Business & Finance: Breathless Behns

On Feb. 23, 1927, President Calvin Coolidge signed a bill known officially as H. R. No. 632, known unofficially as the White Act. Of its many sections, the 17th was destined to cause the most trouble. For it provided that U. S. radio companies and U. S. cable (telegraph, telephone) companies should never unite, if their union might "substantially lessen competition ... or restrain commerce . . . or unlawfully create a monopoly.*

Last week, in Paris, Morgan-Partner Thomas W. Lamont agreed with Chairman Owen...

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