Word: antitrusters
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Dates: during 1940-1949
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...from Attorney General Tom Clark's office last week went some long-awaited "big news." The news was that the antitrust division of the Department of Justice, with an election-year ear tuned to the static made by high meat prices, was going after the "meat monopoly...
...Antitrust Suits. The Department of Justice's Antitrust Division filed suit against the Far East Conference and its members-six big U.S. shipping lines and 19 foreign lines. The charge: conspiring to monopolize trade between Atlantic Coast ports and the Far East by setting higher rates for customers who did not give them all their business. In another suit, it accused Decca Records, Inc. and its British counterpart, Decca Record Co., Ltd , of trying to divide world markets by "conspiracy and cartel agreements" in violation of the antitrust laws...
...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...
...been reconnoitering deep in the territory of Bank of America and Giannini's holding company, Transamerica Corp. (which also controls 40 smaller banks, owns stock in dozens of industrial and insurance companies). Guided by their reports, FRB last week swung its sling. Under a section of the Clayton Antitrust Act that has never been used before, it quietly issued a stern order to Transamerica: show cause why FRB should not order it to end certain "monopolistic" practices. (Transamerica must answer the charges at a closed hearing in November, may appeal FRB's decision to the courts...
...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...