Word: detrola
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...story, which the committee dredged up from a dozen witnesses, began with International Detrola Corp., which needed steel for its radios and phonographs. To get a supply, Detrola, in August 1946, bought the Newport Rolling Mill at Newport, Ky. But Detrola's President C. Russell Feldman soon found that he still had a problem : he had no pig iron to make his steel. So, he told the committee, he made a deal with Kaiser-Frazer Corp. to trade finished steel for K-F's pig iron. (He also made another deal, the committee found, with Cincinnati...
Tuned In. Detrola's Feldman soon had another problem: his radios were piling up. So he offered to sell 9,000 tons of steel at mill price ($100.09 a ton) to Boston's Clark & White, Inc., if it would also pay $875,000 for 28,000 radios. Clark & White accepted the proposition - and lost $580,000 on the radios; it sold them for $295,000. But it made up the loss handily - and $461,120 to boot - by selling the steel in the grey market...
...committee found that Kaiser-Frazer had also filtered some of Detrola's steel into the grey market. As K-F could not use some of the types it got from Detrola, K-F Vice President Clay Bedford told the committee, he made a deal with a Manhattan exporter named Charles A. Koons to sell Koons 4,000 tons of Detrola steel...
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