Word: anti-trust
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When U. S. producers feel the need for combination in their industry they proceed warily with one eye on the anti-trust laws. Foreign producers, however, have few inhibitions, not only in combining corporations but in regulating markets, production, prices. Thus last week a group of British and South American tin men formed the British-American Corp. with the avowed purpose of stabilizing the price of tin at ?265 a long ton ($1,284). This price would be the equivalent of about 57 1/2 a pound as compared to last week's National Metal Exchange (Manhattan) quotations of around...
...formed a pool, commonly known as the Patent Club. In order to use any of the four basic cracking processes, independents had to get licenses from and pay royalties to the pool members. The U. S. government turned a suspicious eye toward the pool and its activities. In 1924, anti-trust proceedings were instituted against the Patent Club and 48 associated companies. In 1927 a Master in Chancery reported that the pool was necessary (and therefore legal) because overlapping patents compelled some pooling arrangement.* This report the U. S. District Court ignored and last week declared against the Patent Club...
...with an enormous output and low prices, operators agreed among themselves to plug their production for 1929 at the 1928 level. They asked the Federal Oil Conservation Board to sanction this agreement. Attorney-General Mitchell ruled that such an agreement among the producers of oil would probably violate the anti-trust laws...
...Prohibition. He proposed then to go into the "entire question of law enforcement and organized justice." He tried to subordinate Prohibition in the inquiry, to make it only one of many elements to be scrutinized. To the agenda were added such matters as immigration violations, the jury system, anti-trust statutes, court procedure, narcotics, general disrespect for Law. In the President's re-explanations of the investigation, Prohibition dwindled almost out of sight...
...conservation moved off in a new direction last week. The Federal board headed by Secretary of the Interior Wilbur to deal with this problem advised the American Petroleum Institute, in effect, that what was apparently illegal under the Sherman anti-trust law could be made legal through the little-used state-compact clause of the U. S. Constitution. What smart Secretary Wilbur proposed to the A. P. I. was: Disintegration of its hard-won national agreement to limit oil production to the 1928 figures, into state agreements; legalization of these agreements by each state; consolidation of these state authorizations into...