Word: antitrusters
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Even more significant were Kefauver's efforts as chairman of the Senate Antitrust and Monopoly Subcommittee. He was a determined foe of economic concentration in American business, and small businessmen facing cutthroat competition from large corporations saw Kefauver as a savior. He exposed industry's concept of "administered prices" which ignored price competition in favor of increased profit. Kefauver also led the fight to reform the drug industry and drafted stiff legislation just before the tragic dimensions of the thalidomide disaster became known...
JOHN PAUL STEVENS, 51, of Chicago, on the Seventh Circuit. He clerked for the late Supreme Court Justice Wiley Rutledge, then specialized in antitrust cases in private practice. In 1969 he was special counsel to an investigating commission that found two Illinois Supreme Court justices guilty of "gross impropriety" for accepting bank shares from a former state revenue director. On the court of appeals, one of his dissenting opinions, upheld the rights of Father James Groppi, the activist Milwaukee priest...
Oddly enough, American has been substantially helped in its struggle by its giant competitors, notably General Motors and Chrysler, who fear that the smaller company's demise would bring swift Government antitrust action. American, which has been losing dealers, now sells its models through 311 G.M. outlets, and the General Motors Acceptance Corp. helps American dealers with their inventory financing. Under a special dispensation from the Justice Department. American also shares G.M.'s antipollution technology...
...Brokerage firms are staggering under rising costs and mountainous paperwork; 129 houses have been forced into liquidation or merger. Large money-managing institutions like mutual funds and insurance companies are seeking membership on the New York and American stock exchanges in order to save on brokerage commissions. Because of antitrust prodding by the Justice Department, negotiated commission rates will almost surely have to be extended to cover trades of less than $500,000. Regional stock exchanges and the "third market" of off-the-floor trading in listed shares are gaining volume at the expense of the two major exchanges. Some...
...however, was less than favorable. Democratic Congressman B.F. Sisk of California called it "an illustration of just what money grabbers these people can be." North Carolina Democrat Sam Ervin, who happens to be chairing a Senate hearing on the possible merger of the two professional basketball leagues, called for antitrust legislation that would prevent franchise owners from shifting their teams like "private playthings" from city to city with a "public-be-damned attitude...