen competition tend create monopoly motion government preliminary injunction pendente lite denied companies permitted merge provided however businesses operated separately assets kept separately identifiable merger effected may district government contended effect merger brown third largest seller shoes dollar volume leading manufacturer men women children shoes retailer owned operated controlled retail outlets kinney eighth largest company dollar volume among primarily engaged selling shoes large manufacturer shoes retailer retail outlets may substantially lessen competition tend create monopoly eliminating actual potential competition production shoes national wholesale shoe market sale shoes retail nation foreclosing competition market represented kinney retail outlets whose annual sales exceed enhancing brown competitive advantage producers distributors sellers shoes government argued line commerce affected merger footwear alternatively line men women children shoes separately considered section country within anticompetitive effect merger judged nation whole alternatively separate city city immediate surrounding area parties sell shoes retail district brown contended merger shown endanger competition line commerce section country properly determined brown urged age sex intended customers considered determining relevant line commerce differences grade material quality workmanship price customer use shoes resulted establishing different lines commerce agreeing government regard manufacturing relevant geographic market assessing effect merger upon competition country whole brown contended regard retailing market must vary economic reality central business district large city standard metropolitan area smaller community brown contended manufacturing level retail level shoe industry enjoyed healthy competition vigor competition event diminished proposed merger kinney manufactured less retailed less nation shoes district rejected broadest contentions parties district found one group classifications understood recognized entire industry public classification men women children shoes separately independently hand classify shoes whole unfair unjust classify impractical unwarranted unrealistic realizing areas effective competition retailing purposes fixed mathematical precision district found determined economic reality retailing section country city population immediate contiguous surrounding area regardless name designation kinney store brown operated franchise plan store located district rejected government contention combining manufacturing facilities brown kinney substantially lessen competition production men women children shoes national wholesale market however district find likely foreclosure manufacturers market represented kinney retail outlets may substantially lessen competition manufacturers distribution men women children shoes considered separately throughout nation district also found merger may substantially lessen competition retailing alone men women children shoes considered separately every city population immediate surrounding area kinney brown store located brown contentions differ slightly made district order fully understand appraise assertions necessary set detail district findings concerning nature shoe industry place brown kinney within industry industry district found although domestic shoe production scattered among large number manufacturers small number large companies occupied commanding position thus largest manufacturers produced nation shoes top international brown including kinney general shoe alone produced approximately nation shoes production top domestic production nonrubber shoes million pairs million pairs men shoes million pairs women shoes million pairs children shoes district found men women children shoes normally produced separate factories public buys shoes retail outlets however derive gross receipts sale shoes classified shoe stores census bureau shoe stores found generally sell men shoes women shoes women children shoes men women children shoes district found definite trend among shoe manufacturers acquire retail outlets example international shoe company retail outlets acquired general shoe company retail outlets shoe corporation america period increased retail holdings melville shoe company brown retail outlets prior acquired outlets moreover nine independent shoe store chains operating retail shoe stores found become subsidiaries large firms ceased independent operations manufacturers acquired retail outlets district found definite trend supply ever increasing percentage retail outlets needs thereby foreclosing manufacturers effectively competing retail accounts stores found drying available outlets independent producers another definite trend found exist shoe industry decrease number plants manufacturing shoes appears concomitant decrease number firms manufacturing shoes independent manufacturers shoes number decreased brown shoe brown shoe found participant also moving factor industry trends although brown experimented several times operating retail outlets disposed however brown began seek retail outlets acquiring nation largest operator leased shoe departments wohl shoe company wohl operated shoe departments department stores throughout brown made number smaller acquisitions shoe company three retail stores barnes company two stores reilly shoe company two leased shoe departments richardson shoe store one store wohl shoe company dallas connected wohl leased shoe departments dallas brown made another major acquisition regal shoe corporation time operated one manufacturing plant producing men shoes retail outlets acquisition corporations found lead increased sales brown acquired companies thus although prior brown acquisition wohl wohl bought brown total purchases shoes subsequently increased purchases purchases brown increased acquisition regal previously sold shoes wohl shoes worth brown sold shoes worth wohl brown period time brown also acquired stock assets seven companies engaged solely shoe manufacturing result brown fourth largest shoe manufacturer country producing million pairs shoes nation total footwear production kinney kinney principally engaged operating largest shoe store chain time trial kinney found operating stores cities stores found make national retail shoe sales dollar volume moreover kinney stores sold approximately million pairs nonrubber shoes national pairage sales shoes sales approximately million pairs men shoes national pairage sales men shoes approximately million pairs women shoes national pairage sales women shoes approximately million pairs children shoes national pairage sales children shoes addition extensive retail activity kinney owned operated four plants manufactured men women children shoes whose combined output national shoe production making kinney twelfth largest shoe manufacturer kinney stores found obtain shoes kinney manufacturing plants time merger kinney bought shoes brown however line brown conceded reasons acquiring kinney brown become largest outside supplier kinney shoes supplying kinney needs setting merger considered held violate clayton act district ordered brown divest completely stock share capital assets interests held kinney operate kinney greatest degree possible independent concern pending complete divestiture refrain thereafter acquiring interest kinney business assets file within days plan carrying effect divestiture decreed district also stated retain jurisdiction cause enable parties apply relief might necessary enforce apply judgment prior submission divestiture plan brown filed notice appeal district filed jurisdictional statement seeking review judgment entered ii jurisdiction suggested bench oral argument since judgment district include specific plan dissolution merger reserves ruling pending filing suggested plans implementing divestiture judgment final contemplated expediting act response suggestion parties filed briefs contending jurisdiction dispose case merits present posture however mere consent parties consideration decision case confer jurisdiction see american fire casualty finn people bank calhoun capron van noorden cranch therefore review sources jurisdiction threshold inquiry appropriate disposition every case comes us revised rules kesler department public safety collins miller cranch requirement final judgment shall entered case lower right appeal attaches ancient history federal practice first appearing judiciary act occasional modifications requirement remained cornerstone structure appeals federal courts adopted essentially practical tests identifying judgments considered final see cobbledick market street railroad republic natural gas oklahoma cohen beneficial industrial loan dibella cf federal trade regulator schaefer brewing pragmatic approach question finality considered essential achievement speedy inexpensive determination every action touchstones federal procedure cases expediting act cited basis jurisdiction issue finality raised discussed parties occasions particular orders suits act applicable considered light claims insufficiently final preclude appeal compare schine chain theatres schine chain theatres question generally passed without comment adjudications merits bound previous exercises jurisdiction cases power act questioned passed sub silentio tucker truck lines ex rel arant lane neither disregard implications exercise judicial authority assumed proper years cf stainback mo hock ke lok po radio station wow johnson think decree district case sufficient indicia finality us hold judgment properly appealable time note first district disposed entire complaint filed government every prayer relief passed upon full divestiture brown kinney stock assets expressly required appellant permanently enjoined acquiring interest business stock assets defendant suit single provision judgment finality may questioned one requiring appellant propose immediate future plan carrying effect order divestiture however reach merits affirm judgment sole remaining task district acceptance plan full divestiture supervision plan accepted rulings district administering decree facilitated fact defendants required maintain separate books pendente lite sufficiently independent subordinate issues presented appeal make case present posture proper one review appellant attack full divestiture ordered district appellant contention facts case alleged proved government order divestiture proper propriety divestiture considered disputed nothing basis ripe review thereafter foreclosed repetitive judicial consideration question single suit occur cf radio station wow johnson supra catlin cobbledick supra second consideration supporting view character decree still entered suit order full divestiture order requires careful often extended negotiation formulation process take place vacuum rather changing market place buyers bankers must found accomplish order forced sale unsettling influence uncertainty affirmance initial underlying decision compelling divestiture make still difficult task assuring expeditious enforcement antitrust laws delay withholding review issues case details divestiture approved district reviewed well mean change market conditions sufficiently pronounced render impractical otherwise unenforceable plan asset disposition litigation held public interest well parties lose procedure lastly holding decree district instant case less final thus appealable require departure settled course practice consistently reviewed antitrust decrees contemplating either future divestiture comparable remedial action prior formulation entry precise details relief ordered instance found reviewed case following divestiture decree one asked consider party subject decree later brought case back claims error details divestiture finally approved two years ago unanimous accepting jurisdiction affirming judgment district similar one entered case amended clayton act brought us juncture comparable instant litigation see maryland virginia milk producers assn fear piecemeal appeals adherence existing procedure find support history thus substantial body precedent accepting jurisdiction case present posture supports practical considerations previously discussed believe contrary result inconsistent purposes expediting act passed gave name iii legislative history enacted original clayton act prohibited acquisition one corporation stock another corporation acquisition result substantial lessening competition acquiring acquired companies tend create monopoly line commerce act explicit terms construed bar acquisition one corporation assets another appear preclude acquisition stock corporation direct competitor although proponents amendments act suggested terminology employed provisions result accident unawareness acquisition assets inimical competition stock acquisition review legislative history original clayton act fails support views possibility asset acquisition discussed considered important act conceived directed primarily development holding companies secret acquisition competitors purchase parts competitors stock however long federal trade commission recognized deficiencies act first enacted annual reports frequently suggested amendments principally along two lines first plug loophole exempting asset acquisitions coverage act second require companies proposing merger give commission prior notification plans final report temporary national economic committee also recommended changes focusing two proposals hearings held bills incorporating either changes prior amendments adopted none reached floor congress plenary consideration although bill eventually become amended confined embracing within act terms acquisition assets well stock course hearings conducted eightieth congresses examination purposes provisions undertaken review legislative history amendments provides unmistakably clear indication precise standards congress wished federal trade commission courts apply judging legality particular mergers however sufficient expressions consistent point view may found hearings committee reports house senate floor debate provide charged enforcing act usable frame reference within evaluate given merger dominant theme pervading congressional consideration amendments fear considered rising tide economic concentration american economy apprehension regard bolstered publication federal trade commission study corporate mergers statistics current studies cited evidence danger american economy unchecked corporate expansions mergers considerations cited support bill desirability retaining local control industry protection small businesses throughout recorded discussion may found examples congress fear accelerated concentration economic power economic grounds also threat values trend toward concentration thought pose factors relevant judgment validity given merger specifically discussed congress redrafting first doubt congress wish plug loophole include within coverage act acquisition assets less acquisition stock second deletion language original text hoped make plain applied mergers actual competitors also vertical conglomerate mergers whose effect may tend lessen competition line commerce section country third apparent keystone erection barrier congress saw rising tide economic concentration provision authority arresting mergers time trend lessening competition line commerce still incipiency congress saw process concentration american business dynamic force sought assure federal trade commission courts power brake force outset gathered momentum fourth closely related third congress rejected inappropriate problem sought remedy application cases standards judging legality business combinations adopted courts dealing cases arising sherman act may applied early cases arising original fifth time sought create effective tool preventing mergers demonstrable anticompetitive effects congress recognized stimulation competition might flow particular mergers concern act breadth expressed supporters amendments indicated impede example merger two small companies enable combination compete effectively larger corporations dominating relevant market merger corporation financially healthy failing one longer vital competitive factor market deletion word community original act description relevant geographic market another illustration congress desire indicate concern adverse effects given merger competition economically significant section country taken whole legislative history illuminates congressional concern protection competition competitors desire restrain mergers extent combinations may tend lessen competition sixth congress neither adopted rejected specifically particular tests measuring relevant markets either defined terms product terms geographic locus competition within effects merger judged adopt definition word substantially whether quantitative terms sales assets market shares designated qualitative terms merger effects competition measured seventh providing definite quantitative qualitative tests enforcement agencies gauge effects given merger determine whether may substantially lessen competition tend toward monopoly congress indicated plainly merger functionally viewed context particular industry whether consolidation take place industry fragmented rather concentrated seen recent trend toward domination leaders remained fairly consistent distribution market shares among participating companies experienced easy access markets suppliers easy access suppliers buyers witnessed foreclosure business witnessed ready entry new competition erection barriers prospective entrants aspects varying importance merger consideration properly taken account eighth congress used words may substantially lessen competition emphasis supplied indicate concern probabilities certainties statutes existed dealing menaces competition statute sought dealing ephemeral possibilities mergers probable anticompetitive effect proscribed act background return case us iv vertical aspects merger etermination relevant market necessary predicate finding violation clayton act threatened monopoly must one substantially lessen competition within area effective competition substantiality determined terms market affected product market outer boundaries product market determined reasonable interchangeability use demand product substitutes however within broad market submarkets may exist constitute product markets antitrust purposes du pont de nemours boundaries submarket may determined examining practical indicia industry public recognition submarket separate economic entity product peculiar characteristics uses unique production facilities distinct customers distinct prices sensitivity price changes specialized vendors clayton act prohibits merger may substantially lessen competition line commerce emphasis supplied necessary examine effects merger economically significant submarket determine reasonable probability merger substantially lessen competition probability found exist merger proscribed applying considerations present case conclude record supports district finding relevant lines commerce men women children shoes product lines recognized public line manufactured separate plants characteristics peculiar rendering generally noncompetitive others course directed toward distinct class customers appellant however contends district definitions fail recognize sufficiently distinctions shoes brown argues predominantly shoes manufactures occupy product market different predominantly shoes kinney sells agreement argument equivalent holding shoes compete shoes think district properly found facts otherwise unrealistic accept brown contention example men shoes selling different product market selling say however differences exist unimportant analyzing merger may importance determining likely effect merger boundaries relevant market must drawn sufficient breadth include competing products merging companies recognize competition fact competition exists thus agree district case division product lines based differences unrealistic brown contention district product market definitions recognized distinctions raises different problem brown sharpest criticism directed district finding children shoes constituted single line commerce brown argues example little boy wear little girl black patent leather pump male baby wear growing boy shoes thus brown argues infants babies shoes misses children shoes youths boys shoes considered separate line commerce assuming arguendo little boys shoes example sufficient peculiar characteristics constitute one markets used analyzing effects merger think case district required employ finer distinctions recognized classifications men women children shoes division aid us analyzing effects merger brown manufactures percentage nation children shoes nation youths boys shoes nation misses children shoes nation infants babies shoes similarly kinney sells percentage nation children shoes nation youths boys shoes nation misses children shoes nation infants babies shoes appellant point advantage enjoy finer divisions chosen district employed brown manufactures significant comparable quantities virtually every type nonrubber men women children shoes kinney sells quantities virtually every type men women children shoes thus whether considered separately together picture merger therefore agree district conclusion setting case subdivide shoe market basis distinctions impractical unwarranted geographic market agree parties district insofar vertical aspect merger concerned relevant geographic market entire nation relationships product value bulk weight consumer demand enable manufacturers distribute shoes nationwide basis brown kinney fact anticompetitive effects merger measured within range distribution probable effect merger area effective competition affected vertical arrangement defined analysis must made determine effect arrangement may substantially lessen competition tend create monopoly market since diminution vigor competition may stem vertical arrangement results primarily foreclosure share market otherwise open competitors important consideration determining whether effect vertical arrangement may substantially lessen competition tend create monopoly size share market foreclosed however factor seldom determinative share market foreclosed large approaches monopoly proportions clayton act course violated arrangement also run afoul sherman act legislative history indicates clearly tests measuring legality particular economic arrangement clayton act less stringent used applying sherman act hand foreclosure de minimis share market tend substantially lessen competition extremes cases one us foreclosure neither monopoly de minimis proportions percentage market foreclosed vertical arrangement decisive cases becomes necessary undertake examination various economic historical factors order determine whether arrangement review type congress sought proscribe important factor examine nature purpose arrangement congress indicated tests illegality intended similar courts applied interpreting language used sections clayton act also chose language virtually identical clayton act interpreted require examination interdependence market share foreclosed economic purpose vertical arrangement thus example particular vertical arrangement considered appears limited term contract market foreclosure must generally significantly greater arrangement tying contract arrangement held violated act compare tampa electric nashville coal standard oil california supra international salt reason readily discernible usual tying contract forces customer take product brand necessarily want order secure one desire arrangement inherently anticompetitive held use established company likely substantially lessen competition although relatively small amount commerce affected international salt supra thus unless tying device employed small company attempt break market cf motor use tying device rarely harmonized strictures antitrust laws intended primarily preserve stimulate competition see standard oil california supra hand requirement contracts frequently negotiated behest customer chosen particular supplier product upon basis competitive merit see tampa electric nashville coal supra course fact requirement contracts inherently anticompetitive save particular agreement fact likely substantially lessen competition tend create monopoly standard oil california supra yet requirement contract may escape censure small share market involved purpose agreement insure customer sufficient supply commodity vital customer trade insure supplier market output trend toward concentration industry tampa electric nashville coal supra similar considerations pertinent judgment act importance congress attached economic purpose demonstrated senate house reports evince intention preserve failing company doctrine international shoe federal trade similarly congress foresaw merger two large companies large small company might violate clayton act merger two small companies might although share market foreclosed identical purpose small companies enable combination compete larger corporations dominating market present merger involved neither small companies failing companies date merger brown fourth largest manufacturer shoe industry sales approximately million pairs shoes assets kinney sales million pairs shoes assets brown one leading manufacturers men women children shoes kinney retail outlets owned operated largest independent chain family shoe stores nation thus industry merger manufacturer independent retailer involve larger potential market foreclosure moreover apparent past behavior brown testimony brown president brown use ownership kinney force brown shoes kinney stores thus operation vertical arrangement quite analogous one involving tying clause another important factor consider trend toward concentration industry true course statute prohibits given merger effect merger may substantially lessen competition wording requires prognosis probable future effect merger existence trend toward vertical integration district found well substantiated record moreover found tendency acquiring manufacturers become increasingly important sources supply acquired outlets necessary corollary trends foreclosure independent manufacturers markets otherwise open trends product accident rather result deliberate policies brown leading shoe manufacturers account must taken facts order predict probable future consequences merger background continuing concentration present merger must viewed brown argues however shoe industry present composed large number manufacturers retailers industry dynamically competitive remaining vigor immunize merger trend industry toward oligopoly see pillsbury mills probable effect merger upon future well present clayton act commands courts commission examine moreover remarked must consider probable effects merger upon economics particular markets affected also must consider probable effects upon economic way life sought preserved congress congress desirous preventing formation oligopolies attendant adverse effects upon local control industry upon small business industry composed numerous independent units congress appeared anxious preserve structure senate report quoting approval federal trade commission report merger movement explicitly amended addressed inter alia following problem sherman act acquisition unlawful creates monopoly constitutes attempt monopolize imminent monopoly may appear one large concern acquires another unlikely perceived small acquisition large enterprise large concern grows series small acquisitions accretions power individually minute make difficult use sherman act test several large enterprises extending power successive small acquisitions cumulative effect purchases may convert industry one intense competition among many enterprises one three four large concerns produce entire supply sess see sess reach conclusion trend toward vertical integration shoe industry combined brown avowed policy forcing shoes upon retail subsidiaries may foreclose competition substantial share markets men women children shoes without producing countervailing competitive economic social advantages horizontal aspects merger thus proper definition market necessary predicate examination competition may affected horizontal aspects merger acquisition kinney brown resulted horizontal combination manufacturing retailing levels businesses although district found merger brown kinney manufacturing facilities economically insignificant come within prohibitions clayton act government appealed portion lower decision therefore occasion express views respect finding hand appellant contest district finding merger companies retail outlets may tend substantially lessen competition product market shoes sold retail shoe stores shoe departments general stores outlets sell men shoes women shoes women children shoes men women children shoes prior merger brown kinney sold shoes competition one another enumerated kinds outlets characteristic industry part iv opinion hold district correctly defined men women children shoes relevant lines commerce analyze vertical aspects merger reasons stated also hold lines commerce appropriate considering horizontal aspects merger geographic market criteria used determining appropriate geographic market essentially similar used determine relevant product market see sess du pont de nemours moreover product submarket may significance proper line commerce may geographic submarket considered appropriate section country erie sand gravel federal trade cir bethlehem steel supp congress prescribed pragmatic factual approach definition relevant market formal legalistic one geographic market selected must therefore correspond commercial realities industry economically significant thus although geographic market instances may encompass entire nation circumstances may small single metropolitan area columbia pictures supp maryland virginia milk producers supp affirmed fact two merging firms competed directly horizontal level fraction geographic markets either operated place merger outside scope section speaks section country anticompetitive effects merger probable significant market merger least extent proscribed parties dispute findings district nation whole relevant geographic market measuring anticompetitive effects merger viewed vertically horizontal merger brown kinney manufacturing facilities retail level however disagree district found effects aspect merger must analyzed every city population exceeding immediate contiguous surrounding territory brown kinney sold shoes retail stores either owned controlled definition geographic market less cities either brown kinney sold shoes outlets represented appellant recognizes district characterization relevant market proper number markets brown kinney outlets sufficiently numerous validity entire merger properly judged testing effects markets however appellant contention areas effective competition shoe retailing improperly defined district claims areas cases defined include central business districts large cities others encompass standard metropolitan areas within smaller communities found argues test failing distinguish competitive situations improper believe however record fully supports district findings shoe stores outskirts cities compete effectively stores central downtown areas undoubtedly commercial intercourse smaller communities within single standard metropolitan area intense important competition retail sales confined stores within particular communities area immediate environs therefore agree district properly defined relevant geographic markets analyze merger cities population exceeding environs brown kinney retailed shoes outlets markets large enough include downtown shops suburban shopping centers areas contiguous city important competitive factors yet small enough exclude stores beyond immediate environs city little competitive significance probable effect merger delineated product geographic markets within effects merger measured turn examination district finding result merger competition retailing men women children shoes may lessened substantially cities brown kinney stores located note initially appellant challenges finding number grounds discussed grounds independent critical question whether competition may fact lessened thus brown objects district examine competitive picture line commerce section country defined appropriate says erred failing enter findings respect relevant city assessing anticompetitive effect merger retail sale example men shoes council bluffs men shoes texas city women shoes texas city children shoes paul even assuming representative sample properly used brown also objects district detailed analysis competition shoe retailing limited single city louis city kinney operate appellant says analysis sufficiently representative establish standard image shoe trade applied cities brown kinney sold shoes particularly cities much smaller louis others larger different climates others areas different median per capita incomes however believe record adequate support findings district true concentrated attention structure competition city sat detailed evidence readily available also heard witnesses less cities parties merger operated careful point basis evidence reached conclusions concerning boundaries relevant markets merger effects competition within recognize variations size climate wealth enumerated brown exist relevant markets however agree markets respect evidence received provide fair sampling areas impact merger measured appellant shown variables mentioned affect structure competition within particular market require change conclusions drawn district competitor within given market equally affected factors even though city business may differ louis size climate wealth thus believe district properly reached conclusions basis evidence available reason protract already complex antitrust litigation detailed analyses peripheral economic facts basic issues case may determined study fair sample case us fair sample used demonstrate soundness district conclusions evidence record fully substantiates findings relevant market analysis undisputed statistics sales shoes cities brown kinney sell shoes retail separated appropriate lines commerce provides persuasive factual foundation upon required prognosis merger effects may built although brown objects details government computations used drafting exhibits appellant deny correctness general picture reveal appended exhibits opinion show example separate cities ranging size location topeka kansas batavia new york hobbs new mexico combined share brown kinney sales women shoes unit volume exceeded cities used measuring effect merger women line combined share children shoes sales exceeded cities share exceeded dodge city kansas combined share market women shoes share children shoe market city cities brown kinney combined shares market women shoes greatest ranging parties alone prior merger captured substantial portions markets ranging merger intensified existing concentration separate cities combined shares market brown kinney sale one relevant lines commerce exceeded cities share exceeded three lines market share companies may control merging one important factors considered determining probable effects combination effective competition relevant market industry fragmented shoe retailing control substantial shares trade city may important effects competition merger achieving control approved might required approve future merger efforts brown competitors seeking similar market shares oligopoly congress sought avoid furthered difficult dissolve combinations previously approved furthermore fragmented industry even combination controls small share particular market fact share held large national chain adversely affect competition testimony record numerous independent retailers based actual experience market demonstrates strong national chain stores insulate selected outlets vagaries competition particular locations large chains set alter styles footwear extent renders independents unable maintain competitive inventories third significant aspect merger creates large national chain integrated manufacturing operation retail outlets integrated companies eliminating wholesalers increasing volume purchases manufacturing division enterprise market brands prices competing independent retailers course results large integrated chain operations beneficial consumers expansion rendered unlawful mere fact small independent stores may adversely affected competition competitors act protects fail recognize congress desire promote competition protection viable small locally owned businesses congress appreciated occasional higher costs prices might result maintenance fragmented industries markets resolved competing considerations favor decentralization must give effect decision factors considered evaluating probable effects merger relevant market lend additional support district conclusion merger may substantially lessen competition one factor history tendency toward concentration industry previously pointed shoe industry recent years prime example trend combinations manufacturers retailers larger producers sought capture increasing number assured outlets wares although mergers primarily vertical aim effect extent brought ever greater numbers retail outlets within fewer fewer hands additional important impact horizontal plane merger case largest single group retail stores still independent one large manufacturers absorbed already substantial aggregation less controlled retail outlets result merger brown moved second place nationally terms retail stores directly owned including stores franchise plan merger placed brown control almost shoe outlets nation retail shoe stores defined census bureau nation total retail shoe outlets avoid mandate congress tendencies toward concentration industry curbed incipiency particularly tendencies accelerated giant steps striding across hundred cities time light trends industry agree government appropriate place call halt time appellant presented mitigating factors business failure inadequate resources one parties may prevented maintaining competitive position demonstrated need combination enable small companies enter meaningful competition dominating relevant markets basis record us believe government sustained burden proof hold district correct concluding merger may tend lessen competition substantially retail sale men women children shoes overwhelming majority cities environs brown kinney sell owned controlled outlets judgment affirmed justice white took part consideration decision case appendix women shoes brown combined total sales kinney owned area pairs shoe store controlled share outlets springfield mo laredo tex st cloud minn fort smith ark kingsport tenn gulfport miss cortland fremont nebr manitowoc wis salina kans muncie ind portsmouth ohio reading pa greensburg pa little rock ark flint mich wichita kans lubbock tex kingston emporia kans johnson city tenn odessa tex bloomington ill elgin ill enid okla burlington iowa south bend ind galesburg ill abilene tex meridian miss toledo ohio tulsa okla colorado springs colo williamsport pa mankato minn green bay wis waterloo iowa sioux falls dak glens falls kansas city kans oklahoma city okla hutchinson kans kenosha wis pottsville pa san angelo tex wheeling va ithaca zanesville ohio mobile ala women shoes brown combined total sales kinney owned area pairs shoe store controlled share outlets york pa gary ind decatur ill amarillo tex minneapolis minn fort worth tex waco tex altoona pa lancaster pa rockford ill saginaw mich grand rapids mich jacksonville fla columbus ga evansville ind paul minn montgomery ala peoria ill springfield ill milwaukee wis san antonio tex cedar rapids iowa appendix children shoes brown combined total sales kinney owned area pairs shoe store controlled share outlets meridian miss wichita kans colorado springs colo fort smith ark fort dodge iowa zanesville ohio muskegon mich steubenville ohio tulsa okla corpus christi tex davenport iowa fargo dak wheeling va amarillo tex little rock ark south bend ind greensburg pa des moines iowa glens falls green bay wis decatur ill fort worth tex mobile ala gary ind bloomington ill springfield mo willamsport pa waco tex lubbock tex pottsville pa milwaukee wis lancaster pa tampa fla oklahoma city okla mankato minn minneapolis minn peoria ill columbus ga reading pa toledo ohio jacksonville fla springfield ill montgomery ala brownsville tex saginaw mich paul minn detroit mich appendix men shoes brown combined total sales kinney owned area pairs shoe store controlled share outlets amarillo tex asheville green bay wis waco tex greensburg pa peoria ill reading pa wichita kans colorado springs colo appendix appellant percentages dollar sales adjusted include sales brown franchise wohl plan stores county sma percentage city city percentage name sma county texas city tex galveston tex coatesville pa philadelphia pa ottumwa iowa wapello county uniontown pa fayette county texarkana ark miller county marshalltown iowa marshall county council bluffs iowa omaha nebr corpus christi tex corpus christi tex ardmore okla carter county iowa city iowa johnson county muskogee okla muskogee county steubenville ohio grand forks dak grand forks county mason city iowa cerro gordo county topeka kans topeka kans baton rouge la baton rouge la rochester minn rochester minn dubuque iowa dubuque iowa fort smith ark fort smith ark little rock ark little rock north little rock ark fort dodge iowa webster county springfield mo springfield mo berwyn ill chicago ill davenport iowa davenport moline rock island fargo dak cass county altoona pa altoona pa muskegon mich muskegon county reading pa reading pa south bend ind south bend ind greensburg pa pittsburgh pa bloomington ill mclean county kansas city kans kansas city mo colorado springs colo el paso county elgin ill chicago ill oklahoma city okla oklahoma city okla percentages columns reflect sales brown brand shoes brown owned controlled outlets source gx dx rr percentages columns reflect sales brown brand shoes brown owned controlled outlets single exception manitowoc case reflect sale brown brand shoes outlets regardless ownership control therefore marginally high source gx dx rr percentages columns reflect sales brown brand shoes brown owned controlled outlets single exception concord case reflect sale brown brand shoes outlets regardless ownership control therefore marginally high source gx dx rr based dollar values dx nnnn uuuuuu gx total area dollar estimates footwear sales gx dx uuuuuu area dollar sales footwear brown kinney owned controlled outlets nnnn uuuuuu footnotes general concept adopted defining standard metropolitan area integrated economic area large volume daily travel communication central city inhabitants outlying parts area area except new england consists one entire counties new england metropolitan areas defined town basis rather county basis ii bureau census census business see note supra bureau census facts industry production kind footwear table production series introduced defendant exhibit mm term nonrubber shoes includes leather shoes sandals play shoes excludes shoes athletic shoes slippers ibid figures based census business enumeration census bureau classification shoe stores included separately operated leased shoe departments general stores distinguished shoe departments general stores operated sections latter general business bureau census retail trade single units multiunits described infra brown operated numerous leased shoe departments general stores included census bureau total shoe stores bureau census census manufacturers mc number independent manufacturers decreased another ibid kinney pairage sales men women children shoes extracted exhibits submitted government response interrogatories see gx statistics virtually identical cited appellant brief one exception internal operations appellant classifies certain shoes growing girls shoes cited figures follow census bureau treatment shoes women shoes stated testimony clark gamble president brown shoe company feeling addition getting distribution field prices covering also feeling kinney moved shopping centers free standing stores going higher income neighborhood probably find necessity adding additional lines successful operation give us opportunity hoped able sell category besides successful operation give us good diversified investment stabilize earnings congress thus limited right review cases appeal decree disposed matters precluded possibility appeal either appeals interlocutory decree california cooperative canneries probable jurisdiction noted joint motion parties postpone oral argument appeal present term granted section stat present form cf fed rules civ ex parte district beacon theatres westover fed rules civ see reading decrees judgments civil federal antitrust cases hereinafter cited affirmed pertinent part national lead supp affirmed timken roller bearing supp ohio relevant portions decree reprinted modified shoe machinery supp mass affirmed maryland virginia milk producers supp affirmed also approved practice district courts retaining jurisdiction cases future modifications decrees practice also considered inconsistent finality original decrees see associated press lorain journal cf schine chain theatres supp modified paramount pictures supp modified revised accordance mandate supp affirmed sub nom loew review await entry specific detailed provisions disposition defendants assets cf forgay conrad carondelet canal louisiana radio station wow johnson cohen beneficial industrial loan details divestiture district approve affect outcome basic litigation case details eminent domain settlement might moot claims condemnee type suit see republic natural gas oklahoma grays harbor logging course occasionally reviewed varying facets single antitrust cases separate appeals however cases distinguishable situation bar thus one group includes cases government first sought appellate review dismissals complaints whereafter considered orders entered remand terminal assn louis du pont de nemours another group includes cases government appealed considered inadequate decrees later considered relief ordered remand reading later considered sub nom continental insurance paramount pictures later considered sub nom loew appeals details divestiture made primary issue followed entry orders upon filing consent decrees underlying requirements divestiture never previously presented swift swift chrysler ford motor cf international harvester cf jerrold electronics affirming supp material italics added amendments material brackets deleted corporation engaged commerce shall acquire directly indirectly whole part stock share capital corporation subject jurisdiction federal trade commission shall acquire whole part assets another corporation engaged also commerce line commerce section country effect acquisition may substantially lessen competition corporation whose stock acquired corporation making acquisition restrain commerce section community tend create monopoly line commerce paragraphs also amended details relevant case cases reach government complaints based part amended maryland virginia milk producers assn jerrold electronics however detailed analysis scope purposes amendments unnecessary disposition issues raised cases sess sess sess sess sess sess sess sess sess public hearings held sess sess sess sess reviews legislative history amendments see notes rev rev bok section clayton act merging law economics harv rev handler robinson decade administration antimerger act rev martin mergers clayton act see hegeman electric federal trade federal trade western meat see also celanese supp op atty manner federal trade commission viewed prohibitions original see ann statement general counsel kelley hearings subcommittee house committee judiciary sess hereinafter cited hearings however held since adoption amendments construction incorrect du pont de nemours expressions questionable view background original act see merger movement summary report testimony representative kefauver hearings subcommittee house committee judiciary sess hereinafter cited hearings remarks senator cong rec sess critique understanding act see du pont de nemours dissent reviews cited note supra see cong rec remarks senators chilton cummins colt reed amendment offered senate floor debate senator cummins precluded acquisition one corporation stock means control participation control two corporations carrying business kind competitive character amendment directed asset acquisitions specifically event overwhelmingly defeated cong rec see cong rec remarks representatives webb carlin senators reed cummins poindexter sess sess see ann id id id id id id id id id id id id id id id id commission continued unsuccessfully urge adoption prior notification provision see id id temporary national economic committee final report recommendations doc sess present trend corporate mergers acquisitions reprinted hearings merger movement summary report passim cong rec cong rec sess house report amendments summarized view situation current merger movement years significant effect economy clearly revealed fact asset value companies disappeared mergers amounts billion dollars less percent total assets manufacturing corporations significant segment economy swallowed short period time sess see cong rec cong rec remarks cosponsors amendments representative celler senator kefauver representatives bryson keating patman senators murray aiken cf aluminum america per learned hand throughout history antitrust statutes constantly assumed one purposes perpetuate preserve sake spite possible cost organization industry small units effectively compete virtually every member congress spoke support amendments indicated aspect legislation salient characteristic representative kefauver one act sponsors testified bill complicated proposes simply plug loophole sections clayton act hearings senate report measure finally adopted summarized purpose amendment single paragraph purpose proposed legislation prevent corporations acquiring another corporation means acquisition assets whereunder sic present law prohibited acquiring stock said corporation since acquisition stock significant chiefly likely result control underlying assets failure prohibit direct purchase assets inconsistent paradoxical effect existing law sess deletion test direct result amendment offered federal trade commission presenting proposed change commission counsel kelley made following points decisions implied effect competition parties merger test illegality stock merger applied sherman act tests clayton act cases thus judged effect merger industry whole incorporation sherman act tests accompanying rule reason inadequate reaching mergers commission felt public interest new amendment proposed middle ground appeared overly restrictive test insofar mergers competitors concerned appeared commission overly lenient test insofar mergers concerned congressman kefauver supported amendment commission proposal incorporated bill eventually adopted congress see hearings hearings subcommittee senate judiciary committee sess hereinafter cited hearings intended apply mergers horizontal vertical conglomerate specifically reiterated house report final bill sess see note supra clayton act intended reach incipient monopolies trade restraints outside scope sherman act explicitly stated senate report original act sess see du pont de nemours theme reiterated congressional consideration amendments adopted found expression final house senate reports measure sess acquisitions stock assets cumulative effect control market may achieved single acquisition result series acquisitions bill intended permit intervention cumulative process effect acquisition may significant reduction vigor competition sess intent cope monopolistic tendencies incipiency well attained effects justify sherman act see merger movement summary report report house judiciary committee recommended adoption tests stringent sherman act sess vigorous minority thought new legislation needed issuance report committee subsequent consideration decided columbia steel understood indicate existing law might inadequate prevent mergers substantially lessened competition section country nevertheless risen level restraints trade monopoly prohibited sherman act see cong rec remarks senator kefauver sess numerous statements congressmen senators representatives federal trade commission department justice president council economic advisors made congress suggesting standard illegality stricter imposed sherman act needed see hearings hearings house judiciary committee report supported concept unanimously although five nine members dissented two years earlier still serving committee sess senate report explicit committee wish make clear bill intended revert sherman act test intent cope monopolistic tendencies incipiency well attained effects justify sherman act proceeding various additions deletions strengthening others weakening bill conflicting purpose effect merely different steps toward objective namely framing bill though dropping portions clayton act test economic significance reference appear primarily standard original act reaches far beyond sherman act sess small company mergers see hearings hearings cong rec cong rec sess sess mergers failing companies see hearings cong rec supra supra federal trade commission amendment see note supra included phrase section community trade area reasonable probability effect acquisition may substantially lessen competition congressman kefauver urged deletion word community ground might suggest example merger two small filling stations section city proscribed hearings see also cong rec fear literal prohibition de minimis mergers use word community also cited senate report basis retention solely word section sess reference trade area deleted redundant became clear section country act apply referred definite geographic area country rather geographic area effective competition relevant line commerce see hearings sess sess senate report cited approval definition market employed standard oil california house report stated two tests illegality included proposed act whether merger substantially lessened competition tended create monopoly stated effects perceived findings example whole material part competitive activity enterprise substantial factor competition eliminated relative size acquiring corporation increased point advantage competitors threatened decisive undue number competing enterprises eliminated buyers sellers relevant market established relationships depriving rivals fair opportunity compete sess standards couched general language reflects conscious avoidance exclusively mathematical tests even though case standard oil california said created quantitative substantiality test suits arising clayton act decided congress considering discussion applicability test cases ensued see hearings sess cong rec aspect standard oil decision neither specifically endorsed impugned bill supporters however house judiciary committee report issued two months standard oil decided remarked tests illegality new act intended similar courts applied interpreting language used sections clayton act sess number supporters amendments voiced concern passage bill amount locking barn door horses stolen urged approval measure prevent theft still barn say particular industries yet subject congressionally perceived trend toward concentration adoption amendments urged way preventing trend reaching industries yet unaffected see cong rec remarks representatives keating yates patman cong rec remarks senators murray subsequent adoption amendments federal trade commission courts light congress expressed intent recognized relevance importance economic data places given merger consideration within industry framework almost inevitably unique every case statistics reflecting shares market controlled industry leaders parties merger course primary index market power examination particular market structure history probable future provide appropriate setting judging probable anticompetitive effect merger see pillsbury mills bethlehem steel supp jerrold electronics supp aff see atty nat comm study antitrust laws report course committee hearings floor debate attention occasionally focused issue whether possible probable certain anticompetitive effects proposed merger proven establish violation act language quoted prior decisions antitrust cases interpretations word may suggested appropriate hearings hearings cong rec final senate report question explicit point use words may means bill enacted apply mere possibility reasonable probability prescribed sic effect words may section clayton act since concept reasonable probability conveyed words necessary element statute seeks arrest restraints trade incipiency develop restraints violative sherman act requirement certainty actuality injury competition incompatible effort supplement sherman act reaching incipient restraints sess see also cong rec remarks senator reed addition vertical merger may disrupt injure competition independent customers supplier competition merging customer forced either stop handling supplier lines thereby jeopardizing goodwill developed retain supplier lines thereby forcing competition supplier see bethlehem steel supp see also gx letter sam sullivan independent shoe retailer clark gamble president brown shoe du pont de nemours production facilities may also important factor defining product market within vertical merger viewed cf columbia steel bethlehem steel supp however district made limited findings concerning feasibility interchanging equipment manufacture nonrubber footwear time record supports conclusion individual plants generally produced shoes one product lines found relevant see generally bock mergers markets economic analysis case law du pont de nemours spalding federal trade cir american crystal sugar sugar cir bethlehem steel supp see also note supra see sess see note supra see note supra note infra accompanying text although unnecessary government speculate back minds promote merger sess evidence indicating purpose merging parties available aid predicting probable future conduct parties thus probable effects merger swift maryland virginia milk producers supp aff see sess see also comment rev compare standard oil california federal trade sinclair refining sess sess see note supra compare atty nat comm study antitrust laws report see note supra moreover ownership integration permanent irreversible tie contract integration see kessler stern competition contract vertical integration yale see generally pillsbury mills bethlehem steel supp stigler mergers preventive antitrust policy rev atty nat comm study antitrust laws report see handler robinson decade administration antimerger act rev see note supra accompanying text du pont de nemours see note supra accompanying text see also stigler mergers preventive antitrust policy rev see trenton potteries sugar institute paramount pictures timken roller bearing see note supra american crystal sugar sugar supp aff cir sess illustrate two retailers one operating primarily eastern half nation operating largely west competed two cities fact latter outlets represented small share company business immunize merger markets competition might adversely affected hand fact course properly considered determining equitable relief decreed cf jerrold electronics supp aff describing geographic market brown kinney competed district included cities brown franchise plan wohl plan stores located although stores owned directly controlled brown sell brown products exclusively finance inventory brown believe adequate evidence district support finding stores brown stores stores brown provided substantial assistance form merchandising advertising aids reports market management research loans group life fire insurance centralized purchase rubber footwear manufacturers brown credit services brown required retailer deal almost exclusively brown products price scale brown shoes sold brown reserved power terminate franchise agreements days notice since retailer required plan invest resources develop good substantial extent sale brown products flow brown readily terminate brown able exercise sufficient control stores departments warrant characterization brown outlets purpose measuring share effect brown competition retail level cf standard oil california district limited findings cities population least persons since kinney operated areas see standard oil california atty nat comm study antitrust laws report sufficient data support conclusion required sufficient data give enforcement agencies courts business certainty competitive consequences nullify words effect may clayton act convert effect committee judicial conference procedure antitrust protracted cases also emphasized need limiting mass possibly relevant evidence cases type order avoid confusion concomitant increased possibility error brown objects example fact exhibits drafted basis cities concerning census information available rather basis cities environs relevant markets defined district however record shows statistics shoe sales cities large conform statistics shoe sales counties cities principal metropolitan area see appendix infra thus find error conclusion drawn slightly larger market available record sales cities alone brown also objects use pairage sales rather dollar volume basis defining size measuring brown shares market however since brown kinney sold shoes primarily low medium price ranges light conceded spread shoe prices agree sales measured pairage provide accurate picture shares market sales measured dollars detailed statistics shoe sales available terms dollar volume however brown objects method government converted figures reflecting sales terms pairage government conversion exceptions based national median income national averages shoe prices ratio men women children population district accepted expert testimony offered government effect shoe price population age sex income variations relevant cities produced error converted statistics error likely favor brown increasing universe sales brown shares measured disfavor find error district acceptance government evidence propriety accounting methods experts employed lastly brown objects statistics concerning pairage sales improperly derived since included sales wholesale distributors retail outlets franchise plans category sales ultimate consumers owned retail stores recognizing possible margin error statistics combining sales two levels distribution believe provide adequate basis upon gauge brown sales outlets controlled particularly franchise stores required finance inventory seem reasonable conclude purchases brown distributors eventually resold summary although appellant may point technical flaws compilation statistics recognize cases type precision detail less important accuracy broad picture presented believe picture presented government case adequate making determination required whether merger may tend lessen competition substantially relevant markets although sum parties shares market normally equal combined share immediate market recognize share need remain stable future nevertheless statistics provide graphic picture immediate impact merger also provide meaningful base upon build conclusions probable future effects merger see du pont de nemours spaulding federal trade cir bethlehem steel supp cf bok section clayton act merging law economics harv rev see note supra company history expansion mergers presents different economic picture history expansion unilateral growth internal expansion likely result increased demand company products likely provide increased investment plants jobs greater output conversely expansion merger likely reduce available consumer choice providing increase industry capacity jobs output reasons among others congress expressed disapproval successive acquisitions section enacted prevent even small mergers added concentration industry see sess cf jerrold electronics supp aff bethlehem steel supp see note supra although statistics concerning degree concentration rank terms controlled retail stores relevant product geographic markets helpful analyzing results merger neither side presented statistics figures record based national rank nevertheless useful depicting trends industry justice clark concurring agree long expediting act books alternative accept jurisdiction case act declares appeals civil antitrust cases complainant lie thus deprives parties intermediate appeal benefit consideration appeals system party entitled least one appellate review since sole opportunity cases expediting act usually note jurisdiction fair consideration issues requires us carry function appeals examining whole record resolving questions whether substantial great burden seldom results much expedition case years passed since district decision merits case presents question whether clayton act acquisition brown kinney retail stores may substantially lessen competition shoes national basis section country definite clear prohibits acquisitions either stock assets competition line commerce section country may substantially lessened test stated senate report bill whether reasonable probability competition may lessened analysis record indicates brown makes types shoes fourth largest manufacturer country kinney likewise manufactures shoes deals primarily retailing almost stores handle substantial volume sales acquisition give brown total retail outlets making second largest retailer nation kinney stores national local basis strategically placed retail market standpoint suburban areas towns population kinney suppliers small shoe manufacturers brown earlier acquisitions seven number five years indicate pattern increase sale brown shoes acquisition independent outlets resulting loss sales small competing manufacturers statistics outlets indicate brown acquisition materially increased shipments brown shoes much acquisition direct effect small manufacturers previously enjoyed kinney requirements market appear relevant line commerce shoes types emphasized nature brown manufacturing activity plan integrate kinney stores operations competition affected thereby line handled stores full line shoes manufactured brown conclusion keeping record read time avoids charge splintering product line likewise location kinney stores points national market shoes number regional markets staked artificial municipal boundaries brown business national scale policy integration manufacturing retailing basis conclude therefore reasonable define line commerce shoes sold ordinary retail store market entire country record one conclusion follow acquisition brown kinney stores purposes integrating operation manufacturing activity created reasonable probability competition manufacture sale shoes national basis might substantially lessened therefore affirm since judgment supported theory need inquire tendency create monopoly justice harlan dissenting part concurring part dismiss appeal lack jurisdiction believing case present posture prematurely judgment sought reviewed yet final since however holds case properly us consider appropriate noting dissent holding express views merits issues great importance aspect concur judgment join opinion consider go far beyond necessary decide case jurisdiction every civil action brought district said antitrust acts wherein complainant appeal final judgment district lie emphasis added taking jurisdiction appeal present time despite fact even affirmed case doubtless reappear docket terms district divestiture decree unsatisfactory appellant government paving way dual appeals government antitrust cases intricate divestiture judgments involved whether procedure advisable standpoint judicial administration practical business considerations think questions means free doubt believe contrary provisions purposes expediting act construction given act violence accepted meaning final judgment federal judicial system judgment appeal taken directs appellant relinquish dispose stock share capital assets kinney company enjoins interlocking interests two corporations specify divestiture carried directs appellant file proposed plan carry effect divestiture order grants government days following filing submit opposition suggestions thereto considered light district opinion reservation emerges much mere retention jurisdiction purpose ministerially executing definite precise final judgment see ray law cranch french shoemaker wall light remarks du pont de nemours district concluded particular form divestiture order take matter effects consequences appropriate conduct hearings manner kinney stock disposed appellant hence farfetched assume particular terms remedy ordered district contested may well asked examine details relating anticipated divestiture du pont de nemours exacting obligation respect terms antitrust decrees cast upon expediting act commented upon last term du pont de nemours noted practice particularly cases direct appeal decree single judge examine district action closely satisfy relief effective redress antitrust violation proved see international boxing club present case parties know nothing significant phase case gypsum brown generally required divest interest kinney exactly separation accomplished yet determined way knowing whether parties suit find decree satisfactory whether one seek review despite opportunity thus created separate reviews kinds cases merits relief stages holds judgment effect sufficient indicia finality ante render appealable notwithstanding terms ordered divestiture yet fixed conclusion based upon three discrete considerations none opinion serves overcome final judgment requirement expediting act term hitherto understood federal law first suggests proceedings conducted district sufficiently independent subordinate issues presented appeal permit considered reviewed separately judicially created exception embracing principle finality never heretofore utilized permit separate review district decision underlying merits claim details relief awarded yet uncertain present case present possibility cohen beneficial industrial loan forgay conrad delay appellate review result irreparable harm equivalent effect denial review point issue see case complaint prayers relief diversified resolution one branch case independent unaffected another litigation happens entangled radio station wow johnson see carondelet canal louisiana forgay conrad supra appellant compelled await entry particularized divestiture order granted appellate review suffer irremediable loss indeed case merger allowed proceed pendente lite delay extent affect parties benefit appellant well suggested particular conditions divestiture executed matters fortuitously entangled merits complaint despite seemingly mandatory tone divestiture judgment us plain fact remains terms inoperative substantial extent proceedings held district unlike cases relied upon therefore case comes appeal appellant knows exactly ordered surely type judgment ends litigation merits leaves nothing execute judgment catlin see covington covington first national bank second finds significant character decree still entered suit ante since order full divestiture requires careful often extended negotiation formulation ante suggested delay carrying terms might render impractical unenforceable apart fact policy consideration appropriately addressed congress appears call result directly contrary reached terms divestiture indeed difficult formulate interrelated market conditions unlikely decree issued district turn satisfactory parties consequently reasoning second appearance case docket imaginative possibility reasonable likelihood stating divestiture portion judgment disputed nothing basis ripe review thereafter foreclosed ante hardly mean either appellant government precluded seeking review divestiture terms deems unsatisfactory indeed neither side appeal addressed propriety divestiture remedy independently question whether merger runs afoul clayton act moreover delay formulation decree execution thought damaging reason believe delay hazards greater entire case brought review separately sought divestiture decree terms settled maintained merits affirmed appeal question relief improbable insofar complex negotiation formulation factor probability appeal equally likely either instance third final reason holding judgment appealable similar judgments often reviewed past issue ever raised regarding jurisdiction cases legion echoed answer given chief justice marshall contention bound jurisdictional point consideration merits case jurisdictional question gone unnoticed question made case jurisdiction passed sub silentio consider bound case cranch see snow cross burke louisville trust knott new oklahoma ex rel arant lane stainback mo hock ke lok po tucker truck lines fact may past overlooked lack finality judgments came review similar posture one free requirements expediting act fact none cases reviewed appears interlocutory stage ever appealed justify disregard statute history might point desirability amendment expediting act make final judgment decree reserves future determination terms precise relief afforded suggests pragmatic approach finality called light policies federal rules civil procedure direct speedy inexpensive determination every action ante misconceives nature issue presented whether judgment final appealable question turning federal rules civil procedure balance policies congress seen fit make reasons less obvious sole appellate tribunal civil antitrust suits instituted chosen limit reviewing power final judgments whether first legislative determinations made appeal right rule rather exception survive expansion docket development pursuant judiciary act discretionary certiorari jurisdiction may never given adequate consideration congress period mounting dockets certainly much said favor relieving often arduous task searching voluminous trial testimony exhibits determine whether single district judge findings fact supportable legal issues civil antitrust cases longer novel unsettled make especially appropriate initial appellate consideration compared variety areas federal law modern conditions may well doubted whether direct review cases truly serves purpose expedition underlay original passage expediting act venture predict critical reappraisal problem lead conclusion expedition also satisfactory appellate review achieved cases primary appellate jurisdiction returned appeals leaving free exercise certiorari power respect particular cases deemed deserving review things stand must deal government civil antitrust cases often either unnecessary expenditure time risk inadequate appellate review summary disposition appeal made jurisdictional change bid fair satisfy policy arguments suggested case courts appeals whose dockets generally less crowded authorized hear appeals orders one question since order grants injunction interlocking interests brown kinney come within case direct review may long however present expediting act continues commend congress bound limitations since reasons already given decree appealed opinion properly considered final judgment think appeal juncture dismissed merits question presented case stated narrow concise terms district conclusions effect merger may language clayton act substantially lessen competition tend create monopoly line commerce section country sustainable words indefinite general language manifest congressional purpose proscribe combination sort brown contends finding merger illegal district lumped together fact discrete lines commerce failed define appropriate section country case properly viewed lessening competition may caused merger substantial reasons stated think contentions untenable dispositive considerations think found vertical effects merger effects reasonably foreseen combining brown manufacturing facilities kinney retail outlets opinion district conclusions effects supported record suffice condemn merger without regard might deemed horizontal effects transaction line commerce considering horizontal vertical aspects merger district analyzed probable impact competition terms three relevant lines commerce men shoes women shoes children shoes rejected brown claim shoes different construction different price range constituted distinct lines commerce whatever merit might brown contention product market narrowly defined viewed vantage point ultimate consumer whose pocketbook example may limit purchase definite price range surely true shoe manufacturer although record contains evidence tending prove shoe manufacturing plant may managed economically production limited one type grade shoe history brown factories reveals single plant may used successive years even time manufacture varying grades shoes may without undue difficulty shifted production children shoes men women shoes vice versa flexibility manufacture product market respect merger brown manufacturing facilities kinney retail outlets might accurately defined complete shoe market combining one three components district treated separate lines commerce analysis taking account interchangeability production seem realistic gauge possible anticompetitive effects shoe manufacturing industry merger shoe manufacturer retailer district compartmentalization terms buying public manufacturer women shoes able albeit expense convert plant production men shoes possibility shift considered deciding whether market either men shoes women shoes monopolized whether particular merger substantially lessens competition among manufacturers either product see adelman economic aspects bethlehem opinion rev cf columbia steel see bethlehem steel supp fact speaks lessening competition line commerce emphasis added course mean product market effect merger considered may defined narrowly broadly government chooses define duty rests district ultimately determine appropriate market appraisal relevant economic considerations discovering product market necessary predicate finding violation clayton act du pont de nemours breadth statutory language provides license abdication necessary function light production flexibility demonstrated undisputed facts case think line commerce vertical aspects merger judged shoe industry generally section country merger involves nationwide concerns sell purchase shoes various localities throughout country appears suitable geographical market appraising alleged anticompetitive effects vertical combination nation whole finding district limited vertical aspect merger contested brown properly accepted one caveat order however judging anticompetitive effect merger national market must recognized decline competition might result need uniform effect throughout entire country sufficient record proves result merger competition generally lessened though serious impact may felt certain localities substantially lessen competition remaining question whether merger brown manufacturing facilities kinney retail outlets may substantially lessen competition tend create monopoly nationwide market shoe manufacturers sell shoe retailers findings district supported evidence taken together undisputed facts appearing record justify conclusion substantial lessening competition relevant market reasonable probability sess date merger kinney retail stores numbered figure increased time trial nearly stores sell men women children shoes located downtown areas cities least population cities kinney combined pairage sale shoes exceeded shoes sold city year total retail shoe sales year constituted national total terms dollar volume terms pairage shoes supplied kinney manufacturing plants remainder coming sources prior kinney bought none outside source shoes brown records reveal year purchases made diverse number independent shoe manufacturers suppliers including brown year whose total sales kinney exceeded three brown georgia shoe manufacturing large companies whose output placed among productive nonrubber shoe manufacturers consequently appears kinney substantial purchaser shoes produced many small independent shoe manufacturers throughout country fact record affirmatively shows least five kinney suppliers three located state new york one pennsylvania one new hampshire relied upon kinney purchase total production merger brown shoe production plants kinney retail outlets tend foreclose large market smaller shoe manufacturers found sales kinney hardly seems open doubt conclusion supported following facts emerge indisputably record shoe industry many others purchase retail chain manufacturer results increased flow purchasing manufacturer shoes retail store hence independent shoe manufacturers find difficult sell shoes acquired retail chain independent one result brown earlier acquisition two retail chains instance substantial increase quantity brown shoe purchases previously independent chains history many brown plants proves may readily adapted production grade style shoes customarily sold kinney stores although brown supplied none kinney requirements merger supplying almost requirements two years thereafter dollar volume kinney outside shoe purchases million dollars amount increased million kinney making total retail dollar sales percentage hardly deemed accurate reflection proportion nationwide shoe purchases retailers since figure based computation includes retail stores whether vertically integrated otherwise affiliated terms available markets independent shoe manufacturers percentage kinney purchases must substantially larger though precise figure unavailable record us controlling test may similar language clayton act one quantitative substantiality compare standard oil tampa electric nashville coal probable foreclosure independent manufacturers substantial share available retail shoe market enough render vertical aspect merger unlawful since merger shown injurious effect competition among manufacturers among retailers unnecessary consider whether standard stations formula applicable vertical affiliation shoe manufacturer primarily retail organization surely dissenters thought contractual tie standard stations device waging competition rather device suppressing competition since brown able reason merger turn independent purchaser captive market shoes inevitably diminishes available market shoe manufacturers compete brown shoes replace previously produced others displaced manufacturers choice enter market go business since manufacturers including brown competed kinney patronage unaffiliated brown merger kinney potentially withdraws share market previously available independent shoe manufacturers may merger judged vertical standpoint affect manufacturers compete brown may also adversely affect competition retailing level large manufacturer brown behind kinney chain great competitive advantage retail stores vies consumer patronage outlet kinney store doubtless able sell shoes lower profit margin outlast independent competitor merger also effectively prevent retail competitor dealing brown shoes since might offered lower prices kinney stores elsewhere brown contends even anticompetitive effects probable touch upon insignificant share market therefore substantial within meaning decision tampa electric nashville coal cited authority proposition foreclosure relevant market necessarily insubstantial opinion tampa electric carefully noted substantiality given case depends variety factors two considerations mentioned relative strength parties probable immediate future effects share market might effective competition therein ibid foreclosure may considered small percentage retailers purchases may caused combination country third largest seller shoes country largest shoe store chain volume latter purchases independent manufacturers various parts country large enough render probable suppliers displaced fall wayside opinion said effect shoe industry remote insubstantial reach result without considering findings district respecting trend shoe industry towards oligopoly vertical integration statistics record fall short convincing trend exists consider district judgment warranted apart findings accordingly bowing decision case properly us join judgment affirmance final judgment one disposes whole subject gives relief contemplated provides reasonable completeness giving effect judgment leaves nothing done cause save superintend ministerially execution decree city louisa levi see grant phoenix ins taylor board education example report accompanied act floor senate said cases direct appeal district retained well known certain cases present law may taken directly district without entering description four classes cases sufficient say existing law cases must heard three judges one circuit judge sess emphasis added generalization obviously erroneous since expediting act provided direct review government antitrust cases decided single district judge noted du pont de nemours one theorize monopolistic competition every nonstandardized commodity manufacturer power price production product government permitted choose line commerce presumably draw market narrowly case turns existence vel non monopoly power draw broadly question whether parties merger within competitive market schedule record kinney outside shoe suppliers calendar year lists vendors supplied less worth goods year brown purchased wohl shoe company operated leased shoe departments department stores throughout country acquisition wohl brown supplied wohl shoe requirements supplying wohl needs brown purchased partial interest small chain retail stores los angeles known purchase brown supplied wetherby shoes within one year percentage increased almost addition appears record shortly merger effected kinney abandoned earlier policy selling shoes made manufacturers began selling considerable number brown branded advertised shoes along indications record kinney beginning also sell shoes suburban outlets suggests brown supply much kinney needs minimal additional capital investment existence gaps record make fair assessment effects merger difficult otherwise one reasons consider horizontal aspect merger conviction data supplied government entirely inadequate proper evaluation impact horizontal merger competition change kinney policy whereby carries shoes bearing brown brand see note supra tends make retailer competition still difficult terms bare numbers quantity retail outlets owned controlled major manufacturers undoubtedly increasing since much data record incomplete regard based varying standards thus government argues increase percentage national retail sales shoe chains owning outlets proves trend toward oligopoly appellant statistics founded upon retail sales outlets including general merchandise clothing stores show retail sales chains stood constant national dollar volume moreover apparent decline proportional share country shoe needs supplied largest manufacturers belies claim shoe production becoming oligopolistic whereas largest four manufacturers supplied nation needs largest eight supplied largest supplied equivalent percentages suggestion record whether earlier purchases retail chains shoe manufacturers reduced number independent manufacturers otherwise harmed competition consequently record establish manufacturers increasing number retail outlets entirely silent effects vertical expansion