Word: armco
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Dates: during 1937-1937
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...eloquent prophet, a faithful practitioner of industrial virtue is Boardchairman George Matthew Verity of American Rolling Mill Co. Son of a circuit-riding Methodist minister, Steelman Verity was born 72 years ago in East Liberty, Ohio, married his boss's daughter, was Armco's president for 30 years, until he made way in 1930 for Charles R. Hook, Armco's present president.† George Verity's late years have been full of honors. Miami University in Oxford, Ohio gave him an LL.D. degree in 1925. Last year Middletown, Ohio, Armco's home town, declared...
Codified, numbered and formally adopted by the company's directors years ago were the 15 points of Armco policy, starting off with a declaration of high business ethics, winding up with a pru dent word about making good banking connections "in advance of their need" and liberally interlaced with such pur poses as the promotion of "Americanism and a real, live spirit of patriotism." Confused though its policies may seem, Armco is a money-making proposition, old Mr. Verity writing his 20,000 stockholders last week that 1936 earnings were $6,441,000, an improvement over...
...Verity's stockholders apparently received this news without enthusiasm, for Armco stock, after touching a high of $45 per share, promptly sold off to $38. Since the new preferred stock would be convertible into common shares, present stock-holders would either have to buy the new preferred when it is offered to them, or see their present equity diluted as more common is gradually issued under the conversion feature...
Saving as much as 97% of the labor costs of previous methods, the continuous rolling process has reduced the price of automobile body steel from $83 per ton to $71 in the last ten years. Most other big steel companies have adopted the process, paying Armco a modest royalty...