Word: antitrust
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Back Talk. Armour & Co.'s Chairman George A. Eastwood had an answer to the Government's charge in an antitrust suit (TIME, Sept. 27) that meat packers had conspired to keep prices high, and thereby assure high profits. Because of the ten week packinghouse workers' strike and the upsurge in livestock prices last spring, Armour & Co. will wind up the year with a $2,000,000 loss on close to $2 billion in sales...
...they rammed the first effective fair-trade act through the California legislature; it gave manufacturers and retailers the power to fix the resale price of commodities bearing a trademark. Later, the National Association of Retail Druggists lobbied the same law through other state legislatures. Fearing a clash with federal antitrust laws, the druggists in 1937 drummed the Miller-Tydings Act through Congress. It enabled many others besides druggists to fix prices...
...free 1947-Divorce. A federal district court approved Howard Hughes's proposal to split RKO's picture-making organization from its theaters, create two separate companies (TIME, Nov. 8), in effect setting a pattern by which Hollywood's major companies could make their peace with antitrust (TIME, Oct. 11). RKO will sell its interest in all but 30 of its 241 partly owned theaters, and keep most of its 80 wholly owned theaters. But Hughes will sell his controlling interest in the theater company within a year...
Under the proposed agreement-which antitrust has tentatively approved-RKO would be split into two companies, one to make and distribute movies, one to operate RKO theaters. Both would be owned by the present stockholders (Hughes, with 24% of the outstanding common, is the biggest). Since that seemed like just another name for the same thing, the other members of the Big Five-Paramount, Loew's Inc. (M-G-M), Warner Bros., 20th Century-Fox - watched hopefully to see whether Hughes could placate the trustbusters that easily...
...League for Reaction, opposed to Communists, the CIO, the AF of L, capital gains taxes, and additional antitrust laws, and for superiority of industry over labor, the reduction of taxes, a high tariff, ERP, aid to China, and property qualifications for voting, has been formed and will hold its first meeting within the next two weeks...