Document 6BaaDLD79qgB9yvDLx4jqo3k1

-i o THE wall street journal. * * Tlmndtr, Ju* 90, 1900 office of the Justice Department'* antitrust d- j C\,T'ttft T'/,` vision, said the grand Jury returning<4tf Indict- j Hit l L Ksitlt < i Grand Jury Indicts 8 ' V Electrical Equipment To Subsidize Srments- was still investigating the industry and Mid one other grand jurv was also investigat Lead and Zinc,ing. Alt told, four rnmd Juries have conducted the inquiry since it began about a year ago. The Indictments were relumed in the court Companies, 8 Officials of U.S. District Judge Harold K. Wood. No| date for arraignment has been aet. Maximum a WallRt***t Jovkrai New Indictments Charge 1 Price penalties .for companies pleading guilty or found guilty by trial is a 550.000 fine on each iinndaiicvtimu'cemnt.. Frvorr individuals, twh*we pk^e*na~*lt*y/ cwov*u.--ld WASHINGTON-The Sens miitee approved by voice vot ^_____ Fixing* Bid Rigging in Turbine *. both. <*1te ** operators lead and zinc industry. Generator, Condenser Field Dollar Volume Biggest The measure is expected t The turbine-generator Indictment, In terms later this week and go to th< of dollar volume of products, was by far the an i-xpeeled veto by President Ry a Wall S-trekt Journal Staff Rrpnrtrr biggest indictment so far returned. By their Administration contends the PHILADELPHIA-^ Federal grand jury here relumed two more Indictments In the size and complexity, turbine-generators are high-priced pfeces of equipment. The Indict ment alleged, for example, the defendants of import quota* for lead ant {ffbtection for the domestic The subsidy program wfx Government's broad investigation of the elec agreed CE would be the low bidder-.al 516,- five-year period at an estln- trical equipment industry, charging criminal 112.000--for a giant 500.000-kilowatt unit for the million a year. .Subsidies w- conspiracies to fix prices and rig bids in vio Tennessee Valley Authority. whose output total no more lation of antitrust laws. This brought to 18 the number of Among the specific charges was that the inrtict-_ defendant* met 1955, - to discuss, in New York in November. the prospective sales ot tur lend or zinc a year. Peymen to insure producer* a returi pound for zinc and 17 cents ments returned by four grand Juries here since bogenerator unit* for nuclear power gen Current market prices are 'mid-February. - erating plants of Consolidated Edison of New and t2 cents for zinc. Under The new indictments named eight compan York, Inc., Commonwealth Edison Co. and De the Government would mal ies and eight ot their officials./lncludlng a com pany president and four vice presidents. The troit Edison Co. It charged the defendants agreed Westinghouse would be the successful bidder on the Consolidated Edison Job. white ence. The Industry's plfght stem volume of imports In the ps indictments covered turbine generators and General Electric was picked to gel the Co result, a host of bills have !> condensers. monwealth Edison business and Allla-Chatmers Congress to provide relief f' Named in the turbine generator indictment, the unlta sold to Detroit Edison. . to increase present duties o -alleged to involve average annual sales ot 5400 million, were General Electric Co.. Allis- Digest of Earnings Re]Chalmers Manufacturing Co. and Westing- house Electric Corp. A summary of corporation reports appears below. Further details o' Also named were W. S. Ginril vice presi more widely held .companies appear elsewhere in this issue. Unless otherwis dent and general manager, turbine division, taxes have been deducted in arriving at net income. * General Electric: W. E. Saupe. general man Wednesday, June 29, I960: -- --Net Income-------- ager, large steam turbine-generator depart-1 Company: Period 1960 , 1959 ment, General Electric: C. I. Mauntel, sales Aerojet-General Corp. ..... .. 6 mos. May 31 4.456,556 3.832.661 manager, Steam division, Weatinghouse: *nd Allyn 4 Bacon .................... 739.777 517,018 W. C. Rowland, vice president, Steam division Arnold Attex Aluminum ....... d54,664 180,877 Weatinghouse. Mr. Ginn has previously been Atlantic Coast Line R.R. .., .. 5 mos. Ma<v 31 5.697.000 6.162.000 indicted on similar charges. Bay-view Oil ........................... 212,826 251.353 Co-Con*pinitor* Named Belmont Iron Works ............ 188.022 d253.901 Named ns co-conspirators hut not as He. ('lumdlitn Breweries ............ 1.733,746 1,377,216 fondant* in the turbine indictment were Car Canadinn Breweries .......... rier Corp.. Worthington Corp. nnd Dclava! Onco Instruments Corp........ 3.977,337 1.168,701 3,468.809 *729.148 Steam Turbine Co. of Trenton. N.J. Chic. So. Sh. So. Bend R.R. ,. .5 mos. May 3t d.VUll "'HW.978 Charged In the condenser Indictment, said to cover pnrehases totaling 532 million annual ly. wen- Knster Wheeler Corp. of New York: Atlts-Chulnicrs; Carrier Corp. of Syracuse. N.Y.; Ingersoll-Rand Co. of New York; West- Inghouse Electric; C. H. Wheeler Manufactur ing Co- of Philadelphia: and Worthington Corp. of Harrison, N.J. Only AUis-Chalmers and Westinghousc had previously been named. Officials -named in tfrto. hwketmam were' Mr.MaimleJ of Westing!touse: H. -s. Conkey. vice president of domestic sales. IngersollRand: M. H. Howard, manager of production. Foster-Wheeler; L. G. Thomas, president. C.H. Wheeler Manufacturing, and A. M. Tullo. vice president. Worthington Corp. None of the Indi viduals In the condenser Indictment had been previously named. Corby (II.) Distillery .......... 259.7R7 202,071 Corby (II.) Distillery .......... 977.852 1.172.183 Davega Stores ...................... 312,739 d385,315 !>.('. Triinsil System .. .5 mos. May 31 177,420 363.536 !).('. Transit System ....... . .12 mo*. Mav 31 376,850 715.394 Duro-Test Corp....................... 9 mos. Apr. 30 383.857 340,069 Epson, Inc................................ mS62.769 d!95.430 Gulf States Utilities ............ .12 mos. May 31 16.536.652 14.768.845 Illinois Power........................ .12 mos. May 31 20.615,563 17.188,438 Indian Head Mills ............... . 6 mos. May 28 1.425.000 1,200,000 UuSvIlle 4 Nashville R.R. . .5 mos. May 31 4,705.270 5,43f,208 Maine Central R.R................ . .5 mos. May 31 407.353 f 262.187 Power Co....................... . 12 mos. May 31 22.105.312 20.628.393 sylvanla Pwr. 4 I.t........ . 12 mos. May 31 25.712.014 24,275.355 deiphia Electric Co. .... . 12 mos. Apr. 30 43,529,818 40,627 477 iteer Natural Gas .............,,12 _m__o_s._M__a_y__31__________8_0_.1_5_1 5_5_._7_33 fa) On shares outstanding at close of period, ibt On the average nu outstanding during the period. <c* On shares now outstanding. Id) Net losi ferred shares. <fi Preliminary report- (g).Adjusted to reflect stock split or . General Electric stated, as it has in con tht After giving effect to special non-recurring items. (Ji After giving effect nection with prior indictments, that the prac of 5523.783. (k) Includes operations of Hoosac Mills Division since its acq: tices charged run counter to the company's ruary and of the USF-Arnold Finishing Co. acquired on April I. 1960. im-i written policy. giving effect to a gain of 5742,911 from sale of Investment in Digltt William L. Maher, chief of the Philadelphia recurring charges of 5494.536.