Word: cut
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Dates: during 1950-1959
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...cumulative effect of the longest nationwide steel strike in history (see NATIONAL AFFAIRS) cut deep into U.S. industry. With stockpiles 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...
...week to one-month lead time for steel to be fabricated after shipment from the mill. Even foreign automakers are hurt: Vauxhall Motors Ltd., G.M.'s British subsidiary, will chop production schedules over the next three months, largely because its imports of U.S. steel were cut...
...airlines cannot count on an automatic increase in air travel to fill the new seats. While IATA international air travel has been increasing at a rate of about 15% a year, that is not enough to fill the new jet capacity. The obvious solution is to cut fares to bring air travel within reach of a wider market. The idea has already been tried on the North Atlantic; last year for the first time IATA allowed "economy" fares 20% below tourist rates, and the lines reported a passenger increase of 26.8% for the year...
...American argues that similar increases can be expected in world air traffic if rates are cut. The airline recently completed a jet study that forecast a 65%-to-80% increase in passenger traffic between North America and the Orient over the next three years, if fares are reduced...
...stumbling blocks that wrecked the IATA conference last week were 1) when to cut, and 2) by how much. Under IATA rules every action requires unanimous consent of the lines involved, and each one, big or little, has an equal vote. The result was near-paralysis. As one delegate said: "It was not just a case of the jets v. the jetless. The voting was all over the lot by chaps with pistons, chaps with turboprops and chaps with both, not to speak of some who have jets on order and are now beginning to wonder how they are going...