Word: cartelizing
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...State Department blessings, and agreed on a broad policy to stabilize markets in the postwar world, the U.S. oilmen were worried. President J. Howard Pew of Sun Oil Co. attacked the agreement as a "blank check" to the Government that would involve the domestic oil industry in a "vicious cartel system...
...Senate refused to ratify the agreement. Since then, the source of the anti-cartel rumblings has changed. Last year the Federal Trade Commission prepared a secret 900-page study of the situation. Last week Missouri's Senator Tom Hennings, probably prodded by independent oilmen, exploded the whole question into the open, thus forcing the Attorney General to order a grand jury investigation. Said Hennings: "Prices are predetermined and fixed by the Big Seven* under an ingenious basing point system [which] runs under the direct supervision of central authorities in London and New York with the precision of a fine...
...Standard Oil of New Jersey's President Eugene Holman made a blanket denial. Said he: "We hope the investigation will, once and for all, put a stop to loose and irresponsible talk about this company's foreign business. We do not believe there is an international oil cartel-certainly we are not party...
...allied decision to turn back Farben's successors to their original owners is a milestone along the road of German recovery. Is it also a detour leading back to the cartel, with all its restrictive agreements? The danger is great; since wartime, Farben companies have shown a marked hankering for reunion. A few years ago, Farben companies in the U.S. zone were split into 42 different units. They have since merged into twelve. Furthermore, no one doubts that the Big Three Farben successors would like nothing better than to rejoin forces, and drag in the others. What may stop...
Nevertheless, knowing that Williamson's increase in production to an estimated $24 million a year (12% of all diamond sales) would be a real threat, the cartelists thought it time to get the lone wolf back into the pack. Another rumored reason: the cartel had been pouring capital into gold mines, and might well have been short of cash to support the diamond market in a price break. Sir Ernest Oppenheimer's son Harry flew to Williamson's mine in Tanganyika to lure him back. But Williamson, a diamond-hard bargainer, could not be cracked. So tough...