Word: bethlehem
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Dates: during 1930-1939
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Harvard son of an East Boston ward boss, Joe Kennedy was a small bank president at 25 and assistant general manager of Bethlehem Steel's Fore River Shipbuilding Corp. during the War. Thus, unlike most New Deal administrators, he went to Washington a trained executive. His job was not only to make the securities laws work but to keep them from wrecking the world's most sensitive economic mechanism. His solution was ingenious and simple...
...raised its dividends from $2.50 per share to $2.80. And last week C. & O. hung up another record when it awarded contracts for $11,819,000 worth of railway equipment, biggest single order this year. From American Car & Foundry, Pullman-Standard Manufacturing Co., General American Car Co. and Bethlehem Steel Co., C. & O. ordered 5,000 50-ton steel hopper coal cars, 75 steel underframe flat cars and 50 single deck stock cars-a total of 5,125 units, nearly four times as much as all the freight cars ordered by all the other railroads in the land to date...
...thousand strong, the steel executives assembled in Manhattan for a rousing rally against the New Deal. Only old Charles Michael Schwab, who draws $250,000 per year as Bethlehem Steel's chairman, was confident "that everything will ultimately come out all right." Few days prior, while testifying before the Board of Tax Appeals in Washington on the Mellon case, the cheery steelmaster admitted that his inevitable optimism was "intuitive," "perhaps extreme." But asked by a cynical counsel if it was not inspired by a simple desire for profits, Mr. Schwab replied: "Not in my case. It has always been...
...mellow as Bethlehem's aging chairman, the other convening steelmen were filled with fear and fight. President William A. Irvin of the U.S. Steel, which controls 40% of total U.S. capacity, grumbled about foreign competition in home markets. President Tom Mercer Girdler of Republic flayed the Wagner Labor Disputes Bill as "the outstanding legislative monkey-wrench which threatens to jam the wheels of recovery. . . . The one & only purpose behind it is to clamp the yoke of the closed shop upon free American citizens...
...remained for Bethlehem's Eugene Grace, who also heads the Steel Institute, to cover the whole field of steel antagonism toward the New Deal. He lashed out at the Banking Bill, the Public Utility Bill, the Social Security Bill, the Guffey Coal Bill, the 30-hour-week Bill. "It is about time we had a little old-fashioned economy, that we encouraged efficiency and thrift," cried the steelmaster who received a $1,600,000 bonus...