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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Jun 05, 1951
Page
3
The Supreme Court ruled Timken Roller Bearing Co of Canton Ohio may keep ownership in two foreign companies but cannot divide world markets between them. The court found the company violated the Sherman Antitrust Act by making arrangements with British and French firms.
The 5 to 2 decision, with Justices Burton and Clark recused, held that Timken through British Timken Limited and French Timken Timken Society conspired to restrict competition in tapered roller bearings. British Timken owned 30 percent of its ordinary shares and 1 percent of preferred shares in March 1949. French Timken half of its outstanding shares. Timken held notes totaling 241000 dollars from French Timken and a 120000 dollar note from M. B. A. Deward secured by stock. The Cleveland district court ordered severance of foreign connections and two years to divest stock and notes.
Ohio voters may decide in November on school subsidies after a deadlock in the 99th General Assembly left funding for the next two years at current levels. The Ohio Education Association launched an initiative drive to place a ballot question, aiming for about 222 million dollars for two years, with signatures due by August 13. Lawmakers clash over 206 to 211 million funding figures, while the lobby emphasizes direct voter approval to resolve the impasse.
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