Word: antitrust
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Picked by President Eisenhower to head the cluttered, musty Federal Trade Commission in 1953, Washington Lawyer Edward F. Howrey immediately set about using a stiff new broom. He brought back FTC as the umpire of U.S. business practices, cleared up a mammoth backlog of antitrust and unfair-practice cases. Last week, when he resigned, Chairman Howrey was able to tell the President: "The Commission has been reorganized from top to bottom. Its docket is up-to-date for the first time in almost 40 years. Its policies have been reoriented to the original intent of Congress...
GOVERNMENT The Beginning of Dixon-Yates After 14 months of confusion and controversy, Congress and the U.S. last week got a clear and sharp outline of the first steps that led to the Dixon-Yates power contract. Before Democratic Senator Estes Kefauver's special antitrust and monopoly subcommittee came Joseph Morrell Dodge, a tough-minded Detroit banker who served as President Eisenhower's first Budget Director, is now a special presidential assistant on foreign economic policy. Joe Dodge told the subcommittee who made the decision that led to Dixon-Yates: it was Joe Dodge...
...House, Brooklyn Democrat Emanuel Celler, chairman of the Judiciary Committee, took the role of anti-business gadfly. He attacked the Commerce Department's Business Advisory Council (a group of top industrialists and financiers), and tried to push through a bill to put bank mergers under the Antitrust Act. At hearings on his anti-bank merger bill, he charged that bank mergers threaten a "free and competitive economy," but his bill died in the Rules Committee...
Into the orderly merger between Farm Journal, No. 1 U.S. farm magazine, and Country Gentleman, No. 2 (TIME, June 20), the Federal Trade Commission last week dropped a monkey wrench. In a complaint filed under the Clayton Antitrust Act, FTC charged that the merger would give Farm Journal-Country Gentleman "approximately 51% of the total net paid circulation among the six largest competitors in the farm magazine field"-though only 24% of total farm magazine circulation-thus "lessen competition" and "tend to create a monopoly." The news surprised Farm Journal President Richard Babcock, who said that the FTC made...
...indictment also charged that Safeway, with 150 stores in 90 Texas and New Mexico cities (1954 gross: more than $155 million), made its store managers meet individual sales quotas that represented from 25% to 50% of the total retail grocery business in some areas. Safeway denied any antitrust violations, said its policy is to "meet competitors' prices and not lead them downward." Meanwhile, 157 Abilene area grocers have filed a $166,000 civil suit against Safeway for losses incurred during a price war in which one independent grocer was forced out of business...