Word: lumber
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Dates: during 1980-1989
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Despite these sharp differences, however, the voters remain evenly divided, with each side claiming the "momentum" and a narrow edge in the polls Mitchell, appealing to Maine's many poor and to the unemployed in hard-pressed industries like textiles, shoes, and lumber, has been hitting hard at Emery's support for what Mitchell spokesman Steve Morrison calls "Reagan's trickle down approach" Emery says he's a "mainstreamer" on economics, and is pinning his hopes on Maine's relatively few 78 percent overall unemployment rate and on the conservative Republican instincts of the state's many small farmers. Both...
Hathaway has watched this Bryant Pond disappear along with Long's Lumber Yard, where they planed on all four sides, true and square, and a cannery where a boy could pick up a damaged tin of creamed corn for a free lunch on his way to a day of fishing. After so much loss, why should a crank-telephone switchboard in the back room of his home lay claim to immortality...
...megabuck borrowers include some of the most troubled credit risks in all of corporate America, Among the loans: $140 million to International Harvester, the deeply troubled Chicago farm-equipment manufacturer; $16 million to bankrupt Braniff Airways of Dallas; $57 million to Wickes Companies, Inc., a now bankrupt seller of lumber and furniture; $200 million to subsidiaries of Dome Petroleum, the struggling Canadian oil firm; and $80 million to American Invsco, a wavering condominium developer...
...staggering cost of borrowing money at today's rates can wreck the business plan of even the shrewdest corporation. In 1980 Wickes Corp., a $2 billion San Diego lumber and furniture seller, bought Gamble-Skogmo, a struggling Minneapolis-based retailer, in an attempt to ease its dependence on the highly cyclical housing industry. Wickes executives were enthusiastic at the time, even though the deal doubled the company's debt load to nearly $2 billion. After both the housing and the retailing businesses unexpectedly went into a simultaneous slump last year, Wickes ran up huge losses that could exceed...
...WEST. The region is an economic patchwork quilt. Wyoming has an unemployment rate below 5%, California copes with 8.6%, and Oregon and Washington are suffering badly. Because the lumber trade has been crippled by construction woes, Oregon has an unemployment rate of 11.4%; Washington has 11.1%. By the middle of last month, 19,000 of the region's 102,000 sawmill employees had been laid off, while another 41,000 were working curtailed shifts. "It's like Chinese water torture," says John Hampton, chairman of Hampton Affiliates, a Portland-based logging company. "There's been no relief...