Business: Williamsport Windup

Bethlehem Steel Corp. was hard hit in pride and pocketbook two months ago. Then, a federal district court in Scranton annulled its 1937 purchase of the Williamsport Wire Rope Co. on the ground that a federal judge had been bribed to approve the deal (TIME, Oct. 27). Last week Bethlehem found a way to clear its name and get back Williamsport. It agreed to pay Williamsport stockholders an extra $6,000,000 for a clear title to the company (it had originally paid $3,300,000 for the business while it was in receivership). In approving the terms of the settlement, Judge Albert L. Watson...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!