Word: weinfeld
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...companies withdrew their original pleas of innocence and pleaded nolo contendere (no contest) to criminal charges that they had rigged some prices of the commonest grade of steel, carbon steel sheets, which go into autos, washing machines, kitchen cabinets, refrigerators, office furniture and many other consumer goods. Judge Edward Weinfeld of Manhattan's U.S. district court fined them $50,000 each, the maximum allowed under the Sherman Antitrust...
...Justice Department won a major battle in its antimerger campaign. In Manhattan's U.S. district court last week, Judge Edward Weinfeld banned the merger of Bethlehem Steel and Youngstown Sheet and Tube, one of the biggest deals in industrial history. It was the first court test of a Government suit under the Clayton Antitrust Act since it was amended in 1950 to make it tougher...
...Judge Weinfeld held that the proposed merger would eliminate substantial competition between Bethlehem and Youngstown, depriving steel consumers of alternate sources of supply. To the companies' arguments that they could not compete with U.S. Steel, Weinfeld replied that this was "not persuasive in the light of their prior activities, their financial resources, their growth and demonstrated capacity to meet the challenge of a constantly growing economy." Both companies, he noted, had bettered their position in the industry in the last five years: Bethlehem increased its capacity by 30.7%, Youngstown by 31.4%. Thus, both are financially able to expand further...
Permitting Bethlehem and Youngstown to merge as a challenge to U.S. Steel, Weinfeld ruled, "offers an incipient threat of setting into motion a chain reaction of further mergers by the other but less powerful companies in the steel industry." Other companies could then ask to merge as a challenge to the "Big Two," thus bringing even greater concentration to "an industry already highly concentrated" and "heading in the direction of triopoly...
...Judge Weinfeld, who will rule in a fortnight, lets the verdict stand, Pegler will probably take the case to a higher court...