Word: steele
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Dates: during 1920-1929
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...cargo of the Vestris. Included were: 650 cases automobiles, 600 shipped by General Motors Co. to Montevideo: 240 cases automobile accessories; 68 cases typewriters: 86 cases cash registers: 31 cases truck chasses: 58 cases tractor parts; 66 tractors: and in varying amounts, railroad materials, furnaces, gas engines, steel office furniture, motorcycles, divers hardware. There was considerable mail, including diplomatic correspondence with U. S. consular agents...
Andrew Carnegie liked him, admired him. Lawyer Reed became president of the Bessemer & Lake Erie R. R., chairman of the board of Carnegie Steel Co. And when Carnegie dickered with the late, great J. P. Morgan to sink Carnegie Steel into the new U. S. Steel, it was Lawyer Reed who drew the mortgages which secured the bonds. Active to his death, in May 1927, Lawyer Reed saw Pittsburgh steel, Pittsburgh public utilities, grow into mighty units of U. S. industry...
Investors made yet another calculation. Even more significant than General Motors in the eyes of many a businessman are the reports of the mighty U. S. Steel Corp., now ending its first full year under committee management. As everyone knows, the mantle of the late, great Elbert H. Gary was rent into three parts. The first part fell on John Pierpont Morgan as Chairman of the Board; the second on Myron Charles Taylor as Chairman of the Finance Committee; the third on James Augustine Farrell as President. Last week, this triumvirate of tycoons announced quarterly earnings...
Nine months' earnings of U. S. Steel totaled $140,015,494, or $8.17 a share. Expected earnings for the full year would be about $11. By the Raskob formula, the stock's value should approximate $165. Actually, U. S. Steel closed on the stock exchange, last week...
...With Steel confirming the "15x" theory, did investors hold General Motors cheap at 222, rush to brokers with orders to buy? Prudent investors consulted prudent stockmarketeers. They learned: 1) that the "15x" formula might justify itself in a strong bull market, but that it could not be maintained in a slump; 2) that many a sound, conservative stock, undisturbed by pools, sells at 10x or 12x; 3) that 5-year earnings are safer guides than 9 months or a year...