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// Workers AI · dad joke modeWhat did Trumbull Steel say? "I'm a-bolt-ed to work.

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From Wikipedia, the free encyclopedia

Trumbull Steel
TypePublic
IndustrySteel
FoundedApril 25, 1912; 114 years ago (1912-04-25)
FounderJonathan Warner
DefunctApril 27, 1928; 98 years ago (1928-04-27)
SuccessorRepublic Steel
Headquarters
Warren, Ohio
,
U.S.
Number of employees
6,500 (1924)

Trumbull Steel was an American finished steel and tinplate manufacturer based in Warren, Ohio, in the United States. Founded in 1912, it opened its first steel plant on July 23, 1913. The company rapidly expanded its plant over the next decade, and acquired Liberty Steel in 1919. An attempt to float $20 million in bonds in 1925 exposed financial mismanagement and embezzlement by the company's president. Investor Cyrus Eaton from Cleveland, Ohio, took advantage of the collapse in stock price to seize control of the company. Trumbull Steel became profitable again. Eaton merged Trumbull Steel with Republic Steel on November 25, 1927, ending Trumbull's corporate existence.

Founding

[edit]
Jonathan Warner in 1925

Trumbull Steel was incorporated in the U.S. state of Ohio on April 25, 1912.[1][2][3] The incorporators were Jonathan Warner, Daniel W. Kerr, W.T. Hardesty, William H.B. Ward, and John T. Harrington.[2] The moving force and founder of the company was Jonathan Warner. Since the 1830s, the Warner family had operated blast furnaces, sheet mills, and tinplate works in Ohio's Mahoning Valley.[4][a] Warner became the superintendent of Russia Sheet Mills in Niles, Ohio, in 1891.[4] After James Summers, founded of Struthers Iron & Steel in Struthers, Ohio, died in 1898,[7] Warner bought into the firm[4] and oversaw construction of three new sheet mill stands in 1899.[8][b] Struthers Iron & Steel became part of American Sheet Steel Co. in February 1900 as part of a massive industry-wide consolidation.[10] Warner became a manager in the new company.[11] American Sheet Steel merged with the American Tin Plate Company in November 1903 to become American Sheet & Tin Plate Co.,[12] and Warner became assistant to the senior vice president of the new firm as well as head of its operating department.[13] He resigned in March 1904,[13]

In April 1906, Warner, W.T. Hardesty, and William H.B. Ward bought the Empire Iron & Steel Co. of Niles, Ohio.[14] Hardesty was one of the nation's foremost experts in the design and operation of steel-making facilities, and had erected the first tinplate mill in the United States at Niles, Ohio, in 1892.[15] He had been a district manager for American Sheet & Tin Plate before becoming superintendent of Empire Iron.[16] Warner, who provided most of the capital for the acquisition of Empire, then sold the company to Garry Iron & Steel of Cleveland, Ohio, in May 1910.[17]

Warner re-entered the steel industry by providing the seed capital for Trumbull Steel.[4] To raise additional money, he sold stock in the company to his personal friends.[18] The firm was initially capitalized at $1 million (equivalent to $23,454,000 in 2024).[19]

Trumbull Steel acquired a 57-acre (23 ha) site on the Mahoning River at Warren, Ohio, for its new mill.[20][c] The company was named for Trumbull County, in which the city of Warren was located. The site (41°13′33″N 80°48′49″W / 41.22576°N 80.8135°W / 41.22576; -80.8135 (Former site of Trumbull Steel)[21]) was adjacent to both the Erie Railroad and the Pennsylvania Railroad.[22]

Initially, the new company said in May 1912 that it intended to erect a tinplate plant consisting of six hot-rolled sheet stands,[20][23][24] capable of making 28-inch (710 mm)-wide sheets.[25] The plant would have a capacity of 35,000 short tons (32,000 t) a year[20] and employ 400 to 500 people.[1] By the end of July, it had added another six cold-rolling stands[26] and three more hot rolling stands.[26][27]

Trumbull Steel increased its capitalization to $1.25 million (equivalent to $29,318,000 in 2024) in August 1912,[28] a clear sign that it intended to build a larger plant than announced.

Initial construction focused on a sheet mill building 80 feet (24 m) wide and 1,000 feet (300 m) long, a tin mill 70 feet (21 m) and 500 feet (150 m) long, a boiler house, a warehouse,[19] and an office building.[29] Construction of the facility was hindered by delays in the delivery of structural steel for the buildings[30] and by heavy flooding in the Mahoning River valley in April 1913.[31]

Plant as built

[edit]
Tinplating department in 1913 at Trumbull Steel.

Trumbull Steel's plant opened with test manufacturing runs[32] on July 23, 1913,[33] on a 70-acre (28 ha) site.[32][34] Four sheet stands were running and 1,000 men at work. Another eight sheet stands were ready for completion within two weeks.[35]

At the east end of the rolling mill was a sheet bar storage area capable of holding 10,000 short tons (9,100 t).[22][34]

The main sheet finishing building was 800 feet (240 m) long and 250 feet (76 m) wide and consisted of three aisles, each of which had one or more overhead cranes to move material.[34] The south aisle was 68 feet (21 m) wide and contained six hot-rolling stands.[34] Against the south side of the building was a lean-to[34] which enclosed 18 furnaces for heating steel.[36] The middle aisle was 42 feet (13 m) wide and contained the shearing department,[34] where hot-rolled steel was cut to length and squared (if not intended to be coiled). There were five 114-inch (2,900 mm) and six 48-to-60-inch (1,200 to 1,500 mm) shears.[37][d] The north aisle contained 13 cold-rolling stands,[34] three tandem hot-cold stands,[36] and the annealing and pickling departments.[34] The pickling department contained tanks with strong sulfuric acid, diluted hydrochloric acid, and water (for rinsing away acid). The cooling beds were also located in this area.[38] A lean-to against the north side of the building[34] enclosed the eight annealing furnaces.[36][37] The stands could handle coils of steel up to 30 inches (760 mm) in diameter, whereas most stands at the time could handle only 26-to-28-inch (660 to 710 mm) coils.[39][34] Sheets made at the plant ranged from 12 to 30 gauge, and came in an assortment of lengths and widths.[38]

Parallel to and north of the main building[37] was the 440-foot (130 m) long, 43-foot (13 m) wide tin mill.[38] It had six stands for hot-rolling sheet, six hot-rolling stands for black sheet, 13 stands for cold-rolling,[4][34] and its own crane.[38][e] The tin mill could manufacture tin plate, high-grade steel plate terne, charcoal iron terne, long strip terne, charcoal tin, fire door plate, and furnace pipe.[38] The roofing department of the tin mill had a corrugating machine, crimping machine, curving machine, two die-work hammers, and a painting machine. There was even a machine which attached locks to shingles.[38] The roofing department could make formed roofing products such as corrugated roofing and siding, roll and capped roofing, plain and self-capping roll roofing, plain and corrugated ridge roll, metal ceiling, metal shingles, metal tile,[38] roofing gutters, and narrow conductor pipe.[41]

A galvanizing and tinning plant 600 feet (180 m) long and 150 feet (46 m) wide ran parallel to and north of the tin house.[37] It contained three galvanizing pots and 20 tinning pots.[36] The north side of this structure was for storage and shipping, while the galvanizing and tinning departments occupied the south side.[37] The galvanizing department had its own crane[38] and was separated from the tinning area by a steel partition to prevent galvanization fumes from interfering with the tinning process.[42]

The plant's annual capacity was 60,000 short tons (54,000 t) a year.[34][f] The company-owned rail yard adjacent to the plant had the capacity to handle 50 flatbed or box cars and had its own Davenport Locomotive Works-built switching engine to move them around.[38] Tracks ran from the west end of the main building to the tin house, and from the east end to the galvanizing house. These tracks were depressed in the earth so that the beds of the rail cars were level with the mill floor to afford easy roll-on/roll-off of material.[37]

A Gothic Revival-style brick office building was to the west of the plant.[32]

The total cost of the plant was $2 million (equivalent to $46,560,000 in 2024).[38] Trumbull Steel lacked the cash to pay for the plant, so it issued $250,000 (equivalent to $5,864,000 in 2024) in bonds through local banks.[43][44]

Pre-war expansion: 1913 to 1917

[edit]

Even before the plant opened, Trumbull Steel built a 100-foot (30 m) extension to its tin house[45] and a 100-foot (30 m) extension to its galvanizing department[46] to accommodate two new galvanizing vats, new cooling beds, and new pickling vats.[47]

In November 1913, it added two new cold-rolling stands and built a ninth annealing furnace.[48]

Doubling capacity and first capitalization increase

[edit]

Less than six months after its first plant opened, Trumbull Steel added a 50 percent increase in its production capacity[49] by installing six 36-inch[50] cold-rolling tin mills,[51] four 25-inch[50] cold-rolling sheet mills,[51] and two convertible cold-rolling mills (which could roll sheet or tin).[51][g] A new 600-foot (180 m) long, 75-foot (23 m) wide building was erected to accommodate the expansion.[54]

The doubling of sheet stands[55] practically constituted an entire new factory.[56] The changes increased annual capacity to 120,000 short tons (110,000 t), and doubled the workforce to 2,000 men.[57] All the new equipment was installed and operating by the end of January 1915.[58]

To pay for the expansion, Trumbull Steel formally increased its capitalization to $2.5 million (equivalent to $57,665,000 in 2024).[59]

Second capitalization increase

[edit]

In July 1915, Trumbull Steel's board of directors asked stockholders to raise the company's capitalization to $4 million (equivalent to $89,469,000 in 2024) through the issuance of $1.5 million in stock,[60] $750,000 of which would be preferred stock and $750,000 common stock.[61][62][h] The company had already spent $500,000 (equivalent to $11,184,000 in 2024)[64] to purchase 22 acres (8.9 ha) of new land,[65] lengthen the bar shed to 500 feet (150 m) from 420 feet (130 m),[66] extend the main mill building by 380 feet (120 m),[67] add a second 500-foot (150 m) bar shed, extend its coal trestle by 500 feet (150 m), add a 420-foot (130 m) addition to the annealing department, add a 400-foot (120 m) addition to its galvanizing department,[65] add 358 feet (109 m) to its shearing department.[66][i]

Stockholders approved the stock issuance on August 7.[68]

Filling the new space were eight new hot-rolling mills.[61][62][j] This gave Trumbull Steel a new capacity of 175,000 short tons (159,000 t) a year,[61][62] making it the largest steel sheet-rolling plant in the Mahoning Valley[61] and one of the largest producers of sheet steel in the nation.[70] The additions led employment at the mill to rise by 400 workers to 2,100.[61] Trumbull Steel was also the first steel plant in the United States to use a new interchangeable hot/cold mill.[71]

The company then acquired an additional 30 acres (12 ha) of land to accommodate future expansion.[63][72][73]

Third capitalization increase

[edit]

In January 1916, the officers of Trumbull Steel asked stockholders to approve yet another increase in capitalization, this time increasing the amount of stock by $6 million (equivalent to $119,127,000 in 2024).[74] The increase was made up of $3,759,000 in common stock common and $2,250,000 in preferred.[75] Stockholders approved the increase on February 23.[76]

Trumbull Steel said it planned to spend $3 million (equivalent to $59,563,000 in 2024) to add 16 cold-rolling sheet stands,[77] a 100-by-200-foot (30 by 61 m) addition to its cold rolling mill building, a new office building,[78] and as many as 10 open-hearth furnaces so it could make its own steel ingots and billets.[79] As Trumbull Steel was already one of the largest sheet and tin concerns apart from U.S. Steel, this would dramatically increase its annual output.[80][k] To accommodate the company's increased manufactures, the Pennsylvania Railroad began adding another track to its line between Warren and Ashtabula, Ohio, and between Warren and Pittsburgh,[85] and the Mahoning Valley Railway extended its line to the plant.[86]

Fourth capitalization increase

[edit]

In October 1916, Trumbull Steel's board of directors asked stockholders to approve another stock expansion, issuing another $2.5 million in common (equivalent to $40,218,000 in 2024) and $1.25 million in preferred (equivalent to $20,109,000 in 2024)[87][84] A quarter of a million dollars would be used to retire all of its outstanding bonds.[43][88][l]

Apparently, the $6 million raised eight months earlier was not enough to build the open-hearth furnaces, because Trumbull Steel pledged to use $3 million (equivalent to $48,262,000 in 2024)[91][72] of the new funds to immediately erect five of the planned 10 100-short-ton (91 t) open-hearth furnaces.[87][43][83][84][92] It also announced it would build a mill capable of producing 36-inch (91 cm) wide blooms and bars.[84][83] With these improvements, Trumbull Steel would be able to make chrome, manganese, and nickel steel.[84]

Larger expansion than planned

[edit]

The company began construction on five open-hearth furnaces[93] and four soaking pits[94][m] in late November 1916,[96] with an anticipated opening in the fall of 1917.[97]

Without informing stockholders or the public, Trumbull Steel began work on a much larger expansion than previously announced.[98] The company purchased more land, giving it a total of 300 acres (120 ha),[99] and began construction on a new cold rolling mill.[98] The cold-rolling mill was due for completion in April 1917,[89][n] and cost about $250,000 (equivalent to $4,022,000 in 2024).[102][100] Its six stands made thin sheet steel for the automobile and furniture industry, and provided 500 new jobs.[73] It was the very first rolling mill in the nation whose stands were electrically, rather than steam, driven.[102][100]

Trumbull Steel told the press that the combined cost of the open-hearth furnaces and the new mill was between $6 million and $7 million.[98] Despite having raised $9.75 million in new capital, President Warner told the Youngstown Vindicator newspaper that "additional monies are needed" and "have been provided for", but did not say where the money was coming from.[98]

In its first-ever public annual report, Trumbull Steel said it had gross revenue of $15 million (equivalent to $241,308,000 in 2024)[90] and gross earnings of $9.2 million (equivalent to $148,002,000 in 2024) in 1916,[103] even after refusing to sell steel for munitions for the war raging in Europe.[104] It paid out $400,000 (equivalent to $6,435,000 in 2024) in preferred dividends, and retained $1.5 million (equivalent to $24,131,000 in 2024) in "surplus profit".[90][89][o]

In April 1917, the company had decided to make yet another unannounced expansion by erecting a new 1,000-foot (300 m) long and 100-foot (30 m) wide hot-rolling sheet mill as well.[72][105][101] The cost of this mill was about $500,000 (equivalent to $8,044,000 in 2024).[73][106] When the six hot-rolling mill stands[92] were completed in December 1917, Trumbull Steel's total employment stood at just over 5,000 men.[105][p]

Additional expansion

[edit]

Stockholder approval for the October 1916 proposed capital expansion finally came in late June 1917.[107][108] The company issued $2 million (equivalent to $32,174,000 in 2024) in 7% preferred stock,[109] and put on the market $400,000 (equivalent to $6,435,000 in 2024) in unissued common stock.[110] The new stock issuance brought total capitalization to $12 million (equivalent to $193,046,000 in 2024).[107][108]

By September 1917, Trumbull Steel was also at work constructing the previously announced two-high 36-inch (91 cm) blooming and billet mill.[92] It was also adding a bluing mill,[93] doubling the number of tin mills, adding three galvanizing vats and 11 tinning vats, and building two coal pulverization machines. This pulverized coal replaced natural gas as the company's primary heating source. It was an experimental process, one that garnered the company national notice in The Iron Age, one of the industry's premiere publications.[111]

By the end of 1917, Trumbull Steel had opened seven open-hearth furnaces[112] and raised the number of employees to 4,000 from 3,000.[93][113]

War-time operations

[edit]

The United States entered World War I on April 6, 1917. The war-time demand for steel significantly boosted Trumbull Steel's finances. Gross revenue in 1917 was $26.24 million (equivalent to $422,128,000 in 2024), a 175% increase over 1916. Earnings after EBIDTA was $5,750,000 (equivalent to $92,501,000 in 2024), and the company ended up spending $5 million (equivalent to $80,436,000 in 2024) on expansion to keep up with demand.[103][114]

Trumbull Steel brought its new hot-rolling strip mill online in December 1917.[115] Its experiment with pulverized coal had proven a success, so it also brought put in service two more 5-short-ton (4.5 t) coal pulverizers, which provided energy to all of its stands, furnaces, annealing ovens, tinning machines, and galvanizing operations. The innovative use of pulverized coal won the company a second major article in Iron Age.[111]

Two of Trumbull Steel's ten new 100-ton open hearth furnaces, its 36-inch (91 cm) blooming mill, and its sheet bar and billet mill began operation in March 1918,[116] making Trumbull the first company to make steel in Trumbull County.[117] It was already the third largest tinplate maker in the country.[118][119]

Fifth capitalization increase

[edit]

To keep up with the demand for steel, Trumbull Steel asked stockholders in April 1918 to approve an $8 million (equivalent to $110,433,000 in 2024) issuance of new common stock to pay for further expansion.[118][119] Stockholders gave their approval in mid May.[120] Three more open-hearth furnaces came online in August.[121]

Innovation in hot-rolled and cold-rolled steel

[edit]

At the end of 1918, Trumbull Steel brought online a new hot-rolling and a new cold-rolling mill, both of which garnered attention in the industrial press for their innovative layouts. The hot-rolling mill building was 1,000 feet (300 m) long and 100 feet (30 m) wide. The mill had five 20-inch (51 cm) "roughing" stands, which rolled ingots and billets into their rough strip forms, followed by five 20-inch (51 cm) "edging" stands, which removed burrs and other material from the sides of the strip which might cause jams. The strip then passed through five 20-inch (51 cm) finishing stands.[122] The finishing stands could roll steel strips anywhere from 3.5 inches (89 mm) to 16.75 inches (425 mm) in width, and about 0.5 inches (13 mm) in thickness. With adjustments, the finishing stands could roll strip as wide at 22 inches (560 mm).[123] The mill had a cooling bed 185 feet (56 m) long and 22 feet (6.7 m) wide. After cooling, strip steel could be left flat and cut to length or coiled onto rolls.[124] The last 200 feet (61 m) of the hot-rolling mill consisted of storage space. The mill had a capacity of 7,500 short tons (6,800 t) a month.[123]

After passing through the hot mill, strip went to the pickling department, which was housed in a separate building 1,000 feet (300 m) long and 74 feet (23 m) wide. A covered runway allowed an overhead crane to move pickled steel to the cold-rolling mill.[123]

The cold-rolling mill was 360 feet (110 m) long and 100 feet (30 m) wide, and parallel to hot mill.[123] The stands in the mill could make strip anywhere from 0.5 inches (13 mm) to 16 inches (410 mm) in width, and 0.008 inches (0.20 mm) to 0.375 inches (9.5 mm) in thickness. The cold mill's pickling department could be limed and pickled, or pickled and then oiled.[125] The cold-rolling mill had a capacity of 4,000 short tons (3,600 t) a month.[123]

The annealing department was housed in yet a third building, 400 feet (120 m) long and 60 feet (18 m) wide, and featured six double-furnaces. A shipping department occupied the last portion of the annealing building. A protected shipping platform 240 feet (73 m) long and 50 feet (15 m) wide was at the end of the annealing department, and connected to the cold rolling mill.[125]

War-time profits

[edit]

World War I ended on November 11, 1918. It was a mixed year for Trumbull Steel, financially. Gross revenue held stable at $27 million (equivalent to $372,713,000 in 2024), but earnings after EBIDTA dropped by 44% to $3,216,488 (equivalent to $44,401,000 in 2024). Despite heavy expansion in 1917 and 1918, the company still employed only about 5,000 men.[126]

Post-war operations

[edit]

In November 1918, Trumbull Steel became an investor in the Consolidated Steel Company,[127][128] a new company established by roughly 15 smaller steel companies under the auspices of the Webb-Pomerene Act to promote export of their products.[129]

Sixth capitalization increase

[edit]

In April 1919, Trumbull Steel executives sought another expansion in the company stock, adding $4 million (equivalent to $53,912,000 in 2024) in preferred stock. This would bring the company's total capitalization to $24 million (equivalent to $323,472,000 in 2024).[127][130] The firm said it intended to use the stock to purchase an interest in iron ore reserves on Mesabi Range of Minnesota,[127] spend $1.5 million[131][132] expanding its highly finished steel production capacity,[127] and purchase an interest in the newly-formed Liberty Steel.[133][134] Stockholders approved the increase in early May.[131][132] Although Trumbull Steel held $1 million in common and $4 million preferred stock in its treasury, it placed $2 million in common and $2.7 million in preferred stock on the market in May.[133][135]

Steelworker strike of 1919

[edit]

By the fall of 1919, Trumbull Steel employed roughly 5,000 people.[136] The size of the city of Warren had doubled due to the employment opportunities provided by the company.[137]

Although nearly all steel manufacturers were virulently anti-union and few steelworkers were unionized at the time,[138] Trumbull Steel was relatively neutral toward unionization efforts and signed a contract with the Amalgamated Association of Iron and Steel Workers (AA) in the fall of 1913.[139]

As the AA threatened a general strike in the steel industry in the fall of 1919, Trumbull Steel signed a new contract with the union, breaking ranks with other independent steelmakers.[140] The contract contained a no-strike clause. AA members at Trumbull Steel nevertheless engaged in a wildcat strike on September 22. Trumbull Steel argued this abrogated the collective bargaining agreement, and AA national leaders rushed to Warren to persuade the workers to return to work. The wildcat strike at Trumbull ended on October 11.[141]

Capacity expansion of 1920

[edit]

At the end of 1919, Trumbull Steel added two continuous stands for making bands, hoops, and strip[142] and purchased additional land on which to build.[143]

Construction began on a 1,100-foot (340 m) long,[144] 100-foot (30 m) wide building to house a new 9-inch (23 cm) hot-rolled strip mill and a 1,200-foot (370 m) long, 100-foot (30 m) wide building to house a new 14-inch (36 cm) hot-rolled strip mill.[144] Both new buildings were parallel to its existing cold-rolling mill.[144]

The 14-inch mill was designed to handle steel bars of varying thickness and up to 30 feet (9.1 m) in length.[144] The company also began work on extensions to its cold rolling mill building.[145] The cold-rolling mill doubled its capacity by adding three 8-inch (20 cm) stands; three 12-inch (30 cm) stands; a 10-inch (25 cm) and 16-inch (41 cm) stand working in tandem, followed by two 8-inch (20 cm) combination stands;[q] a 20-inch (51 cm) and 24-inch (61 cm) stand working in tandem; and a 12-inch (30 cm) and 20-inch (51 cm) stand working in tandem (as an auxiliary stand).[144][147] The capacity of the annealing department was also doubled.[144][147] The changes allowed Trumbull Steel to add 150,000 short tons (140,000 t) to its annual capacity,[148] which was now 400,000 short tons (360,000 t).[144][147] The total cost of the improvements, which Trumbull Steel said it financed from earnings, was $3 million (equivalent to $35,480,000 in 2024).[144][147] The new continuous hot mills garnered national attention in the mainstream financial and steel industry specialized press in September 1920,[144][r] but neither went into immediate operation due to the depression that began in January 1920.

Once again, it was a mixed financial year: The company had gross revenue of $24,569,841 in 1919 (equivalent to $331,152,000 in 2024),[149] a drop of almost 10%.[149] Its earnings after EBIDTA were $2,388,258 (equivalent to $32,189,000 in 2024),[149] down almost 25%.[s]

Depression and stock restructuring

[edit]

A severe depression[150] occurred in the United States from January 1920 to July 1921.[151]

In April 1920, Trumbull Steel executives asked stockholders to approve a restructuring of its stock.[152] Management wanted employees to become stockholders in the firm,[153] but the high price of the common stock prevented most workers from buying it.[154][155] Under the restructuring proposal, the amount of common stock would increase by $11 million (equivalent to $130,092,000 in 2024) to $25 million (equivalent to $295,664,000 in 2024).[153][152] Stockholders approved the restructuring on May 18.[156][157] Pursuant to the plan, Trumbull Steel set aside $2 million in par-value common stock for employees to purchase[158] and declared a special 25% dividend on all common stock.[159][t] It then declared a 4-for-1 common stock split,[159] reducing the common stock's par value to $25 from $100 so that it was more affordable for workers.[160]

Gross revenues in 1920 were $35,850,811 (equivalent to $423,992,000 in 2024), a 35% increase over 1919. Net earnings were $2.5 million (equivalent to $29,566,000 in 2024), a slight increase.[161]

Trumbull Steel in the Roaring '20s

[edit]

Trumbull Steel initiated no new expansion at its mill in 1921, but did erect a 4-foot (1.2 m) high weir dam on the Mahoning River to ensure better water supply for its plant.[162] Operation of its 9-inch mill began in May as economic conditions improved.[163]

Financial data for 1921 reflected the downturn in the economy: The firm had gross revenue of $12,851,000 (equivalent to $178,379,000 in 2024), a decline of 64.2%. Net earnings were $200,000 (equivalent to $2,776,000 in 2024), down 92% from 1920. Rumors that Trumbull Steel might merge with one or more other independent steel manufacturers swirled all year. President Jonathan Warner told stockholders that an invitation to merge had been received during the year, but he had declined it.[164] Despite the depression, Trumbull Steel employed more than 6,000 men in 1921.[165]

Praise for the new strip mills

[edit]

Renewed merger rumors in early 1922 lead Trumbull Steel executives to again deny that the company intended to merge.[166]

Already the third largest tinplate manufacturer in the United States,[167] with economic recovery under way the company at last opened its 14-inch strip mill in late May 1922.[163][168] The new mill garnered much attention in the steel industry press for the ingenuity and efficiency of its layout.[169] The new mill meant that Trumbull Steel could manufacture 40,000 short tons (36,000 t) of billet, sheet bar, blue sheet, black sheet, galvanized sheet, galvanized roofing, painted roofing, electric sheet, black tinplate, tinplate, hoops, bands, hot-rolled strip, and cold-rolled strip a month. Its workforce of 6,000 men made up half the workforce of Warren.[170] Improving market conditions finally allowed the company to put its 14-inch band, hoop, and strip mill into operation in late December 1922.[171] The Iron Age praised the mill's innovative pickling process in a feature article.[172]

For the year ending December 31, 1922, Trumbull Steel had gross revenue of $23,163,760 (equivalent to $340,350,000 in 2024) and net earnings of $700,000 (equivalent to $10,285,000 in 2024).[173] Although a major improvement over the 1921 numbers, net earnings were down 70% compared to the comparable 1919 fiscal year.

Seventh capital expansion

[edit]

In 1923, Trumbull Steel sought to simplify its financial and organizational structure. Executives proposed issuing $5 million (equivalent to $71,458,000 in 2024) of preferred stock, and exchanging $1 million (equivalent to $14,292,000 in 2024) of the new issue for the existing preferred stock of Liberty Steel on a one-to-one basis. Liberty Steel would then be dissolved. The company also proposed issuing $1.5 million (equivalent to $21,437,000 in 2024) in no-par common stock and exchanging it on a share-for-share basis with the existing $25 par value common stock.[174][175] This had the benefit of making it even easier for employees to buy the firm's stock.

The company said it intended to use the remaining capital raised by the preferred stock issue to expand the number of open-hearth furnaces.[176][u] Stockholders approved the plan in early February,[177][v] after which the company announced that it would build five to seven more open-hearth furnaces at a cost of $3 million (equivalent to $42,875,000 in 2024).[178][w]

A mild recession occurred in the United States beginning in May 1923, and lasted a year.[180] The recession hit the steel industry particularly hard, and did not bottom out for the industry until July 1924.[181][x] Trumbull Steel made no major improvements that year, although it did begin using a new device called a syndolagger for making and repairing slag and steel tapholes in open-hearth furnaces. That won the company national attention.[182]

Trumbull Steel had gross revenue of $31,205,614 in 1923 (equivalent to $445,977,000 in 2024), an increase of more than a third. Net earnings soared to $5,850,040 (equivalent to $83,606,000 in 2024), and executives decided to retain $2 million (equivalent to $28,583,000 in 2024) in earnings as surplus.[183]

Last round of improvements

[edit]

With all the expansion over the past seven years, Trumbull Steel now owned more than 700 acres (280 ha) of land.[184] At the end of 1924, Trumbull Steel said it would spend $500,000 on upgrades to its plant, including improvements to its galvanizing department.[185][186] Although seemingly minor, the changes would increase the company's annual capacity to 700,000 short tons (640,000 t).[185][y] At the end of 1924,[187] Trumbull Steel began using pulverized coal as a fuel for all of its mill and annealing furnaces.[188] The firm said it would save 25% a year on fuel costs.[187]

Trumbull Steel announced that its gross revenue for 1924 was $26,201,521 (equivalent to $379,212,000 in 2024) and its net earnings $2,243,888 (equivalent to $32,476,000 in 2024). It had a retained-earnings surplus of $476,923 (equivalent to $6,902,000 in 2024), which brought its total surplus from 1913 to present to $10,611,416 (equivalent to $153,578,000 in 2024).[189] The company also said its total employment had now risen to 6,500 workers.[190]

In February 1925, the company began installing new boilers and upgrading all its piping.[191] The same month, 841,000 shares of its common stock[192] began trading on the New York Stock Exchange's curb market.[193] In July, it began construction on the first of its new 100-ton open-hearth furnaces.[194][195] The company also purchased two 125-ton rail cars to handle larger amounts of molten steel,[195][196] installed new heating furnaces in its tin mills,[195] and began experimenting with a new type of furnace in its rolling mills.[196]

At the beginning of July, Trumbull said it was doing preliminary engineering drafting work on an eighth open-hearth furnace.[197]

Financial scandal of 1925

[edit]

A financial scandal engulfed Trumbull Steel in the latter half of 1925 which led to the resignation of founder and president Jonathan Warner, and a shift in control of the corporation.

The attempted bond sale

[edit]

The crisis began on July 23, 1925,[184][198][199] when Warner announced that Trumbull Steel would sell $20 million (equivalent to $284,213,000 in 2024) in bonds to pay expenses incurred for plant expansion.[200] The offering was huge, the third-largest bond sale in the United States thus far in 1925.[198][201]

Announcement of the sale elicited strong opposition from several Trumbull Steel board members and many stockholders.[202][203][204][205][206][207] Several board members had opposed the plan when Warner told them about it,[208][209][210][211][206][207] and tried to halt Warner's negotaitions with National City.[212] Others said Warner had never informed them about a forthcoming sale.[204][213][214] Some board members said all past improvements had already been paid for, and they had no idea what the proceeds would be used for.[198][204]

Several influential stockholders also said they had received no advance notice of a sale from the company.[215][213] Plant expansion in the past had been paid for out of earnings, they had been told; now, the company was saying it had gone $3 million into debt[198] to pay for the improvements.[216]

On July 30, holders of substantial blocs of preferred stock informed the press that there was a large $10 million (equivalent to $142,106,000 in 2024) discrepancy[217] between the company's 1924 annual financial statement and the financial information given to the underwriting banks.[218][219]

This information triggered "pandemonium in Ohio"[220] and a large sell-off of Trumbull Steel stock.[219] Youngstown-area investors, owners of some of the biggest blocs of Trumbull securities,[221] "were almost panic stricken".[217] Most of stock on the market was being offered by Youngstown-area industry insiders or wealthy people, those in the best position to know if Trumbull Steel would survive or not.[222] The price of common stock reached an all-time low,[221][223] and the Youngstown Vindicator reported that moneyed interests in Cleveland were freely purchasing the common stock.[224]

Evidence of financial impropriety

[edit]

By August 23, some members of Trumbull Steel's board of directors had discovered evidence of embezzlement by president Warner.[225]

Board members John T. Harrington and Philip Wick confronted Warner in his home in Youngstown, accompanied by James Anson Campbell, the president of Youngstown Sheet & Tube, and A.E. Adams, a vice president of the First National Bank of Youngstown.[225] In an emotional meeting, Warner confessed to embezzling millions of dollars from the firm to support a lavish lifestyle.[225] He also admitted to spending enormous sums since 1916 trying to grow Trumbull Steel out of its financial difficulties, and ended up only incurring large corporate debts. To cover that up, he had paid dividends out of capital[226] and secretly taken out $17.5 million in bank loans.[227]

Harrington, Wick, Adams, and Campbell agreed that to avoid receivership, public confidence had to be maintained at all cost.[225] They told Warner that they would not seek his arrest and indictment,[228] but Harrington demanded that Warner turn over all his personal assets to Trumbull Steel,[225] which Warner did the next day.[229][230]

Attempted merger with Otis Steel

[edit]

Warner had also sought a merger with one or more other steel companies in an attempt to save Trumbull Steel.

Rumors that Trumbull Steel might merge with one or more other "independent" steel firms emerged in mid May 1925.[231] The idea of merger was pushed by the Mather family,[232] New York-based investors in Trumbull Steel,[233] and Cleveland banking interests, which felt they could not indefinitely sustain so many indepenent firms.[234][232]

Trumbull Steel was one of the firms at the center of the talks.[231][235] At the American Iron and Steel Institute general meeting, held May 20–21 in New York City,[236][237] the merger talks went "beyond the stage of mere discussion".[234][235]

By late June, a merger of Trumbull Steel Otis Steel, Midland Steel, and United Alloy Steel was complete "on paper",[238] and news of the rumored merger made national headlines.[239] Unnamed steel industry executives told the Pittsburgh Post that merger talks between Trumbull and Otis Steel had been going on since May.[240]

Final discussions were held on August 27 and 28 in New York,[241] with representatives from the First National Bank, Union Trust Co. of Cleveland, and the New York City investment bank of Blair & Company present.[242] In attendance were Jonathan Warner, Philip B. Wick, and John T. Harrington.[243] Additional meetings between executives and managers of the three firms occurred in Cleveland, along with local bankers.[244]

Otis Steel and Trumbull Steel announced that they would merge on August 28.[243][245] The following day, the merger was put on hold when a "difference of opinion" emerged as to the value of Trumbull Steel's inventory.[246][247][212]

Trumbull Steel stockholders called the deal "ridiculous".[248][233][243][249] Youngstown-area stockholders contacted James A. Campbell of Youngstown Sheet & Tube for advice,[250] and Campbell reviewed Trumbull's finances in an informal meeting with the Trumbull board and several important stockholders.[248]

On Monday, August 31, the Trumbull Steel board suspended Warner as president of Trumbull Steel, and set up an "executive committee" led by Campbell to operate the company.[211][206][207][251][214] That same day, National City Co. and Union Trust Co. withheld the proceeds of the bond sale from Trumbull Steel,[203][211][206][207] citing discrepancies in the Trumbull Steel's financial reports.[250][z] The banks's refusal to distribute the proceeds of the bond sale was unprecedented, according to The New York Times.[212] It "precipitated a great furor in finance circles," said Cyrus Eaton later. "I don't recall another instance in the history of finance In this country where a bond issue of that size had been recalled by an important house after it had been put out."[220]

Warner's resignation

[edit]

Warner as president and director of Trumbull Steel on September 1.[233][18][251][214] In an emergency meeting, the Trumbull Steel board elected Philip Wick chairman[252] and appointed him acting president.[18][251][214] The board of directors also directed that certain items on the company balance sheet be reaudited.[18][251][253][254]

On September 5, news that there might be large errors in Trumbull Steel's financial accounts, and that Warner might be held responsible for them, leaked in the press.[255][229]

By September 8, the Youngstown Vindicator estimated that some 255,000 shares, or about a third of the common stock, had been sold, most of it dumped by Mahoning Valley investors.[256] While on September 1 the press could report that control of Trumbull Steel was "in the hands of Youngstown men",[252] by September 9 The Cincinnati Enquirer was saying ownership of the company had shifted away to Cleveland shareholders.[257]

On September 11, in a tacit admission that funds were missing, Trumbull Steel began selling Jonathan Warner's assets.[258]

The new audit and its fallout

[edit]

On September 24, the new audit of Trumbull Steel was released.[259] It showed that Trumbull Steel had inflated its earnings by $3.4 million (equivalent to $48,316,000 in 2024) over the past five years;[259][260] and paid dividends out of capital.[226] It has failed to disclose $17.5 million (equivalent to $234,476,000 in 2024) in bank loans[259][227][261] and $4.1 million (equivalent to $58,264,000 in 2024) in other debt[259][261] (primarily credit from dealers in raw materials such as coal and iron ore);[262][263] and inflated the value of its assets by $6.18 million (equivalent to $87,822,000 in 2024).[264][265]

Most damaging, a "material discrepancy" (embezzlement) of $3 million (equivalent to $43,200,000 in 2024) was found.[259][260][264][266][aa]

Involvement of Cyrus Eaton

[edit]
Cyrus S. Eaton in 1929.

Eaton's interest in steel

[edit]

Cyrus Eaton joined the Cleveland investment banking firm of Otis & Company in April 1914.[268] He was worth $80 million to $100 million by the late 1920s.[269] At the urging of a friend, shipping magnate Harry Coulby,[270] Eaton began an intensive study of the American steel industry in 1924. He became convinced that the industry was ripe for merger, and that a large, merged company would be highly profitable due to economies of scale.[271][272] He began looking for a weak steel company to take over.[273]

When Trumbull Steel's financial troubles began in July 1925, Eaton turned his attention to it.[273] By October, he was owner of one of the largest blocs of Trumbull Steel common stock.[274]

Eaton's offer to Trumbull Steel

[edit]

Toward the end of September 1925, the Trumbull Steel executive committee was debating whether or not the company could survive. When the scandal broke in late August, the company's financial situation was so bad that almost everyone on the board thought the company would have to merge to survive.[275] The company's executive committee calculated it would take $18 million to put the company back on its feet.[273]

An unidentified mutual friend helped Eaton connect with Harrington.[276] Eaton had also calculated that it would take about $18 million to save the steel company. If Trumbull Steel offered an $18 million bond sale, Eaton said he would underwrite the entire amount.[273]

As part of the deal, underwriters of the bonds won the right to purchase up to 100,000 shares of common stock at $9 a share until January 1, 1928.[267][ab]

The bond offering

[edit]

On October 16, the Trumbull Steel board of directors asked shareholders to approve two bond issues: A $13 million, 15-year, 6% first mortgage bond, and a $5 million, 10-year, 7% bond convertible into common shares.[263][278] The proceeds of the two bond issues would be used to pay off the company's bank loans.[279][280] Stockholders were also informed that investment and brokerage banks had already agreed to take all the bond offerings,[281] with Otis & Co. leading a syndicate of banks taking up $13 million debenture.[282][209]

With more than 90% of stockholders voting,[283] 90% of preferred shareholders and 85% of common shareholders[284] approved the two bond offerings on November 10.[285][286] Both bond issues were heavily oversubscribed.[287] The bond offering saved Trumbull Steel from receivership.[220]

Eaton gains control

[edit]

On December 16, 1925, Cyrus Eaton, automotive executive Joseph O. Eaton II,[ac] and banker and Cleveland-Cliffs Iron Co. director Edward B. Greene were elected to the Trumbull Steel board of directors.[289][290][291]

The board then elected Cyrus Eaton to be its new chairman.[289][290][291] The board, now dominated by Cleveland-based investors led by Eaton,[228][289][ad] appointed attorney John T. Harrington to be the new president of Trumbull Steel.[289][290][291] A new executive committee, consisting of Cyrus Eaton, Philip Wick, and John Harrington, was also formed.[289][290][291]

Eaton tightened his control over Trumbull Steel in February 1926, exercising the options that allowed him to buy Trumbull Steel stock at $9 a share at a time when the stock was trading at $13.[293] By April 1926, Eaton and Otis & Co. held a majority of the stock of Trumbull Steel.[294]

1926 under Eaton and Harrington

[edit]
John T. Harrington in 1926.

Harrington proved to be an extremely active president. He set aside practically all his other responsibilities, and became personally involved in day to day at Trumbull Steel,[228] which by now employed only 4,500 people.[295] His law firm, Harrington, DeFord, Huxley & Smith (formerly King & McVey), had represented many steel and industrial interests in the Mahoning Valley,[296] and as a senior partner[289] Harrington had been deeply involved in the organization, financing, and personnel decisions of many steel companies.[228] He was already serving as president of Pennsylvania and Ohio Power & Light.[289] When asked by a newspaper why an attorney made a good steel company president, Harrington said a good president only needed excellent commercial and business instincts and an ability to keep an organization nimble and responsive.[296]

Financial and physical plant improvements

[edit]

Trumbull Steel began to improve financially in 1926. The company reported $553,520 (equivalent to $7,830,000 in 2024) in net earnings for the first quarter. Liberty Steel reported net earnings of $50,000 (equivalent to $707,000 in 2024), and Trumbull-Cliffs Furnace reported net earnings of $120,000 (equivalent to $1,698,000 in 2024). Trumbull Steel's cash position had also improved to $1.3 million (equivalent to $18,391,000 in 2024).[297]

Trumbull Steel was now financially healthy enough to begin making improvements again. It installed new furnaces and a new cooling and ventilating system in early summer 1926,[298][299] rebuilt six of its tinplate stands, and added new mechanical doublers in the tin house.[299] It began widening the stands at its 16-inch hot rolling mill in October,[300] made improvements in its cold rolling mill,[301] and added 12 automatic tinning machines[302][303] (allowing tinplate production to rise to 300 boxes a day from 70).[303]

The new 36-inch mill

[edit]

In mid October 1926, the board of directors authorized Harrington to proceed with a $1.5 million project (equivalent to $21,220,000 in 2024) to widen its 18-inch strip mill to 36 inches.[304][305][306] This project was intended to boost production to 60,000 short tons (54,000 t) from 45,000 short tons (41,000 t) per month.[304]

The alterations included automating[307][308] the hot-rolled strip mill so that it could operate at high speed.[309] The changes meant the company could roll steel strip anywhere from 2 to 12 inches (5.1 to 30.5 cm) wide and 1.32 to 3.16 inches (3.4 to 8.0 cm) thick at speeds ranging from 500 to 3,000 feet (150 to 910 m) per minute.[309]

To provide that much steel that fast, Trumbull also added a new 36-inch (91 cm) wide rolling stand,[309] three two-high roughing stands,[308] three new heating furnaces,[307][308] five two-high roughing stands, three edging stands, five four-high finishing stands, extensive roller tables, new cooling beds,[308] and new coiling and shearing equipment.[307][308] Half a million dollars alone was spent adding new pickling, annealing, and shipping facilities.[310][ae] The new mill was completed in mid May,[312] and began operation in September.[307] It was the first high speed mill in the Mahoning Valley steel district[313] and only the second high speed mill in the nation.[311] The new high-speed mill reduced the cost of steel strip as much as $15 to $17 a ton,[311] at a time when hot-rolled strip sold for about $4,200 a ton.[314][af] Such cost reductions were deeply troubling to many competing manufacturers of strip.[311] Trumbull Steel patented the designs, layout, and improvements it used in building the new mill.[316]

For the fiscal year ending December 31, 1926, Trumbull Steel had gross revenues of $35,525,386 (equivalent to $361,096,000 in 2024),[317] and net earnings of $2,263,964 (equivalent to $32,027,000 in 2024). It had spent $3.4 million on repairs and $9.3 million on improvements.[318] The company reported that the loss on inventory in 1925 had finally been determined, and that it was greater than the reported net earnings at the time.[319]

1927

[edit]

Before the February 1927 board meeting, John T. Harrington privately expressed his desire to retire as president, but Eaton persuaded him to remain for one more year.[320] The board approved another round of major expenditures at this meeting, agreeing to spend $1.225 million (equivalent to $17,750,000 in 2024)[321] to build four more 100-ton open-hearth furnaces[322] in addition to the eight it already had.[323]

In mid February, the company reported that its net working capital had increased by $1 million to a total of $7,906,033 (equivalent to $114,555,000 in 2024).[324] Shareholders received the news very favorably, and by the end of the month Trumbull Steel's preferred stock had hit an all-time high.[325]

In April, however, the board declined to take the action necessary to carry out its February expansion plans. That was interpreted by the press as a sign that Trumbull Steel and Republic Iron & Steel were beginning to coordinate their production, and might merge in the near future.[326]

Merger with Republic Steel

[edit]

The Roaring Twenties had created an under-capacity in steelmaking and an over-capacity in steel finishing.[327] The solution was to either spend tens of millions of dollars expanding basic steel manufacturing, or for steel makers and finishers to merge and rationalize the supply chain.[327]

Eaton's steps toward merger

[edit]

In the summer of 1925, Cyrus Eaton convinced William G. Mather to join him in consolidating various Ohio steel companies into a larger company that could compete with U.S. Steel and Bethlehem Steel.[328]

Eaton and Mather wanted control of Central Steel, and bought large amounts of Central Steel stock in the fall and early winter of 1925.[329]

On April 12, 1926, Eaton acquired all the United Alloy Steel stock of Edward A. Langenbach for $6 million (equivalent to $84,879,000 in 2024).[330][331] A week later, Cyrus Eaton, Joseph O. Eaton, and Philip Wick were elected to the board of directors of United Alloy Steel.[332][333]

In April 1926, Otis & Co. formed a new investment company, Continental Shares,[334] whose purpose was to acquire stock in various steel companies.[335][336][337] Eaton used the company to further improve his stock holdings in United Alloy and move merger talks with Central Steel along.[338] On July 21, the two companies reached an agreement and announced their merger. The new company's name was Central Alloy Steel.[339]

The interlocking boards of directors of Otis & Co., Trumbull Steel, Central Alloy Steel, Cleveland-Cliffs, and Pickands Mather led to intense speculation that Trumbull Steel would be the next company to join the emerging Eaton group of steel companies,[340] perhaps even as early as the fall of 1926.[341]

Republic Iron & Steel had been in and out of financial trouble from 1923 to 1927.[342][343] This made it a good target for Eaton. A Republic-Trumbull combination also made sense in terms of economic rationalization: Republic Iron & Steel primarily produced bars, pipe, and sheet steel, while Trumbull Steel largely made the strip steel and tin plate from which Republic's products were made.[344] Trumbull Steel had more mill capacity than its blast furnace and open-hearth furnaces could provide for. Republic Steel, located just a few miles away, had excess blast furnace and open-hearth capacity. Each firm could spend millions of dollars building capacity, with the risk of creating oversupply, or merge and complement one another.[345]

In October 1926, Eaton formed a private syndicate of wealthy investors with the purpose of acquiring of Republic Iron & Steel common stock.[346] Eaton purchased Republic Iron & Steel stock so quietly that company president John A. Topping remained unaware of it until Eaton informed him.[347]

Eaton resolved to force a merger.[346] Eaton ordered Trumbull Steel president John T. Harrington to use $775,000 (equivalent to $11,229,000 in 2024) of the corporation's money to buy Republic stock. From February 28 to March 11, 1927,[346] Trumbull Steel acquired 100,000 shares of Republic Iron & Steel common,[276] more a third of all the Republic shares on the market.[ag] Stock purchases were placed so widely, with so many brokers, no one at Republic was aware that any large-scale buying was taking place.[349]

On Monday, April 11, the Associated Press broke the news that Eaton had acquired a "substantial interest" in Republic Iron & Steel[350] through open-market buying.[351] The Boston Globe called it a "market coup".[352] It was now clear Eaton had enough stock to control Republic.[353][349]

At Republic's annual meeting on April 12, Cyrus S. Eaton, Edward B. Greene, and John S. Brookes Jr. were elected to Republic's board of directors.[354][ah]

Pre-merger moves by Trumbull Steel

[edit]

The Trumbull Steel board of directors met on April 14, 1927, and for the first time Cyrus Eaton was in attendance.[356] Still on the table was the proposal that Trumbull spend $1.5 million (equivalent to $21,734,000 in 2024)[357] to enlarge its open-hearth steelmaking capacity by 30%.[358] The board once more declined to make a decision.[359][360] Expansion would have indicated that Trumbull Steel intended to stay independent and compete with Republic Steel, so the board's inaction was widely interpreted as indicating a coming merger.[357][360]

Two days later, Trumbull Steel announced it would make steel ingot purchases from Republic Iron & Steel.[361]

Merger rumors became stronger. The Cleveland Press reported in mid April that at least some Trumbull Steel shareholders had been approached by Eaton to gauge their requirements for a merger.[362] By May 1, The New York Times was saying that Youngstown Sheet & Tube, Central Alloy Steel, Trumbull Steel, and Otis Steel were said to be involved in the merger talks.[363]

Trumbull and Republic merge

[edit]

On Friday, November 25, the presidents of Trumbull Steel and Republic Iron & Steel announced that their boards of directors had approved a merger.[364][365] Holders of Trumbull Steel preferred would get one and two-thirds shares of Republic preferred, while holders of Trumbull common would get a one-fifth share of Republic common.[364][366] Shareholders of Republic Iron & Steel approved the merger on January 25, 1928,[367][288] followed by Trumbull Steel's shareholders on February 16.[368]

At an organizing meeting on April 18, Elmer T. McCleary, a vice president of Youngstown Sheet & Tube, was elected president of the merged company. Harry T. Gilbert of Sharon Steel Hoop was elected vice president, and John U. Anderson of Trumbull Steel was elected treasurer. McCleary, Gilbert, and John T. Harrington were elected to the board of directors.[369] The assets of Trumbull Steel were formally acquired by Republic on April 27, and Trumbull Steel ceased to exist.[370] The combined company had assets of $200 million, making it the fifth largest steel manufacturer in the United States.[367]

Aftermath

[edit]

Eaton acquired Donner Steel in September 1929[371] and Central Alloy Steel purchased the Interstate Steel Company in October 1929.[372]

In December 1929, the merger Eaton had been working on for five years came together as Central Alloy Steel, Donner Steel, and Republic Iron & Steel merged. Joining them was another Ohio steelmaker, the Bourne-Fuller Co. The merged company was called Republic Steel.[373]

Trumbull Steel subsidiaries

[edit]

Fort Smith Spelter

[edit]

In March 1916,[374] Trumbull Steel incorporated a wholly-owned subsidiary,[375] the Fort Smith Spelter Company, in Fort Smith, Arkansas, and capitalized it at $350,000 (equivalent to $6,949,000 in 2024).[376] The company built a spelter plant, which smelted zinc ore into pure bricks for use in galvanizing steel.[377] Formation of the company was prompted by the abnormally high demand for zinc caused by World War I.[378] The new subsidiary spent $250,000 (equivalent to $4,964,000 in 2024)[374][379] erecting the plant in Fort Smith.[374] Work on the plant began on March 23[380] and was nearly complete by late June.[375]

This was the first attempt by an American galvanized steel maker to control the source of and supply of its spelter.[381]

Initially, the spelter covered four city blocks.[381] It had 640 retort furnaces,[379] was capable for producing 2,000 short tons (1,800 t) of spelter a month,[382] and employed 250 men.[379] The spelter plant was enlarged by 50% in December 1916, an expansion which covered two more city blocks.[382] The Fort Smith Spelter company made $1 million worth of spelter in its first year of operation.[90]

In May 1917, Trumbull Steel vice president D.W. Kerr resigned from the company and purchased the Fort Smith Spelter Co. from Trumbull Steel for an undisclosed amount.[383]

Liberty Steel

[edit]

In April 1917, Youngstown businessman Edward F. Clark incorporated a new steel company, Liberty Steel.[384] He bought 600 acres (240 ha)[385] next to Trumbull Steel,[386] and began erecting a steel plant in June.[385] The plant focused on tin plate, and had eight stands[387] capable for producing 600,000 boxes a year.[388] It employed more than 2,000 men.[389]

Trumbull Steel purchased the company in March 1919, exchanging Liberty Steel common stock one-to-one with Trumbull Steel common.[386] All of Liberty Steel's common stock was acquired.[390] The cost of the acquisition was $2 million (equivalent to $26,956,000 in 2024), and created the largest tin plate manufacturer in the Mahoning Valley — and possibly the entire nation.[389] Trumbull Steel immediately added four more sheet stands to the plant.[391]

In April 1927, with Cyrus Eaton not-very-secretly planning to merge Trumbull Steel with Republic Iron & Steel, Trumbull Steel proposed dissolving Liberty Steel. This would end Liberty's corporate existence and turn all Liberty assets over to Trumbull. To do so, Trumbull Steel offered Liberty Steel preferred stockholders a one-to-one exchange with Trumbull Steel preferred.[392] If the offer was accepted, Trumbull Steel would then redeem all of Liberty Steel's $150,000 in 6% bonds.[392] There were 991,600 shares of Liberty Steel preferred on the market,[392] unanimous consent was needed for the deal to go through.[393] By May 3, only 80% of Liberty preferred shareholders had agreed to the deal,[394] and the offer was considered a failure.[395] To obtain the remaining Liberty preferred, Trumbull Steel issued 10,000 new shares of Trumbull 7% preferred to the holdouts in September 1927. This enriched offer convinced the remaining Liberty shareholders to agree to the dissolution.[396]

Coal and iron ore

[edit]

In September 1917, Trumbull Steel purchased a one-half interest in the Pitt Gas Coal Co.,[397][398] which owned coal mines in Washington County, Pennsylvania.[399] The company produced 800 short tons (730 t) a day on this land.[397][399][ai]

In April 1918, Trumbull Steel incorporated the Trumbull Coal Company.[400] It owned half the company,[401][218][233] while the Pitt Gas Coal Co. owned the other half. The company purchased what became the Trumbull Mine,[402] which was located on 600 acres (240 ha)[403] of coal-bearing land in Greene County near Clarksville, Pennsylvania.[aj] The mine produced about 20,000 short tons (18,000 t) per month,[403] and had estimated reserves of 6,000,000 short tons (5,400,000 t).[403][401][218][405]

In 1919, Cleveland-Cliffs Iron formed an independent company, the Mesaba Cliffs Iron Mining Co.[406] Trumbull Steel invested in the new firm by purchasing one-fourth of its stock.[218][233] Other companies such as Otis Steel, Pittsburgh Steel, and The Whitaker-Glessner Co. also had an interest in Mesaba Cliffs, but Cleveland-Cliffs retained a controlling interest in the company.[406] The mining firm operated four iron ore mines on the Mesabi Range[233] in Minnesota:[170] The Bingham, Boeing (formerly the Bourne), Hill-Trumbull, and North Star.[407] These mines had a combined 13,000,000 short tons (12,000,000 t) in iron ore reserves,[405] with Trumbull Steel receiving one-fourth of all ore mined.[408]

Trumbull-Cliffs Furnace Company

[edit]

Trumbull Steel wanted to secure a regular supply of pig iron for its open-hearth furnaces.[408] The obvious solution was to build a blast furnace adjacent to the steel plant, but Trumbull Steel lacked the financial capacity to build it and had no staff knowledgeable in the operation of a blast furnace.[408]

On April 20, 1920, Trumbull Steel and Cleveland-Cliffs Iron Co. entered into a contract build a blast furnace at Warren, Ohio.[408][409] The two firms jointly incorporated the Trumbull-Cliffs Furnace Company on May 6, 1920.[410][411] Each parent company spent $500,000 to purchase Trumbull-Cliffs Furnace common stock,[408][412][413] and Cleveland-Cliffs spent $4 million to purchase all the preferred stock.[408]

The Trumbull-Cliffs Furnace Co. purchased land on the Mahoning River directly opposite the Trumbull Cliffs steel plant[410] on which it erected a 600-short-ton (540 t) blast furnace.[410][414] That made it 20% larger than the average blast furnace,[412][415] the largest blast furnace in the Mahoning Valley at the time,[416] and the largest blast furnace in the nation in terms of capacity.[417]

The blast furnace was completed June 14, 1921.[418][419] That was a construction time record for a furnace that large.[418][419] It was finally blown in on January 15, 1922.[420][421]

The Trumbull-Cliffs Furnace also built a $3 million (equivalent to $42,875,000 in 2024) coking factory.[422][178][423] The plant was first charged on July 7, 1924,[424] and produced various industrial gases, tar, benzole, and ammonium sulfate.[425]

The period of joint ownership of Trumbull-Cliffs Furnace came in 1930. By this time, Republic Steel owned Trumbull Steel. On December 31, 1929, Republic agreed to give Cleveland-Cliffs Iron 22,340 of its common shares in exchange for Cleveland Cliffs's interest in the blast furnace company.[413]

Notes

[edit]
  1. ↑ Steel is initially cast in ingots. An ingot with a section 6 square inches (39 cm2) or larger is a bloom. An ingot or bloom rolled to a flat section not less than 2 inches (51 mm) square or round and a width of at least 12 inches (300 mm) is a slab. An ingot or bloom rolled to 1.5 inches (38 mm) square or round and cut into lengths is a billet. An ingot or bloom rolled to a thickness of less than 2 inches (51 mm) and a width from 6 to 12 inches (150 to 300 mm) is a sheet bar.[5] "Sheet plate" and "sheet steel" are rolled from white-hot slabs; however, sheet steel may also be rolled from hot or cold sheet bars. "Steel plate" weighs approximately 10 pounds (4.5 kg) per square foot, and is usually 0.25 inches (6.4 mm) thick. Steel plate has a maximum width of 132 inches (3,400 mm). "Steel sheet" is defined as No. 10 U.S.S. Gage, which is 5.625 pounds (2.551 kg) per square foot and approximately 0.140625 inches (3.5719 mm) (9/64th) thick. Steel sheet is seldom more than 54 inches (1,400 mm) in width and 180 inches (4,600 mm) in length.[6]
  2. ↑ A stand is a device through which hot or cold steel is rolled in order to reduce its thickness and width. It consists of one or more working rollers (heavy cylinders between which the metal passes), backup rollers (larger heavy cylinders which help reduce the deflection of the working rollers), a mechanism ("screwdown") to adjust the gap between the working rollerss, a housing, and a drive train. There are a number of configurations for mill stands.[9]
  3. ↑ Additional land acquisition expanded this to 70 acres (28 ha) by 1913.[4]
  4. ↑ Some sheet was cold-rolled before annealing, while the rest went straight to annealing. Sheet intended to be tinned underwent pickling before going to the tin house.[37] After pickling, tinplate was annealed to soften it, then given three more passes through the cold-rolling stands. It was then repickled and reannealed before being moved to the tin house in tank cars full of clean water.[38]
  5. ↑ Sheet bar is usually heated and then sent through a rolling stand ("hot rolling") to reduce it to about half the specified width and length. The steel is then sent through more hot rolling to reduce it to specifications. At this point, steel is known as "black sheet", and is ready for pickling, annealing, and cold-rolling.[40]
  6. ↑ That was up from the planned 50,000 short tons (45,000 t) a year.[39]
  7. ↑ Initially, the company intended to add 10 new sheet hot-rolling mills,[52][50] and a new bar mill.[53]
  8. ↑ The stock traded on both the Cleveland and Youngstown local stock exchanges.[63]
  9. ↑ These additions doubled the size of the annealing, galvanizing, and shearing departments.[67]
  10. ↑ Of the new stands, four were hot-rolling sheet mills, two were hot-rolling tin mills, and two were hot/cold mills. These latter two were "jobbing mills", intended to be used for small, one-off orders. When completed, the Trumbull Steel plant had 18 sheet stands, 12 tin stands, and two jobbing stands.[69] This indicates some stands were replaced, rather than additions made.
  11. ↑ Eight of the new cold-rolling sheet stands were online by September 7.[81] Two hot-rolling sheet mills, three cold-rolling sheet mills, and two hot-cold "jobbing" mills came online the third week of October 1916.[82][83][84] Installation was delayed some months due to late delivery of castings and rolls.[81]
  12. ↑ Its entire outstanding bond issue of $250,000 was retired before the end of 1916.[89][90]
  13. ↑ After casting, mostly-solidified steel ingots are removed from the molds and placed on end in a furnace. Usually set in the ground, this is the "soaking pit", a natural gas furnace where the ingots are heated to a uniform temperature of about 2,300 °F (1,260 °C). "Soaking" in such intense heat equalizes the temperature throughout the ingot, improving its malleability for hot-rolling and inhibiting cracking.[95]
  14. ↑ It opened on May 8.[100] Completion of the mill was delayed by late delivery of equipment.[101]
  15. ↑ The company revealed it had $300,000 (equivalent to $6,710,000 in 2024) in retained earnings in 1915.[90] Total retained earnings by 1916 were later adjusted to $2 million (equivalent to $32,174,000 in 2024).[103]
  16. ↑ Completion of the mill was delayed by late delivery of equipment.[101]
  17. ↑ A "combination stand" combines a roughing stand and a guide for shaping (also called a "looping stand").[146]
  18. ↑ The 9-inch hot rolling mill was completed in September 1920,[144] while the 14-inch hot rolling mill was completed in early 1921.[144][147]
  19. ↑ Another source reported 1919 EBIDTA earnings even lower, at $2,195,866.[142]
  20. ↑ Executives had initially proposed a 75% dividend on all common stock, to encourage stockholders to approve the split. The board of directors thought this excessive, and trimmed it to 25%.[155]
  21. ↑ This was not a new idea. The company had floated the idea of additing eight open-hearth furnaces in August 1922.[170] Trumbull Steel said it had purposefully overbuilt its blooming mill and bar mill to handle this amount of extra capacity.[170]
  22. ↑ Trumbull Steel had $1 million in $25 par value common stock on the market, and $520,000 in the same in its treasury.[174]
  23. ↑ It settled on five at the end of 1924.[179]
  24. ↑ Economists and industry executives characterized the downtown as mild at the time, but by early 1925 realized it had been much worse than reported.[181]
  25. ↑ The bulk of Trumbull Steel's product was shipped to automakers Detroit, and to steel finishing plants in northern Michigan and northern Ohio.[186]
  26. ↑ This news seems to have first been reported by the Youngstown Vindicator on August 30, a day before most other reports.[247]
  27. ↑ Wick admitted in November 1925 that the exact amount embezzled could not be accurately determined, due to the extremely poor accounting methods the company had used.[267]
  28. ↑ On October 16, Trumbull Steel common was only selling for $8.50 a share.[277]
  29. ↑ Joseph Eaton was president of Eaton Axle & Spring, and a partner in Otis & Co. He was no relation to Cyrus Eaton.[288]
  30. ↑ Although the Wick family and its holding company, Wick & Co., still controlled a large number of shares, a controlling majority of shares were held by Cyrus Eaton; Cleveland industrialist and banker John Sherwin; and Eaton's investment company, Otis & Co.[292]
  31. ↑ Only $1 million was spent converting the mill. The rest of the money went for other improvements.[311]
  32. ↑ Prices for steel strip were quoted in dollars per pound.[315]
  33. ↑ Republic Iron & Steel had 300,000 common shares on the market.[348]
  34. ↑ Brookes was the secretary of The Koppers Co., a firm which made coking ovens and was controlled by Andrew S. Mellon.[355] Brookes was seen as Mellon's representative on the board of Republic Iron & Steel,[347] and his election indicative of Mellon's support for Eaton.[353]
  35. ↑ This land was near Brownsville, Pennsylvania.[142]
  36. ↑ It later became known as the William Pitt Mine.[404]

Citations

[edit]
  1. 1 2 "Warren Properly Proud". Youngstown Vindicator. April 27, 1912. p. 6.
  2. 1 2 "A Million Dollar Steel Corporation". Mansfield News Journal. April 25, 1912. p. 2; "Ohio Incorporations". The Cincinnati Enquirer. April 26, 1912. p. 5.
  3. ↑ "Youngstown 15 Years Ago". Youngstown Vindicator. April 25, 1927. p. 6.
  4. 1 2 3 4 5 6 The Iron Trade Review 1913, p. 446.
  5. ↑ Kindl, Frederick Henry (1913). The Rolling Mill Industry: A Condensed, General Description of Iron and Steel Rolling Mills and Their Products. Cleveland: Penton. p. 20. OCLC 1350142466.
  6. ↑ Camp & Francis 1925, pp. 923–924.
  7. ↑ "James Summers". The Piqua Daily Call. April 29, 1898. p. 8.
  8. ↑ "Three New Sheet Mills". The Plain Dealer. March 20, 1899. p. 9.
  9. ↑ Ginzburg, Vladimir B. (1989). Steel-Rolling Technology: Theory and Practice. New York: Taylor and Francis. pp. 511–516. ISBN 9780824781248.
  10. ↑ "Iron and Steel Combination". The Cleveland Leader. February 24, 1900. p. 3.
  11. ↑ "Exchanges". Mansfield News Journal. January 2, 1901. p. 3.
  12. ↑ "Steel Trust Proposes to Cut Pay of Employees". The Baltimore Sun. November 12, 1903. p. 1.
  13. 1 2 "Neighborhood Notes". Zanesville Times Recorder. March 16, 1904. p. 3.
  14. ↑ "Iron Mill Changes Hands". The Plain Dealer. April 5, 1906. p. 2.
  15. ↑ "W.H. Hardesty". New Castle News. New Castle, Pennsylvania. May 13, 1914. p. 2; "Wm. Hardesty Lebanon Native Died in Ohio". The Daily News. Lebanon, Pennsylvania. May 21, 1914. p. 3.
  16. ↑ The Iron Trade Review 1913, p. 449.
  17. ↑ "Cleveland Plant Retained". The Plain Dealer. May 15, 1910. p. 16.
  18. 1 2 3 4 Rockwell, Guy T. (September 2, 1925). "Trumbull Steel President Quits". The Plain Dealer. p. 1.
  19. 1 2 "Big Contract Awarded". Youngstown Vindicator. July 6, 1912. p. 9.
  20. 1 2 3 "The Trumbull Steel Company". The Iron Age. May 2, 1912. p. 1089. Retrieved January 7, 2026.
  21. ↑ Index, Plate 12 (1915)
  22. 1 2 The Iron Trade Review 1913, p. 447.
  23. ↑ "New Steel Plants". The Cincinnati Enquirer. May 2, 1912. p. 5.
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  25. ↑ "Brief Notes of Finance". New York Tribune. July 17, 1912. p. 13.
  26. 1 2 "Pittsburgh". The Iron Age. July 11, 1912. p. 99. Retrieved January 7, 2026.
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  28. ↑ "The Southwestern Steel Corporation". The Iron Age. August 15, 1912. p. 379. Retrieved January 7, 2026.
  29. ↑ "Work on Office Building". Youngstown Vindicator. September 12, 1912. p. 17.
  30. ↑ "Warren's New Mill". Youngstown Vindicator. January 13, 1913. p. 5.
  31. ↑ "Cleveland". The Iron Age. April 10, 1913. p. 924. Retrieved January 7, 2026.
  32. 1 2 3 "$2,000,000 Plant of Trumbull Steel Co. in Operation". Youngstown Vindicator. August 18, 1913. p. 2.
  33. ↑ "Trumbull Steel Co". The Wall Street Journal. July 21, 1913. p. 6; "Financial Miscellany". The Inter Ocean. Chicago, Ill. July 22, 1913. p. 8.
  34. 1 2 3 4 5 6 7 8 9 10 11 12 The Iron Age 1913, p. 556.
  35. ↑ "Notes From Sharon". The Wall Street Journal. August 5, 1913. p. 7.
  36. 1 2 3 4 The Iron Trade Review 1913, p. 448.
  37. 1 2 3 4 5 6 7 The Iron Age 1913, p. 557.
  38. 1 2 3 4 5 6 7 8 9 10 11 The Iron Age 1913, p. 558.
  39. 1 2 "Firebrick Makers Organize". The Iron Age. May 1, 1913. p. 1092. Retrieved January 7, 2026.
  40. ↑ Lawrence, Edward S. (1930). The Manufacture of Steel Sheets. Cleveland: Penton Publishing. p. 65. OCLC 1123290258.
  41. ↑ "Crucible Steel Developments". The Iron Age. May 15, 1913. p. 1184. Retrieved January 7, 2026.
  42. ↑ The Iron Age 1913, pp. 557–558.
  43. 1 2 3 "Bank Presidents on Rock Island". The Plain Dealer. October 13, 1916. p. 24.
  44. ↑ "New Record in Clearings Is Set Today". Youngstown Vindicator. January 2, 1917. p. 24.
  45. ↑ "Start July 15". Youngstown Vindicator. May 24, 1913. p. 2.
  46. ↑ "Pittsburgh and Vicinity Business Notes". The Iron Age. June 12, 1913. p. 1454. Retrieved January 8, 2026.
  47. ↑ "Melted Ferromanganese". The Iron Age. August 20, 1914. p. 463. Retrieved January 8, 2026.
  48. ↑ "French Production in the First Half of the Year". The Iron Age. November 27, 1913. p. 1241. Retrieved January 8, 2026.
  49. ↑ "Notes From Sharon". The Wall Street Journal. January 23, 1914. p. 6.
  50. 1 2 3 "Steel Plant Growing". Pittsburgh Post-Gazette. May 4, 1914. p. 9; "Trumbull Steel to Enlarge". The Wall Street Journal. May 5, 1914. p. 4.
  51. 1 2 3 Luty, B.E.V. (August 20, 1914). "The Sheet and Tin-Plate Trades in 1914". The Iron Age. p. 463. Retrieved January 8, 2026.
  52. ↑ "To Double Hot-Mill Capacity". Boston Evening Transcript. February 25, 1914. p. 8.
  53. ↑ "Notes From Sharon". The Wall Street Journal. March 17, 1914. p. 6; "The Steel Market". New York Herald. March 17, 1914. p. 10.
  54. ↑ "Railroad Supply Exhibit". The Iron Age. March 26, 1914. p. 773. Retrieved January 8, 2026.
  55. ↑ "Youngstown to Pay for Water used by Others". The Cleveland Press. April 15, 1915. p. 7.
  56. ↑ "Neighborhood News". The Mahoning Dispatch. February 12, 1915. p. 3.
  57. ↑ "Notes From Sharon". The Wall Street Journal. September 4, 1914. p. 5.
  58. ↑ "Steel Mill Operations". The Wall Street Journal. January 23, 1915. p. 1.
  59. ↑ "Ticker Talk". The Pittsburgh Post. February 12, 1914. p. 10; "Reduction to Tonnage Men". The Iron Age. February 19, 1914. p. 521. Retrieved January 8, 2026.
  60. ↑ "$1,500,000 Capital Stock Increase for New Steel Co". Pittsburgh Post-Gazette. July 8, 1915. p. 5; "Trumbull Steel Co". The Wall Street Journal. July 9, 1915. p. 8.
  61. 1 2 3 4 5 "Warren (O.) Steel Plant to Enlarge". The Pittsburgh Post. October 7, 1915. p. 5.
  62. 1 2 3 "Advance for San Francisco Machinists". The Iron Age. October 14, 1915. p. 905. Retrieved January 8, 2026.
  63. 1 2 "Brier Hill Yields in Local Market". The Plain Dealer. November 3, 1915. p. 20.
  64. ↑ "Heavy Steel Expenditures". The Wall Street Journal. July 27, 1915. p. 2.
  65. 1 2 "Addition to the Trumbull Steel Plant". Youngstown Vindicator. September 9, 1915. p. 7.
  66. 1 2 "Plant to Be Enlarged". Pittsburgh Post-Gazette. August 7, 1915. p. 2.
  67. 1 2 "Extension Plans". The Cincinnati Enquirer. September 12, 1915. p. 15.
  68. ↑ "Increases Capital Stock". The Cincinnati Enquirer. August 8, 1915. p. 4; "Trumbull Steel". The Wall Street Journal. August 9, 1915. p. 2; "Trumbull Steel Company Extensions". The Iron Age. August 12, 1915. p. 392. Retrieved January 8, 2026.
  69. ↑ "New Rolling Mill Work". The Iron Age. January 6, 1916. p. 105. Retrieved January 8, 2026.
  70. ↑ "Trumbull Steel Co. to Add Sheet Mills". Boston Evening Transcript. December 27, 1915. p. 15.
  71. ↑ "Trumbull Steel Co". The Wall Street Journal. October 9, 1915. p. 8.
  72. 1 2 3 "Millions for Big Mills". The Plain Dealer. April 1, 1917. p. 5.
  73. 1 2 3 "New Sheet Mill to Be Near Warren". New Castle Herald. New Castle, Pennsylvania. April 12, 1917. p. 5; "New Sheet Mill for Warren, O.". The Pittsburgh Post. April 12, 1917. p. 7.
  74. ↑ "To Increase Stock". The Akron Beacon Journal. January 20, 1916. p. 1; "Ask Approval on Stock Increase". The Indianapolis News. January 20, 1916. p. 18; "Ask Directors to Ratify $6,000,000 Stock Increase". Brooklyn Eagle. January 20, 1916. p. 15.
  75. ↑ "Increases Stock to $10,000,000". Dayton Daily News. March 7, 1916. p. 9.
  76. ↑ "Stock Increase Voted". The Cincinnati Enquirer. February 24, 1916. p. 5; "Capital Stock Increased". The Wall Street Journal. February 26, 1916. p. 5; "Safety Rules for Iron and Steel Plants". The Iron Age. March 2, 1916. p. 548. Retrieved January 9, 2026.
  77. ↑ "New Addition". Youngstown Vindicator. April 22, 1916. p. 36.
  78. ↑ "New Office Is Being Erected". Youngstown Vindicator. June 1, 1916. p. 28.
  79. ↑ "Trumbull Steel Company". The Cincinnati Enquirer. September 16, 1916. p. 10; "Industrial Impetus". The Dayton Herald. September 16, 1916. p. 7.
  80. ↑ "Youngstown Iron & Steel". The Wall Street Journal. September 19, 1916. p. 2.
  81. 1 2 "New Mills Are Now Complete". Youngstown Vindicator. September 8, 1916. p. 3.
  82. ↑ "Trumbull Steel". The Wall Street Journal. October 16, 1916. p. 4; "Addition to Plant of the Trumbull Steel Co". The Boston Globe. October 28, 1916. p. 4.
  83. 1 2 3 "Trumbull Steel". The Wall Street Journal. October 17, 1916. p. 2.
  84. 1 2 3 4 5 "Trumbull Steel Company's Plans". The Iron Age. October 19, 1916. p. 891. Retrieved January 9, 2026.
  85. ↑ "State Brevities". The Plain Dealer. October 11, 1916. p. 5.
  86. ↑ "Warren". Youngstown Vindicator. September 28, 1916. p. 6.
  87. 1 2 "Trumbull Steel". The Wall Street Journal. October 12, 1916. p. 2.
  88. ↑ "Will Pay $11,000,000". The Plain Dealer. December 17, 1916. p. 2.
  89. 1 2 3 "Trumbull Steel". The Plain Dealer. February 7, 1917. p. 16.
  90. 1 2 3 4 5 "Trumbull Steel's Gross Is At Value of $15,000,000". The Wall Street Journal. February 10, 1917. p. 8.
  91. ↑ "City Gains $10,000,000". The Plain Dealer. January 2, 1917. p. 4.
  92. 1 2 3 "Trumbull Steel Co. Additions". The Iron Age. September 27, 1917. p. 741. Retrieved January 9, 2026.
  93. 1 2 3 "Trumbull Steel to Employ 3,500 By End of Year". Youngstown Vindicator. January 16, 1917. p. 1.
  94. ↑ "Pittsburgh and Nearby Districts". The Iron Age. May 24, 1917. p. 1292. Retrieved January 9, 2026.
  95. ↑ Camp, J.M.; Francis, C.B. (1951). The Making, Shaping and Treating of Steel. Pittsburgh: United States Steel Corporation. p. 604. OCLC 1221303.
  96. ↑ "Trumbull Steel". The Wall Street Journal. November 24, 1916. p. 2.
  97. ↑ "Brier Hill Steel". The Wall Street Journal. February 6, 1917. p. 1.
  98. 1 2 3 4 "Large Outlay Contemplated". Youngstown Vindicator. September 15, 1916. p. 2.
  99. ↑ "Trumbull Steel Makes Enormous Stock Offering". Youngstown Vindicator. October 10, 1916. pp. 1, 3.
  100. 1 2 3 "New Mills Now in Commission". Youngstown Vindicator. May 9, 1917. p. 22.
  101. 1 2 3 "Push Mills of Trumbull Steel". Youngstown Vindicator. April 2, 1917. p. 18.
  102. 1 2 "New Strip Mills Operating". Pittsburgh Post-Gazette. May 11, 1917. p. 5.
  103. 1 2 3 "Trumbull Steel". The Wall Street Journal. February 7, 1918. p. 8.
  104. ↑ "No Munitions Money in $12,000,000 Trade". The Pittsburgh Post. February 7, 1917. p. 1; "Youngstown Sees Payrolls Leaping". The Plain Dealer. October 12, 1916. p. 5.
  105. 1 2 "Great Activity in Youngstown District". The Iron Age. May 17, 1917. p. 1226. Retrieved January 9, 2026.
  106. ↑ "Will Build Sheet Mill". The Wall Street Journal. April 14, 1917. p. 5.
  107. 1 2 "Trumbull Steel Boosts Capital to $12,000,000". Youngstown Vindicator. June 25, 1917. pp. 1, 7.
  108. 1 2 "Industrial Finances". The Iron Age. July 5, 1917. p. 50. Retrieved January 9, 2026.
  109. ↑ "Trumbull Steel to Offer Stock". The Plain Dealer. June 26, 1917. p. 18; "Trumbull Steel". The Wall Street Journal. June 26, 1917. p. 7.
  110. ↑ "Steel Makers Burdened by the High Prices". The Wall Street Journal. June 28, 1917. p. 7.
  111. 1 2 "Pulverized Coal to Replace Natural Gas". The Iron Age. December 27, 1917. p. 1560. Retrieved January 11, 2026.
  112. ↑ "New Iron and Steel Works Construction". The Iron Age. January 3, 1918. p. 86. Retrieved January 9, 2026; "Trumbull Steel to Build Seven Large furnaces". Youngstown Vindicator. September 19, 1917. p. 1.
  113. ↑ "Trumbull Steel to Employ 4,000". Youngstown Vindicator. April 25, 1917. p. 4.
  114. ↑ "Trumbull Steel Gross Business Shows Big Gain". Youngstown Vindicator. February 5, 1918. p. 17.
  115. ↑ "Trumbull Steel Co. Additions". The Iron Age. September 27, 1917. p. 741. Retrieved January 11, 2026.
  116. ↑ "Acute Fuel Conditions". The Iron Age. February 28, 1918. p. 593. Retrieved January 11, 2026; "Trumbull Steel". The Wall Street Journal. March 8, 1918. p. 6; "Trumbull Steel". The Wall Street Journal. March 12, 1918. p. 7.
  117. ↑ "Open New Steel Department". The Plain Dealer. March 10, 1918. p. 4; "First Steel Is Poured at New Trumbull Plant". Youngstown Vindicator. March 10, 1918. p. A2.
  118. 1 2 "Trumbull Steel Firm Increases Capital". The Pittsburgh Press. April 16, 1918. p. 7.
  119. 1 2 "Ohio Company Expanding". The Iron Age. April 18, 1918. p. 1042. Retrieved January 11, 2026.
  120. ↑ "Trumbull Steel". The Plain Dealer. May 18, 1918. p. 15; "Financial Notes". New York Herald. May 19, 1918. p. 15.
  121. ↑ "Five Furnaces in Commission". Youngstown Vindicator. August 13, 1918. p. 4.
  122. ↑ The Iron Age 1919, p. 476.
  123. 1 2 3 4 5 The Iron Age 1919, p. 475.
  124. ↑ The Iron Age 1919, p. 478.
  125. 1 2 The Iron Age 1919, p. 479.
  126. ↑ "1918 Biggest Year For Trumbull Steel". The Pittsburgh Post. February 5, 1919. p. 2; "Trumbull Steel Sales Grow". The Plain Dealer. February 7, 1919. p. 14.
  127. 1 2 3 4 "Trumbull Steel Co.'s Expansion Plans". The Iron Age. April 3, 1919. p. 897. Retrieved January 11, 2026.
  128. ↑ "Named at Last". The Cincinnati Enquirer. January 9, 1919. p. 11.
  129. ↑ "Great Plants to Be Merged Under M'Adoo". The Dayton Herald. November 29, 1918. p. 1.
  130. ↑ "Telegraph Brevities". The Pittsburgh Post. April 8, 1919. p. 7.
  131. 1 2 "Traders' Gossip". The Pittsburgh Press. May 8, 1919. p. 29.
  132. 1 2 "Trumbull Steel Stock Increased". The Wall Street Journal. May 12, 1919. p. 3.
  133. 1 2 "$4,700,000 of Stock Offered". Youngstown Vindicator. May 10, 1919. p. 23.
  134. ↑ "Trumbull Steel to Enlarge". The Wall Street Journal. April 10, 1919. p. 5.
  135. ↑ "Trumbull Steel Offers Common and Preferred". The Wall Street Journal. May 13, 1919. p. 9.
  136. ↑ "Labor Notes". The Iron Age. August 21, 1919. p. 514. Retrieved January 13, 2026.
  137. ↑ "Rate of British Pig-Iron and Steel Output". The Iron Age. July 3, 1919. p. 16. Retrieved January 13, 2026.
  138. ↑ Brody, David (1998). Steelworkers in America: The Nonunion Era. Urbana, Ill.: University of Illinois Press. pp. 126–127. ISBN 9780252067136.
  139. ↑ "Pittsburgh and Valleys Business Notes". The Iron Age. October 23, 1913. p. 935. Retrieved January 13, 2026; "Pittsburgh". The Iron Age. July 9, 1914. p. 106. Retrieved January 13, 2026; "Union Made Black and Galvanized Sheet Iron". Sheet Metal Workers' Journal. March 15, 1916. p. 91. Retrieved January 13, 2026.
  140. ↑ "Speed Up Plans for Steel Strike; Companies Hope to Keep Mills Open; Hylan to Rid City Rolls of Agitators". The New York Times. September 20, 1919. pp. 1, 2. Retrieved January 13, 2026; "Trumbull Signs Up". Youngstown Vindicator. September 18, 1919. p. 1.
  141. ↑ "Trumbull Steel Resumes". The Wall Street Journal. October 13, 1919. p. 3; "A.A. Men Ordered to Resume Work". Youngstown Vindicator. October 30, 1919. p. 1.
  142. 1 2 3 "Trumbull Steel Expanding Its Strip Capacity". The Iron Trade Review. February 12, 1920. p. 508. Retrieved January 13, 2026.
  143. ↑ "Short Trade Items". The Iron Age. January 1, 1920. p. 115. Retrieved January 14, 2026.
  144. 1 2 3 4 5 6 7 8 9 10 11 "Trumbull Steel Extensions". The Iron Age. September 2, 1920. p. 573. Retrieved January 14, 2026.
  145. ↑ "Spend Millions at Steel Plant". The Plain Dealer. January 20, 1920. p. 13; "Bonus Plan for Engineering Staffs". The Iron Age. January 29, 1920. p. 338. Retrieved January 14, 2026.
  146. ↑ American Society for Metals (1961). Metals Handbook. Cleveland: American Society for Metals. p. 9. OCLC 2369462.
  147. 1 2 3 4 5 "Trumbull Steel Expands". The Wall Street Journal. August 31, 1920. p. 7.
  148. ↑ "Trumbull Steel Co.'s Additions". The Iron Age. February 26, 1920. p. 611. Retrieved January 14, 2026; "Trumbull Steel". The Wall Street Journal. March 1, 1920. p. 13.
  149. 1 2 3 "Trumbull Steel". The Wall Street Journal. February 4, 1920. p. 4.
  150. ↑ Haberler, Gottfried (2017). Prosperity and Depression: A Theoretical Analysis of Cyclical Movements. New York: Taylor & Francis. p. xiii. ISBN 9781351496247.
  151. ↑ Parker, Randall E. (2002). Reflections on the Great Depression. Cheltenham, UK: Edward Elgar. p. 2. ISBN 9781840647457.
  152. 1 2 "Wall Street Notes". Brooklyn Eagle. April 15, 1920. p. 17; "Trumbull Steel Stockholders to Vote on Capital Increase". New York Tribune. April 16, 1920. p. 18.
  153. 1 2 "Trumbull Steel Stock Issue". The Wall Street Journal. May 24, 1920. p. 2.
  154. ↑ "Stock for Employees". The Iron Age. March 18, 1920. p. 812. Retrieved January 14, 2026; "Cuts Par Value to Aid Investors". The Plain Dealer. August 17, 1920. p. 17.
  155. 1 2 "Another Steel Dividend Coming". The Pittsburgh Press. July 21, 1920. p. 6; "Trumbull Steel". The Wall Street Journal. July 23, 1920. p. 7.
  156. ↑ "Trumbull-Cliffs Furnace Co. Will Build By-Product Coke Plant". The Iron Age. May 27, 1920. p. 1552. Retrieved January 14, 2026.
  157. ↑ "Finance". The Cincinnati Enquirer. May 19, 1920. p. 11.
  158. ↑ "Trumbull Steel Raises Common By $11,000,000". Youngstown Vindicator. May 18, 1920. p. 1.
  159. 1 2 "Declare Stock Dividend". The Plain Dealer. July 9, 1920. p. 22; "Trumbull Stock Dividend". The Wall Street Journal. July 9, 1920. p. 1.
  160. ↑ "Reach Employe, Trumbull Plan". Youngstown Vindicator. July 14, 1920. p. 12.
  161. ↑ "Trumbull Steel". The Wall Street Journal. February 3, 1921. p. 3.
  162. ↑ "War Department Permit for Dam in Mahoning". Youngstown Vindicator. June 4, 1921. p. A9.
  163. 1 2 "Trumbull Steel Co". The Iron Age. January 5, 1922. p. 116. Retrieved January 15, 2026.
  164. ↑ "Trumbull Steel's Net". The Cincinnati Enquirer. February 8, 1922. p. 12.
  165. ↑ "Business News of Today". The Buffalo News. February 28, 1922. p. 23.
  166. ↑ "Trumbull Steel Out". The Cleveland Press. May 25, 1922. p. 12; "More Steel Merger Talk". The Cincinnati Enquirer. May 27, 1922. p. 2.
  167. ↑ "Broader Buying". The Iron Age. March 2, 1922. p. 622. Retrieved January 15, 2026.
  168. ↑ "Rise in Steel Price to Be Followed Opening of New Plant". The Portsmouth Times. May 27, 1922. p. 4; "Traders' Gossip". The Pittsburgh Press. May 28, 1922. p. 55; "Watch Ohio Coming Back". The Plain Dealer. May 29, 1922. p. 10.
  169. ↑ "New Continuous Ten-Stand Strip Mill". The Iron Age. June 1, 1922. pp. 1510–1511. Retrieved January 15, 2026.
  170. 1 2 3 4 "Proposed Additions". The Iron Age. August 31, 1922. p. 526. Retrieved January 15, 2026.
  171. ↑ "Trumbull Steel Co". The Iron Age. January 4, 1923. p. 90. Retrieved January 15, 2026.
  172. ↑ "Continuous Cleaning of Strip Steel". The Iron Age. May 8, 1924. pp. 1358, 1359. Retrieved January 16, 2026.
  173. ↑ "Woolworth Income Is Up $4,500,000". Brooklyn Eagle. February 6, 1923. p. 18.
  174. 1 2 "Trumbull Steel Co. Finances". The Iron Age. February 1, 1923. p. 386. Retrieved January 15, 2026.
  175. ↑ "Trumbull to Refinance". The Plain Dealer. January 10, 1923. p. 9; "Trumbull Steel Proposes Changes in Capital Stock". Buffalo Courier. January 10, 1923. p. 10; "Trumbull Steel". The Wall Street Journal. January 11, 1923. p. 9.
  176. ↑ "Trumbull Steel". The Wall Street Journal. February 6, 1923. p. 4.
  177. ↑ "Traders' Gossip". The Pittsburgh Press. February 9, 1923. p. 34.
  178. 1 2 "Trumbull Plans Expansion". The Wall Street Journal. March 27, 1923. p. 2.
  179. ↑ "Business Survey". Dayton Daily News. December 18, 1924. p. 30; "No Trumbull Bonds". The Cleveland Press. December 26, 1924. p. 12.
  180. ↑ Zarnowitz, Victor (1996). Business Cycles: Theory, History, Indicators, and Forecasting. Chicago: University of Chicago Press. pp. 226–229. ISBN 9780226978918.
  181. 1 2 "Week's Happenings in Ohio's Leading Industries". The Plain Dealer. February 8, 1925. p. 22.
  182. ↑ "Making Open-Hearth Bottom". The Iron Age. September 13, 1923. pp. 674, 721. Retrieved January 15, 2026.
  183. ↑ Rockwell, Guy T. (February 6, 1924). "Trumbull Steel Boosts Surplus; Sheet Mill Sold". The Plain Dealer. p. 10; "Industrial Finance". The Iron Age. February 14, 1924. p. 553. Retrieved January 16, 2026.
  184. 1 2 "Paris Public Utilities Loan Is Expected Soon". The Philadelphia Inquirer. July 24, 1925. p. 26.
  185. 1 2 "Valley Mills Add to Output". The Plain Dealer. November 16, 1924. p. 15.
  186. 1 2 "Trumbull Steel Co. Improvements". The Iron Age. November 20, 1924. p. 1352. Retrieved January 16, 2026.
  187. 1 2 "O.K.'s New Coal Fueling System". The Plain Dealer. January 18, 1925. p. 40.
  188. ↑ "Pulverized Coal at Trumbull Steel Mills". The Iron Age. March 26, 1925. p. 885. Retrieved January 16, 2026.
  189. ↑ "Outlook Favorable". The Iron Age. February 5, 1925. p. 423. Retrieved January 16, 2026.
  190. ↑ "Week's Happenings in Ohio's Leading Industries". The Plain Dealer. December 7, 1924. p. 47.
  191. ↑ "Trumbull Improvements". The Cleveland Press. February 10, 1925. p. 14.
  192. ↑ "Listing". Wall Street Journal. February 25, 1925. p. 12.
  193. ↑ "Notes From Exchanges". The Cincinnati Enquirer. February 17, 1925. p. 18.
  194. ↑ "Job Situation Held Improved". The Cleveland Press. July 3, 1925. p. 6.
  195. 1 2 3 "Adding New Furnace". The Plain Dealer. July 4, 1925. p. 6.
  196. 1 2 "Steel Output Ahead of 1924". The Cleveland Press. July 8, 1925. p. 12.
  197. ↑ "Trumbull To Build". The Cleveland Press. July 3, 1925. p. 6; "Adding New Furnace". The Plain Dealer. July 4, 1925. p. 6.
  198. 1 2 3 4 "Trumbull Steel Sells $20,000,000 Bond Issue; Merger Is Reported". Youngstown Vindicator. July 24, 1925. p. 1.
  199. ↑ "Financial World's News and Views". The Buffalo News. July 24, 1925. p. 17.
  200. ↑ Nemenyi, Ernest N. (July 27, 1925). "Trumbull Issue Is $12,500,000". Youngstown Vindicator. pp. 3, 8.
  201. ↑ Markham, John R. (July 25, 1925). "Otis Makes Big Earnings Gain". The Cleveland Press. p. 5.
  202. ↑ Rockwell, Guy T. (July 25, 1925). "Merger Rumors Arise with Plan for Steel Bonds". The Plain Dealer. p. 6.
  203. 1 2 "Stockholder Sues for Trumbull Audit". Brooklyn Eagle. September 1, 1925. p. 15.
  204. 1 2 3 "Large Issue of Bonds". The Cincinnati Enquirer. July 25, 1925. p. 4.
  205. ↑ "New Financing For Trumbull Steel". The Washington Post. July 25, 1925. p. 15.
  206. 1 2 3 4 "Fight Reported in $110,000,000 Steel Merger". Minneapolis Star Tribune. September 1, 1925. p. 1.
  207. 1 2 3 4 "Trumbull Steel Audit Demanded". The Evening Star. Washington, D.C. September 1, 1925. p. 21.
  208. ↑ "Trumbull Steel Co.'s Bond Issue May Mean Building of New Mills". Youngstown Vindicator. July 25, 1925. pp. 1, 3.
  209. 1 2 "Late Gossip of Wall Street". The Philadelphia Inquirer. October 23, 1925. p. 27.
  210. ↑ "Stocks Led by Steel and Autos". The Plain Dealer. August 4, 1925. p. 11.
  211. 1 2 3 "Bank Withholds Proceeds of Steel Bond issue, Is Tip". The Cincinnati Enquirer. September 1, 1925. p. 8.
  212. 1 2 3 "Hitch Over Bonds in Steel Merger". The New York Times. September 1, 1925. p. 26. Retrieved April 1, 2026.
  213. 1 2 "Ask Bond Explanation". The Plain Dealer. July 30, 1925. p. 11.
  214. 1 2 3 4 "Warner Out as Trumbull Head; Recall Bonds". The Cleveland Press. September 2, 1925. p. 13.
  215. ↑ Markham, John R. (August 29, 1925). "Earning Power of New Steel Combine Large". The Cleveland Press. p. 5.
  216. ↑ "New Financing for Trumbull". The Cleveland Press. July 28, 1925. p. 12.
  217. 1 2 "Trumbull Goes Down in Price". Youngstown Vindicator. July 30, 1925. p. 4.
  218. 1 2 3 4 "Trumbull Sags". Youngstown Vindicator. July 29, 1925. p. 4.
  219. 1 2 "Bonds Causing Worry". The Plain Dealer. July 31, 1925. p. 3.
  220. 1 2 3 Temporary National Economic Committee 1940, p. 226.
  221. 1 2 "Trading Led by Trumbull Steel". The Plain Dealer. August 1, 1925. p. 7.
  222. ↑ "Trumbull Sold in Large Blocks". The Plain Dealer. August 22, 1925. p. 7.
  223. ↑ "Trumbull Now at Low level". The Cleveland Press. August 3, 1925. p. 14.
  224. ↑ "Warner Comes Back Saturday". Youngstown Vindicator. July 31, 1925. p. 1.
  225. 1 2 3 4 5 Blackstone 2020, p. 10.
  226. 1 2 "Trumbull's Assets $50,324,000 Company Remains Independent". Youngstown Vindicator. September 24, 1925. p. 1.
  227. 1 2 "Trumbull Steel Discusses Plans". The Plain Dealer. September 24, 1925. p. 12.
  228. 1 2 3 4 Blackstone 2020, p. 11.
  229. 1 2 "Denies Valuation on Warner Homes". The Plain Dealer. September 5, 1925. p. 2.
  230. ↑ "Banks Renew Notes of Trumbull Steel". The Philadelphia Inquirer. September 9, 1925. p. 26.
  231. 1 2 "Steel Concerns May be Merged". Pittsburgh Post-Gazette. May 14, 1925. p. 2.
  232. 1 2 "Rumor Merger of Steel Firms to Cut Prices". The Cleveland Press. June 26, 1925. p. 16.
  233. 1 2 3 4 5 6 "Change in Trumbull Steel Management". The Iron Age. September 3, 1925. pp. 630, 647. Retrieved January 16, 2026.
  234. 1 2 "Steel Merger, Cleveland As Source, Seen as Likely". The Pittsburgh Post. May 31, 1925. p. 7; "New Middle West Steel Merger Is Being Planned". The Philadelphia Inquirer. June 1, 1925. p. 20.
  235. 1 2 "Discussed Steel Merger Ripening". The Plain Dealer. June 22, 1925. p. 7.
  236. ↑ "Volume of Business Is Tremendous". Buffalo Courier Express. May 25, 1925. p. 9.
  237. ↑ American Iron and Steel Institute 1926, p. 10.
  238. ↑ "Middle-West Steel Plants May Be Merged". The Dayton Herald. June 26, 1925. p. 26; Love, John W. (June 26, 1925). "12 Steel Plants Merged on Paper". The Plain Dealer. pp. 1, 4; "Giant Steel Merger Planned; Ohio Mills Included, Is Story". The Cincinnati Enquirer. June 26, 1925. p. 3.
  239. ↑ "2 Steel Mergers Rumored in East". San Francisco Bulletin. June 27, 1925. p. 15; "Great Steel Mergers Said to be Under Way". The Washington Post. June 27, 1925. p. 3; "Gigantic Steel Merger Forecset; Rival U.S. Corp". The Flint Journal. June 27, 1925. p. 10; "Big Steel Merger Seen in Cleveland". The Philadelphia Inquirer. June 27, 1925. p. 2; "Cleveland Hears of Steel Merger Reports". Chicago Tribune. June 27, 1925. p. 19; "Gigantic Merger of Steel Firms Looming in Ohio". The Atlanta Constitution. June 27, 1925. p. 1.
  240. ↑ "Pittsburgh's Place Secure". Pittsburgh Post-Gazette. June 27, 1925. p. 12.
  241. ↑ "Steel Merger Will Include Three Plants". The San Francisco Call Bulletin. August 28, 1925. p. 30.
  242. ↑ "Ohio Steel Merger is Approved". The Dayton Herald. August 28, 1925. p. 1; "Steel Merger is Under Way". The Cleveland Press. August 28, 1925. p. 1.
  243. 1 2 3 Rockwell, Guy T. (August 29, 1925). "Kulas Will Head Merger of Three Steel Companies". The Plain Dealer. pp. 1, 14.
  244. ↑ "Steel Companies Planning A Merger". The New York Times. August 29, 1925. p. 15. Retrieved April 1, 2026.
  245. ↑ "Trumbull Merger Is Under Way". Youngstown Vindicator. August 28, 1925. pp. 1, 3; "Trumbull Steel Affairs in Air". The Iron Trade Review. September 3, 1925. p. 594. Retrieved April 1, 2026.
  246. ↑ "Delay". The Cincinnati Enquirer. August 30, 1925. p. 15.
  247. 1 2 Nemenyi, Ernest N. (August 30, 1925). "Believe Trumbull Merger Is Off". Youngstown Vindicator. p. 1.
  248. 1 2 "Campbell Will Take Charge of Trumbull Steel's Affairs". Youngstown Vindicator. August 31, 1925. pp. 1, 4.
  249. ↑ Nemenyi, Ernest N. (August 29, 1925). "Terms Displease Trumbull Stock Holders". Youngstown Vindicator. pp. 1, 12.
  250. 1 2 Rockwell, Guy T. (August 30, 1925). "Inventory Delays Merger in Steel; Kulas Back Home". The Plain Dealer. pp. 1, 10.
  251. 1 2 3 4 "Trumbull Co. President Out; Loan Held Up". Chicago Tribune. September 2, 1925. p. 20.
  252. 1 2 "Trumbull Is Reorganized". Youngstown Vindicator. September 2, 1925. p. 1.
  253. ↑ "Trumbull Steel Changes Hinder Merger Schemes". The Brooklyn Eagle. September 2, 1925. p. 17.
  254. ↑ "Warner Quits As Trumbull Steel President; Merger Halts". The Pittsburgh Post. September 2, 1925. p. 2.
  255. ↑ Rockwell, Guy T. (September 4, 1925). "Trumbull Board Holds Meeting Next Wednesday". The Plain Dealer. p. 12.
  256. ↑ "Buying Leaves Strong Hands". Youngstown Vindicator. September 9, 1925. pp. 1, 23.
  257. ↑ "Control of Company Changed". The Cincinnati Enquirer. September 10, 1925. p. 14.
  258. ↑ "Notes of the Street". The Philadelphia Inquirer. September 12, 1925. p. 25.
  259. 1 2 3 4 5 "Financial Status of Trumbull Steel Co". The Iron Age. October 1, 1925. p. 902. Retrieved January 20, 2026.
  260. 1 2 "Warner Turns Back Shares". The Cleveland Press. September 24, 1925. p. 1.
  261. 1 2 "To Give Monthly Earnings Report". The Plain Dealer. September 25, 1925. p. 11.
  262. ↑ "Great Plans of Trumbull Steel". The Plain Dealer. October 21, 1925. p. 9.
  263. 1 2 "Financing Plan for Trumbull Steel Co". The Iron Age. October 22, 1925. p. 1134. Retrieved January 20, 2026.
  264. 1 2 "Steel Company Reports $3,000,000 'Discrepancy'". St. Louis Post-Dispatch. September 24, 1925. p. 1.
  265. ↑ "Six Trumbull Assets Are Cut $6,179,441 In Statement". Youngstown Vindicator. September 24, 1925. p. 26.
  266. ↑ "Trumbull Deficit Made $3,000,000". Brooklyn Eagle. September 24, 1925. p. 17.
  267. 1 2 "Trumbull Bond Issue Approved". Youngstown Vindicator. November 11, 1925. p. 24.
  268. ↑ "Joins Forces of Banking Firm". The Plain Dealer. April 30, 1914. p. 15.
  269. ↑ Rothe, Anne, ed. (1949). Current Biography 1948. New York: H.W. Wilson Co. p. 171. OCLC 3851870; Crowther, Samuel (June 1930). "Ohio Versus Wall Street". The World's Work. p. 29. Retrieved April 2, 2026.
  270. ↑ Howard, N.R. (March 23, 1930). "Ohio Steel Merger Meets Opposition". The New York Times. p. 55.
  271. ↑ Gleisser 2005, pp. 53–54, 58.
  272. ↑ "The Eaton of "the Eaton Group"". Business Week. December 14, 1929. p. 36. hdl:2027/uva.x000266325. Retrieved February 20, 2026.
  273. 1 2 3 4 Whitman, Alden (May 11, 1979). "Cyrus Eaton, Industrialist, 95, Dies". The New York Times. pp. A1, A24.
  274. ↑ "M'Master Graduate Makes Good in U.S.". The Toronto Star. November 28, 1925. p. 21.
  275. ↑ "Trumbull O.K., Wick Asserts". Youngstown Vindicator. October 27, 1925. pp. 1, 2.
  276. 1 2 "Eaton New Star on Steel Industry's Smoky Skies". Youngstown Vindicator. April 14, 1927. pp. 1, 4.
  277. ↑ "Telling Sells Active, Firm". The Cleveland Press. October 16, 1925. p. 22.
  278. ↑ "Trumbull Steel Co. Considers Bond Issue". Brooklyn Eagle. October 17, 1925. p. 22.
  279. ↑ "Refinancing Arranged". The Cincinnati Enquirer. October 20, 1925. p. 14.
  280. ↑ "Trumbull Loan May Be Decided". Youngstown Vindicator. October 16, 1925. p. 1.
  281. ↑ "Notes and Comment". Pittsburgh Post-Gazette. October 21, 1925. p. 21.
  282. ↑ "Trumbull Borrows 18 Million, Clevelander to Head Board". Youngstown Vindicator. October 20, 1925. pp. 1, 22.
  283. ↑ "German Loans at Premium; French Drop". The Cleveland Press. November 9, 1925. p. 14.
  284. ↑ "Financing Plan Wins Approval". Youngstown Vindicator. November 6, 1925. p. 40.
  285. ↑ "Trumbull Steel". Buffalo Courier Express. November 11, 1925. p. 13.
  286. ↑ "Trumbull Steel to Offer Bonds". The Plain Dealer. November 11, 1925. p. 23.
  287. ↑ "Stock Offered in Roxy Theatre". The Brooklyn Daily Times. November 13, 1925. p. 19; "Bond Notes". Brooklyn Eagle. November 20, 1925. p. 22.
  288. 1 2 "Business". Time. February 6, 1928. pp. 33–34. hdl:2027/coo.31924069358665. Retrieved March 10, 2026.
  289. 1 2 3 4 5 6 7 "New Steel Plant Meets Opposition". The Plain Dealer. December 17, 1925. p. 14.
  290. 1 2 3 4 "Pittsburgher Made Operating Official of Trumbull Firm". The Pittsburgh Post. December 17, 1925. p. 2.
  291. 1 2 3 4 "Elect Officers of Trumbull Steel Co". The Iron Age. December 24, 1925. p. 1763. Retrieved January 21, 2026.
  292. ↑ "Trumbull Steel Pushing Ahead". The Plain Dealer. February 19, 1926. p. 5.
  293. ↑ "Trumbull Steel in Big Turnover". The Plain Dealer. February 19, 1926. p. 7; "Great Demand for Trumbull". Youngstown Vindicator. February 19, 1926. p. 32.
  294. ↑ "No United Alloy Merger". The Brooklyn Daily Times. April 21, 1926. p. 11.
  295. ↑ "Trumbull Bond Price Advanced". Youngstown Vindicator. November 13, 1925. p. 40.
  296. 1 2 ""Fighting Lawyer" Is President of Trumbull Steel Company". Youngstown Vindicator. March 26, 1926. pp. 1, 39.
  297. ↑ "Eaton Pleased With Earnings". The Plain Dealer. April 17, 1926. p. 4.
  298. ↑ "Steel Industry Summer Slump Not Apparent Upon Records". The Pittsburgh Post. July 18, 1926. p. 15.
  299. 1 2 "Trumbull Steel Completes Mills". Youngstown Vindicator. July 14, 1926. p. 1.
  300. ↑ "Trumbull Steel Output Grows". The Pittsburgh Post. October 3, 1926. p. 16.
  301. ↑ "Ticker Talk". The Pittsburgh Post. October 19, 1926. p. 20.
  302. ↑ "Steel Mills Enlarge As Output Gains". The Brooklyn Daily Times. January 9, 1927. p. 31.
  303. 1 2 "New Mills Start July 1". The Cleveland Press. April 2, 1927. p. 5.
  304. 1 2 "Trumbull Expanding". The Brooklyn Daily Times. October 19, 1926. p. 10.
  305. ↑ "Trumbull Will Add to Mills". Youngstown Vindicator. October 16, 1926. p. 1.
  306. ↑ Warren 2020, p. 70.
  307. 1 2 3 4 "New Strip Mill Opens". The Plain Dealer. September 16, 1927. p. 4.
  308. 1 2 3 4 5 "Trumbull Steel Co. Has New Equipment". The Pittsburgh Press. September 20, 1927. p. 33.
  309. 1 2 3 "Market Prices Beginning to Stiffen Due to Auto Demand". The Pittsburgh Post. March 13, 1927. p. 20.
  310. ↑ "Will Spend $1,250,000". The Plain Dealer. June 17, 1927. p. 9.
  311. 1 2 3 4 "New Type Strip Sheet Mill Starts". The Pittsburgh Post. June 15, 1927. p. 8.
  312. ↑ "Week's Happenings in Ohio Industry". The Plain Dealer. May 15, 1927. p. 20.
  313. ↑ "Daily Survey of Business". Dayton Daily News. May 16, 1927. p. 24.
  314. ↑ "Strip Steel Prices". Buffalo Courier Express. June 19, 1927. p. 10.
  315. ↑ "Financial Notes". The Birmingham News. January 18, 1927. p. 23; "Wall Street Briefs". The Cincinnati Enquirer. February 20, 1927. p. 41.
  316. ↑ "Trumbull Mill Is Protected". Youngstown Vindicator. August 1, 1927. p. 27.
  317. ↑ Poor's Manual 1927, p. 579.
  318. ↑ "Trumbull Steel Co. Shows Stronger Financial position". The Iron Age. February 11, 1926. p. 419. Retrieved January 26, 2026.
  319. ↑ "Reports of Earnings". The Cincinnati Enquirer. February 2, 1927. p. 16.
  320. ↑ Rockwell, Guy T. (February 2, 1927). "Bank Business Shows Big Gain in Five Years". The Plain Dealer. p. 9.
  321. ↑ Royle, J.C. (February 10, 1927). "Youngstown Shows Steel Trade Booms". Dayton Daily News. p. 26.
  322. ↑ "Financial News in Brief". The Dayton Herald. March 1, 1927. p. 25.
  323. ↑ "Trumbull Steel Has New Plans". Youngstown Vindicator. February 23, 1927. p. 18.
  324. ↑ "Steel and Iron Markets Show More Strength, General View". The Pittsburgh Post. February 18, 1927. p. 21.
  325. ↑ "Stocks Advance to New Highs". The Plain Dealer. February 26, 1927. p. 13.
  326. ↑ Nemenyi, Ernest N. (April 15, 1927). "Trumbull Delays Expansion Plans". Youngstown Vindicator. p. 1.
  327. 1 2 "Celanese Corporation to Increase Stocks". The Cincinnati Enquirer. June 19, 1927. p. 42.
  328. ↑ "Business and Finance". Time. May 13, 1929. p. 57. hdl:2027/uc1.31175023036133. Retrieved March 6, 2026.
  329. ↑ "Oil Shares Go Higher Here". The Cleveland Press. January 8, 1926. p. 18.
  330. ↑ Rockwell, Guy T. (April 15, 1926). "Acquire Control of Alloy Steel by Stock Deal". The Plain Dealer. p. 13.
  331. ↑ "Trumbull Head in Alloy Steel". Youngstown Vindicator. April 14, 1926. p. 1.
  332. ↑ "Three Trumbull Men on Alloy Board". Youngstown Vindicator. April 20, 1926. p. 24.
  333. ↑ "Daily Survey of Business". Dayton Daily News. April 21, 1926. p. 30.
  334. ↑ Temporary National Economic Committee 1940, p. 206.
  335. ↑ Securities and Exchange Commission 1942, pp. 219–220.
  336. ↑ "Discloses Network of Steel Concerns". The New York Times. August 26, 1930. p. 30.
  337. ↑ "Big Steel Merger Seen in Eaton Move". The New York Times. May 6, 1929. p. 40.
  338. ↑ "Ticker Gossip". Dayton Daily News. July 8, 1926. p. 26; "Market Gossip". Springfield News-Sun. Springfield, Ohio. July 8, 1926. p. 11.
  339. ↑ "$80,000,000 Steel Merger Announced". St. Louis Post-Dispatch. July 22, 1926. p. 33; "Central Alloy Steel Merger Is Announced, Assets $80,000,000". The Atlanta Journal. July 22, 1926. p. 26; "Central and Alloy Steel To Be Merged". The Washington Post. July 23, 1926. p. 9.
  340. ↑ "New Steel Merger In Midwest Is Forecast". The Buffalo News. August 25, 1926. p. 26.
  341. ↑ "Steel Issues Are Leaders of Week". The Plain Dealer. July 25, 1926. p. 23.
  342. ↑ "Business and Finance". Time. July 29, 1929. p. 45. hdl:2027/ien.35556026841700. Retrieved March 7, 2026.
  343. ↑ "Eaton Buys Into Republic Steel". The Plain Dealer. April 12, 1927. pp. 1, 5.
  344. ↑ Rockwell, Guy T. (February 10, 1927). "Advance in Price Due in Steel As Orders Increase". The Plain Dealer. p. 11.
  345. ↑ Temporary National Economic Committee 1940, pp. 10245–10246.
  346. 1 2 3 ""Forging" of Steel Consolidation Told". The Buffalo News. June 24, 1930. p. 24.
  347. 1 2 "Eaton Names Republic Directors". Youngstown Vindicator. April 13, 1927. p. 1.
  348. ↑ Wetmore, Charles A. (March 28, 1927). "Steady Expansion in General Trade". The Times-Picayune. New Orleans, Louisiana. p. 20.
  349. 1 2 "Cleveland Banker Effects Steel Coup". The Buffalo News. April 13, 1927. p. 29.
  350. ↑ "Republic Iron Change Hinted". Dayton Daily News. April 11, 1927. p. 1.
  351. ↑ "Selling in Stocks Is More Pronounced". The Indianapolis News. April 11, 1927. p. 28.
  352. ↑ "Four New Directors for Republic Steel". The Boston Globe. April 14, 1927. p. 4.
  353. 1 2 "Eaton's Group Deep In Steel". Youngstown Vindicator. April 12, 1927. p. 1.
  354. ↑ "Cleveland Bankers Named on Republic Iron Directorate". The Pittsburgh Press. April 13, 1927. p. 31.
  355. ↑ Rockwell, Guy T. (April 14, 1927). "Republic Steel Makes Place for 3 Clevelanders". The Plain Dealer. p. 18.
  356. ↑ "Merger Talk Still Persists". The Cincinnati Enquirer. April 15, 1927. p. 16.
  357. 1 2 Rockwell, Guy T. (April 15, 1927). "Trumbull Steel to Discuss Fate of Furnace Plan". The Plain Dealer. p. 14.
  358. ↑ "Trumbull-Republic Rumors". Pittsburgh Post-Gazette. April 15, 1927. p. 19.
  359. ↑ "Trumbull Steel Co. Breaks Its Records". The Philadelphia Inquirer. April 16, 1927. p. 18.
  360. 1 2 "Evidence Is Given of Close Co-Operation Between Two Large Steel Companies". The Cincinnati Enquirer. April 16, 1927. p. 10.
  361. ↑ "Trumbull Will Buy Republic Products". The Pittsburgh Press. April 17, 1927. p. 6.
  362. ↑ "Possible Terms to Trumbull Holders Are Now Discussed". The Cleveland Press. April 14, 1927. p. 18.
  363. ↑ "Progress in Steel Merger". The New York Times. May 1, 1927. p. E18.
  364. 1 2 "New Steel Merger of Valley Plants". The Philadelphia Inquirer. November 26, 1927. p. 27.
  365. ↑ "Republic-Trumbull Steel Merger Voted". The New York Times. November 26, 1927. pp. 1, 5.
  366. ↑ McCoy, Harold G. (November 26, 1927). "Prepare Next Move in Big Steel Merger". The Cleveland Press. p. 1.
  367. 1 2 "Youngstown Heads New Steel Merger". The New York Times. January 26, 1928. p. 29.
  368. ↑ "Nickel Plate Rights for Common Stock". The Cincinnati Enquirer. February 17, 1928. p. 5; "Trumbull Holders Approve Merger". The Brooklyn Daily Times. February 17, 1928. p. 9.
  369. ↑ "Republic Iron & Steel Elects New Officers". The New York Times. April 19, 1928. p. Business & Finance 40.
  370. ↑ "Trumbull Acquired by Republic". The New York Times. April 28, 1928. p. Business & Finance 25.
  371. ↑ "Donner Steel Becomes Part of New Merger". Chicago Tribune. September 12, 1929. p. 29.
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  375. 1 2 "First Smelter Block Completed By June 24". Southwest American. Fort Smith, Arkansas. June 17, 1916. p. 2.
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  377. ↑ Sterling, Frank W., ed. (1920). "The Marine Engineers' Handbook". New York: McGraw-Hill Book Company. p. 48. OCLC 1729624.
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  380. ↑ "Begin Work on Spelter Plant". Times Record. Fort Smith, Arkansas. March 24, 1916. p. 1.
  381. 1 2 "New Smelter in Arkansas". Duluth New Tribune. June 27, 1916. p. 12.
  382. 1 2 "South Fort Smith Smelter to Build Two More Blocks". Southwest American. Fort Smith, Arkansas. October 20, 1916. p. 1.
  383. ↑ "Trumbull Steel Sells Out". The Jonesboro Sun. Jonesboro, Arkansas. May 23, 1917. p. 1; "Trumbull Steel Sells". The Wall Street Journal. May 19, 1917. p. 5; "Pittsburgh and Nearby Districts". The Iron Age. May 31, 1917. p. 1347. Retrieved March 11, 2026.
  384. ↑ "Business Notes". The Dayton Herald. April 17, 1917. p. 15.
  385. 1 2 "For Plant Extension". The Cincinnati Enquirer. June 21, 1917. p. 11.
  386. 1 2 "Ohio Brevities". Dayton Daily News. March 11, 1919. p. 8.
  387. ↑ "Desires More Capital". The Cincinnati Enquirer. December 11, 1917. p. 11.
  388. ↑ "Financial Notes". News Journal. Mansfield, Ohio. February 25, 1918. p. 11.
  389. 1 2 "Merging of Ohio Plants Indicated". The Plain dealer. March 12, 1919. p. 11.
  390. ↑ "Brush Retains Directorship in Republic Steel". The Buffalo News. April 21, 1927. p. 34.
  391. ↑ "Contract Let for Four Sheet Mills". Youngstown Vindicator. April 30, 1919. p. 3.
  392. 1 2 3 "Trumbull to Retire Liberty Steel Preferred". The Plain Dealer. April 21, 1927. p. 15.
  393. ↑ "Liberty Preferred Holders Backward". Youngstown Vindicator. April 26, 1927. p. 23.
  394. ↑ "Liberty Preferred Trade Now Likely". Youngstown Vindicator. May 4, 1927. p. 26.
  395. ↑ "Wall Street Briefs". Press and Sun-Bulletin. Binghamton, New York. June 15, 1927. p. 26; "Daily Survey of Business". Dayton Daily News. June 15, 1927. p. 34.
  396. ↑ "To Exchange Steel Stock". The Plain Dealer. September 8, 1927. p. 14; "Ticker Talk". Pittsburgh Post-Gazette. September 9, 1927. p. 25.
  397. 1 2 "Trumbull Buys Coal Property". Youngstown Vindicator. September 19, 1917. p. 6.
  398. ↑ "Trumbull Steel Buys". The Plain Dealer. September 19, 1917. p. 16; "Heard on the Street". The Boston Globe. September 21, 1917. p. 4.
  399. 1 2 "Buys Coal Mines". The Iron Age. September 27, 1917. p. 741. Retrieved March 11, 2026.
  400. ↑ "New Incorporations". News Journal. Mansfield, Ohio. April 25, 1918. p. 11.
  401. 1 2 "Trumbull Steel Attractive". United States Investor. July 23, 1927. p. 7. Retrieved March 11, 2026.
  402. ↑ Coal Catalog Combined With the Coal Field Directory. Supplement to 1918 Edition. Pittsburgh: Keystone Consolidated Publishing Co. March 1, 1919. p. 32. OCLC 2308913.
  403. 1 2 3 Listing Statements of the New York Stock Exchange. New York: F.E. Fitch, Inc. 1926. p. 9884. OCLC 6325009.
  404. ↑ Stone, Ralph W. (1932). Geology and Mineral Resources of Greene County, Pennsylvania. Harrisburg, Pa.: Dept. of Internal Affairs, Topographic and Geologic Survey. p. 59. OCLC 2235036; Sisler, James D. (1932). Bituminous Coal Fields of Pennsylvania. Part II. Harrisburg, Pa.: Dept. of Internal Affairs, Topographic and Geologic Survey. p. 264. OCLC 2951374.
  405. 1 2 "Stock Studies". The Brooklyn Daily Times. December 9, 1925. p. 44.
  406. 1 2 The Iron Trade Review & May 13, 1920, pp. 1414–1415.
  407. ↑ The Iron Trade Review & May 13, 1920, p. 1415.
  408. 1 2 3 4 5 6 Finance & Industry 1927, p. 9.
  409. ↑ Subcommittee of the Committee on Education and Labor 1939, p. 9874.
  410. 1 2 3 "600-Ton Plant to be Erected for Trumbull". Youngstown Vindicator. May 7, 1920. p. 1.
  411. ↑ "Will Erect Furnace". The Sandusky Star-Journal. May 7, 1920. p. 2.
  412. 1 2 "New Blast Furnace Nearing Completion". The Iron Age. March 24, 1921. p. 766. Retrieved March 12, 2026.
  413. 1 2 Subcommittee of the Committee on Education and Labor 1939, p. 9875.
  414. ↑ "Warren Will Get 600-Ton Furnace". The Plain Dealer. May 8, 1920. p. 7.
  415. ↑ "News of the Plants". The Blast Furnace & Steel Plant. May 1921. p. 338. Retrieved March 23, 2026.
  416. ↑ "Work Started on Blast Furnace". The Wall Street Journal. May 21, 1920. p. 10.
  417. ↑ "Trumbull Steel Company Planning New Coke Plant". Pittsburgh Post-Gazette. August 29, 1921. p. 10.
  418. 1 2 The Iron Age 1921a, p. 673.
  419. 1 2 Blast Furnace & Steel Plant 1921, p. 588.
  420. ↑ "Light Another Furnace". The Philadelphia Inquirer. January 17, 1922. p. 20.
  421. ↑ "Stack of Trumbull-Cliffs Furnace Co. Lighted". The Iron Age. January 19, 1922. p. 227. Retrieved March 23, 2026.
  422. ↑ "Trumbull-Cliffs Coke Ovens Will Soon Be Placed in Operation". The Iron Age. June 12, 1924. p. 1755. Retrieved January 16, 2026.
  423. ↑ Finance & Industry 1927, pp. 11–12.
  424. ↑ "New Trumbull Coke Plant Started". The Iron Age. July 7, 1924. p. 140. Retrieved January 16, 2026.
  425. ↑ "Trumbull-Cliffs Furnace Co., Warren, Ohio". The Commercial & Financial Chronicle. April 14, 1923. p. 1660. Retrieved April 7, 2026.

Bibliography

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