Word: almost
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Dates: during 1950-1959
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Since 1957, Government budgeting for manned aircraft has slid from $8.4 billion to $6.6 billion; missile procurement soared from almost nothing a few years ago to $3.9 billion this year (see chart). Within five years, the split will be fifty-fifty...
...What has put it in jeopardy is the change that missiles have brought to the industry. They not only promise the end of manned military bombers and fighters, but have brought such other lightning changes that huge projects, calling for hundreds of millions of dollars, can be made obsolete almost overnight. To meet the challenge, the plane-and enginemakers are well aware that their industry must undergo the fastest and most radical change in its history...
...Almost every dollar the U.S. commits to missiles is squeezed out of some plane program. All told, the U.S. will order only 1,500 planes this year compared with 1,760 last year. Next year the cuts will be bigger. Of the fabled Century series of supersonic fighters, the fiscal 1960 budget allocates not a penny for North American's F-100 Super Sabre, McDonnell's F101 Voodoo, Convair's F-102, Lockheed's 1,400-m.p.h. F-104 Starfighter or Convair's F-106. Only one tactical plane is funded in the new budget...
...current rates, aircraft profits will drop from $614 million last year to $350 million this year. Does an industry earning $350 million have cause for worry? "You buy stocks on the earnings outlook," said one Wall Streeter, "and almost all the aircraft earnings will continue to nose down." Compared with their 1959 highs, all aircraft stocks are well down. General Dynamics has dropped from 66½ to 48½, Martin from 62½ to 38¼, Douglas from 59¼ to 46, North American from 52⅝ to' 37¼, Grumman from...
...company was in no rush to jump into rocket engines, because it had all it could do to keep ahead in the race to make better jets. "If we had gone into rockets, we might not have had our J-57-" said he, and the J-57, which powers almost all U.S. bombers and fighters, as well as the commercial jets, has been a big moneymaker. But now, United is spending heavily on rocket and nuclear engines and on dozens of other space projects to get out ahead in rockets as it was in jets...