Word: roache
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...their paneled board room on the 13th floor of Los Angeles' Pacific Finance Building, the directors of California's Consolidated Steel Corp. gathered last week. After they had settled themselves in their cushioned leather chairs, President Alden Gallup Roach brought up routine business; a 25? common dividend was declared...
...last order of business, Alden Roach made a quiet announcement: Columbia Steel Co., West Coast subsidiary of giant U.S. Steel, had offered to buy Consolidated and its subsidiaries for $8,293,379 in cash. Pleased grins spread over the directors' faces. Quickly they voted to accept the offer. (Next day, Consolidated stock, worthless a decade ago, jumped from $19 to $27 on the Los Angeles exchange, the following day climbed another five points.) If the deal did not surprise the directors, who had known that Roach was dickering, it did surprise the West Coast...
Turnabout. What not only surprised but shocked Californians about the deal was that Alden Roach had long preached that the prime need of West Coast industry was cheap steel. To get it, Roach had often implied that the West's dependency on Eastern steel had to be ended. But now Big Steel, which already controls 39% of West Coast steelmaking capacity, was to be fattened up on Alden Roach's own baby, the biggest independent fabricator west of the Rockies...
...Stockholders would cash in on Consolidated's lush wartime operations, not have to risk peacetime competition. Big Steel would get a thriving company (with a $35 million backlog) and a fabricator for the vast production of its Geneva plant. Steelmen gossiped that Big Steel, impressed by the way Roach had pulled Consolidated off the rocks, intended to get him too. But Roach was mum about that...
John William Roach...