Word: antitrusters
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Dates: during 1960-1969
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Died. Thurman W. Arnold, 78, eminent Washington lawyer and onetime New Deal trustbuster; of a heart attack; in Alexandria, Va. As an Assistant Attorney General from 1938 to 1943, Arnold initiated more antitrust suits (230) than any other individual in the history of the Sherman Antitrust Act, winning major decisions against the American Medical Association, Standard Oil of New Jersey and the Associated Press. He was appointed to the U.S. Court of Appeals for the District of Columbia in 1943 but quit two years later to establish his own firm with Paul Porter and Abe Fortas; generous and liberal...
...Justice Department will add a new consumer division, to be staffed with a score or more of lawyers and economists. It will operate much like the present antitrust division, filing suits against companies...
Changing the Standards. The Justice Department's request for a preliminary injunction to stop the merger was denied by Judge William H. Timbers of the federal district court in New Haven. He rejected the trustbusters' argument that economic concentration is illegal under the Clayton Antitrust Act. Timbers ruled that the law bars only mergers that lessen competition and said that if the standard is to be changed, it ought to be done by Congress rather than the courts. Attorney General John Mitchell finds alarming the fact that the 200 largest U.S. companies control 58% of the manufacturing assets...
...after the court decision. In a speech in Manhattan, he called Mitchell's statistics "carefully selected but unfortunately misleading." He pointed out that the asset concentration among the top 140 companies in 1963 was the same as it had been in 1932. Geneen also contended that the real antitrust issue is the specific amount of concentration of power within an industry and that the conglomerate approach of buying into many industries does not involve that kind of concentration...
...merger three months ago, also in New Haven. ITT executives, who in the meantime will go ahead and take over Hartford Fire, are indignant over the Justice Department's determination to press the case. They say that the Hartford acquisition carefully adhered to the Johnson Administration's antitrust guidelines-and they do not like having the rules changed in the middle of the game...