Antitrust: Bread Upon the Waters

The most important U.S. executive ever indicted under the Sherman Anti-trust Act appeared last week for sentencing in Manhattan's U.S. District Court. Facing a possible one-year jail term and a $50,000 fine was Jones & Laughlin President William J. Stephens, 58, who had pleaded no contest to Government charges that from 1955 to 1961, while he was a sales executive of Bethlehem Steel, he had met with other industry men in Manhattan hotel rooms to rig some prices on carbon sheets, the commonest grade of steel. Also facing the same sentence was a lesser executive, James P. Barton,...

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