Word: fairless
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Before a Senate subcommittee investigating business profits last week sat U.S. Steel Corp.'s Ben Fairless, giving the Senators the facts on his company's high earnings. Midway in his testimony, Wyoming's hawk-browed New Dealing Senator Joseph C. O'Mahoney, veteran critic of big business, opened up on a favorite subject: the steel shortage...
When the steel industry dropped the basing-point system (TIME, July 19), Big Steel's Ben Fairless began to worry about the fate of Pittsburgh. Because it normally makes more steel than local industries can use, he thought some of the steel plants would have to move away to find a market. But last week, it seemed likely that the market would come to Pittsburgh...
...pacesetter in the new whirl of the inflationary spiral was a 9% wage hike by U.S. Steel Corp. (see NATIONAL AFFAIRS). Big Steel's Ben Fairless promptly announced that steel prices would have to go up also. Bethlehem Steel Corp.'s Eugene Grace and most of the industry followed Big Steel's lead on wages, and began figuring price increases, too. In addition to the wage increase, the new prices would also have to cover higher coal prices (which added up to $1.25 a ton to the cost of finished steel) and a freight rate increase which...
Murray, who has a no-strike contract with the steelmakers, had no sooner opened his wage drive in Pittsburgh last week when U.S. Steel Corp.'s President Ben Fairless denied that prices had been jacked up in anticipation of Murray's demands. The price change, he said, was merely an "adjustment of a particular situation of limited scope"; some of the products, he added, were "being sold at a loss." Republic Steel's tall, greying President Charles M. White said it was "compensation for past wage increases...
Empire Employees. Many of the new leaders-U.S. Steel Corp.'s Ben Fairless, Lever Bros.' Charles Luckman, General Electric Co.'s Charles E. Wilson, Henry Kaiser, Eastern Air Lines, Inc.'s Eddie Rickenbacker, Procter & Gamble Co.'s Richard R. Deupree, Sam Goldwyn and Radio Corp. of America's David Sarnoff -fitted the rags-to-riches pattern set by some of 1917's tycoons. And some of the leaders still had the old empire-building names-Harvey S. Firestone Jr., Henry Ford II and Nelson Rockefeller...