Word: steele
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Dates: during 1940-1940
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...rail-racing enthusiasts, competing in the first miniature rail-racing championship of the U. S. In rail-racing, far more exciting to watch, cars usually race in threes (against time) around a banked wooden oval, one-sixteenth of a mile in circumference. They cling to the oval's steel rails by means of ball-bearing rollers (attached to the front and rear axles), which fit under the rails' flanges...
...also made a highly significant announcement: the U. S. steel industry, now operating at the highest rate in its history (78,000,000 tons a year), must either build new capacity or begin rationing its customers. "I am convinced," said Deputy Batt, "that the steel industry must enlarge its capacity, and I see indications that the industry realizes...
...Batt's indications were no mirage, they meant the end of one of the stormiest battles yet behind the scenes of the Defense Commission. Opposed for weeks were stand-pat steelmen, represented in the Commission by American Iron & Steel Institute Secretary Walter Tower, and expansion-minded New Deal staff economists, who want enough steel to handle defense and normal steel needs both. Mr. Tower has frequently boasted of the industry's readiness to handle any emergency without expanding. Republic Steel's Tom Girdler echoed him: "If ev erything in this country was in as good shape...
...Deal economists, such talk sounded pre-boom and pre-emergency. Against present theoretical capacity of 83,000,000 tons of ingots, they figure steel demand for the year ending June 30, 1942, at 95,000,000 tons of ingots (of which 75,000,000 tons will be civilian, about 16,000,000 tons will go into exports, 4,000,000 tons will go into defense...
Last week, just before leaving Washington, Franklin Roosevelt took a hand in the controversy. He called in ex-Steelman Stettinius, told him he wanted less talk about steel and more steel. Weighing on his mind were such facts as this: if the railroads were at last to start buying equipment in a big way. the Government, to give the railroads priority in steel, would have to curtail civilian sales & employment. This week Stettinius' materials division rushed work on its final steel report to be handed to the President when he returns. Meanwhile the National Resources Planning Board fortified...