Word: antitrusters
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Dates: during 1960-1969
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...been slowing lately. Since 1957, the number of new wells drilled in the U.S. has dropped 40%; domestic reserves have remained nearly constant but demand for oil has increased by as much as 29%. Two weeks ago, Michael A. Wright, chairman of Humble Oil, told Senator Hart's antitrust subcommittee that 87% of the nation's oil needs by 1985 will have to come from reserves that have not yet been discovered...
Without comment, he released a hitherto-secret report by a Johnson Administration antitrust task force headed by Phil C. Neal, dean of the University of Chicago law school. The group recommended new laws that would empower the Government to break up companies in industries "where monopoly power is shared by a few very large firms." It proposed a "Concentrated Industries Act" that would apply when four or fewer firms controlled 70% of an industry with $500 million a year in sales. Each firm would be forced to reduce its share of the market to no more than 12%. The scheme...
Many businessmen believe that the Neal proposals to break up bigness would only reduce U.S. industrial efficiency and competitiveness in world markets. The chances seem remote that any of the recommendations will be written into law. Congress always has trouble agreeing on antitrust-law amendments, and the controversial ideas in the Neal report are political orphans...
...mannered man who likes to insist he is embarrassed by the publicity that he has received ("I don't like running a law office in the public press"), McLaren took his law degree at Yale in 1942. Since then he has spent most of his career specializing in antitrust cases at the Chicago firm of Chadwell, Keck, Kayser, Ruggles and McLaren. As head of the American Bar Association's Antitrust Law Section since 1967, he updated a 1955 report on antitrust activities, and was recommended by his colleagues as an unusually well-qualified candidate...
When McLaren took over at Justice there was no lack of work on the books; the count of pending antitrust cases alone came to 107. The ambitious 51-year-old trustbuster has been setting a 12-hour-a-day pace in the office, and is not likely to slacken. He plans to increase his staff, which now includes 280 lawyers and 320 other workers, to take on a still larger caseload. He disclaims any interest in defending "established company managements from takeovers." Still, if he gets his way in court, future takeovers in the form of conglomerate mergers are going...