Word: stettinius
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...Steel. Big Steel's stockholders heard from Chairman Edward Stettinius much the same story, minus the sugar-coating common dividend. White-haired, springy, no geranium in the profane steel business, young (aged 38) Ed Stettinius is the kind of man who looks his Corporation's troubles in the eye. He announced: 1) that Big Steel would pay its regular quarterly preferred dividend (again better than 75% unearned); 2) that second-quarter earnings ($1,309,761) were about $650,000 more than the first quarter's-but only because the Corporation decided to cut depreciation charges...
...early birds: Benjamin ("Sell 'em Ben") Smith, demon speculator in oil, gold, airplanes; rich Long Island widow Clara Adams, inveterate first tripper who is trying to round the world in 16 days (for passage on the Graf Zeppelin in 1928 she paid $3,000); Mrs. Elizabeth Stettinius Trippe, wife of Pan American President Juan Terry Trippe; Captain Torkild Rieber, Board Chairman of Texas Corp.; United States Lines President John M. Franklin; Investment Banker Harold Leonard Stuart; a lawyer from Allentown, Pa., named Julius Rapoport; San Francisco Shipowner Roger Lapham, whose American Hawaiian Steamship Co. was in trouble with union...
...speech day. The independents (staying in the black) offered to lay steel down in Detroit for $8 a ton less than the U. S. Steel Corporation, and the U. S. Steel Corporation (going into the red) met the cut. Little Steel's Girdler and Big Steel's Stettinius traded punches till both were sorry...
...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 R. Stettinius Jr. made the announcement just before Franklin Roosevelt's fireside chat, then had dinner with Franklin Roosevelt's close advisor Tom Corcoran and several members of the Business Advisory Council. The President thereupon commented that he was "gratified to know that this reduction in prices has involved no wage...
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...