Word: inlander
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Dates: during 1960-1969
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...Vanderbilt and J. P. Morgan through such recent victims as U.S. Steel's Roger Blough, many big businessmen have shown at crucial moments a surprising inability to influence-or even to gauge-the public mind. Last week another businessman, Clarence Randall, 71, retired chairman of Chicago's Inland Steel Co., offered his own explanation. Wrote Randall in the New York Times Magazine: "Responsibility breeds isolation . . . After an executive reaches the very top, he is seldom seen in public and seldom heard. He becomes a myth." The result is "that when the great storm comes, as it does sooner...
...heavily, thereby making a killing. As for the great postwar bull market, Old Joe missed it: wanting to protect his millions from the danger of another 1929, he invested in real estate instead, made even more money than he ever made in the market. *Kennedy got valuable help from Inland Steel Co.'s Chairman Joseph Block, who at a critical moment bowed to Administration urgings and announced that Inland would not go along with the price increase announced by U.S. Steel. That broke the industry's ranks, forced steel companies that had raised prices to surrender. During...
Died. Geremia Lunardelli, 77, coffee king of Brazil for 35 years, an Italian immigrant's son who, though scarcely able to sign his name, carved out a domain of coffee plantations that stretched 300 miles inland from the Atlantic, became an arbiter of the Brazilian economy while spurning honors and titles, saying "I'm only a farm hand; it is the earth that should be decorated"; of a heart attack; in Sāo Paulo, Brazil...
STEEL. Thanks to a flurry of first-quarter hedge buying against the possibility of a strike, most steel companies reported earnings double or more those of a year ago. Bethlehem gained nearly 400% to $39 million. Inland more than 100% to $17 million and U.S. Steel 75% to $56 million. But few steel companies came even within shouting distance of their profits in first-quarter 1960, when steel users bought avidly in the wake of a 116-day strike. And steelmen cautioned that their earnings will surely lag during the current quarter as their customers use up swollen inventories...
...Inland Steel's meeting it was the overriding issue, and Chairman Joseph Block -the man who broke the price rise by refusing to go along with it-made it clear that his belief that it was wrong to set prices without taking into account the national interest did not mean that he was prepared to let anyone else decide for him when a price rise was justified. Said he: "Industry should not have to get Government permission to change prices. That would hardly be a free economy." The most impassioned outcry was raised, to much stockholder applause...