Word: million
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Dates: during 1940-1949
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...matter what they did, producers could not satisfy the increased demand for almost all types of steel. Even alloy steels, relatively plentiful a few months ago, are again scarce. With current allocations calling for 6.2 million tons (out of 66 million tons annual production) the pinch will become painful about November. How much tighter would it get? Some estimates, including ECA needs and other export requirements, put the total set aside at 16 million tons. If so, production of such consumer goods as autos and refrigerators would probably have...
...Chicago last week, the price of cash corn suddenly tumbled nearly 14? a bushel. One reason: private estimates had put the record 1948 crop at 3,540,602,000 bushels, 34 million bushels greater than the Department of Agriculture's latest forecast...
...anticipated Government support level of $1.60 a bushel at Chicago. But farmers could not get loans on their corn from the Government at support levels until they got their crop into storage-and there was not enough room to store it. Traders guessed that as many as 500 million bushels might be dumped on the open market for lack of storage. That would drive prices down still further...
Cleveland's M. A. Hanna Co. looks like a holding company (it has controlling or substantial interests in steel, coal, rayon and plastics companies), an investment trust (it owns $109 million worth of securities), and an operating company (it has its own fleet of 13 Great Lakes ore freighters, mines its own coal). It is indeed the great what-is-it?-and lean, square-jawed President George M. Humphrey likes it that way. Says he: "If we don't write down the way it's supposed to be, we can do it any way we want...
Humphrey's way is to keep moving. Last week he added a big chunk of new territory to M. A. Hanna's hodgepodge empire. With three of his longtime ore customers (Inland Steel, Armco and Wheeling Steel), Humphrey put together a $15-million syndicate to buy control of Butler Brothers,* which owns five groups of ore mines and large reserves in Minnesota's Mesabi and Cuyuna ranges. Mesabi's high-grade ores are being rapidly depleted, and the deal gave Humphrey's syndicate a fat share of what's left. Butler Brothers annually ships...