Word: cartels
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Dates: during 1940-1949
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...Britain's diamond cartel, a most disturbing thing had happened in 1941. A fabulously rich diamond bed was discovered in Tanganyika, Africa. It was eight times larger than South Africa's famed Premier Mine, previously the world's largest, and thus big enough to break the cartel's tight control of the diamond market. Even more worrisome to the cartel were signs that the new bed's discoverer, a bearded, scholarly Canadian named John Thorburn Williamson, 40, did not intend to join the cartel...
This prompted renewed efforts by the vulnerable cartel to woo Williamson. But he cold-shouldered them as he had all outside society, turned down offers to sell reportedly ranging from $20 to $80 million...
Last week, after months of iron-curtained negotiations, the cartel finally won out. Britain's Colonial Secretary, Arthur Creech Jones, announced in the House of Commons that Williamson Diamond Corp., Ltd. and two smaller Tanganyika producers had agreed to market their output only through the Diamond Trading Co., Ltd., selling agent for the syndicate...
...stages, it hardly drew a fly. But last week, just a few days before the House-approved bill was sent to the Senate,* an angry buzz was heard. Cried the Wall Street Journal: "A legal monopoly [for which] the consumer is to pay." Charged the New York Times: "A cartel! Written by the sugar industry for the sugar industry...
Standard Oil Co. (NJ.) had "no cartel agreements with Farben." So said Robert T. Haslam, vice president, this week. He said that Standard had had "an agreement to purchase a large number of Farben's American patents for $35,000,000, plus turning over to them some of our patents. Those patents we purchased gave the U.S. synthetic toluol for TNT . . . 100 octane gasoline . . . buna rubber." The Dow Chemical Co.'s Willard H. Dow denied the cartel charge saying: "Those things have been very much distorted...