Word: youngstowners
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...working control of Pittsburgh Coal Co. As part of an extensive rehabilitation program, whose object was to restore dividends after an eight-year lapse, Pittsburgh Coal was building this spur to connect with water transportation on the Ohio River. This would shave the cost of hauling coal to Youngstown and Cleveland, perhaps enough to enable Pittsburgh to recapture markets lost to the low-cost producers of the Southern fields. Which meant, of course, that Messrs. Atterbury & Williamson would haul a much smaller chunk of Pittsburgh's 10,000,000-ton annual output. Five years...
...bargaining was provided by means of company unions set up for that purpose-an "open shop" provision which the American Federation of Labor threatened to fight. Steel prices were to be based on new regional quotations instead of the old "Pittsburgh plus" system. Simultaneously eleven steel companies headed by Youngstown Sheet & Tube, Republic and Carnegie announced a 15% wage increase at once for about 100,000 workers. Soft Coal. This code represented only the unionized one-quarter of the bituminous industry, promised much controversy. Provided was an eight-hour day and an average 36-hour week for the year. Minimum...
...Cyrus Eaton's fight against the Bethlehem-Youngstown merger that blasted his fame & fortune. He wanted Youngstown for his own big Republic Steel but the battle was fought in the name of industrial independence for the Midwest. To finance that battle Continental Shares pledged most of its assets for bank loans. The Eaton victory was Pyrrhic. By 1931 slumping stock prices pushed his loans under water and Cleveland bankers ousted him as president in favor of George Taylor Bishop, a semi-retired financier. Cyrus Eaton disappeared from the headlines as completely as if he had died. Last week bushy...
...Cleveland where plants were booming at 77% of capacity, talk of steel mergers was sprouting again last week-sure sign of a jubilant industry. It concerned no Bethlehem-Youngstown merger but it did deal with the scattered relics of Cyrus Eaton's industrial empire-big Republic with small ($34,000,000) Otis Steel and smallish ($54,000,000) Corrigan-McKinney Steel. Interest was added to this report by the fact that a block of 50,000 shares of Cliffs Corp. which controls Corrigan-McKinney was included in the collateral that Cyrus Eaton put up for a big loan from...
...Birmingham, mills were running at about the average for the industry, in Youngstown slightly above at 48%. But what concerned steelmen most last week was prices and wages. Buyers last week found it nearly impossible to place orders for the third quarter. There were persistent reports that a 10% wage raise on July 1 would be the signal for a general upping of all steel prices...