Word: steelmen
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Stainless? The Department of Justice announced that 18 makers of stainless steel-roughly the U.S. steel industry- had consented to a decree in an antitrust suit that banned them from fixing prices and "employing other restraints of trade." The steelmen said that, as they had already conformed with most of the provisions, they saw no reason to bring the case to trial...
...steelmen pinned their hopes mainly on Indiana's Senator Homer Capehart, whose special Senate subcommittee was just beginning to pry into the entire hubbub. Capehart said that the Supreme Court's decision in the cement case had thrown all of industry into confusion on prices. He thought the "only pricing practice which may be followed in any competitive industry where freight is a substantial item . . . with assurance of legality is an f.o.b. mill price. Any other pricing system may be found illegal...
...Answer. In its monthly Business Review, the Philadelphia Federal Reserve Bank also said the steelmen were wrong. Steelmen contended that the uniform basing price was a necessary and "natural" protection for an industry with high capital outlay and high freight charges. In effect, said the bank, they were describing their industry as a "natural monopoly." "If [that] were granted," it warned, "a good case could be made out for regulation of the industry as a public utility...
...bank was also unimpressed with the steelmen's fear that the new pricing system will force many plants to move closer to their steel supply. The manufacturer's steel bill, said the bank, was only one consideration in placing his plant. Others were labor, transportation, and markets. Snapped the bank: "The full impact of the change in our economy will not be apparent for some time, and investigators should not be misled by pat arguments which seem to furnish easy answers to complex problems...
Phenol & Foxes. Sharp-eyed George Humphrey always seems to be looking ahead. Long before steelmen began worrying about exhausting the Mesabi's rich ores, his pilot plants were seeking economic ways of extracting the plentiful lower-grade taconite ores. (To find new iron ore sources, Humphrey's explorers, supplied by air, are also probing in Labrador.) Though many think coal a dying industry, Humphrey and Standard Oil Development are building a pilot plant to make gas (and later gasoline) from coal by burning it right in the mine. Three years ago Humphrey moved into Durez Plastics & Chemicals...