Word: backed
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Dates: during 1950-1959
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...order before a shortage set in. Jones & Laughlin, fourth largest producer, upped its output to 82% as a result of "a sharp increase in orders.'' As operations in the Youngstown, Ohio district rose to 64% of capacity v. 56% the week before, hundreds of workers trooped back to work. Furnaces glowed again: U.S. Steel relit a blast furnace at its Youngstown works and two open hearths in Pittsburgh; Bethlehem Steel planned to relight four or five open hearths at its Lackawanna works near Buffalo...
...Highs. Steel earnings were also beginning to come back. Jones & Laughlin's President Avery Adams predicted third-quarter earnings will be 81? a share v. 47? in the second quarter. Nicholas P. Veeder, president and chairman of Granite City Steel Co., which is operating at nearly 100% of capacity, estimated third-quarter earnings at just over $1 a share for the best quarter in the last five. Said Veeder: "By the end of 1959, we expect to be up to the rated capacity of 1,584,000 tons yearly predicted for the end of our current expansion program...
...eighth of nine children of a poor tenant tobacco farmer, Hodges started working as a twelve-year-old hand in Marshall Field & Co.'s Fieldcrest mill at Spray, N.C., worked his way through the University of North Carolina ('19), then went back to the Spray mill. He rose rapidly, became vice president of Marshall Field in 1943, and in 1950 he retired, at 52, to devote the rest of his life to public service. He served a year as industrial chief of the U.S. Economic Cooperation Administration in Germany. In 1952, unwanted and unsupported by the state...
...credit payments despite the recession contributed to economic stability. With a record total of $78.5 billion in savings accounts, he had a fat roll to draw on. With the resources at his command, plus unemployment compensation and other supplementary benefits, he kept up his credit payments while cutting back on new commitments. Says a Los Angeles banker: "The consumer is not as wild an individual as many thought. For the most part, he is serious about satisfying his obligations...
With Government bonds near record lows, bond speculators have been taking much of the blame from the Government for their part in the debacle. Last week one of the biggest Wall Street dealers in Government bonds hit back with some plain talk about speculation and Government bond policies. The U.S. Treasury, said Aubrey G. Lanston, president of Aubrey G. Lanston Inc., not only encouraged speculators to come into the market by tailoring its offerings to attract them, but would have been unable to sell $26.5 billion of recent middle and long-term securities without "a good dose of speculation...