Word: cementing
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Dates: during 1940-1949
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...some mixed answers. For H. J. Heinz Co., whose net dropped 18% despite a 17% rise to an alltime high in sales, the answer was no. But profits far outdistanced sales in other cases. For example, with sales up only 36% over the same period last year, General Portland Cement's six-month net jumped over 75%. In this year's second quarter, Willys-Overland had a 29% rise in sales, a 70% rise in profits to $2,019,029. Perhaps the best part of all this rich news was that backlogs, in general, were...
...their mills, added "phantom freight" costs on some short-haul sales. Thus they got to identical prices at any given destination. Last April, the Supreme Court upheld FTC's charge that such identical prices added up to trustlike collusion. The court ordered the defendants in the case, the cement industry, to drop the basing-point system. The order went into effect last week...
...industry was feeling no pain: with cementmakers now selling f.o.b. at their mills, the savings on freight absorption meant increased earnings. Consumers were in a different boat: with airfreight costs now added to their bills, buyers suddenly found the delivered price of cement boosted as much as 25%, depending on the distance from producer to purchaser...
...same week that the powerful steel and cement industries bowed to the Federal Trade Commission (see above), two lesser adversaries gave the agency an old-fashioned nose-thumbing...
Under the basing-point system, the important fact was that cement delivered to any given job was sold at a uniform price, no matter who manufactured it. To the court this was collusion, and a wicked practice that must be stopped forthwith. However sound the decision, it did not make things crystal clear. Just a week later, in another Big Business case, the Court upheld an FTC order which seemed to make the appearance of collusion inescapable...