Word: first
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Dates: during 1950-1959
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...Even an early resumption of steelmaking would not help the industry in November, because of the time needed to fabricate the steel into auto parts and fill supplier pipelines. Faced with an auto shortage, buyers rushed to the showrooms. Dealers sold almost as many new cars in the first 20 days of October (338,465) as they sold in all of September, and sales for the last ten-day period were running 20% over the previous ten days. Some dealers took advantage of the scramble to hike prices, and even unsold 1959 models, in some areas, were commanding full list...
...soaring ($3.17 per share v. $2.79 in 1958) on only slightly higher sales than last year, its directors recommended a two-for-one stock split, boosted the annual dividend rate from $2 to $2.40. For Westinghouse, the nation's oldest (73 years) and second largest electrical equipment maker (first: General Electric), the split climaxed a three-year drive to reorganize the company and recover from a crippling five-month 1955-56 strike...
...nation's steelmakers, the strike's effect on earnings was all too apparent. All continued to report heavy third-period losses, though most showed nine-month results ahead of last year. Top ranking U.S. Steel had its first quarterly loss in 21 years, and its largest ever. Big Steel lost $31 million in the July-September period, but had nine months' earnings of $3.80 per share v. $3.56 last year. Other nine-month steel earnings: 1958 1959 Bethlehem Steel $1.68 $1.75 Jones & Laughlin 1.45 3.15 Wheeling Steel 1.80 2.78 Inland Steel 1.86 1.99 While second-quarter earnings...
When he joined the industry's bargaining team for the first time this year, energetic, voluble Edgar Kaiser insisted that he be free to talk with union leaders on his own. While other steel heads refused to meet personally with the union, Kaiser bargained diligently. He called his settlement "noninflationary." To Edgar Kaiser the time seemed at hand to stop talking and get back to work. Says he: "We do not believe it's right to put people back to work under a court injunction. When you force things upon human beings, you simply make more trouble...
When Kaiser went into shipbuilding in World War II, Edgar took over half the operation, Trefethen the other half. Despite skepticism from every quarter, the Kaiser shipyards went on to build more vessels than any other shipbuilder during the war. At the same time, the Kaisers also had their first run-in with the steel industry, when they announced plans to build their Fontana steelworks on the West Coast with an RFC loan. Despite the industry's opposition, Kaiser built the largest steel plant west of the Mississippi (in ingot tonnage), paid off the Government loan 20 years ahead...