Word: millions
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Dates: during 1960-1969
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Lower Yields. In general, only companies with earnings problems are actually cutting their 1969 spending. Chrysler Corp., whose earnings plunged 51% last quarter, has deeply slashed its $300 million capital-spending plans for 1969. At New Stanton, Pa., construction of a $200 million assembly plant was halted even as the steel was going up. B. F. Goodrich, which is trying to fatten earnings and fend off a takeover attempt by Northwest Industries, plans to trim its 1969 spending. So does International Harvester, which has scrapped plans to expand its network of offices around the country...
Many other companies, including Consolidated Foods, Scripto and Burlington Industries, are turning a hard eye on expansion plans, especially for 1970. "We'll spend around $275 million this year, as we had figured to do," says Goodyear Chairman Russell DeYoung. "But next year we'll be looking at all our proposed projects with more caution. Possibly outlay will be down." Adds a Firestone official: "Some cutbacks are likely next year." Demand for business loans has begun to taper. The Federal Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping...
...even, generally 50% of the seats on jets have to be filled. The load factor, which averaged 53.7% in the first half of 1968, was down to 50.3% this year. Industry analysts say that every 1% drop in the load factor costs American Airlines, for example, at least $10 million in annual earnings...
Unhappy Broadcasters. Cullman's capitulation caught broadcasters by surprise. They had proposed to phase out cigarette ads over a three-year period beginning in January 1970. Such ads mean some $225 million a year to media broadcasters, and they had hoped that their schedule would ease the economic jolt. When the tobaccomen made their proposal, they asked for protection against antitrust action. They were concerned that broadcasters might sue for treble damages on grounds that the cigarette companies acted in collusion. The possibility may not be so remote. The National Association of Broadcasters is determined to fight any antitrust...
Mostly Adults. Newspaper and magazine publishers, unlike broadcasters, are not federally licensed and are protected under the First Amendment's freedom-of-speech provision. Few publications plan voluntarily to stop such advertising in the near future, since it brought them $50 million in revenues last year. They also argue that printed ads appeal mostly to adults and are less intrusive than TV commercials, which often run while children are viewing. Even so, Senator Moss has warned publishers to avoid accepting "massive print advertising campaigns" and urged them to "maintain current ratios" of cigarette to non-cigarette advertising. Quite likely...