Word: steeled
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Dates: during 1930-1939
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...Steel's third quarter earnings were $30,617,638 compared to $36,173,682 for the previous quarter and $13,636,177 for the third quarter of 1936.* Said the corporation's statement: "Demand for steel products during July, August and September showed a gradual decline in volume each month.... Operations for the third quarter as measured by finished product output averaged 73.6% of total capacity, compared with 88.4% in the previous quarter and 63.6% in the third quarter of 1936.... In recent weeks a rather marked falling off in shipments to customers occurred, resulting in an October...
...more long-range significance was Big Steel's other announcement last week- a complete shuffling of officers, the virtual completion of Chairman Myron C. Taylor's ten-year program of reshaping Big Steel. Chairman Taylor, who looked more like an Episcopal bishop than a steelmaster, was an eminently successful lawyer when he became a U. S. Steel director in 1925. Seven years later he succeeded J. P. Morgan as chairman. Head of the finance committee in 1927, he had by 1929 retired most of Big Steel's funded debt, thereby reducing fixed charges some...
...accordance with this last scheme, Chairman Taylor four years ago hired young Edward Reilly Stettinius Jr., a vice president of General Motors, made him vice-chairman of the all important U. S. Steel finance committee, succeeding a man twice his age (TIME, Dec. 25, 1933). Since then it has been generally expected that Ed Stettinius would be Myron Taylor's successor as chairman of the board of directors. Last week, announcing that next April he would step down from the chairmanship, Myron Taylor made good this expectation...
...least of Myron Taylor's changes in Big Steel came unexpectedly last spring when he made his peace with John L. Lewis, a step regarded by many steelmasters as heresy of the first order (TIME, March 15 et seq.). Reports last week that Myron Taylor had stepped out of office because of such criticism received little credence. Actually Myron Taylor, having taken the chairmanship with the utmost reluctance in the first place, has long wanted to retire. Resumption of Big Steel common stock dividends makes an opportune moment. And four years' training has well groomed Ed Stettinius...
...University of Virginia. Starting out at the bottom in Hyatt Bearings Division of General Motors, he rose with meteoric rapidity through industrial and public relations to a vice-presidency. During the heyday of NRA he was one of Hugh Johnson's aides until called to Big Steel. Now prematurely white-haired, handsome Ed Stettinius is genial, excessively energetic, has the happy faculty of charming even those whom he defeats, enjoys society with his wife, three children...