Word: antitrust
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While the U.S. packaging industry has grown larger and larger-multiplying its volume sixfold in the past quarter-century -the number of companies has grown smaller and smaller. Last week the Justice Department struck hard at the industry's urge to merge. In an antitrust suit filed against Owens-Illinois Glass Co., it asked that the No. 1 U.S. glass-container maker (1955 sales: $370 million) be forced to sell off National Container Corp., the No. 3 paper-container maker (1955 sales: $95 million), acquired in a stock swap last October...
...companies, who had formed the Middle East Emergency Committee, immediately began coordinating tanker movements and planning a big increase in Western Hemisphere crude-oil production. The objective: to ship an extra 675,000 bbls. of oil a day to hard-up Western Europe. With federal antitrust restrictions waived in effect for the crisis, oilmen set their sights on readjusting world oil routes to make up between 75% and 80% of Western Europe's daily needs of 2,200,000 bbls...
...wants Europe to buy oil on the open market and from private U.S. oil companies. To make it easier, the Justice Department last week approved a plan whereby 15 major U.S. oil companies would form a single marketing combine to supply Europe without laying themselves open to antitrust prosecution. Said Attorney General Herbert Brownell: "The plan contains features which I might well deem objectionable in other circumstances. However. I reluctantly concluded that this plan of action should be approved...
...STIFFER ANTITRUST LAWS will be pushed in next Congress by Justice Department. Assistant Attorney General Victor Hansen, top U.S. trustbuster, will ask for power to stop bank mergers carried out by buying assets, in addition to Justice Department's existing power to act against such mergers carried out by buying stock. Hansen also wants advance notice when big companies merge, force them to give information necessary to prepare antitrust suits...
...Antitrust Department started the case by hauling Holophane into an Ohio District Court. It charged that contracts between Holophane and a British and French firm, granting each other exclusive markets for their products, were "designed to eliminate competition." With previous Supreme Court decisions to go on, the lower court declared the cartel arrangement illegal. Then it went a giant step further. It ordered Holophane to use "reasonable" efforts to sell its products abroad...