Word: steelmen
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...price-cutting) of U. S. Steel's Judge Elbert Henry Gary. But with mills running at a fraction of capacity, steel companies have fought like jackals for what busi ness there was. Price-cutting, price-shading, concessions to favored customers, indirect rebates have demoralized the trade. Though steelmen testily deny that they are enthroning a "tsar," President Lament's chief job will be to whip steel companies into a strong and united price front, stamp out the buyer's notion that he can always wheedle a profit-sucking concession, encourage him to take on normal inventories. Said...
...price of rails at $43 a ton since 1923. Through the twilight zone between legal co-operation and anti-trust law violation, President Lament will have to thread his way. Knowing that he will be supported by President Hoover in his efforts to resuscitate a prime industry, few steelmen doubted his surefootedness...
Quick to follow-the-leader was Bethlehem Steel with 50,000 employes. Republic and other independent companies were sure to join the procession. Steelmen last week were inclined to point out that wages have not come down as much as in 1921, that unless business picks up there may be more cuts...
News-tickers rushed the word to Pittsburgh, capital of Steel. Here too it was a surprise. Steelmen knew Mr. Irvin. They had met him at the Duquesne Club, at association meetings and dinners. They all knew him to be a good operating man, one of the kind popularly supposed to be able to tell the rate of production by sniffing Pittsburgh's cinder-laden air. But none had ever dreamed he would rise to the greatest height in their world. If he had ever had that dream himself, he never revealed...
...since business has usually revived after a rise in commodities, many a businessman was cheerful, prone to look ahead a month or so rather than to express dismay over current figures. Iron Age reported steel operations up to 30% of capacity after being at 29% capacity the week before. Steelmen were encouraged by the prospects of a busy automobile industry for the rest of the year, anxiously awaited the results of the year-end rail buying by the railroads. Buying by farm implement makers was expected to follow the wheat rise. During October, steel ingot production averaged 58,977 tons...