Word: cut
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Dates: during 1940-1949
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...Island Creek Coal's President James D. Francis, dusted off John Lewis' own terse dictum, tailored it a bit and tossed it back in his face. Their message: "No contract, no royalty payments." The Southern operators, who produce 40% of the nation's coal, cut off their 20?a ton payments to the U.M.W.'s $90 million-a-year welfare and retirement fund...
...welfare fund, overruled the operators' Trustee Ezra Van Horn (who had submitted his resignation two days before) and made a drastic decision. Since the start of Lewis' three-day week, the fund had been taking in $5,000,000 a month and spending $8,000,000. Cut further by the halt of payments from the Southern operators, the fund had dwindled away to a bare $14 million. There was no way out; except for emergency payments all pension and welfare benefits would be suspended forthwith...
After a down-to-the-hearthside preamble explaining Britain's economic plight, Sir Stafford came to the sensational core of his message: Britain was devaluing the pound from $4.03 to $2.80. Even to those experts who were dead sure that devaluation was coming, the size of the cut (31%) was breathtaking...
...French, who had not been consulted in advance, the British move seemed a unilateral slap at "European unity." Since the French had already devalued several times, they now cut the franc loose to find its own dollar value on a free market, expected it to steady at about 350 to the dollar; but they would peg the franc again if it went beyond that...
...spite of such reassuring facts, some businessmen had been hard hit. U.S. retailers reported that their sales were still below the 1948 level, and for 172 department stores, net profits for 1949's first half were 58% below the 1948 period. Some merchants thought that further price cuts were in order. Last week, five men's clothing chains trimmed suit prices from $3 to $10. One of the ten biggest U.S. distillers, Glenmore, announced the first major postwar price slash in bottled-in-bond bourbon whisky (a cut of $1 a bottle on Kentucky Tavern, retailing in Manhattan...