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U.S. Steel Creates The 40 Hour Workweek, Enron Changes Its Name, and Facebook Expands
David Prince
February 13, 2025
In partnership with
The more things change, the more they stay the same.
In 2025, we have a significant push towards organized labor across industries- just like we did in the early 20th century.
We have debates over sustainable and clean energy sources- just like we did in the 70’s.
We have economic nationalism and tariffs- just like we did in the 30’s.
We have a President drastically trying to reduce the size of the Federal government- just like Ronald Reagan and Thomas Jefferson.
History doesn’t repeat itself, but it sure does rhyme.
Life is good. Stay bullish.
Own a piece of Wall Street history. Check out the Ticker History Shop for stock certificates from your favorite companies.
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February 16, 1937: U.S. Steel Creates The 40-Hour Workweek 📅
Since its creation in 1901, U.S. Steel maintained a hardline anti-union stance. Andrew Carnegie, J.P. Morgan, and Charles Schwab had zero tolerance for organized labor, with aggressive union-busting responses that sometimes turned violent.
With new leadership came a new approach.
Under the watch of Chairman Myron C. Taylor in 1937, U.S. Steel’s recognized the Steel Workers Organizing Committee (SWOC), the most significant development in labor relations at the time.
 Myron C. Taylor, Chairman of U.S. Steel, on the cover of Time in 1929. |  Leaders of SWOC outside a union hall. |
After intense labor struggles during the Great Depression, workers faced poor conditions, low wages, and limited bargaining power. After a series of strikes, U.S. Steel signed an agreement with the SWOC, granting union recognition, improved wages, and a 40-hour workweek. This agreement not only covered the approximately 225,000 workers employed by U.S. Steel at the time but also served as a blueprint for labor relations across the steel industry.
Why did U.S. Steel give in?
Money. In the later years of the Great Depression, steel prices were down and margins were thin. U.S. Steel couldn’t afford a lengthy and costly worker strike shutting down production and needed their employees back on the line as quickly as possible.
 U.S. Steel workers strike outside a Cleveland plant in 1935. |  A pamphlet distributed by SWOC about organizing. |  Garment workers at Woolworth fight for a 40-hour workweek in the 1940’s. |
The 40-hour workweek became the standard for unions across the country, with workers in other industries such as coal, agriculture, and railroads following suit. With the support of an industry leader like U.S. Steel, workers and their unions were empowered nationwide.
This Week In Ticker History 📅
February 12, 2014 Facebook acquired international messaging service WhatsApp for $19 billion, marking one of the largest tech acquisitions in history. At the time of the purchase, WhatsApp had over 450 million monthly active users, with 70% of them using the app daily. The acquisition fit Zuck’s mission of prioritizing user growth first and monetization second. |  |
February 14, 2005 The domain “youtube.com” was registered on by Steve Chen, Chad Hurley, and Jawed Karim, all former employees of PayPal. YouTube's first-ever video, "Me at the zoo", was uploaded by Karim in April 2005. Within a year, YouTube became one of the fastest-growing websites, attracting millions of users before being acquired by Google for $1.65 billion in 2006. |  |
February 12, 1870 The Pennsylvania Steel Company was incorporated in 1866 as one of the first steel manufacturers in the United States to use the Bessemer process, producing over 200,000 tons of steel annually. Facing financial difficulties, the company would be bought by Bethlehem Steel in 1916, which would eventually file bankruptcy in 2001. |  |
February 11, 2011 Microsoft and Nokia announce a partnership to combine Nokia's phone hardware with Microsoft's Windows Phone operating system to challenge dominant players like Apple and Google in the smartphone market. The partnership struggled due to slow adoption of Windows Phones and stiff competition, leading Microsoft to acquire Nokia's mobile phone business in 2014 for just $7.2 billion. |  |
What’s In A Name? 📅
In 1985, Enron was formed when natural gas pipeline companies Houston Natural Gas and InterNorth merged.
CEO Kenneth Lay paid consulting firm Lippincott & Margulies $750,000 to come up with a name and branding for the combined entity.
In February 1986, Lay met with employees to announce the newly named company as “Enteron”.
He was widely criticized for the name. Why?
Enteron is the medical name for the human digestive system, specifically the part containing the intestines.
 A picture of the human enteron. |  Everything worked out well in the end. |
A press release was issued just one month later rescinding the Enteron proposal and officially naming the company Enron.
An expensive mistake by the consultants.. Luckily, nothing bad ever happened to Enron after that.
Looking Forward 📅
That’s old news. What can we look forward to this week?
Valentine’s Day is Friday, don’t get caught picking up chocolates from the gas station because you forgot a gift.
McDonald’s has earnings on 2/10, and both AMD and Strategy (formerly MicroStrategy) have earnings on 2/13.
White Lotus season 3 debuts on HBO and Max.
With the NFL season over, we’ve got College Basketball, NHL, and the NBA taking center stage.
Stay safe, stay warm, and stay bullish. |
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