Word: stettinius
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Dates: during 1930-1939
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...speech day. The independents (staying in the black) offered to lay steel down in Detroit for $8 a ton less than the U. S. Steel Corporation, and the U. S. Steel Corporation (going into the red) met the cut. Little Steel's Girdler and Big Steel's Stettinius traded punches till both were sorry...
...Steel's subsequent action in cutting prices without cutting wages was thus more striking. It came also just as the Administration's monopoly investigation-whose first subject is likely to be Big Steel-got going. What was more, Big Steel's young Chairman Edward R. Stettinius Jr. made the announcement just before Franklin Roosevelt's fireside chat, then had dinner with Franklin Roosevelt's close advisor Tom Corcoran and several members of the Business Advisory Council. The President thereupon commented that he was "gratified to know that this reduction in prices has involved no wage...
This was a bit stronger than Mr. Stettinius had bargained for. As the steel industry quaked and the stockmarket paused over rumors of a definite pledge not to cut wages, Big Steel's young chairman announced flatly: "No official of the U. S. Steel Corp. has given any assurances that wage reductions will not follow the steel price reductions announced yesterday...
...skids, this added up to a pressing need for cash. Three months ago U. S. Steel borrowed $50,000,000 from Pittsburgh, Chicago and Manhattan banks. Last week, to retire the loans and get the money for 1938's construction, Myron Taylor's successor, young Edward R. Stettinius Jr., announced his first big financial operation: flotation of $100,000,000 in ten-year debentures, to take place next month under the wing of Morgan Stanley...
...total assets. Last week in the august atmosphere of its headquarters at No. 71 Broadway, Manhattan, another move was made in the grand administration plans which Chairman Taylor hopes to complete before he turns the company over to Chairman-elect Edward Reilly Stettinius Jr. next April. A new subsidiary, U. S. Steel Corp, of Delaware, was created solely as a management corporation. After the turn of the year, this corporation will be governed by a board of executives representing all phases of management in the operating units and headed by 47-year-old Benjamin Franklin Fairless, president-elect...