Word: backed
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Dates: during 1950-1959
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Catching On. In Visalia, Calif., riding in an open convertible during a parade, State Assemblyman Myron Frew graciously waved back at the crowd, finally realized that the wild shouts were not cheers, barely hopped out of his burning car in time...
...reduced sharply, dozens of industries are slowing down and beginning to lay off. Auto, appliance, farm-equipment, machinery makers are all tightening their belts, and they face still more trouble before the economy is rolling at full speed again. The mills will need four to six weeks to get back to 90% of capacity, at least three months to fill the empty pipelines...
Repairs & Shortages. In the face of tremendous demand for steel (total stocks are down to 7,000,000 tons, v. pre-strike inventories of 20 million), the industry will have onerous troubles getting back to full production. The lengthy strike caused considerable damage to open-hearth furnaces by cooling and contraction of bricks. One estimate is that some 300 of the 920 open hearths in the U.S. will need costly repairs...
...Federal Reserve made it clear that the steel strike would have a sharp impact on the overall statistics in the next reports. Only after the strike's effects have been weathered-and the worst are yet to be felt-will the economy get back to full speed ahead. Said FRB: "The underlying demands support the view that settlement of the strikes will be followed by a marked rebound in business activity...
Last week at Grand Ridge, Ill., Arthur Walter Seed Co. was offering farmers a pick-your-yield service. The farmer merely brings in a soil sample, writes down whatever number of bushels per acre he desires, and in half an hour gets back a seed and fertilizer prescription. Says Vice President Everett C. Walter: "It's just as easy to raise 100 bushels an acre corn as 50 bushels. The only chance is weather, and there is not too much chance in that...