Word: merger
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Dates: during 1950-1959
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...news for Bessie was publicly delivered by Attorney General Herbert Brownell.* After careful consideration, said Brownell, "we concluded that the merger . . . would be in violation of the antitrust laws," specifically a 1950 amendment to the Clayton Act prohibiting mergers that might tend to reduce competition. At the news, stocks of both companies, which had been hopping up on merger prospects, slipped. Bethlehem dropped 1¼ to 77¼; Youngstown closed...
...Supreme Court.) Even if merged, steelmen noted, Youngstown and Bethlehem would still be second to U.S. Steel, with assets of $2.3 billion (v. Big Steel's $3 billion) and productive capacity of 24 million tons (v. 38.7 million tons). Said Bethlehem's Grace: "The merger would bring a great, new competitive force into the Midwest market...
...weeks of work by its chief trustbuster, Assistant Attorney General Stanley Barnes, a hulking (6 ft. 1½ in., 248 lbs.), onetime football star (University of California) and presiding judge of Los Angeles County's Superior Court.* When Bethlehem and Youngstown lawyers came to Barnes with their merger plans, they found him a man hard to convince. One day they showed him a big map of the U.S. divided into zones to prove that Bethlehem's and Youngstown's markets did not overlap. Barnes took one look, then launched into a 15-minute speech pointing out that...
Article of Faith. The Bethlehem-Youngstown merger decision was the latest example of how Barnes has applied the antitrust lawyers "a nonpartisan article of faith." While many a Democratic skeptic expected the Republican Administration to be an easy taskmaster to businessmen, Barnes has proved to be quite the opposite. He inherited 136 antitrust cases from the previous Administration, so far has disposed of 76 (only ten by dismissal). Barnes's favorite technique is to reach consent decrees with antitrust offenders (38 to date), thus avoiding long and costly court fights...
...road's parent firm, the Delaware & Hudson Co., which controls the Hudson Coal Co., a leading anthracite producer. His new salary: about $90,000 a year, v. $120,000 at the Central. In the 1940s, when White was president of the Delaware, Lackawanna & Western, he started merger talks with the D. & H. and the Boston & Maine railroads, to form a carrier that would compete with the Central. Though the plan fell through, White may now revive it, perhaps try to bring in the Nickel Plate, which is partly (15%) owned by the Lackawanna...