Word: auto
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Dates: during 1950-1959
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...auto industry, such independents as Studebaker, Nash, Packard and Kaiser (see below) were badly pinched, and Chrysler's share of the market dropped in its struggle to keep up with General Motors and Ford. To the victors went the spoils: G.M.'s first quarter net was expected to top last year's $151 million by at least...
...FORD v. G.M. production race, which squeezed other automakers down to 18% of the market in the first quarter, has touched off four "preliminary investigations" of the auto industry by the Justice Department's anti-trust division...
When Adman Ward Canaday bought control of Willys auto company in 1936, he resolved never again to have a strike such as the one that cost Willys $25 million and all but wrecked the company 20 years before. Canaday's method was simple. He promised to pay better wages than anyone else in the auto industry, in exchange for a no-strike pledge from the United Auto Workers. Willys has not had a strike since. But when Henry Kaiser bought the company last year (TIME, April 6. 1953), he found that Willys, in addition to the usual cost handicaps...
...Toledo last week, at the urging of U.A.W. Local 12 leaders, union members voted a 5% pay cut for Willys' 3,500 production workers. In the first such vote in auto history, the unionists agreed to give up incentive payments for work produced over a set quota. By increasing efficiency and shaving employment 5%, President Edgar Kaiser hopes to cut labor costs a total of 20% in the next six months. In return for the pay cut, he agreed to set up a fund into which Willys will contribute all savings from increased efficiency. One-third of the fund...
Even if the current upturn in auto output, housing, retail sales and other fields should prove to be no more than a seasonal spurt, the Administration would find public works no fast-working wonder drug. In the Big Depression, it took 18 months after the start of the Government's public-works program to get the first 100,000 men on the payroll. Even by 1939, when public-works outlays of $3 billion equaled about 3% of the gross national product, there were still 9,500,000 unemployed. Public works equaling 3% of today's national product would...