Word: youngstowns
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Cyrus Stephen Eaton, retrenching tycoon, resigned as a director and member of the executive committee of Youngstown Sheet & Tube Co., also from the Chairmanship of Continental Shares, Inc. Last week the Eaton firm of Otis & Co. retired from the N. Y. Stock Exchange...
From the Robert Treat Hotel in Newark, N. J., where Bethlehem Steel Corp. stages stockholders' meetings, last week came echoes of the two wars, one foreign and one civil, which Bethlehem fought last year. The foreign war, the effort to merge Bethlehem with Youngstown Sheet & Tube, was rumored about to begin again. The civil war, over Bethlehem's bonus-plus-salary system, was arbitrated and ended, with victory for the enemies of Bonus...
Cyrus Stephen Eaton of Cleveland, the man who blocked the Youngstown merger, was the man who caused the bonus war. What justification was there, he had asked to know, for paying as high as $1,623,753 in one year (1929) to President Eugene Gifford Grace? Minority shareholders echoed Mr. Eaton in surprise and indignation. Chairman Charles Michael Schwab, who had issued the bonuses in his discretion (but never taken one himself), pleaded with tears in his eyes and a catch in his voice for the shareholders to "drop it, drop it" (TIME, April 27). Last week, having altered...
Pipe Order. Youngstown Sheet & Tube Co. received an order for 41.000 tons of steel pipe, called 1,000 men back to work...
Cyrus Stephen Eaton, recently chairman of Continental Shares, Inc. (TIME, May 4), was reelected, with associates, to the board of Youngstown Sheet 6 Tube Co» Since Mr. Eaton's Youngstown stock is classed as "dissenting," cannot vote, his election was due to the votes of his long-time opponent, James Anson Campbell, Youngstown president. Hence the election was widely interpreted as a peaceful settlement of differences and as forecasting the merger of Bethlehem with Youngstown...