Word: antitrust
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Dates: during 1960-1969
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Jersey Standard, a huge holding company, created a more powerful Humble (named after a town near the firm's wells in Texas) in order to have a company that can sell its products on a nationwide basis. The 1911 antitrust decision that broke up Standard Oil forbids the five remaining regional companies to invade one another's territories with brand names derived from the words Standard Oil. Thus Jersey Standard's popular Esso brand gasoline (from Eastern states Standard), for example, was kept away from Sohio (Standard of Ohio) territory and Calso (California Standard). By breaking...
...DIVERSIFICATION will keep Swift & Co., Armour & Co. and Cudahy Packing Co. from expanding into sales of nonmeat products such as fish, vegetables, flour, sugar, cigars, china and furniture. U.S. District Court reaffirmed 40-year-old antitrust decree that bars the big packers from entering retail trade, which they want...
...clients. They were 19 major electrical manufacturers, including General Electric Co. and Westinghouse Electric Corp., charged by the Government with conspiring to rig bids and fix prices in the sale of $7 billion in electrical equipment (TIME, Dec. 5). In the largest criminal case in the history of the antitrust laws, most of the companies were allowed to plead nolo contendere (no contest) in certain cases, provided they pleaded guilty in seven major cases. On each indictment the companies are liable to a $50,000 fine; some 46 individuals involved face possible jail sentences...
...courtroom drama was enhanced by the presence of two distinguished antagonists. Attorney Herbert Brownell Jr., acting as counsel for Westinghouse, rose seven times to state "Westinghouse pleads guilty." Opposing Brownell in court: U.S. Attorney and Trustbuster Robert Bicks, who in 1953 was brought into antitrust work in Washington by then U.S. Attorney General Brownell. "Bicks," said Judge J. Cullen Ganey, "has done a splendid job." To teach the guilty electrical companies a lesson, Trustbuster Bicks is expected to urge jail terms for some of the conspiring executives when sentence is pronounced next month...
Into U.S. District Court in Philadelphia last week crowded more than 80 lawyers, intent on making the best deal possible with the Government in one of the biggest antitrust suits in U.S. history...