Word: antitrust
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...shadow grew across the West, Amadeo Peter Giannini's vast (516 branches) Bank of America has been the target for assorted stones from many a sling. For two years the Department of Justice's Antitrust Division investigated; off & on for eight years the Securities & Exchange Commission let fly, with everything from pebbles to paving blocks. Every shot bounced off the tough hide of old (78), imperious "A.P." Last week Bank of America reported record resources of $5,859,234,000, putting it farther out in front than ever as the biggest U.S. bank...
...President had vetoed 1) the Reed-Bulwinkle bill, which exempts railroads from antitrust suits for rate agreements, provided the rates are approved by the Interstate Commerce Commission; 2) a bill which would remove 750,000 salesmen and "independent contractors" from social security; and 3) a Labor Department appropriation bill which contained a rider transferring the U.S. Employment Service to the Federal Security Agency. All were overridden by wide margins...
Another important Antitrust case went the other way last week. The case involved "exclusive dealer contracts" between Standard Oil Co. of California and some 7,000 independent gas stations, binding the dealers to sell only products made or sponsored by the oil company...
District Court in Los Angeles agreed with the Antitrust Division that the contracts were in restraint of trade and should be canceled...
Since many U.S. oil companies have similar contracts, Antitrust predicted that the decision, if upheld by the U.S. Supreme Court, would force a reorganization of the oil industry's entire marketing setup...