Word: girdler
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...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...
...Wall, Kuhn, Loeb elected to stay in the securities trade, abandoning its deposits. Traditionally railroad bankers, Kuhn, Loeb has lately widened its industrial friendships, particularly in the steel industry. Inland Steel and Youngstown Sheet & Tube have long been clients, and last year the firm assisted President Tom Mercer Girdler with his Republic Steel merger plans. Last week Kuhn, Loeb was preparing to market $50,000,000 of bonds for Ernest Tener Weir's National Steel-a big industrial issue even in Kuhn, Loeb's long records...
...Girdler Trusted. "We are amazed!" cried President Tom Mercer Girdler of Republic Steel Corp. last winter when the Government cracked down with an anti-trust suit against his proposed merger with Corrigan, McKinney (TIME, Feb. 18). Just why he should be anti-trusted when his $323,000,000 combination would still leave Republic far smaller than either Bethlehem or U. S. Steel remained a Department of Justice mystery...
...mystery to justify the suit. Denying the Department of Justice's petition for a permanent injunction, he declared: "[The Government failed] to prove sufficiently substantial lessening of competition to warrant a finding of probable injury to the public. . . ." Before proceeding with the biggest merger since the Depression, Steelman Girdler will await a possible, but improbable, appeal. Said he: "We are deeply gratified...
Attorney General Cummings denied that the two suits indicated any change in the Administration anti-trust policy, but just what that policy was remained as dark a mystery as it has been in every Administration for the past 45 years. Said Steelman Girdler: "We are amazed...