Word: weirton
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Dates: during 1930-1939
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Last year, having won what he tersely referred to in his annual report as "the case of the U. S. v. Weirton Steel Co." (famed test of the Recovery Act's labor section), Chairman Weir, found time to ponder finances. Mr. Weir thinks that a big debt is a good thing for a company because it makes everyone work harder but he saw no reason for paying 5% for nearly $40,000,000 of borrowed money when he could pay 4%. Moreover, he was planning for his Detroit plant a new wide strip sheet mill, which is an appallingly...
Actually the only wiseman from Weirton was Mr. Weir. National Steel was merger of Steelman Weir's Weirton Steel (which lacked adequate ore reserves), Cleveland's M. A. Hanna Co. (which had them) and Great Lakes Steel, whose plants were right at the back door of the automobile industry. Mr. Weir's fellow wisemen were George Humphrey of M. A. Hanna, who is now National Steel's executive committee chairman, and George R. Fink of Great Lakes Steel,, who is now National's president...
...small papers at the same standard of efficiency as in the past, and at no greater cost than in pre-Wirephoto days. Boldly Publisher Macy pounced on a sore toe by reviewing the AP's momentous blunders on the Hauptmann verdict, the Gold Clause decision and the Weirton case "while the executives' attention was diverted to Wire-photo." His main point for the resolution: His papers were required to pay 50% more for an expedited mat-service to keep from being scooped by metropolitan dailies invading his own territory with Wirephotos. Moreover, said he, the Wirephoto machines were...
Having thus given the appearance of a man determined to stick by his guns, Mr. Richberg proceeded to lay down a 17-point program proposing amendments to limit NRA to "what can be legally accomplished." The Weirton decision had cast grave doubt on the NRA's legal power to regulate intrastate industrial affairs simply by spicing the law with the "commerce clause" of the Constitution. With an eye to avoiding a peck of court trouble, Mr. Richberg therefore announced: "Codification should be limited to those trades and industries actually engaged in interstate commerce...
...gloomy and disillusioned Labor the Weirton decision was just one more indication that the Administration had not been able to keep its rosy collective bargaining promises of two years ago. In the Senate the decision also had an effect on Senator Wagner's National Labor Relations Bill, whose fundamental premises had suddenly been given a set of question marks. Only nonpartisan who saw a silver lining for President Roosevelt & friends in the Weirton case outcome was Pundit Walter Lippmann. Said he: "What has been attempted under NRA . . . is a mixture of good and evil. . . . It was bound to break...