STEEL: How to Make a Buck

In Dallas' Mercantile Bank auditorium last week, stockholders crowded in for the first annual meeting of Lone Star Steel Co. Texans were anxious to know how their first home-owned heavy metal industry (TIME, April 7, 1947) was doing. They heard the good news that Lone Star's stock, floated at $1.50 a share, was selling over the counter for as high as $7.50. Then came the bad news.

The man who smoked it out was Carl Estes, oilman, publisher, and one of the principal Lone Star organizers. Ailing Mr. Estes was brought to the meeting on a stretcher. While his doctor...

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