Word: alcoa
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Dates: during 1930-1939
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...friends has Aluminum Co. of America but some of the warmest are to be found among missionaries. The loyalty of this pious rooting section is as well-grounded in material interest as that of the Mellon family, which owns about one-third of Alcoa's stock. When Charles Martin Hall, inventor of the process which started the company on its monopolistic career, died in 1914, he left one-third of his $27,000,000 fortune to the American Missionary Society and another one-sixth for advancement of education in the Near and Far East...
...Alcoa may have friends in the scattered missions of the Near and Far East but at home is many an enemy. One of the oldest enemies is U. S. Attorney General Homer Stille Cummings. Mr. Cummings' enmity dates to the early 19203 when he was practicing law in Stamford. Conn. At that time he took a legal trouncing in a suit against Alcoa. Later his law firm represented Baush Machine Too! Co. in its prolonged efforts to recover from Alcoa $9,000,000 in triple damages for as an impressive a list of unfair trade practices as ever brightened...
Last week the Alcoa investigation blossomed out as the biggest corporate antitrust case since the dissolution of old Standard Oil in 1911. In a Federal District Court in Manhattan the Attorney General not only requested perpetual injunctions to restrain Alcoa, its, officers, directors, principal stockholders and subsidiaries from monopolizing or attempting to monopolize the U. S. aluminum industry; Mr. Cummings also asked that Aluminum Co. of America forthwith "be dissolved and its properties be rearranged under several separate and independent corporations." Despite the fact that dissolution of the Standard Oil Trust touched off an historic boom in the shares...
...again in 1919. Three years later both the Trade Commission and the Department of Justice looked into the company's purchase of a fabricating competitor. Later that year the Trade Commission started an investigation of the cooking utensil industry, which turned into a seven-year Alcoa probe. At the request of the Senate in 1926 the Department of Justice investigated to see if the company was living up to the 1912 consent decree. Alcoa affairs have also been thoroughly aired in private suits such as that of Baush Machine Tool. Yet Alcoa has always received a clean bill...
...Alcoa went on record at the hearing as the first industry to ask for minimum wages lower than the existing scale-25? an hour for a 40-hour week against 30?. Pressed for details on former wages, Vice President Winthrop Neilson stated that Alcoa was paying as low as 20? an hour or $8 a week until it voluntarily jumped to 22? "in an attempt to cooperate in re-employment." When Alcoa signed NRA's blanket code, wages were boosted to 30? an hour. "We accepted 30? an hour for what we hoped would be a very brief period...