Word: youngstown
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...back as most steelmen can remember, Chairman Eugene Gifford Grace of Bethlehem Steel Co. had a consuming corporate desire to merge "Bessie," the second biggest U.S. steel company, with Youngstown Sheet & Tube, the nation's No. 6 steelmaker. Grace first tried to turn the trick in 1930, only to be thwarted in court after a proxy battle with Cleveland Financier Cyrus Eaton, who then controlled 19% of Youngstown stock. This year, at 78, Bethlehem's Chairman Grace announced that Bessie and Youngstown were again planning to merge. Last week the Justice Department, which has been cool...
...merger . . . would be in violation of the antitrust laws," specifically a 1950 amendment to the Clayton Act prohibiting mergers that might tend to reduce competition. At the news, stocks of both companies, which had been hopping up on merger prospects, slipped. Bethlehem dropped 1¼ to 77¼; Youngstown closed...
Swift Reaction. From the two companies came swift reaction. Noting that the 1950 amendment had yet to be tested legally, Youngstown's President J. L. Mauthe threatened to bring the case to court. (In 1948, before the amendment was passed, the Justice Department tried to block U.S. Steel's purchase of the West Coast's Consolidated Steel-TIME, June 21, 1948-but lost out in the U.S. Supreme Court.) Even if merged, steelmen noted, Youngstown and Bethlehem would still be second to U.S. Steel, with assets of $2.3 billion (v. Big Steel's $3 billion...
Shortly after 11 o'clock one night last week, two women and a 16-year-old girl slipped from a Youngstown, N.Y. dock into the black waters of Lake Ontario. Their mission: to swim the 32 miles across the chill, changeable lake, a feat no man or woman had ever done...
LATEST STEEL merger may be blocked by the U.S. Justice Department. Worried that the combine of second-place Bethlehem Steel Corp. (after U.S. Steel) and sixth-place Youngstown Sheet & Tube Co. might restrict competition, Antitrust Chief Stanley Barnes is holding up approval, may carry his problem to President Eisenhower...