STATE OF BUSINESS: Ford Philosophy

Last week frightened steelmen could not help recalling the story of a week last autumn. When steelmen returned jauntily from 1938 Labor Day weekends, they were confident that no more dreary months of 25% and 30% operations lay ahead—October would start the 1939 auto model year off with a bang. Soon all steel-peddling haunts buzzed with reports that auto production schedules called for 1,000.000 1939 cars by year's end. At a ton of steel per car, Detroit would have to buy 1,000,000 tons. Buick had just bought 35,000 tons. Ford was shopping for...

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