Word: ingots
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Latest edition of the Elizabethan epics, complete with duel, is "The Sea Hawk," which is a long-winded account of Geoffrey Thorpe, a nautical counterpart of Jesse James, who drained the Spanish Main of every ingot of gold t'other side of Lisbon. He gets his fingers burned in Panama, re-crosses the Atlantic as a galley-slave, beats up on the Spanish crew, sails the galleon to England and single-handed saves the British Empire from the Spanish Armada. All of which goes to show that England cannot be invaded,--we-hope-we-hope-we-hope...
...sheet, rods, tubing and extruded shapes, Reynolds Metals imported about half of its virgin aluminum from France until war interfered, has since been a reluctant Alcoa customer. Last week, having arranged to get bauxite from Dutch Guiana, Reynolds got approval of a $15,800,000 RFC loan to build ingot smelters, probably in Alabama. Ingot smelters consume electricity the way a St. Louis bleacher crowd uses pop on a hot day. Like Alcoa's own main furnaces, for which Franklin Roosevelt signed a $68,500,000 TVA expansion bill last week, Reynolds will get its electricity from TVA. Reynolds...
...ever. As for the bauxite monopoly, Alcoa pointed to plenty of uncontrolled low-cost ore in Surinam (Dutch Guiana), high-cost ore in Arkansas. As for national defense, Alcoa pointed to $26,000,000 worth of plant expansion in 1937, $30,000,000 worth last year. As for the ingot monopoly, Alcoa's claim has always been that anyone was at liberty to compete, but few had ever tried. Last week, in the nick of time to strengthen Alcoa's case, an ingot competitor hove into view...
...days later the industry's No. 2 unit, Bethlehem Steel, announced that it would triple its electric capacity, have two new 50-ton furnaces ready soon after Labor Day. Total additions to electric-ingot capacity now in prospect for the industry: 450,000 tons a year, an increase...
...Steel production rose from 88.6% to 90.3%. The Great Lakes division of efficient, profitable National Steel (which has a tonnage production monopoly in Detroit) had to close one of its 16 open-hearth steel ingot furnaces for too long deferred repairs. New York's Journal of Commerce commented sagely: ". . . May be a forerunner of a general condition in the industry...