Word: steelmen
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...steelmen were also likely to be on the Department of Justice's carpet. Suspicious of the uniform and almost simultaneous price advances, the antitrust division moved with unusual speed, prepared this week to find out why the advances had fallen into such a neat pattern...
...Steelmen were not the only businessmen thinking about profits, and prices. Procter & Gamble's Richard R. Deupree reported that P. & G. had rolled up record profits. P. & G. reported net profits of $20.2 million in six months v. $17.1 million in the corresponding period a year ago. But P. & G. had also set aside $28.5 million, which came out of profits, as a cushion against a possible loss on inventories. That was double what it set aside for the same purpose for the whole preceding year. In explaining this enormous set-aside, Soapmaker Deupree pointed out that...
...members of the Steel Advisory Committee needed only three hours with Secretary of Commerce W. Averell Harriman to work out their plan. The steelmen agreed to set aside up to 10% of the industry's production and see that the steel reached industries designated by Harriman. At the start, the steel will go to four industries-freight cars, oil refinery equipment, farm machinery and low-cost housing-where greater production is needed to break other shortages...
...price of steel going up again? Last week some steelmen feared so. One small plant had already boosted the price $6 a ton for plate. Said one steelman gloomily: "If the price of scrap doesn't come down, the price of finished steel will have to go up." In Pittsburgh last week scrap jumped $5 a ton to $43, the highest in 30 years. Pittsburgh companies, frantically searching for scrap among dealers in other cities, heard them quote prices...
...Philadelphia and Chicago last week, some small mills reported that they had only two weeks' scrap supply on hand. Some of the bigger companies were only a little better off. Whether or not steelmen would eventually be forced to pay higher prices, the shortage of scrap was so acute that a drop in steel production seemed inevitable...