Word: steeled
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Dates: during 1930-1939
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Donald Davidson '39, who played the lead in the Classical Club's recent presentation of Aristophanes' "Birds," will play the role of Larry Foreman. The entire dramatics personae is made up of "type" names, the scene of the action being "Steel town...
Then Ford bought his 50,000 tons, at $4 a ton below what steelmen quickly realized had been the price, but was the price no more. There started a week's orgy of price cutting. Steel price quotations fell as rapidly as stock quotations on a Hitler-speech day. The independents (staying in the black) offered to lay steel down in Detroit for $8 a ton less than the U. S. Steel Corporation, and the U. S. Steel Corporation (going into the red) met the cut. Little Steel's Girdler and Big Steel's Stettinius traded punches...
...week later, when it was all over, Big & Little Steel were yoked to a new price structure at $50.51 instead of $56.27 a ton and they had enough orders for five months of operations at 50% of capacity. Their week of war had sold not just 1,000,000 tons to feed Detroit from October through Christmas, but something like 2,000,000 tons-enough to tide auto production over until the 1939 model year was nearly over. Result: the 1939 model cars were about $25 cheaper than the 1938, and $10 of that...
Last week, this bit of history was memorable for Ford was again dangling an order before the trade, an order for only 5.000 tons, only an hour's run for the industry's continuous mills. But such was the state of the steel industry that the offer was demoralizing. Youngstown Sheet & Tube allegedly nibbled first, offering Ford a $2 a ton cut. He held out, won a reduction twice as big, added insult to injury by splitting the bone he was throwing seven different ways, so that no plant got more than a sniff of business...
...last October,-price cutting spread. Some steel prices dropped as much as $11 a ton or up to 20%. Characteristically, competing automen disputed Ford's claim for credit in securing the reduction. Meanwhile, large steel orders by the motormakers are probably two months off, for the auto companies have enough steel on hand to last until large scale production begins on 1940 models and want to be sure their big buying is done at the bottom, not on the way down. Aggressive National Steel Co., always up front among the price cutters, admitted that it didn't "know...