Word: antitrust
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...whom the trustees had put in to run TWA. On one occasion Hughes threatened to bring suit against the airline for ignoring his wishes. Last week, instead. TWA's management filed suit against Hughes. Hughes Tool Co. and Raymond Holliday for alleged violation of the Sherman and Clayton antitrust acts. TWA's avowed hope: to win a court order obliging Hughes to get rid of all stock in TWA and to cease trying to exercise control over the line...
...suit dismissed, charging that the lending institutions which now control TWA's finances were guilty of "self-dealing." In a supporting affidavit, Hughes argued that the Hughes Tool Co. actions of which TWA complains were approved by the Civil Aeronautics Board and hence exempt from the antitrust laws-"even if they were applicable...
...Wall Street, the Berlin boom was on. Rushing to buy common stocks, partly as a hedge against inflation, investors early in the week drove the Dow-Jones industrial average to a record 713.94 (previous record: 705.96 in May). The averages were jolted back next day by an inadvertent Antitrust Division haymaker at giant American Telephone & Telegraph Co. (see Personal File), but the momentum was too great: by week's end the market had moved on to still another new high...
...these charges, with supporting evidence by eminent medical men, were in the records of the U.S. Senate's Antitrust and Monopoly Subcommittee last week when Chairman Estes Kefauver adjourned its hearings for a summer recess. They were just what the Senator wanted to back up his contention that the laws relating to safety, testing, efficacy, pricing and promotion of drugs are in need of a drastic overhaul...
Share the Patents? Testimony on the drug industry is aimed at building up support for Kefauver's drug-industry antitrust bill (S. 1552). As introduced last April in the Senate (and by New York Democrat Emanuel Celler in the House), the bill is a shotgun blast against everything that Kefauver dislikes in the pharmaceutical industry. It would require drug manufacturers to get licenses from the U.S. Food and Drug Administration and give FDA power to inspect and close their plants. It would prohibit marketing of new drugs until they have been proved effective and make FDA the judge...