Word: youngstowns
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Undoing. Like everyone else's, Mr. Eaton's troubles began with the stock-market crash of November 1929. On top of this came the long and costly battle against the Youngstown-Bethlehem Steel Merger. Unwilling to sell his Youngstown stock and, for tactical reasons, forced to buy more, Mr. Eaton was soon in an over-extended position. He needed cash. So, at the end of 1930 he (through Otis & Co.) sold to Continental Snares one of his richest plums: 40% of the voting stock of United Light & Power (the $500,000,000 utility system which was Mr. Eaton's first...
...Youngstown Sheet & Tube...
...James A. Campbell, chairman of Youngstown Sheet & Tube Co., fought to merge his company with Bethlehem Steel
Since Bethlehem Steel Corp. was formed in 1904, its spirit has been that of big, voluble Charles Michael Schwab. Unpleasant to Chairman Schwab is the successful way in which Cyrus Stephen Eaton has blocked Bethlehem's attempts to merge with Youngstown Sheet & Tube Co. Unpleasant to Chairman Schwab has been the recent challenge of minority stockholders who decry the bonus plan which in 1929 gave President Eugene Gifford Grace $1,623,000 and that much again to lesser executives. Of this latter unpleasantness, a phase which developed last week must have been particularly unpleasant to Chairman Schwab. To each...
...court in 1929, with Bethlehem granting U. S. Steel the right to use the process. This enabled American Bridge to compete better with other fabricators who bought Bethlehem's beams in which the Gray Process was used. The competition became more visible when Bethlehem sought to acquire Youngstown Sheet & Tube, leading independent in a territory reserved for U. S. Steel by a gentleman's agreement...