Business & Finance: Pittsburgh Minus

The trouble with "gentlemen's agreements" to stabilize prices, according to the industrial engineering firm of Ford, Bacon & Davis, is that 60% of the agreers are gentlemen, 30% just act like gentlemen and 10% neither are nor act like gentlemen. Result in the early years of the steel industry was that every price pool ended in price chaos. Then along came a gentleman who also carried a big stick—stern Judge Gary of U. S. Steel Corp. Since Big Steel at the turn of the Century had 65% of the total ingot-steel capacity, Judge Gary...

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!