PRICE MONOPOLIES

Otago Daily Times, Issue 26544, 20 August 1947, Page 5

PRICE MONOPOLIES

ANTI-TRUST LAW VIOLATIONS CHARGES AGAINST AMERICAN COMPANIES Rec. 11 p.m. WASHINGTON, Aug. 18. The Federal Government, for the second time within 24 hours, took action against alleged monopoly pricefixing to-day, when the Justice Department accused eight of America’s largest tyre companies and their New York trade association of violating the antitrust laws. Yesterday the Federal Trade Commission accused almost the entire steel industry of conspiring to fixe prices and over-ride competition. The Government charged that the companies agreed among other things on prices, discount allowances, bonuses and other practices for the purpose of eliminating competition, and that they agreed to maintain the association as a means by which prices of tyres and tubes were fixed. The Attorney-general’s office also announced to-day the filing of Sn antitrust suit against two technicolor companies and the Eastman Kodak Company, asserting that a monopoly exists in the production of colour motion pictures. In a supplemental statement the Attorney-general, Mr Tom Clark, said: “ The effect of the practices charged in the complaint has been to restrict development of the art of professional colour cinematography by others than the defendants and to deprive the public of the benefits of competition in this business.”