Word: steeled
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...Steel was strong enough to take huge losses now, many a smaller steel company was not. Last week, with production at 28% of capacity, after a series of secret talks with John L. Lewis, Big Steel finally about-faced, announced reductions of 5% to 7% on important products without cutting wages...
This meant cuts of from $2.50 to $8.50 a ton, brought prices back to the pre-1928 days. As striking as this news was another aspect of the reduction: prices at Big Steel's Birmingham and Chicago plants were for the first time lowered to the Pittsburgh level. Announced reason for the change: "Increased production facilities and greater diversification of products" in these two steel centres. To the steel trade, however, it meant that Big Steel, sniped at by non-union independents since it made a wage contract with C.I.O. and pinched by their price concessions had finally abandoned...
...conversations with John L. Lewis and the Steel Workers Organizing Committee, Big Steel last week said not a word, but the press reported that the company was trying to persuade Mr. Lewis to accept a wage cut as amicably as U. S. Steel accepted unionization a year and a half ago. Big Steel's subsequent action in cutting prices without cutting wages was thus more striking. It came also just as the Administration's monopoly investigation-whose first subject is likely to be Big Steel-got going. What was more, Big Steel's young Chairman Edward...
This was a bit stronger than Mr. Stettinius had bargained for. As the steel industry quaked and the stockmarket paused over rumors of a definite pledge not to cut wages, Big Steel's young chairman announced flatly: "No official of the U. S. Steel Corp. has given any assurances that wage reductions will not follow the steel price reductions announced yesterday...
...first hour whopped up to 250,000 shares. Last fall in an optimistic moment, the Exchange devised a system of FLASH quotations for use whenever the ticker got five minutes behind. Last week it had a chance to use it for the first time. FLASH-X (U. S. Steel) 49⅞. FLASH-A (Anaconda Copper) 28. FLASH-T (American Tel & Tel) 140½. When the clay's closing bell bonged, brokers had enjoyed the first million-share day since May, Dow-Jones industrial averages were up a thumping five points to 118.6 (1938 low: 98.95; 1937 high...