Business: Steel Accedes

We are no longer sellers of steel. The large industries tell us what they will pay. Our commodities are sold at too low a price. —James Augustine Farrell, 1931.

Prosperity, depression and a threatened investigation by the Government were unable to change the price of steel rails for a decade. Billets might go up (to $36 a ton in 1929) and billets might go down (to $26 last week), but the price of steel rails mysteriously remained at $43 a ton.*

Last week Myron Charles Taylor, chairman of United States Steel Corp., invited a group of...

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