Word: antitrusters
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...from the effects of President Kennedy's assault on the steel companies, the stock market was making a feeble attempt to rally. Then, shortly after 2 p.m., the news was flashed that a federal grand jury in New York had indicted U.S. Steel and three other companies on antitrust charges. The market broke, with steels leading the way down; U.S. Steel fell to 58, its lowest price since early...
Moral. The case involved several ironies. Among the customers allegedly injured were General Electric, Westinghouse and Allis-Chalmers, all of which were fined in 1961 for similar antitrust violations in rigging prices of electrical equipment. For the forging makers, the crimes (if crimes were committed) did not pay: Erie Forge suffered a net loss over the past three years, and U.S. Steel reported that during the past five years it has failed to make any profit on forgings. And considering that the steel companies were widely charged with inept timing in their abortive attempt to raise prices, it seemed ironical...
...Blood. The bad blood between RCA and Philco dates back to a 1957 antitrust action in which Philco charged that it was unfairly handicapped in its manufacture of radio and TV sets by RCA's industry-blanketing control of some 12,000 patents, and demanded $150 million in treble damage payments. RCA angrily countered with charges of patent infringement against Philco. A consent decree negotiated by the Justice Department in 1958 put the RCA patents in a royalty-free pool, but the legal battle between Philco and RCA raged on through a maze of hearings and counterclaims...
...offensive-an attempt to involve Ford in FCC hearings on license renewal for WRCV. RCA's Philadelphia TV station. Philco. which owned the station until 1953 and wants to get it back, has long tried to convince FCC that because RCA has been involved in a number of antitrust actions, it is not qualified to hold "a grant which must be exercised in the public interest." In rebuttal, RCA last week filed a counterreport reminding FCC that if Philco got the station it would be tantamount to giving it to Ford, and "within the past three years alone, Ford...
violations of the antitrust laws" as an automaker. What's more, added RCA darkly, if Philco proposed to examine "ancient history," RCA would do likewise-a clear hint that RCA was ready to rake up memories of some of old Henry Ford's highhanded tactics in the 1930s...