Word: auto
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Dates: during 1950-1959
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...Colored People and New York's Representative Adam Clayton Powell, organized labor, which had apparently supported Ike's stand, began to backtrack. At week's end Walter Reuther made it clear that unless the Administration promised to withhold federal funds from segregated schools his powerful United Auto Workers would throw its influence behind a filibuster-provoking anti-segregation amendment to wreck the school bill...
...totaled $57.5 million, an alltime record. With order books jammed for months ahead, Steelman Grace saw no decline in sight in spending, rather, continued demand. To meet it, Bethlehem Steel is spending $300 million to add 3,000,000 tons a year to capacity. Said Grace: "What little the auto industry has cut back, other [steel] users are knocking on our door...
American Motors' President George Romney, testifying in Washington, expressed some other ideas on the state of the auto market. "Sales in 1955 exceeded the level justified by the economy," said Romney, and the industry now had to "pay the price" for borrowing from the future. The industry is also paying for "deteriorating market practices . . . price 'pack,' finance 'pack,' absurd, indefensible credit, misleading advertising, overproduction." But, added Romney, there was no need for Government intervention; the automobile industry would straighten itself...
Would the auto cutback hurt steel...
...Ford than on the intrinsic value of the company. Though Ford is in blooming good health with assets of $2.4 billion, sales of $4 billion, and earnings of $312 million for the first three quarters of 1955, its stock is no better buy than many another security. In the auto industry, for example, Ford's book value of $34.40 per share is about twice General Motors' but less than half Chrysler's $73.30 per share value. On the analysts' price-earning ratio, Ford at 65 is selling at eight times its 1955 earnings...