Word: cleveland
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Dates: during 1950-1959
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...Cleveland...
...billion in the fourth quarter (against a 1957 peak rate of $38 billion and a 1958 slump low of $30 billion); many crystal-bailers see a pace close to $40 billion in 1960. "Here's what will happen next," says Vice President Russell H. Metzner of Cleveland's Central National Bank. "The cost of living will rise. Hard goods will be immediately affected because a bigger share of consumer spending will go to the cost-of-living items [mostly soft goods]. And then we will have a drastic reduction in inventories and capital expenditures. I expect...
Tight money is already doing it. "Now it will be impossible for business to accumulate excessive inventories." says Vice President Loren M. Whittington of Cleveland's Society National Bank. "Business has to get money for inventory and capital spending by borrowing. But banks are pretty well loaned up." Inventory buying has already begun to level off. In 1959's first half, manufacturers boosted inventories by a near-record $2.9 billion, raised the total to $52.1 billion, fast approaching the alltime high of $54.2 billion in mid-1957. But in July, inventories rose by only $100 million. The steel...
...Cleveland 4, Kansas City...
...pushing toward new highs even before the strike began-soared to a monthly record of 430,000 tons. The new imports brought the seven-month intake to 2.3 million tons, almost the equivalent of the output of a steel mill the size of Republic's 9,500-man Cleveland plant; foreign steel mills in 1959 had already sold U.S. customers more steel than in any full year in history. Republic Steel's Chairman Charles M. White warned that the walkout may well mean the permanent loss of part of the domestic steel markets to foreign producers...