Word: antitrusters
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...short 30 minutes, the Justice Department failed in 1961 in its bid to block a merger between New York's Manufacturers Trust Co. and the Hanover Bank. Aware that Justice viewed the merger as a violation of the antitrust laws, the banks speeded up their negotiations, legally joined to form the nation's fourth largest bank half an hour before the trustbusters filed suit to stop the action. Faced with a fait accompli, a federal judge refused to consider the Justice Department's bid for a restraining order. Furious over the maneuver, particularly since the two banks...
Last week the trustbusters had their revenge. In Manhattan, Federal Judge Lloyd MacMahon ruled that the Manufacturers Hanover union had indeed conflicted with antitrust laws, and declared it illegal. It was the first bank merger to be declared illegal by any federal court below the Supreme Court, and it made the bank the largest firm ever to lose a merger case in the courts. The judge did not specify that the two banks must return to their original status, gave the bank and the Justice Department ten days in which to propose a settlement. Manufacturers Hanover Trust will probably attempt...
...must also negotiate with emerging nations seeking control of oil resources and producing nations demanding hither royalties. Jersey's size also makes it a prime antitrust target. Last week Rathbone himself appeared in court to defend the purchase of the Potash Co. of America for its fertilizer facilities, and Humble announced that, since it has been barred by the Justice Department from acquiring Tidewater Oil's $329 million West Coast marketing network, it will build its own California refinery...
...enforce the law-are over. Similarly, labor racketeering, a prime Kennedy target, will continue to get Katzenbach's attention; the new Attorney General will retain the so-called "Hoffa Unit," the anti-labor-racketeering section that was set up in the department under Bobby. Katzenbach feels that antitrust work has been too scattershot in the past, hopes to sharpen the focus of trustbusting onto areas that have "the most important impact on the economy." And one of Katzenbach's pet projects will certainly get fresh attention: the need for better legal aid for the poor. The department...
Echoed Arguments. Though the Citizen's owners said their offer was in spired by local loyalty, the Justice Department thought differently. Last week trustbusters descended on Tucson, charged that the Citizen-Star deal was illegal on the ground that it violated both the Clayton and Sherman antitrust acts. Justice Department arguments echoed those used last June against the Scripps-Howard chain. In that suit, the Government charged that chain ownership of both the morning Enquirer and evening Post & Times-Star in Cincinnati constituted a monopoly, even though the two papers had separate plants, staffs and editorial policies, an arrangement...