Word: cutbacks
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Yale allotted the HAA 398 seat tickets, despite purchases of about 600 tickets by University undergraduates and alumni in previous years. Limited space in the new 2908-seat Insells Rink was blamed for the cutback...
Concept for Chaos. Late last month, apparently aware of the crying need for a sensible priority system in the allocation of labor and transport, Peking's bureaucrats ordered a cutback in the backyard blast-furnace campaign. But all signs are that the shock-program concept still prevails. Currently, Red China's masses are engrossed in a drive to collect and distribute 10 billion tons of fertilizer; the nation's steel production target for 1959 is set for 18 million tons, a 64% increase over alleged production last year. Says one Hong Kong hand: "If they got snarled...
GOOSE MISSILE cancellation by the Air Force also ends Fairchild Engine & Airplane Corp.'s contract for the J83 jet engine. Cutback will reduce Fairchild's sales by about $56 million in 1959, cause layoffs of 2,000 employees. Said Fairchild President James H. Carmichael: "The company has a rough sky ahead...
...settled with the U.A.W. along the Ford pattern after thousands of workers struck. Both sides did some giving on key points. Chrysler, traditionally plagued by the industry's poorest labor relations, agreed to grant greater preference to high-seniority workers when rehiring. In return, the U.A.W. accepted a cutback in company-paid union stewards and a tougher no-strike clause to prevent the wildcat walkouts that have hit Chrysler hard for the past three years...
...Inventory liquidation slowed to an annual rate of $8 billion in the second quarter-not good, but better than the first quarter's $8.8 billion rate of cutback...