Word: youngstowns
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...Youngstown Sheet & Tube Co., sixth largest U. S. Steel producer, $30,000,000 in 4% convertible debentures-$12,500,000 to repay bank loans, $17,500,000 for expansion. The issue, postponed when it was first proposed last October, sold sluggishly. Underwriters headed by Kuhn, Loeb & Co. and Smith, Barney & Co. were said to have nearly $4,500,000 left on their hands...
...trouble which beset the Youngstown issue helps explain a relatively new departure in U. S. financing-private sale of securities from corporation to investor without benefit of underwriters or SEC. Last year this kind of quiet dickering achieved a record volume of $500,000,000. This year, private sales have already reached $300,000,000. Fortnight ago, Celanese Corp. floated $10,000,000 in debentures privately. Other examples: U. S. Rubber, $45,000,000; Consolidated Oil $25,000,000; Detroit Edison...
...file with SEC or awaiting issuance are four sizable issues proposed for sale in September: Youngstown Sheet & Tube, $30,000,000; Phillips Petroleum, $25,000,000; Atlantic Refining Co., $25,000,000; Gulf States Utilities $10,000,000. Only about half of these four borrowings are for working capital-hence industrial companies, if not utilities, are floating loans for new money. Another plain fact is that generally only top-notch companies thus far have tried to raise money and they have offered mostly senior issues. Many economists hold that there can be no noteworthy recovery in the capital market until...
...sole but vital aim of last summer's bloody strike had been to win signed bargaining agreements from Republic, Bethlehem, Youngstown Sheet & Tube and Inland Steel. When strike tactics failed, S. W. O. C. began filing charges with the labor board. Certain that it had a majority of the workers in two Inland Steel plants, S. W. O. C. decided to lodge against this company its most far-reaching complaint: that by refusing to reduce an oral agreement to writing, the company had refused to bargain collectively in violation of the National Labor Relations Act. Last week, Chairman Madden...
...Youngstown, Ohio...