Word: steels
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Dates: during 1950-1959
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WASHINGTON, Nov. 2--Federal mediators shuttled between steel industry and union negotiators today. When it was over Steelworkers Union President David J. McDonald said there was "absolutely no headway" toward ending the 111-day-old steel strike...
...Miami Beach there were opinions to fit every account. Said Louis E. Corrington Jr., president of Chicago's Southmoor Bank & Trust Co.: "Right now, money is the tightest I have ever seen it. It will be worse after the steel strike is over and companies start building inventories and go to the banks to borrow." Said Russell H. Eichman, vice president of Cleveland's Central National Bank: "If the steel strike requires a slowing up of auto sales, that in itself will automatically ease the tight money situation." Said Scott L. Moore, president of the American National Bank...
Alexander believes there may be more jiggling of rates when holiday financing steps up and the steel strike ends. But, he says hopefully, "there is a good likelihood that the worst pressure on rates is past. A sustained strong upward force is unlikely." He does not think that tight money will harm the boom: "The supply of money and credit is not exhausted. The banking system is heavily loaned, but not loaned up." He is not concerned about high money rates, points out that for long periods short-term rates wrere actually above long-term yields. Says...
Morgan won control of some 50% of the railroad mileage of the U.S., merged the roads so efficiently that they were soon earning $300 million a year. He helped put together such later industrial giants as General Electric, merged several companies to form U.S. Steel, with the steel works of Andrew Carnegie as its nucleus. When Carnegie scrawled the price he wanted on a scrap of paper ($447 million), Morgan characteristically glanced at it briefly, snapped: "I accept." At one time Morgan controlled six banks and trust companies, three life insurance companies, ten railroads and a cluster of huge corporations...
IMPORT CURBS on Japanese stainless-steel flatware were ordered by President Eisenhower to protect U.S. producers. Japanese now account for 90% of all imports. New restrictions are aimed at cutting flatware imports from Japan to 5,750,000 dozen pieces; duties of 60% to 67^½% will be imposed on all imports in excess of that total...