Word: laughlins
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...After all the talk about a cut, the business community's consensus in its favor seems based in part on anxiety about what might happen if there were none. Many businessmen have already reckoned the tax bill in making their future estimates. Chairman Charles M. Beeghly of Jones & Laughlin Steel Corp. warns that "if it were lost, I think this would have a serious adverse psychological influence on the economy." No one knows for certain whether Congress will pass the bill, though its prospects are looking up. Tax cut or no, the economy in 1964 promises to continue along...
Died. Avery Comfort Adams, 65, chairman from 1958 until last May of Jones & Laughlin Steel Corp., the nation's fourth largest producer (1962 sales: $790 million), a suave product of Choate and Yale ('20) who served as a top executive in eight other steel companies before taking over as boss of Jones & Laughlin, where he bitterly contested fellow Choate Man John F. Kennedy's 1962 rollback of steel prices, declaring himself an original member of "the S.O.B. Club"; of a heart attack; in Pittsburgh...
...Payoff. Third-quarter earnings range from strong to sensational. Compared with last year's third quarter, Armco Steel and Youngstown Sheet & Tube more than doubled their profits; Republic's earnings were up 54% and Jones & Laughlin's an awesome 862%, to more than $7,000,000 in the quarter. Inland Steel raised its quarterly dividend from 400 to 450, the first dividend increase by a major steel company in two years. The industry's two biggest companies, U.S. Steel and Bethlehem, are also widely expected to report higher earnings...
...money have produced countless efficiencies. In the stockyards of Chicago and Omaha, steers are turned into sirloins aboard conveyer belts that help packers to process 70 cattle an hour, compared with 40 a few years ago, and to do the job with 60 men instead of 150. Jones & Laughlin oxygen steel furnaces in Cleveland recently poured 491 tons of steel in one hour, compared with 60 tons for a similar-sized open hearth shop. Last week Reynolds Metals Co. announced that it had developed a laboratory method of turning bauxite into aluminum without first reducing it to alumina powder...
...taken away another 2,000.000 tons a year of business that steel used to count on. Steelmakers now concede that they were too long indifferent to the competition of other materials, and to fight back are boosting their capital spending 11% this year, most of it for modernization. Jones & Laughlin recently opened a new mill for "thin tin" plate to compete against the increasingly popular aluminum cans that pull open without punching. U.S. Steel is finally building two highly productive "basic oxygen" steel furnaces...