Word: steeled
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Dates: during 1930-1939
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Cyrus Stephen Eaton is a well-dressed, frosty-eyed financier of 56. He left his native home in bleak Pugwash, Nova Scotia, to study for the Baptist ministry. In Cleveland in 1925 he dramatized his power to refinance Trumbull Steel Co. by proving to its officers that Cleveland Trust Co. would honor his check for $20,000,000. By 1930 he was instrumental in forming the No. 3 steel Company (by mergers built on Republic), was sitting on the boards of 20 great corporations (utilities, steel, paints, hotels). That year he helped undermine the foundation of the tottering Insull empire...
...Steel, No. 1 U. S. industry (which weights no less than 18% on the Federal Reserve Board's Index of Production), has been running at 93.9% of capacity, well ahead of consumption, but the temperamentally optimistic Iron Age reported that orders for early 1940 production would account for only 65-80% of capacity. A decline to this level in the steel rate will be enough to drag the production index down from its current 120-plus to something closer to 103, the level the boom started from...
...outbreak of War II, steel manufacturers, inadequately stocked for capacity runs, fearing that war exports would cause a famine of steel scrap, cleared out the junk yards, sent the price of scrap skyrocketing to $22.50 a ton, but capacity production yields a good deal of new scrap, and the mills have already bought sizable supplies. By last week, scrap had not become too plentiful, but mills still in the market were picking it up for as little...
...Daladier signed away the life of Czecho-Slovakia, the Dominion got a new company: Canadian Associated Aircraft, Ltd. It was formed with Government blessing to coordinate aircraft orders from Britain. All its stock is held by six Canadian aircraft makers. The six: Canadian Car & Foundry Co., Fairchild Aircraft, National Steel Car Corp., Canadian Vickers, Fleet Aircraft, Ottawa Car & Aircraft...
...large part it represents technological improvements. For if improved machinery increases output per man, it is perfectly possible to have bigger production and bigger unemployment at the same time. Two examples of this can be found in two of the U. S.'s biggest employers: motors and steel. In 1937 motormakers bought connecting rod grinders that stepped up production from 250 to 850 units an hour, a machine for bending window-finish strips by which a five-man team producing 50 strips per hour was replaced by one man bending 120 strips. To make the wide, light-gauge, uniform...