Word: antitrust
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Discarding its usual veil of silence, the staid Federal Reserve Board last week issued its harshest criticism of U.S. price-boosting heard in recent years. Up before the Senate antitrust subcommittee stepped the Fed's research director, Ralph A. Young, with the charge that industry's price hikes-notably in autos and steel-cut demand and employment even further during the recession. Industry, he said, "needs to use more often the time-tested prescription of lower prices as a cure for inadequate demand and to resort less to appeals to Government...
...Justice Department's Antitrust Division last week opened a long-planned campaign to apply the antitrust laws to labor unions. Indicted in Manhattan after nine months of grand jury hearings was the boss of Local 25 of the International Ladies' Garment Workers' Union, the biggest local in the blousemaking industry. The Justice Department charged that the I.L.G.W.U. local took part, along with three trade associations, in a conspiracy to fix prices of ladies' blouses, a $300 million industry, and to allocate business among blousemakers. Also charged with criminal conspiracy was Harry Strasser, a partner with slain...
...early as 1954, the Antitrust Division began quietly bringing a series of apparently unrelated but actually closely dovetailed labor cases. They were intended to lay the groundwork for its campaign against labor unions which it feels have trampled on the Sherman Act, e.g., the Minnesota Milk Drivers Union enjoined from forcing stores to jack up the prices of milk so the drivers could collect larger commissions...
...Frontal Attack." The indictment caused a wince of pain from the department because the trustbusters had begun their campaign against the highly regarded International Ladies' Garment Workers' Union and not against some out-of-favor union such as Jimmy Hoffa's Teamsters. But First Assistant Antitrust Chief Robert Bicks said: "It would be a perversion of our function to discriminate between 'good' and 'bad' unions. The question is whether unions are violating the Sherman Act." I.L.G.W.U. President David Dubinsky, who has fought hard and with distinction against sweatshop operators and racketeers...
...foundation for its explosive postwar growth. During Gifford's reign, the Bell System's operating revenues rocketed from $655 million to $2.2 billion, and its phones multiplied like little black Shmoos from 11.2 million to 28.5 million. Gifford guided A. T. & T. intact through a federal antitrust investigation during the '30s, pushed the employee stock-purchase plan that has made company stockholders out of 45% of A. T. & T.'s employees. In 1927 he opened the first commercial service between New York and London over the radiotelephone circuit, and in 1935 sped the first call around...