Business & Finance: Empire's Steel

In England. Old ladies should not attempt to vie with ironmasters in their own field, yet last week the Bank of England, for generations "The Old Lady of Threadneedle Street," prepared to take control of a large part of England's iron and steel industry. Bank Governor Montagu Collet Norman, famed for his keen maneuvers on the complex field of international exchange, prepared for the new role of Steel Man.

As the ultimate authority on all British financial matters, the Bank of England last autumn decided that British industry, collapsing from its...

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