Word: antitrust
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Dates: during 1950-1959
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...faced a double-barreled shotgun in the hands of his competition. Rival Publisher Leonard K. Nicholson used both his New Orleans morning Times-Picayune and afternoon States to keep Stern's afternoon Item in check. Two years ago Stern found an ally, when the Justice Department started an antitrust suit against Nicholson's papers. The Government's main charge: unfair competition by Nicholson, because he forced advertisers to put ads in both his papers, even if they wanted to advertise only...
...grand fight," predicted Irish Inventor Harry Ferguson four years ago, when he slapped a $251 million antitrust and patent infringement suit against Ford Motor Co., its subsidiary, Dearborn Motors Corp., Henry Ford II and other Ford officials. Ferguson was right; his suit turned out to be the biggest legal battle in the auto industry since 1911, when old Henry Ford himself successfully broke the famed Selden patent...
...Ferguson, who had based part of his case on the charge that Ford was monopolizing the tractor business, could not prove it. His own sales in 1951 reached $64.5 million (v. their $79.4 million peak while Ford was making the tractor), and his company netted $406,956. The antitrust part of the suit was dismissed by the court...
...died (TIME, June 13, 1949), and Eccles, who had inspired the first antitrust suit in FRB's history, left the board. But FRB continued to press the case, and last week, after 12,959 pages of testimony, brought in its verdict. It found that Transamerica Corp., the Giannini-controlled bank holding company, dominates 41% of all banking offices, 39% of all bank deposits, and 50% of all bank loans in California, Oregon, Washington, Nevada and Arizona. This dominance, said FRB, does indeed hold the threat of monopoly. It ordered Transamerica to sell its controlling stock in 47 banks*with...
When Government lawyers opened their antitrust suit against 17 investment bankers in Manhattan 16 months ago (TIME, Dec. 11, 1950 et seq.), Federal Judge Harold R. Medina asked that they lead him along "like a child" through the complexities of investment banking. Since then, Medina has often complained that he was being led through nothing but fog. But last week his hopes went up again. On the stand as a prosecution witness was Chicago's Harold L. Stuart, president of Halsey, Stuart & Co., which floated the biggest dollar total of new issues last year...