Word: laughlins
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...Jones & Laughlin...
...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, at the Jones & Laughlin Steel Corp. meeting...
...Definition. When news of the price rise broke, Chairman Avery Adams of Jones & Laughlin Steel said: "We certainly don't accept the President's statement that this was an irresponsible act. We are dealing with increases in labor costs of 50? an hour since 1958. That is clearly inflationary by any definition that any economist might want to apply...
...wrote: "Your advisers seek to justify the freezing of current steel prices, regardless of inequities to our company. We are asked, in effect, to substitute their personal judgment for the known efficiency and fairness of the competitive marketplaces. This we cannot do." Said Chairman Avery C. Adams of Jones & Laughlin: "Your proposal that steel prices be frozen is a major step toward price fixing by Government decree and constitutes a dangerous impairment of our free economy...
...Jones & Laughlin Steel Corp.'s second-quarter net jumped to $1.13 per share, v. $1.02 last year, despite a 9% drop in sales and operating revenues. The secret: cost-reducing new production methods...