Word: alcoa
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...went to work for the Aluminum Co. of America with some misgivings. He feared that it had reached the peak of its expansion and that advancement might be limited. Last week Irving Wilson got final proof that his fear had been groundless: at 60, he became Alcoa's president. In his 40 years at Alcoa he earned the nickname "Chief," helped the company grow from a $21 million-a-year business into an empire whose 1950 sales were $476 million...
...that note, the U.S. Government's 14-year-old monopoly suit against the Aluminum Co. of America ended last week. Both sides said they intended no appeal from Judge Knox's decision last June, in which he had refused to break up Alcoa, and declared that effective competition now exists in the aluminum industry. Judge Knox had also ordered big stockholders in both Alcoa and Aluminium Ltd. of Canada to get rid of holdings in one of the companies. At the final court session, Alcoa stockholders, who control 35% of the Canadian company, agreed to sell that stock...
...relentlessly as Inspector Javert dogged Jean Valjean, the Justice Department has dogged the steps of the Aluminum Co. of America. When Alcoa was acquitted of monopoly charges in 1941, the trustbusters appealed their case. Four years later, an appeals court found that Alcoa had, indeed, been a monopoly before the war but it withheld judgment on Alcoa's postwar status until all Government-owned aluminum plants were disposed...
...five years since that decision, Alcoa's shrewd President Roy A. Hunt has done the best he could to build up competition. Hunt made available to the Government some of Alcoa's key patents, thus paving the way for Reynolds Metals Co. and Henry Kaiser to buy and lease a majority of the war-built aluminum plants. But to Roy Hunt's dismay, nothing he could do was enough to satisfy the trustbusters; in 1948 they marched back into court to demand that Alcoa's properties be carved up on the grounds that it still monopolized...
Judge Knox granted the trustbusters only one major point. It was dangerous, he ruled, for Alcoa's stockholders, who control the world's biggest aluminum company, also to dominate Canada's Aluminium Ltd., the second biggest. He ordered them to dispose of their holdings in one company or the other. He also left a loophole for the Justice Department. He ruled that if competition diminishes during the next five years and the trustbusters can prov it, they may come back and try again to break up Alcoa. That was not much consolation for antitrust's Javerts...