Word: alcoa
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Dates: during 1930-1939
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...earth's crust is made of aluminum (an ingredient of all clay), but only a small portion of it is extractable. A 24-square-mile area in Arkansas is the chief U. S. source of bauxite, from which aluminum is commercially derived. Mr. Rice says Alcoa controls 19? square miles of this supply, and also has vast foreign holdings. U. S. aluminum is made under the Hall and the Bradley processes. Alcoa got ownership of both patents around the turn of the century; then, realizing that when the patents expired it would no longer have its monopoly, began buying...
...these and various other operations began to achieve a certain notoriety and the Department of Justice brought the first anti-trust action against Alcoa. It resulted in a consent decree by which the company agreed to cancel its monopolistic contracts and to stop such practices in future. Since then Alcoa has been investigated several times by the Federal Trade Commission, twice by the Department of Justice. Alcoa has usually come out with a clean bill of health...
...soon after Homer Stille Cummings became Attorney General, his department again started gunning for Alcoa. As a private lawyer, Mr. Cummings had lost a court skirmish with the aluminum company; hardly had he moved to Washington when the Government accused old Andrew Mellon of tax evasion, his chief company of monopoly. Because his. R. B. Mellon's and Chairman Davis' families own 51% of Alcoa's stock, Andrew Mellon, though dead now, was listed as a defendant last week. Actual suit in this anti-trust case was brought by Homer Cummings more than a year ago (TIME...
Where the case is likely to produce new angles is on the theme of aluminum imports. Walter Rice claims that Alcoa actually belongs to the European aluminum cartel through affiliation with a Canadian corporation named Aluminum Ltd. He maintains, that Alcoa allows a small flow of imports (6% in 1937) to disguise the absolute monopoly, that more imports are prevented by astute pressure abroad through Aluminum Ltd. Said Mr. Rice in court last week: "There never were interlocking directorates or officers of the two corporations. That would have been too open. But in 1928 the stockholders of the two companies...
Beginning Alcoa's defense this week. Lawyer Smith retorted: "I marvel at a government that can charge in 104 paragraphs that we have never done any honest thing in our 50 years of existence. We do deny every charge made by the Government regarding malevolent intent...