Indianapolis Times, Indianapolis, Marion County, 28 October 1937 — Page 6
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THE INDIANAPOLIS TIMES
HIGHWAY CREWS LORIMER LEAVES
PAGE 6
Whole Nation Is Affecte
—. THURSDAY, OCT. 28 1987
Mele th ie agers
d by Changes
ESTATE OF $250,000
In Chief Officials of U. S. Steel Corp;
New Heads Have Advan ced Labor Views
No
Myron C. Taylor
Firm May Consolidate Its Far-Flung Operations Even More.
By RICHARD L. GRIDLEY
Times Special Writer PITTSBURGH, Oct. 28.—Behind the reshuffling of top officials of the U. S. Steel Corp. are developments of far-reaching implications affecting the whole nation.
Whatever big steel does usually influences all businesses. Its labor policies affect all labor. Its financial policies affect finance. Its social policies affect society. The corporation has just board of directors, Myron C. Taylor, will retire ana be replaced by Edward R. Stettinius Jr., and that its president, William A. Irvin, will be succeeded by Benjamin Fairless. Mr. Stettinius is 37, the son of a former J. P. Morgan partner. Mr. Fairless is 47, the son of an Ohio coal miner. Never pefore have such voung men—and men with such liberal labor views—been intrusted with comparable responsibility in big business. Steel experts saw general important possibilities in the change. Because of the advanced labor views of both new leaders it was considered like-
lv that big steel would continue its |
friendly dealings with union labor, begun last spring when it capitulated to demands of John L. Lewis and recognized union labor for the first time in its long history. The second possibility was further steps toward knitting together flung operations of the corporation. Numerous of 'its subsidiaries were
an- | nounced that the chairman of its |
Benjamin Fairless
2
William A. Irvin
merged after the depression, and further steps may soon be taken along this line. The recent consolidation of the Carnegie Steel Co. land the Illinois Steel Co. into the Carnegie-Illinois Steel Corp. was the starter in a merger program not yet completed. The developments this week are part of a virtual rebuilding of the company’s physical and financial structure. Before the Coolidge boom had ended, big steel began to feel the effects of more agile and aggressive competitors. Some people called U. S. Steel a “sleeping giant.” It had overlooked the market for “light steels” that ( had been created by the auto industry. It was at the mercy of smaller competitors who were better able to meet changing condi- | tions and to obtain business through | price concession. | Heads of U. S. Steel eventually | decided on a parallel program of | financial and physical reorganiza- | tion. | Within the last two | mills have been scrapped, new ones | built, and out-of-date plants mod{ernized. Hundreds of millions of | dollars were spent on this program. [ It will be virtually completed when (Work is over on the $45,000,000 Irvin works being constructed on a { hilltop near Pittsburgh. (The plant | was named in honor of the com- { pany’s retiring president.) The financial reorganization of
|the company involved the retire- |
checks
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ment of hundreds of millions of dollars of outstanding bonds, interest on which must be paid | whether the company earned a profit or not. Fortunately for big | steel, those bonds were retired at | the peak of the boom out of funds | obtained from the sale of new com- | mon stock at the then fancy prices. | When the depression struck there | were no heavy interest pavment to make and no sapping of the company’s financial structure. What big steel is going to do next spring when its one-year contract with John Lewis’ Steel Workers Organizing Committee expires is a question that has troubled both big business and labor for months,
that the corporation will continue its recognition of the union,
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CHART DATA FOR IMPROVEMENTS
Elimination of Sharp Curves Among Aims of Commission. Data for future road improvements is being collected by six
survey crews, Earl Crawford, State Highway Commission chairman, re-
ported today. One crew, he said, now is at work on a section of Road 52 between | English and Arlington Aves. in In- | dianapolis. Emphasis is being placed | in these surveys on elimination of | bad curves or grades and establish- | ment of more direct routes. Mr, Crawford said opening of the | recently completed section of Road | 9 in Jackson and Bartholomew | Counties is to provide motorists with | a high-water route between Seymour | and Columbus. The new State highway extends north from the intersection of Roads 31 and 50, east of Seymour, to Road 7, southeast of Columbus, and will not be affected by overflow water from White River which frequently halts traffic between the two cities on Road 31, he said.
HEADS PUBLISHERS
NEW YORK, Oct. 28 (U. P.).— The Crowell Publishing Co., publishers of Collier's the Woman's Home Companion, the American Magazine and the Country Home Magazine, announced ‘today the election of Joseph P. Knapp as chairman of the board.
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