Word: antitrusters
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Dates: during 1940-1949
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...Supreme Court this week smashed another-this time one that had stood for 75 years. It ruled that the $5,800,000,000 fire-insurance business, which had been supervised by the states, comes under interstate commerce. As such, insurance will immediately become subject to federal supervision under the antitrust laws. The Court brushed aside pleas of 35 state governors that federal regulation would destroy the "sovereignty of the states...
Should U.S. firms be permitted to join international cartels in order to expand foreign trade? The Justice Department's Antitrust Division has invariably answered this prime postwar question with a definite "no." Last week a top U.S. businessman answered with a qualified "yes." Up before a Senate subcommittee stepped grey, urbane Ralph W. Gallagher, 63, president of Standard Oil of New Jersey. He had asked to be heard on the bill sponsored by Wyoming's Senator Joseph O'Mahoney, requiring registration of international cartel agreements. Said President Gallagher: Standard Oil agrees "in principle" with the bill. Standard...
Oilman Gallagher pointed out that many of the 16,000 U.S. companies selling abroad must sign foreign restrictive agreements, which laid them open to possible antitrust prosecution, or not do business...
...antitrust laws have long forbidden the formation in the U.S. of business associations which restrain trade. But the Webb-Pomerene Law, 1918, permitted the formation of export associations provided they do not restrain trade...
...recommended: 1) all foreign-trade agreements of U.S. companies which restrict production or allocate markets should be filed with the Government; 2) the Government should have power to nullify specific agreements. To ward off the threat of antitrust prosecution, he would have the antitrust acts tempered so that criminal action could be taken in the case of foreign agreements only if the company failed to register, or failed to terminate the agreement after a federal order...